UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21654
Pioneer Floating Rate Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Amundi Pioneer Asset Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: December 1, 2018 through May 31, 2019
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Floating
Rate Trust
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Semiannual Report | May 31, 2019
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Ticker Symbol: PHD
Beginning in February 2021, as permitted by regulations adopted by the
Securities and Exchange Commission, paper copies of the Trust's shareholder
reports like this one will no longer be sent by mail, unless you specifically
request paper copies of the reports from the Trust or from your financial
intermediary, such as a broker-dealer, bank or insurance company. Instead, the
reports will be made available on the Trust's website, and you will be notified
by mail each time a report is posted and provided with a website link to access
the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Trust, by calling 1-800-710-0935.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Trust, you can inform the Trust that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-710-0935. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held within the Pioneer Fund complex if you
invest directly.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com/us
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Schedule of Investments 13
Financial Statements 41
Financial Highlights 45
Notes to Financial Statements 47
Additional Information 61
Trustees, Officers and Service Providers 62
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders. In fact, it's not unusual for
political and economic issues on the international front to cause or contribute
to volatility in U.S. markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who communicate directly with the
management teams of those companies. At the end of this research process, if we
have conviction in a company's business model and management team, and regard
the security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity.
As an example, the Standard & Poor's 500 Index -- the predominant benchmark for
many U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer
portfolio manager chooses to invest in only those companies that he or she
believes can offer the most attractive opportunities to pursue the fund's
investment objective, thus potentially benefiting the fund's shareowners. This
process results in a portfolio that does not own all 500 stocks, but a much
narrower universe.
The same active decision to invest in a company is also applied when we decide
to sell a security, either due to changing fundamentals, valuation concerns, or
market risks. We apply this active decision-making across all of our equity,
fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, we
encourage you to work with your financial advisor to develop an overall
investment plan that addresses both your short- and long-term goals, and to
implement such a plan in a disciplined manner.
2 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
May 31, 2019
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Trust's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 3
Portfolio Management Discussion | 5/31/19
In the following interview, Jonathan Sharkey discusses the factors that
influenced the performance of Pioneer Floating Rate Trust during the six-month
period ended May 31, 2019. Mr. Sharkey, a senior vice president and a portfolio
manager at Amundi Pioneer Asset Management, Inc., is responsible for the
day-to-day management of the Trust.
Q How did the Trust perform during the six-month period ended May 31, 2019?
A Pioneer Floating Rate Trust returned 3.34% at net asset value (NAV) and
2.62% at market price during the six-month period ended May 31, 2019,
while the Trust's benchmark, the Standard & Poor's/Loan Syndications &
Trading Association Leveraged Loan Index (the S&P/LSTA Index), returned
2.80% at NAV. Unlike the Trust, the S&P/LSTA Index does not use leverage.
While the use of leverage increases investment opportunity, it also
increases investment risk.
During the same six-month period, the average return at NAV of the 31
closed end funds in Morningstar's Bank Loan Closed End Funds category
(which may or may not be leveraged), was 2.25%, and the average return at
market price of the 31 closed end funds in the same Morningstar category
was 4.74%.
The shares of the Trust were selling at a 14.23% discount to NAV on May
31, 2019. Comparatively, the shares of the Trust were selling at a 13.62%
discount to NAV on November 30, 2018.
The Trust's standardized, 30-day SEC yield was 5.78% on May 31, 2019*.
Q How would you describe the investment environment in general, and for bank
loans in particular, during the six-month period ended May 31, 2019?
A Late 2018 saw investors' sentiment for so-called risk assets weaken, based
on a range of concerns. The concerns included U.S.-China trade tensions,
softening economic growth overseas, Italy's budget crisis, and other
political uncertainties.
In mid-December, the U.S. Federal Reserve System (the Fed) met
expectations and raised its short-term interest-rate target to the 2.25%
to 2.50% range, the fourth increase in calendar year 2018, while noting
the potential for additional rate hikes in 2019. In combination with signs
of slowing global economic growth and yet another setback in the "Brexit"
negotiations in the United Kingdom, fears that the Fed would overshoot on
* The 30-day SEC yield is a standardized formula that is based on the
hypothetical annualized earning power (investment income only) of the
Trust's portfolio securities during the period indicated.
4 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
interest rates led to a spike in volatility in the market for riskier
assets. December 2018 saw the 10-year U.S. Treasury yield decline from
3.01% to 2.69%, as investors sought a safe haven from the market turmoil.
Energy-related issues also declined sharply as crude oil prices plunged
over the fourth quarter, mainly due to concerns about a weaker demand
outlook and higher-than-expected supply driven in part by a loosening of
U.S. sanctions on Iran.
Risk-oriented assets rebounded sharply in January of 2019, however, as the
Fed pivoted on monetary policy and took on a less aggressive tone,
announcing an early end to its balance-sheet reduction program while also
indicating it would become more "data dependent" with regard to
interest-rate policy, thus putting further rate increases on hold, at
least temporarily. In addition to the Fed's policy actions, weak economic
data out of the euro zone and China led to renewed policy accommodations
from both the European Central Bank (ECB) and the People's Bank of China.
Modest progress on trade matters, a firming in oil prices, and positive
corporate earnings reports also helped boost sentiment for
credit-sensitive assets during the first quarter of 2019.
While the overall pace of gains moderated and there was some interim
market volatility, credit-sensitive assets continued to outperform
interest-rate-sensitive issues through the end of April, before wavering
again in May on another potential escalation in the U.S.-China trade
situation, as the Trump administration announced plans to implement a 25%
tariff on some $200 billion worth of Chinese goods.
The bank-loan market finished the six-month period in positive territory,
despite a very difficult first month (December 2018). The loan asset class
returned -2.54% in December, as massive outflows from loan retail mutual
funds had a major negative impact on the market. Comments from Fed Chair
Powell indicating that future rate increases were likely to be curtailed
were a major factor in the exodus from the loan market late in 2018, as
the prospect of stabilizing interest rates lessened the attractiveness of
the floating-rate feature of bank loans. The outflows were further fueled
by heightened media coverage focused on the potential end of the current
economic cycle and a possible recession in the near term, which would
negatively impact the loan market. The negative effects of the market
outflows on loan performance were exacerbated by low levels of liquidity
at year-end, as collateralized loan obligation (CLO) formation paused
after a record calendar year in terms of volume.
Despite the struggles experienced in December, patient loan investors
eventually benefited from the mostly positive credit-market conditions
that existed between January and May 2019, as bank loans recouped the bulk
of their late-2018 losses.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 5
Q What factors had the biggest effects on the Trust's benchmark-relative
performance during the six-month period ended May 31, 2019?
A The Trust's allocations across industries within the portfolio's loan
positions had a modest impact on benchmark-relative performance, with
positive contributions to relative returns coming from the portfolio's
underweight to business & equipment services loans, and overweights to
conglomerates and food products. The portfolio's out-of-benchmark
allocation to high-yield corporate bonds also had a slight positive impact
on the Trust's benchmark-relative performance over the six-month period.
A portfolio underweight to technology -- electronics in particular --
detracted from the Trust's benchmark-relative performance for the
six-month period, as did an overweight to aerospace & defense loans.
Security selection results within the portfolio's allocation to the home
furnishings sector also detracted from the Trust's benchmark-relative
performance. Meanwhile, oil and gas-related holdings were a major drag on
the Trust's absolute returns over the six-month period, given the general
weakness in oil prices.
With regard to individual loans held in the Trust's portfolio, positive
contributions to benchmark-relative returns for the six-month period were
led by PetSmart, which announced an initial public offering of its online
retailer Chewy.com. The move is expected to improve the pet supply
retailer's working capital. Other positive contributors to the Trust's
benchmark-relative performance were positions in wireline company
Windstream and cosmetics firm Revlon. Windstream's loan price benefited
when the legal issues surrounding the spinoff of its communications
infrastructure assets were resolved. Revlon's loans benefited from
improved market sentiment as the company's sales rebounded following a
period of inventory adjustments by key customers.
On the downside, the portfolio's position in Serta Simmons Bedding (Serta)
detracted from the Trust's benchmark-relative performance during the
six-month period, due to a downgrade by credit-rating agencies. Serta's
earnings results have been negatively affected by competition from
direct-to-consumer sellers, and by the bankruptcies of two of its major
customers. Another detractor from the Trust's benchmark-relative returns
was the loan for Constellis, as earnings results for the security services
firm have softened due to lower levels of government spending on overseas
contingency operations. Finally, the loan price for energy
exploration-and-production company Encino declined during the six-month
period on oil price volatility, and so the position had a negative effect
on the Trust's benchmark-relative results.
6 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
Q How did the level of leverage in the Trust change over the six-month
period ended May 31, 2019?
A The Trust employs leverage through a credit agreement.
As of May 31, 2019, 31.9% of the Trust's total managed assets were
financed by leverage, compared with 32.5% of the Trust's total managed
assets financed by leverage at the start of the period on November 30,
2018. The Trust's leverage ratio decreased primarily due to a reduction in
the absolute amount of funds borrowed by the Trust during the 6-month
period.
Q Did the Trust have any investments in any derivative securities during the
six-month period ended May 31, 2019? If so, did the derivatives have any
material effect on performance?
A We invested the Trust in high-yield bond credit-default swap indices
during the six-month period, principally to maintain portfolio liquidity.
The derivatives had a slight positive impact on the Trust's performance.
Q Did the Fund's distributions** to shareholders change during the six-month
period ended May 31, 2019?
A No, the Trust's distributions remained stable over the six-month period.
Q What is your investment outlook and how have you positioned the Trust
heading into the second half of its fiscal year?
A We view loan fundamentals as positive and expect defaults in the loan
market to remain manageable. To illustrate, the default rate on loans for
the 12 months ended May 31, 2019, was 1.00% by loan volume, easily below
the historical average of slightly more than 3%. The loan default rate by
number of issuers was 1.56%, also below the long-term average. The default
rate on loans held in the Trust's portfolio has remained well below that
of the overall market.
Potential risks to our outlook for the loan market include an unexpected
decline in corporate earnings resulting from some combination of higher
tariffs, rising wage growth, and slowing global economic growth.
With regard to the Trust's positioning, the loan market has recently seen
an uptick in the amount of leverage utilized in buyout activity, and so we
have refrained from investing the portfolio in a number of the more
levered deals. Instead, we have been emphasizing investments in loans to
borrowers with strong cash flows, which we believe may help to ensure that
those borrowers can pay their obligations should interest rates rise
meaningfully from here, or if there is a downturn in market conditions.
** Distributions are not guaranteed.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 7
The average quality of loans held in the Trust's portfolio declined from
BB- to B+ over the six-month period ended May 31, 2019. The change was
driven primarily by the composition of the new-issue loan market over the
period. We were comfortable with the changes in portfolio quality, as we
believe economic conditions will remain favorable, at least in the near
term. In terms of industries, we marginally increased the Trust's
allocations to consumer cyclical and health care over the six-month
period, while marginally decreasing exposures to communications, finance,
and insurance.
We have maintained the Trust's out-of-benchmark allocations to high-yield
corporates, credit-default-swap indices, and insurance-linked securities
(ILS). A significant move higher in interest rates appears to have become
less of a near-term risk to the high-yield asset class, due to the
aforementioned policy pivot by the Fed. Meanwhile, we view maintaining a
modest position in ILS as helping to improve the Trust's long-term
risk/reward profile, based on the higher yields and potential
diversification*** benefits provided by the asset class.
We believe bank loans demonstrated their investment value in last year's
rising-rate environment, as the asset class substantially outperformed
both high-yield and investment-grade corporate bonds prior to the Fed's
policy reversal entering 2019. With the current U.S. recovery in its 10th
year, we view any modest decline in the federal funds rate over the next
few quarters as likely to support bank-loan market sentiment by helping to
extend the credit cycle.
We believe bank loans can continue to be an attractive element of
income-oriented investors' portfolios, based on their relatively low
correlation with other asset classes, even if loans are not as likely to
benefit from rising interest rates over the near term.
*** Diversification does not assure a profit nor protect against loss.
Please refer to the Schedule of Investments on pages 13-40 for a full listing
of Trust securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity, and heightened
uncertainty. These conditions may continue, recur, worsen, or spread.
The Trust may invest in derivative securities, which may include futures and
options, for a variety of purposes, including: in an attempt to hedge against
adverse changes in the marketplace of securities, interest rates or currency
8 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
exchange rates; as a substitute for purchasing or selling securities; to
attempt to increase the Trust's return as a non-hedging strategy that may be
considered speculative; and to manage portfolio characteristics. Using
derivatives can increase fund losses and reduce opportunities for gains when
the market prices, interest rates or the derivative instruments themselves
behave in a way not anticipated by the Trust. These types of instruments can
increase price fluctuation.
The Trust is not limited in the percentage of its assets that may be invested
in illiquid securities. Illiquid securities may be difficult to sell at a price
reflective of their value at times when the Trust believes it is desirable to
do so and the market price of illiquid securities is generally more volatile
than that of more liquid securities. Illiquid securities may be difficult to
value, and investment of the Trust's assets in illiquid securities may restrict
the Trust's ability to take advantage of market opportunities.
The Trust employs leverage through a revolving credit facility. Leverage
creates significant risks, including the risk that the Trust's income or
capital appreciation from investments purchased with the proceeds of leverage
will not be sufficient to cover the cost of leverage, which may adversely
affect the return for shareowners.
The Trust is required to maintain certain regulatory and other asset coverage
requirements in connection with its use of leverage. In order to maintain
required asset coverage levels, the Trust may be required to reduce the amount
of leverage employed by the Trust, alter the composition of its investment
portfolio or take other actions at what might be inopportune times in the
market. Such actions could reduce the net earnings or returns to shareowners
over time, which is likely to result in a decrease in the market value of the
Trust's shares.
Investments in high-yield or lower-rated securities are subject to
greater-than-average risk. The Trust may invest in securities of issuers that
are in default or that are in bankruptcy.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates and economic and political
conditions.
The Trust may invest in insurance-linked securities (ILS). The return of
principal and the payment of interest on ILS are contingent on the
non-occurrence of a pre-defined "trigger" event, such as a hurricane or an
earthquake of a specific magnitude.
These risks may increase share price volatility.
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Trust's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 9
Portfolio Summary | 5/31/19
Portfolio Diversification
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(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Senior Secured Floating Rate Loan Interests 85.1%
Corporate Bonds 7.2%
U.S. Government and Agency Obligations 4.6%
Insurance-Linked Securities 1.5%
Investment Companies 1.1%
Collateralized Mortgage Obligations 0.3%
Asset Backed Security 0.1%
Common Stocks 0.1%
10 Largest Holdings
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(As a percentage of total investments)*
1. U.S. Treasury Bills, 6/18/19 3.43%
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2. U.S. Treasury Bills, 6/11/19 1.19
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3. Bright Horizons Family Solutions LLC (fka Bright Horizons Family Solutions, Inc.),
Term B Loan, 4.189% (LIBOR + 175 bps), 11/7/23 0.76
---------------------------------------------------------------------------------------------------------------
4. American Airlines, Inc., 2018 Replacement Term Loan, 4.18% (LIBOR +
175 bps), 6/27/25 0.65
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5. Scientific Games International, Inc., Initial Term B-5 Loan, 5.223%
(LIBOR + 275 bps), 8/14/24 0.63
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6. YRC Worldwide, Inc., Tranche B-1 Term Loan, 10.939% (LIBOR + 850 bps), 7/26/22 0.63
---------------------------------------------------------------------------------------------------------------
7. BCP Raptor II LLC, Initial Term Loan, 7.189% (LIBOR + 475 bps), 11/3/25 0.57
---------------------------------------------------------------------------------------------------------------
8. Sprint Communications, Inc., Initial Term Loan, 5.0% (LIBOR + 250 bps), 2/2/24 0.57
---------------------------------------------------------------------------------------------------------------
9. CenturyLink, Inc., Initial Term B Loan, 5.189% (LIBOR + 275 bps), 1/31/25 0.56
---------------------------------------------------------------------------------------------------------------
10. Bausch Health Co., Inc. (fka Valeant Pharmaceuticals International, Inc.),
Initial Term Loan, 5.467% (LIBOR + 300 bps), 6/2/25 0.55
---------------------------------------------------------------------------------------------------------------
* Excludes temporary cash investments and all derivative contracts except
for options purchased. The Trust is actively managed, and current holdings
may be different. The holdings listed should not be considered
recommendations to buy or sell any securities.
10 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
Prices and Distributions | 5/31/19
Market Value per Share^
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5/31/19 11/30/18
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Market Value $10.31 $10.40
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Premium/(Discount) (14.23)% (13.62)%
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Net Asset Value per Share^
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5/31/19 11/30/18
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Net Asset Value $12.02 $12.04
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Distributions per Share
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Net Investment Short-Term Long-Term
Income Capital Gains Capital Gains
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12/1/18-5/31/19 $0.3600 $ -- $ --
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Yields
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--------------------------------------------------------------------------------
5/31/19 11/30/18
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30-day SEC Yield 5.78% 6.18%
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The data shown above represents past performance, which is no guarantee of
future results.
^ Net asset value and market value are published in Barron's on Saturday,
The Wall Street Journal on Monday and The New York Times on Monday and
Saturday. Net asset value and market value are published daily on the
Trust's website at www.amundipioneer.com/us.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 11
Performance Update | 5/31/19
Investment Returns
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The mountain chart on the right shows the change in market value, including
reinvestment of dividends and distributions, of a $10,000 investment made in
shares of Pioneer Floating Rate Trust during the periods shown, compared with
the value of the S&P/LSTA Leveraged Loan Index, which provides broad and
comprehensive total return metrics of the U.S. universe of syndicated term
loans.
Average Annual Total Returns
(As of May 31, 2019)
-------------------------------------------------------------
Net
Asset S&P/LSTA
Value Market Leveraged
Period (NAV) Price Loan Index
-------------------------------------------------------------
10 Years 9.77% 9.26% 6.60%
5 Years 4.83 2.67 3.75
1 Year 4.03 -3.17 3.83
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating S&P/LSTA Leveraged
Rate Trust Loan Index
5/09 $10,000 $10,000
5/10 $13,902 $12,427
5/11 $16,538 $13,580
5/12 $17,147 $13,899
5/13 $19,097 $15,108
5/14 $20,066 $15,767
5/15 $21,070 $16,215
5/16 $21,552 $16,295
5/17 $23,317 $17,515
5/18 $24,414 $18,251
5/19 $25,398 $18,951
Call 1-800-710-0935 or visit www.amundipioneer.com/us for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
Performance data shown represents past performance. Past performance is no
guarantee of future results. Investment return and market price will fluctuate,
and your shares may trade below NAV, due to such factors as interest rate
changes, and the perceived credit quality of borrowers.
Total investment return does not reflect broker sales charges or commissions.
All performance is for shares of the Trust.
Shares of closed-end funds, unlike open-end funds, are not continuously
offered. There is a one-time public offering and, once issued, shares of
closed-end funds are bought and sold in the open market through a stock
exchange and frequently trade at prices lower than their NAV. NAV per share is
total assets less total liabilities, which include preferred shares, or
borrowings, as applicable, divided by the number of shares outstanding.
When NAV is lower than market price, dividends are assumed to be reinvested at
the greater of NAV or 95% of the market price. When NAV is higher, dividends
are assumed to be reinvested at prices obtained through open-market purchases
under the Trust's dividend reinvestment plan.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Trust distributions or the sale of Trust shares.
Had these fees and taxes been reflected, performance would have been lower.
Index returns are calculated monthly, assume reinvestment of dividends and,
unlike Trust returns, do not reflect any fees, expenses or sales charges. The
index does not use leverage. You cannot invest directly in an index.
12 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
Schedule of Investments | 5/31/19 (unaudited)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 146.9%
SENIOR SECURED FLOATING RATE LOAN
INTERESTS -- 125.0% of Net Assets*(a)
Aerospace & Defense -- 4.0%
625,800 Air Canada, Replacement Term Loan, 4.428% (LIBOR +
200 bps), 10/6/23 $ 626,577
2,037,000 American Airlines, Inc., 2017 Class B Term Loan, 4.428%
(LIBOR + 200 bps), 4/28/23 2,012,811
1,229,839 American Airlines, Inc., 2017 Class B Term Loan, 4.44%
(LIBOR + 200 bps), 12/14/23 1,215,747
2,881,181 American Airlines, Inc., 2018 Replacement Term Loan,
4.18% (LIBOR + 175 bps), 6/27/25 2,820,631
650,350 Dynasty Acquisition Co., Inc., Initial Term B-1 Loan,
6.602% (LIBOR + 400 bps), 4/6/26 653,240
349,650 Dynasty Acquisition Co., Inc., Initial Term B-2 Loan,
6.602% (LIBOR + 400 bps), 4/6/26 351,204
1,949,007 MACOM Technology Solutions Holdings, Inc. (fka
M/A-COM Technology Solutions Holdings, Inc.), Initial
Term Loan, 4.689% (LIBOR + 225 bps), 5/17/24 1,814,200
1,473,750 Peraton Corp. (fka MHVC Acquisition Corp.), First Lien
Initial Term Loan, 7.69% (LIBOR + 525 bps), 4/29/24 1,455,329
235,813 United AirLines, Inc., Refinanced Term Loan, 4.189%
(LIBOR + 175 bps), 4/1/24 231,096
845,750 WP CPP Holdings LLC, First Lien Initial Term Loan, 6.34%
(LIBOR + 375 bps), 4/30/25 845,750
--------------
Total Aerospace & Defense $ 12,026,585
--------------------------------------------------------------------------------------------------------------------
Automobile -- 6.3%
877,652 Allison Transmission, Inc. Initial Term Loan, 4.475%
(LIBOR + 200 bps), 3/29/26 $ 880,943
1,497,650 American Axle & Manufacturing, Inc., Tranche B Term Loan,
4.734% (LIBOR + 225 bps), 4/6/24 1,464,327
321,664 Bombardier Recreational Products, Inc., Term B Loan,
4.44% (LIBOR + 200 bps), 5/23/25 318,608
491,257 Bright Bidco BV (aka Lumileds LLC), 2018 Refinancing
Term B Loan, 6.048% (LIBOR + 350 bps), 6/30/24 375,402
1,614,156 Commercial Vehicle Group, Inc., Initial Term Loan, 8.439%
(LIBOR + 600 bps), 4/12/23 1,614,156
784,014 Cooper-Standard Automotive, Inc., Additional Term B-1
Loan, 4.439% (LIBOR + 200 bps), 11/2/23 756,573
1,378,401 CWGS Group LLC (aka Camping World, Inc.), Term Loan,
5.233% (LIBOR + 275 bps), 11/8/23 1,256,068
1,500,000 Drive Chassis Holdco LLC, Second Lien Term B Loan,
10.834% (LIBOR + 825 bps), 4/10/26 1,447,500
691,667 Goodyear Tire & Rubber Co., Second Lien Term Loan, 4.44%
(LIBOR + 200 bps), 3/3/25 685,182
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 13
Schedule of Investments | 5/31/19 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Automobile -- (continued)
450,220 KAR Auction Services, Inc., Tranche B-4 Term Loan,
4.875% (LIBOR + 225 bps), 3/11/21 $ 450,572
588,610 KAR Auction Services, Inc., Tranche B-5 Term Loan,
5.125% (LIBOR + 250 bps), 3/9/23 588,610
1,894,198 Navistar, Inc., Tranche B Term Loan, 5.96% (LIBOR +
350 bps), 11/6/24 1,897,338
892,054 Superior Industries International, Inc., Replacement Term
Loan, 6.439% (LIBOR + 400 bps), 5/22/24 878,673
1,033,466 Thor Industries, Inc., Initial USD Term Loan, 6.25%
(LIBOR + 375 bps), 2/1/26 1,012,366
1,012,827 TI Group Automotive Systems LLC, Initial US Term Loan,
4.939% (LIBOR + 250 bps), 6/30/22 1,003,965
1,424,992 Tower Automotive Holdings USA LLC, Initial Term Loan,
5.25% (LIBOR + 275 bps), 3/7/24 1,396,492
2,212,061 Trico Group LLC, First Lien Tranche B-2 Term Loan, 9.601%
(LIBOR + 700 bps), 2/2/24 2,134,639
466,667 Visteon Corp., New Term Loan, 4.193% (LIBOR +
175 bps), 3/25/24 456,750
-------------
Total Automobile $ 18,618,164
-------------------------------------------------------------------------------------------------------------------
Banking -- 0.4%
554,318 EWT Holdings III Corp. (fka WTG Holdings III Corp.),
Refinancing 2017-2 First Lien Term Loan, 5.439%
(LIBOR + 300 bps), 12/20/24 $ 552,932
575,000 Starfruit Finco BV (Starfruit US Holdco LLC) (aka
AkzoNobel), Initial Dollar Term Loan, 5.717%
(LIBOR + 325 bps), 10/1/25 571,582
-------------
Total Banking $ 1,124,514
-------------------------------------------------------------------------------------------------------------------
Beverage, Food & Tobacco -- 3.6%
1,000,000 Albertson's LLC, 2017-1 Term B-5 Loan, 5.609%
(LIBOR + 300 bps), 12/21/22 $ 998,625
1,361,649 Albertson's LLC, 2017-1 Term B-6 Loan, 5.439%
(LIBOR + 300 bps), 6/22/23 1,357,677
2,268,396 Chobani LLC (Chobani Idaho LLC), First Lien New Term
Loan, 5.939% (LIBOR + 350 bps), 10/10/23 2,229,406
1,428,250 Give and Go Prepared Foods Corp. (fka GG Foods
Acquisition Corp.), First Lien 2017 Term Loan, 6.851%
(LIBOR + 425 bps), 7/29/23 1,311,609
1,064,201 H-Food Holdings LLC (aka Hearthside Food Solutions LLC),
Initial Term Loan, 6.126% (LIBOR + 369 bps), 5/23/25 1,041,919
1,509,640 JBS USA Lux SA (fka JBS USA LLC), New Term Loan,
5.025% (LIBOR + 250 bps), 5/1/26 1,509,774
1,178,430 Post Holdings, Inc., Series A Incremental Term Loan, 4.44%
(LIBOR + 200 bps), 5/24/24 1,175,301
992,500 Sigma Holdco BV (aka Flora Foods), Facility B2, 5.603%
(LIBOR + 300 bps), 7/2/25 976,372
-------------
Total Beverage, Food & Tobacco $ 10,600,683
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
14 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Broadcasting & Entertainment -- 3.9%
1,933,612 Charter Communications Operating LLC (aka CCO Safari
LLC), Term B Loan, 4.44% (LIBOR + 200 bps), 4/30/25 $ 1,931,854
1,368,920 Creative Artists Agency LLC, Refinancing Term Loan, 5.43%
(LIBOR + 300 bps), 2/15/24 1,366,011
728,809 Gray Television, Inc., Term B-2 Loan, 4.733% (LIBOR +
225 bps), 2/7/24 724,937
548,625(b) Gray Television, Inc., Term C Loan, 1/2/26 547,253
1,924,421 MediArena Acquisition BV (fka AP NMT Acquisition BV),
First Lien Dollar Term B Loan, 8.35% (LIBOR +
575 bps), 8/13/21 1,918,807
1,303,333 Numericable US LLC, USD Term B-12 Loan, 6.127%
(LIBOR + 369 bps), 1/31/26 1,257,950
997,355(b) Quebecor Media, Inc., Facility B-1 Tranche, 8/17/20 997,043
2,041,865 Sinclair Television Group, Inc., Tranche B Term Loan,
4.69% (LIBOR + 225 bps), 1/3/24 2,037,398
915,370 UPC Financing Partnership, Facility AR, 4.94% (LIBOR +
250 bps), 1/15/26 914,552
-------------
Total Broadcasting & Entertainment $ 11,695,805
-------------------------------------------------------------------------------------------------------------------
Building Materials -- 1.9%
944,140 Circor International, Inc., Initial Term Loan, 5.953%
(LIBOR + 350 bps), 12/11/24 $ 940,600
750,000 Janus International Group LLC, Incremental Term Loan,
6.939% (LIBOR + 450 bps), 2/12/25 750,469
891,000 Janus International Group LLC, Initial First Lien Term Loan,
5.439% (LIBOR + 300 bps), 2/12/25 878,749
1,650,631 Summit Materials LLC, New Term Loan, 4.439% (LIBOR +
200 bps), 11/21/24 1,644,698
1,473,750 WKI Holding Co., Inc. (aka World Kitchen), Initial Term
Loan, 6.592% (LIBOR + 400 bps), 5/1/24 1,478,356
-------------
Total Building Materials $ 5,692,872
-------------------------------------------------------------------------------------------------------------------
Buildings & Real Estate -- 3.5%
744,361 Beacon Roofing Supply, Inc., Initial Term Loan, 4.703%
(LIBOR + 225 bps), 1/2/25 $ 737,617
746,077 Builders FirstSource, Inc., Refinancing Term Loan, 5.601%
(LIBOR + 300 bps), 2/29/24 742,813
1,194,000 DTZ US Borrower LLC (aka Cushman & Wakefield), Closing
Date Term Loan, 5.689% (LIBOR + 325 bps), 8/21/25 1,193,254
1,530,625 Packers Holdings LLC, Initial Term Loan, 5.44% (LIBOR +
300 bps), 12/4/24 1,519,145
833,791 Penn Engineering & Manufacturing Corp., Tranche B Term
Loan, 5.18% (LIBOR + 275 bps), 6/27/24 829,622
694,750 Southwire Co. LLC (fka Southwire Co.), Initial Term Loan,
4.439% (LIBOR + 200 bps), 5/19/25 693,882
978,160 Uniti Group Inc., Shortfall Term Loan, 7.439% (LIBOR +
500 bps), 10/24/22 954,404
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 15
Schedule of Investments | 5/31/19 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Buildings & Real Estate -- (continued)
1,977,273 VICI Properties 1 LLC, Term B Loan, 4.436% (LIBOR +
200 bps), 12/20/24 $ 1,966,770
1,898,419 WireCo WorldGroup, Inc. (WireCo WorldGroup Finance LP),
First Lien Initial Term Loan, 7.439% (LIBOR +
500 bps), 9/29/23 1,903,165
-------------
Total Buildings & Real Estate $ 10,540,672
-------------------------------------------------------------------------------------------------------------------
Chemicals -- 0.7%
1,000,000 Momentive Performance Materials Inc., First Lien Initial
Dollar Term Loan, 5.65% (LIBOR + 325 bps), 5/15/24 $ 997,812
1,000,000 Tank Holding Corp., First Lien Initial Term Loan, 6.682%
(LIBOR + 400 bps), 3/26/26 1,004,167
-------------
Total Chemicals $ 2,001,979
-------------------------------------------------------------------------------------------------------------------
Chemicals, Plastics & Rubber -- 8.1%
799,664 Allnex (Luxembourg) & Cy SCA (fka AI Chem & Cy SCA),
Tranche B-2 Term Loan, 5.77% (LIBOR +
325 bps), 9/13/23 $ 792,167
602,483 Allnex (Luxembourg) & Cy SCA (fka AI Chem & Cy SCA),
Tranche B-3 Term Loan, 5.77% (LIBOR +
325 bps), 9/13/23 596,835
1,225,378 Axalta Coating Systems Dutch Holding B BV (Axalta
Coating Systems US Holdings, Inc.), Term B-3 Dollar Loan,
4.351% (LIBOR + 175 bps), 6/1/24 1,206,997
943,270 Berry Global, Inc. (fka Berry Plastics Corp.), Term Q Loan,
4.451% (LIBOR + 200 bps), 10/1/22 941,502
992,481 Chemours Co., Tranche B-2 USD Term Loan, 4.19%
(LIBOR + 175 bps), 4/3/25 969,530
411,200 Element Solutions, Inc. (Macdermid, Inc.), Initial Term
Loan, 4.689% (LIBOR + 225 bps), 1/30/26 410,344
491,184 Entegris, Inc. (fka Versum Materials, Inc.), Term Loan,
4.601% (LIBOR + 200 bps), 9/29/23 491,568
1,977,500 HD Supply Waterworks, Ltd., Initial Term Loan, 5.626%
(LIBOR + 300 bps), 8/1/24 1,973,792
998,709 Infiltrator Water Technologies LLC, First Lien Term B-2
Loan, 5.601% (LIBOR + 300 bps), 5/27/22 992,467
1,775,470 LTI Holdings, Inc., First Lien Initial Term Loan, 5.939%
(LIBOR + 350 bps), 9/6/25 1,697,239
500,000 LTI Holdings, Inc., Second Lien Initial Term Loan, 9.189%
(LIBOR + 675 bps), 9/6/26 465,000
1,234,406 Natgasoline LLC, Initial Term Loan, 6.125% (LIBOR +
350 bps), 11/14/25 1,234,406
1,373,143 Omnova Solutions, Inc., Term B-2 Loan, 5.689% (LIBOR +
325 bps), 8/25/23 1,359,411
555,112 Orion Engineered Carbons GmbH, Initial Dollar Term Loan,
4.601% (LIBOR + 200 bps), 7/25/24 553,030
The accompanying notes are an integral part of these financial statements.
16 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Chemicals, Plastics & Rubber -- (continued)
1,228,883 PQ Corp., Third Amendment Tranche B-1 Term Loan,
5.083% (LIBOR + 250 bps), 2/8/25 $ 1,225,350
1,999,790 Reynolds Group Holdings, Inc., Incremental US Term Loan,
5.189% (LIBOR + 275 bps), 2/5/23 1,988,202
594,365 Ring Container Technologies Group LLC, First Lien Initial
Term Loan, 5.189% (LIBOR + 275 bps), 10/31/24 591,146
1,361,963 Tata Chemicals North America, Term Loan, 5.375%
(LIBOR + 275 bps), 8/7/20 1,363,666
1,036,875 Trident TPI Holdings, Inc., Tranche B-1 Term Loan, 5.689%
(LIBOR + 325 bps), 10/17/24 1,001,880
1,210,683 Tronox Finance LLC, First Lien Initial Dollar Term Loan,
5.439% (LIBOR + 300 bps), 9/23/24 1,198,387
1,330,313 Twist Beauty International Holdings SA, Facility B2,
5.524% (LIBOR + 300 bps), 4/22/24 1,310,358
1,132,557 Univar USA, Inc., Term B-3 Loan, 4.689% (LIBOR +
225 bps), 7/1/24 1,129,254
742,491 Vantage Specialty Chemicals, Inc., First Lien Closing Date
Term Loan, 5.977% (LIBOR + 350 bps), 10/28/24 731,663
-------------
Total Chemicals, Plastics & Rubber $ 24,224,194
-------------------------------------------------------------------------------------------------------------------
Computers & Electronics -- 3.2%
788,000 Applied Systems, Inc., First Lien Closing Date Term Loan,
5.439% (LIBOR + 300 bps), 9/19/24 $ 785,476
750,000 Applied Systems, Inc., Second Lien Initial Term Loan,
9.439% (LIBOR + 700 bps), 9/19/25 756,563
997,494 Brooks Automation, Inc., 2018 Incremental Term B Loan,
5.5% (LIBOR + 300 bps), 10/4/24 998,117
1,237,500 Chloe OX Parent LLC, Initial Term Loan, 7.101% (LIBOR +
450 bps), 12/23/24 1,239,047
1,362,637 Dynatrace LLC, First Lien Term Loan, 5.689% (LIBOR +
325 bps), 8/22/25 1,363,318
780,063 Energy Acquisition LP (aka Electrical Components
International), First Lien Initial Term Loan, 6.851%
(LIBOR + 425 bps), 6/26/25 760,562
500,000 Iron Mountain Information Management LLC, Incremental
Term B Loan, 4.189% (LIBOR + 175 bps), 1/2/26 485,625
718,615 Microchip Technology, Inc., Initial Term Loan, 4.44%
(LIBOR + 200 bps), 5/29/25 717,716
393,237 ON Semiconductor Corp., 2018 New Replacement Term
B-3 Loan, 4.189% (LIBOR + 175 bps), 3/31/23 389,445
2,221,875 Ultra Clean Holdings, Inc., Term Loan B, 6.939% (LIBOR +
450 bps), 8/27/25 2,149,664
-------------
Total Computers & Electronics $ 9,645,533
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 17
Schedule of Investments | 5/31/19 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Construction & Building -- 0.8%
1,237,500 McDermott International, Inc., Term Loan, 7.439%
(LIBOR + 500 bps), 5/12/25 $ 1,205,660
1,265,326 Quikrete Holdings, Inc., First Lien Initial Term Loan, 5.19%
(LIBOR + 275 bps), 11/15/23 1,248,877
-------------
Total Construction & Building $ 2,454,537
-------------------------------------------------------------------------------------------------------------------
Containers, Packaging & Glass -- 0.4%
1,308,359 Plastipak Holdings, Inc., Tranche B Term Loan, 4.94%
(LIBOR + 250 bps), 10/14/24 $ 1,301,681
-------------
Total Containers, Packaging & Glass $ 1,301,681
-------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Manufacturing -- 2.3%
324,373 Delos Finance S.a r.l., New Term Loan, 4.351% (LIBOR +
175 bps), 10/6/23 $ 324,424
877,579 ExamWorks Group, Inc. (fka Gold Merger Co., Inc.),
Term B-1 Loan, 5.689% (LIBOR + 325 bps), 7/27/23 877,579
2,069,029 Pelican Products, Inc., First Lien Term Loan, 5.967%
(LIBOR + 350 bps), 5/1/25 2,036,700
298,148 Ranpak Corp., Second Lien Initial Term Loan, 9.691%
(LIBOR + 725 bps), 10/3/22 297,030
1,524,459 Ranpak Corp., Tranche B-1 USD Term Loan, 5.689%
(LIBOR + 325 bps), 10/1/21 1,527,317
1,714,134 STG-Fairway Acquisitions, Inc. (aka First Advantage), First
Lien Term Loan, 7.689% (LIBOR + 525 bps), 6/30/22 1,716,277
-------------
Total Diversified & Conglomerate Manufacturing $ 6,779,327
-------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Service -- 11.8%
1,985,865 Albany Molecular Research, Inc., First Lien Initial Term
Loan, 5.689% (LIBOR + 325 bps), 8/30/24 $ 1,938,701
1,000,000 Albany Molecular Research, Inc., Second Lien Initial Term
Loan, 9.439% (LIBOR + 700 bps), 8/30/25 998,125
1,655,978 Alion Science and Technology Corp., First Lien Term Loan,
6.939% (LIBOR + 450 bps), 8/19/21 1,660,118
748,125 Allied Universal Holdco LLC (fka USAGM Holdco LLC), First
Lien Incremental Term Loan, 6.689% (LIBOR +
425 bps), 7/28/22 744,384
914,625 Allied Universal Holdco LLC (fka USAGM Holdco LLC), First
Lien Initial Term Loan, 6.189% (LIBOR +
375 bps), 7/28/22 901,191
247,218 ASGN, Inc. (fka On Assignment, Inc.), Initial Term B-1 Loan,
4.439% (LIBOR + 200 bps), 6/3/22 247,166
191,484 ASGN, Inc. (fka On Assignment, Inc.), Initial Term B-2 Loan,
4.439% (LIBOR + 200 bps), 4/2/25 191,484
346,285 AVSC Holding Corp. (aka PSAV, Inc.), First Lien Initial Term
Loan, 5.768% (LIBOR + 325 bps), 3/3/25 338,061
3,328,488 Bright Horizons Family Solutions LLC (fka Bright Horizons
Family Solutions, Inc.), Term B Loan, 4.189%
(LIBOR + 175 bps), 11/7/23 3,327,449
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Service -- (continued)
1,907,154 CB Poly Investments LLC, First Lien Closing Date Term
Loan, 6.189% (LIBOR + 375 bps), 8/16/23 $ 1,916,689
1,522,712 Change Healthcare Holdings, Inc. (fka Emdeon, Inc.),
Closing Date Term Loan, 5.189% (LIBOR +
275 bps), 3/1/24 1,503,797
1,965,000 Constellis Holdings LLC, First Lien Term B Loan, 7.583%
(LIBOR + 500 bps), 4/21/24 1,640,775
1,198,573 DBRS, Ltd., Initial Term Loan, 7.772% (LIBOR +
525 bps), 3/4/22 1,201,570
1,015,173 DG Investment Intermediate Holdings 2, Inc. (aka
Convergint Technologies Holdings LLC), First Lien Initial
Term Loan, 5.439% (LIBOR + 300 bps), 2/3/25 997,408
1,201,261 DTI Holdco, Inc., Replacement B-1 Term Loan, 7.333%
(LIBOR + 475 bps), 9/29/23 1,128,435
826,176 Filtration Group Corp., Initial Dollar Term Loan, 5.439%
(LIBOR + 300 bps), 3/29/25 825,401
644,702 Gates Global LLC, Initial B-2 Dollar Term Loan, 5.189%
(LIBOR + 275 bps), 4/1/24 641,997
1,095,328 GHX Ultimate Parent Corp., First Lien Initial Term Loan,
5.851% (LIBOR + 325 bps), 6/28/24 1,082,321
239,971 IAP Worldwide Services, Inc., Second Lien Term Loan,
9.101% (LIBOR + 650 bps), 7/18/19 241,109
496,250 Iqvia, Inc. (Quintiles IMS), Term B-3 Dollar Loan, 4.189%
(LIBOR + 175 bps), 6/11/25 494,079
1,087,838 Jaguar Holding Co. I LLC (fka Jaguar Holding Co. I) (aka
Pharmaceutical Product Development LLC), 2018
Term Loan, 4.939% (LIBOR + 250 bps), 8/18/22 1,076,847
994,975 Mitchell International, Inc., First Lien Initial Term Loan,
5.689% (LIBOR + 325 bps), 11/29/24 955,798
495,000 National Mentor Holdings, Inc. (aka Civitas Solutions,
Inc.), First Lien Initial Term Loan, 6.69% (LIBOR +
425 bps), 3/9/26 496,856
2,174,785 NVA Holdings, Inc., First Lien Term B-3 Loan, 5.189%
(LIBOR + 275 bps), 2/2/25 2,109,541
342,128 Outfront Media Capital LLC (Outfront Media Capital Corp.),
Term Loan, 4.467% (LIBOR + 200 bps), 3/18/24 341,629
1,522,530 Press Ganey Holdings, Inc., First Lien Incremental B-2018
Term Loan, 5.189% (LIBOR + 275 bps), 10/23/23 1,514,443
547,750 Sound Inpatient Physicians, Inc., First Lien Initial Term
Loan, 5.189% (LIBOR + 275 bps), 6/27/25 548,206
490,000 Team Health Holdings, Inc., Initial Term Loan, 5.189%
(LIBOR + 275 bps), 2/6/24 443,450
1,326,991 Tempo Acquisition LLC, Initial Term Loan, 5.439% (LIBOR +
300 bps), 5/1/24 1,322,346
1,792,744 West Corp., Incremental Term B-1 Loan, 6.022% (LIBOR +
350 bps), 10/10/24 1,667,252
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 19
Schedule of Investments | 5/31/19 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Service -- (continued)
1,894,340 West Corp., Initial Term B Loan, 6.522% (LIBOR +
400 bps), 10/10/24 $ 1,777,522
729,375 WEX Inc., Term B-3 Loan, 4.689% (LIBOR +
225 bps), 5/15/26 728,615
-------------
Total Diversified & Conglomerate Service $ 35,002,765
-------------------------------------------------------------------------------------------------------------------
Diversified Natural Resources & Precious Metals -- 0.3%
887,336 84 Lumber Co., Term B-1 Loan, 7.68% (LIBOR +
525 bps), 10/25/23 $ 891,772
-------------
Total Diversified Natural Resources & Precious Metals $ 891,772
-------------------------------------------------------------------------------------------------------------------
Educational Services -- 0.3%
803,201 Laureate Education, Inc., Series 2024 Term Loan, 8.0%
(PRIME + 250 bps), 4/26/24 $ 803,956
-------------
Total Educational Services $ 803,956
-------------------------------------------------------------------------------------------------------------------
Electric & Electrical -- 1.0%
1,119,063 Dell International LLC (EMC Corp.), Refinancing Term B
Loan, 4.44% (LIBOR + 200 bps), 9/7/23 $ 1,115,997
244,962 Micron Technology, Inc., Term Loan, 4.19% (LIBOR +
175 bps), 4/26/22 245,203
500,000 MKS Instruments, Inc., Tranche B-5 Term Loan, 4.689%
(LIBOR + 225 bps), 2/2/26 501,062
1,085,775 Rackspace Hosting, Inc., First Lien Term B Loan, 5.575%
(LIBOR + 300 bps), 11/3/23 1,008,026
-------------
Total Electric & Electrical $ 2,870,288
-------------------------------------------------------------------------------------------------------------------
Electronics -- 4.5%
693,581 Access CIG LLC, First Lien Term B Loan, 6.189% (LIBOR +
375 bps), 2/27/25 $ 690,114
347,611 Avast Software BV, 2018 Refinancing Dollar Term Loan,
4.851% (LIBOR + 225 bps), 9/29/23 347,394
1,023,168 First Data Corp., 2022D New Dollar Term Loan, 4.437%
(LIBOR + 200 bps), 7/8/22 1,022,928
1,131,090 First Data Corp., 2024A New Dollar Term Loan, 4.437%
(LIBOR + 200 bps), 4/26/24 1,130,454
1,100,000 Mirion Technologies (Finance) LLC (Mirion Technologies,
Inc.), Initial Dollar Term Loan, 6.595% (LIBOR +
400 bps), 3/6/26 1,106,532
1,300,000 Natel Engineering Co., Inc., Initial Term Loan, 7.439%
(LIBOR + 500 bps), 4/30/26 1,304,875
1,289,051 nThrive, Inc. (fka Precyse Acquisition Corp.), Additional
Term B-2 Loan, 6.939% (LIBOR + 450 bps), 10/20/22 1,250,380
520,126 Rovi Solutions Corp./Rovi Guides, Inc., Term B Loan,
4.94% (LIBOR + 250 bps), 7/2/21 509,507
2,805,476 Scientific Games International, Inc., Initial Term B-5 Loan,
5.223% (LIBOR + 275 bps), 8/14/24 2,768,070
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Electronics -- (continued)
324,131 SS&C Technologies Holdings, Inc., Term B-3 Loan,
4.689% (LIBOR + 225 bps), 4/16/25 $ 322,443
227,364 SS&C Technologies Holdings, Inc., Term B-4 Loan,
4.689% (LIBOR + 225 bps), 4/16/25 226,180
1,308,276 Verint Systems, Inc., Refinancing Term Loan, 4.486%
(LIBOR + 200 bps), 6/28/24 1,306,608
1,390,674 Western Digital Corp., US Term B-4 Loan, 4.187%
(LIBOR + 175 bps), 4/29/23 1,347,181
-------------
Total Electronics $ 13,332,666
-------------------------------------------------------------------------------------------------------------------
Entertainment & Leisure -- 0.7%
833,000 Cedar Fair LP, US Term B Loan, 4.189% (LIBOR +
175 bps), 4/13/24 $ 834,036
1,123,324 Sabre GLBL, Inc. (fka Sabre, Inc.), 2018 Other Term B
Loan, 4.439% (LIBOR + 200 bps), 2/22/24 1,118,058
-------------
Total Entertainment & Leisure $ 1,952,094
-------------------------------------------------------------------------------------------------------------------
Environmental Services -- 0.6%
836,330 Advanced Disposal Services, Inc. (fka ADS Waste
Holdings, Inc.), Additional Term Loan, 4.637% (LIBOR +
225 bps), 11/10/23 $ 835,285
1,043,299 GFL Environmental, Inc., Effective Date Incremental Term
Loan, 5.439% (LIBOR + 300 bps), 5/30/25 1,023,085
-------------
Total Environmental Services $ 1,858,370
-------------------------------------------------------------------------------------------------------------------
Farming & Agriculture -- 0.4%
1,182,452 Dole Food Co., Inc., Tranche B Term Loan, 5.224%
(LIBOR + 275 bps/PRIME + 175 bps), 4/6/24 $ 1,153,482
-------------
Total Farming & Agriculture $ 1,153,482
-------------------------------------------------------------------------------------------------------------------
Financial Services -- 1.4%
1,457,311 Baring Private Equity Asia VI Holding (2) Ltd., First Lien
Initial Dollar Term Loan, 5.439% (LIBOR +
300 bps), 10/26/22 $ 1,439,095
893,250 Blackhawk Network Holdings, Inc., First Lien Term Loan,
5.439% (LIBOR + 300 bps), 6/15/25 885,713
979,323 Everi Payments, Inc., Term B loan, 5.439% (LIBOR +
300 bps), 5/9/24 979,935
977,447 Trans Union LLC, 2017 Replacement Term B-3 Loan,
4.439% (LIBOR + 200 bps), 4/10/23 977,185
-------------
Total Financial Services $ 4,281,928
-------------------------------------------------------------------------------------------------------------------
Forest Products -- 0.4%
1,331,242 ProAmpac PG Borrower LLC, First Lien Initial Term Loan,
6.011% (LIBOR + 350 bps), 11/20/23 $ 1,287,977
-------------
Total Forest Products $ 1,287,977
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 21
Schedule of Investments | 5/31/19 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Gaming and Hotels -- 0.2%
500,000(b) PCI Gaming Authority Term B Facility Loan, 5/29/26 $ 500,848
-------------
Total Gaming and Hotels $ 500,848
-------------------------------------------------------------------------------------------------------------------
Grocery -- 0.2%
802,500 Diplomat Pharmacy, Inc., Initial Term B Loan, 6.94%
(LIBOR + 450 bps), 12/20/24 $ 742,312
-------------
Total Grocery $ 742,312
-------------------------------------------------------------------------------------------------------------------
Healthcare -- 1.1%
1,750,000(b) HC Group Holdings II, Inc., Cov-Lite Term Loan, 5/22/26 $ 1,741,250
1,400,000 Phoenix Guarantor Inc. (aka Brightspring), First Lien
Initial Term Loan, 6.961% (LIBOR + 450 bps), 3/5/26 1,398,600
-------------
Total Healthcare $ 3,139,850
-------------------------------------------------------------------------------------------------------------------
Healthcare & Pharmaceuticals -- 7.6%
1,457,268 Acadia Healthcare Co., Inc., Tranche B-4 Term Loan,
4.939% (LIBOR + 250 bps), 2/16/23 $ 1,452,714
635,000 Agiliti Health, Inc., Initial Term Loan, 5.5% (LIBOR +
300 bps), 1/4/26 634,190
1,058,009 Alkermes, Inc., 2023 Term Loan, 4.71% (LIBOR +
225 bps), 3/27/23 1,056,026
492,500 Alphabet Holding Co., Inc. (aka Nature's Bounty), First Lien
Initial Term Loan, 5.939% (LIBOR + 350 bps), 9/26/24 473,621
1,500,000 Alphabet Holding Co., Inc. (aka Nature's Bounty), Second
Lien Initial Term Loan, 10.189% (LIBOR +
775 bps), 9/26/25 1,329,375
910,000 Auris Luxembourg III S.a r.l., Facility B2, 6.189% (LIBOR +
375 bps), 2/27/26 913,129
1,900,774+(c) CCS Medical, Inc. (Chronic Care), Second Lien Term Loan,
0.0% (14.50% PIK or 0.0% cash) (PRIME +
900 bps), 5/31/19 19,008
1,225,000 Cidron Healthcare, Ltd. (aka ConvaTec, Inc.), Term B Loan,
4.851% (LIBOR + 225 bps), 10/31/23 1,225,000
1,176,811 Concentra, Inc., First Lien Tranche B-1 Term Loan, 5.22%
(LIBOR + 275 bps), 6/1/22 1,176,811
846,757 DaVita, Inc. (fka DaVita HealthCare Partners, Inc.), Tranche
B Term Loan, 5.189% (LIBOR + 275 bps), 6/24/21 847,418
1,581,825 Endo Luxembourg Finance Company I S.a.r.l., Initial Term
Loan, 6.75% (LIBOR + 425 bps), 4/29/24 1,533,038
1,384,091 Explorer Holdings, Inc., Initial Term Loan, 6.351%
(LIBOR + 375 bps), 5/2/23 1,383,226
708,977 Gentiva Health Services, Inc., First Lien Closing Date
Initial Term Loan, 6.25% (LIBOR + 375 bps), 7/2/25 709,846
791,938 Greatbatch, Ltd., New Term B Loan, 5.47% (LIBOR +
300 bps),10/27/22 794,059
1,449,842 HC Group Holdings III, Inc., First Lien Refinancing Term
Loan, 6.189% (LIBOR + 375 bps), 4/7/22 1,448,029
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Healthcare & Pharmaceuticals -- (continued)
348,250 Herbalife Nutrition, Ltd., Term Loan B, 5.689% (LIBOR +
325 bps), 8/18/25 $ 349,183
1,993,747 Kindred Healthcare LLC, Closing Date Term Loan,
7.5% (LIBOR + 500 bps), 7/2/25 1,973,809
1,323,094 NMN Holdings III Corp., First Lien Closing Date Term Loan,
6.189% (LIBOR + 375 bps), 11/13/25 1,313,171
428,875 Prestige Brands, Inc., Term B-4 Loan, 4.439% (LIBOR +
200 bps), 1/26/24 425,926
1,950,300 Prospect Medical Holdings, Inc., Term B-1 Loan, 8.0%
(LIBOR + 550 bps), 2/22/24 1,852,785
1,781,027 Sterigenics-Nordion Holdings LLC, Incremental Term Loan,
5.439% (LIBOR + 300 bps), 5/15/22 1,775,462
-------------
Total Healthcare & Pharmaceuticals $ 22,685,826
-------------------------------------------------------------------------------------------------------------------
Healthcare, Education & Childcare -- 5.3%
1,500,000 Alliance HealthCare Services, Inc., Second Lien Initial
Term Loan, 12.439% (LIBOR + 1,000 bps), 4/24/24 $ 1,488,750
1,416,883 ATI Holdings Acquisition, Inc., First Lien Initial Term
Loan, 5.93% (LIBOR + 350 bps), 5/10/23 1,395,039
237,500 Bausch Health Co., Inc. (fka Valeant Pharmaceuticals
International, Inc.), First Incremental Term
Loan, 5.217% (LIBOR + 275 bps), 11/27/25 236,238
2,413,137 Bausch Health Co., Inc. (fka Valeant Pharmaceuticals
International, Inc.), Initial Term Loan, 5.467%
(LIBOR + 300 bps), 6/2/25 2,405,031
663,188 Kinetic Concepts, Inc., Dollar Term Loan, 5.851% (LIBOR +
325 bps), 2/2/24 664,777
1,988,089 KUEHG Corp. (fka KC MergerSub, Inc.) (aka KinderCare),
Term B-3 Loan, 6.351% (LIBOR + 375 bps), 2/21/25 1,981,628
840,930 Life Time Fitness, Inc., 2017 Refinancing Term Loan,
5.272% (LIBOR + 275 bps), 6/10/22 840,142
1,538,803 Quorum Health Corp., Term Loan, 9.189% (LIBOR +
675 bps), 4/29/22 1,522,453
1,606,670 Regionalcare Hospital Partners Holdings, Inc., First Lien
Term B Loan, 6.93% (LIBOR + 450 bps), 11/16/25 1,605,163
1,263,894 Select Medical Corp., Tranche B Term Loan, 4.93%
(LIBOR + 250 bps), 3/6/25 1,263,894
1,738,486 US Renal Care, Inc., First Lien Initial Term Loan, 6.851%
(LIBOR + 425 bps), 12/30/22 1,740,659
750,000 Vizient, Inc., Term B-5 Loan, 5.217% (LIBOR +
275 bps), 5/6/26 750,938
-------------
Total Healthcare, Education & Childcare $ 15,894,712
-------------------------------------------------------------------------------------------------------------------
Home & Office Furnishings -- 1.0%
1,130,050 Armstrong World Industries, Inc., Term Loan B, 5.256%
(LIBOR + 275 bps), 3/31/23 $ 1,130,521
1,807,754 Serta Simmons Bedding LLC, First Lien Initial Term Loan,
5.961% (LIBOR + 350 bps), 11/8/23 1,281,810
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 23
Schedule of Investments | 5/31/19 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Home & Office Furnishings -- (continued)
901,867 Serta Simmons Bedding LLC, Second Lien Initial Term
Loan, 10.44% (LIBOR + 800 bps), 11/8/24 $ 462,770
-------------
Total Home & Office Furnishings $ 2,875,101
-------------------------------------------------------------------------------------------------------------------
Hotel, Gaming & Leisure -- 3.6%
1,467,562 1011778 BC Unlimited Liability Co. (New Red Finance,
Inc.) (aka Burger King/Tim Hortons), Term B-3 Loan,
4.689% (LIBOR + 225 bps), 2/16/24 $ 1,454,721
2,012,466 Boyd Gaming Corp., Refinancing Term B Loan, 4.641%
(LIBOR + 225 bps), 9/15/23 2,004,763
494,871 Eldorado Resorts, Inc., Term Loan, 4.724% (LIBOR +
225 bps), 4/17/24 494,351
1,935,059 Golden Nugget, Inc. (aka Landry's, Inc.), Initial Term B
Loan, 5.189% (LIBOR + 275 bps), 10/4/23 1,926,061
1,000,000 Hanjin International Corp. (aka Wilshire Grand Center),
Initial Term Loan, 4.93% (LIBOR + 250 bps), 10/19/20 992,500
426,292 Hilton Worldwide Finance LLC, Series B-2 Term Loan,
4.18% (LIBOR + 175 bps), 10/25/23 425,832
598,500 Marriott Ownership Resorts, Inc., Initial Term Loan,
4.689% (LIBOR + 225 bps), 8/29/25 598,744
1,324,050 MGM Growth Properties Operating Partnership LP, Term B
Loan, 4.439% (LIBOR + 200 bps), 3/21/25 1,315,568
448,875 Penn National Gaming, Inc., Term B-1 Facility Loan,
4.689% (LIBOR + 225 bps), 10/15/25 446,631
469,664 Stars Group Holdings BV, USD Term Loan, 6.101%
(LIBOR + 350 bps), 7/10/25 470,368
475,802 Station Casinos LLC, Term B Facility Loan, 4.94%
(LIBOR + 250 bps), 6/8/23 473,175
-------------
Total Hotel, Gaming & Leisure $ 10,602,714
-------------------------------------------------------------------------------------------------------------------
Insurance -- 3.9%
894,057 Alliant Holdings Intermediate LLC, Initial Term Loan,
5.43% (LIBOR + 300 bps), 5/9/25 $ 874,919
2,059,701 Asurion LLC (fka Asurion Corp.), New B-7 Term Loan,
5.439% (LIBOR + 300 bps), 11/3/24 2,053,264
286,085 Asurion LLC (fka Asurion Corp.), Replacement B-6 Term
Loan, 5.439% (LIBOR + 300 bps), 11/3/23 285,405
675,000 Asurion LLC (fka Asurion Corp.), Second Lien Replacement
B-2 Term Loan, 8.939% (LIBOR + 650 bps), 8/4/25 687,376
2,299,881 Confie Seguros Holding II Co., Term B Loan, 7.189%
(LIBOR + 475 bps), 4/19/22 2,291,257
1,842,404 Integro Parent, Inc., First Lien Initial Term Loan, 8.303%
(LIBOR + 575 bps), 10/31/22 1,805,556
997,204^ Medical Card System, Inc., Term Loan, 5.5% (LIBOR +
450 bps), 9/2/19 648,182
1,385,220 MPH Acquisition Holdings LLC, Initial Term Loan, 5.351%
(LIBOR + 275 bps), 6/7/23 1,358,093
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Insurance -- (continued)
1,644,950 USI, Inc. (fka Compass Investors, Inc.), 2017 New Term
Loan, 5.601% (LIBOR + 300 bps), 5/16/24 $ 1,604,237
-------------
Total Insurance $ 11,608,289
-------------------------------------------------------------------------------------------------------------------
Leasing -- 0.7%
668,861 Fly Funding II S.a r.l., Term Loan, 4.56% (LIBOR +
200 bps), 2/9/23 $ 666,352
1,485,000 IBC Capital I, Ltd. (aka Goodpack, Ltd.), First Lien Tranche
B-1 Term Loan, 6.365% (LIBOR + 375 bps), 9/11/23 1,460,869
36,765 Kasima LLC (Digital Cinema Implementation Partners LLC),
Term Loan, 4.99% (LIBOR + 250 bps), 5/17/21 36,811
-------------
Total Leasing $ 2,164,032
-------------------------------------------------------------------------------------------------------------------
Leisure & Entertainment -- 2.5%
992,500 24 Hour Fitness Worldwide, Inc., Term Loan, 5.939%
(LIBOR + 350 bps), 5/30/25 $ 986,917
1,117,382 AMC Entertainment Holdings, Inc. (fka AMC Entertainment,
Inc.),Term B-1 Loan, 5.44% (LIBOR + 300 bps), 4/22/26 1,114,728
294,750 CityCenter Holdings LLC, Term B Loan, 4.689% (LIBOR +
225 bps), 4/18/24 292,355
1,895,957 Fitness International LLC, Term B Loan, 5.689% (LIBOR +
325 bps), 4/18/25 1,889,321
1,810,824 MCC Iowa LLC, Tranche M Term Loan, 4.39% (LIBOR +
200 bps), 1/15/25 1,809,299
1,250,953 Six Flags Theme Parks, Inc., Tranche B Term Loan, 4.59%
(LIBOR + 200 bps), 4/17/26 1,251,930
-------------
Total Leisure & Entertainment $ 7,344,550
-------------------------------------------------------------------------------------------------------------------
Machinery -- 3.1%
492,500 AI Aqua Merger Sub, Inc., 2017 First Lien Incremental
Term Loan, 5.689% (LIBOR + 325 bps), 12/13/23 $ 477,420
432,765 Blount International, Inc., New Refinancing Term Loan,
6.189% (LIBOR + 375 bps), 4/12/23 433,847
583,019 Clark Equipment Co. (aka Doosan Bobcat, Inc.), Repriced
Term Loan, 4.601% (LIBOR + 200 bps), 5/18/24 579,480
880,000 CTC AcquiCo GmbH, Facility B2, 5.272% (LIBOR +
275 bps), 3/7/25 863,500
834,754 Gardner Denver, Inc., Tranche B-1 Dollar Term Loan,
5.189% (LIBOR + 275 bps), 7/30/24 835,849
456,250 Hyster-Yale Group, Inc., Term Loan, 5.689% (LIBOR +
325 bps), 5/30/23 453,398
815,089 Milacron LLC, Term B Loan, 4.939% (LIBOR +
250 bps), 9/28/23 798,787
1,080,584 NN, Inc., Tranche B Term Loan, 6.189% (LIBOR +
375 bps), 10/19/22 1,071,128
1,078,760 Shape Technologies Group, Inc., Initial Term Loan, 5.487%
(LIBOR + 300 bps), 4/21/25 1,043,701
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 25
Schedule of Investments | 5/31/19 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Machinery -- (continued)
819,942 Terex Corp., Incremental US Term Loan, 4.541% (LIBOR +
200 bps), 1/31/24 $ 815,587
985,107 TMK Hawk Parent Corp., First Lien Initial Term Loan,
5.94% (LIBOR + 350 bps), 8/28/24 837,341
1,035,865 Welbilt, Inc. (fka Manitowoc Foodservice, Inc.), Term B
Loan, 4.939% (LIBOR + 250 bps), 10/23/25 1,028,096
-------------
Total Machinery $ 9,238,134
-------------------------------------------------------------------------------------------------------------------
Media -- 1.6%
490,000 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)),
March 2017 Refinancing Term Loan, 4.69% (LIBOR +
225 bps), 7/17/25 $ 482,242
313,762 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)),
October 2018 Incremental Term Loan, 4.69% (LIBOR +
225 bps), 1/15/26 311,605
500,000 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)),
February 2019 Incremental Term Loan, 5.44% (LIBOR +
300 bps), 4/15/27 498,958
2,170,707 Quincy Media, Inc. (fka Quincy Newspapers, Inc.), Term
Loan B, 5.443% (LIBOR + 300 bps), 11/2/22 2,162,111
1,198,436 Townsquare Media, Inc., Additional Term B Loan, 5.439%
(LIBOR + 300 bps), 4/1/22 1,199,934
-------------
Total Media $ 4,654,850
-------------------------------------------------------------------------------------------------------------------
Metals & Mining -- 4.8%
1,588,000 Aleris International, Inc., Initial Term Loan, 7.189%
(LIBOR + 475 bps), 2/27/23 $ 1,592,300
1,900,979 Atkore International, Inc., First Lien Initial Incremental
Term Loan, 5.36% (LIBOR + 275 bps), 12/22/23 1,891,474
1,568,519 Big River Steel LLC, Closing Date Term Loan, 7.601%
(LIBOR + 500 bps), 8/23/23 1,580,283
1,942,223 BWay Holding Co., Initial Term Loan, 5.854% (LIBOR +
325 bps), 4/3/24 1,896,581
2,202,433 Global Brass and Copper, Inc. Initial Term Loan, 5.0%
(LIBOR + 250 bps), 5/29/25 2,203,810
937,500 Oxbow Carbon LLC, First Lien Tranche B Term Loan, 6.189%
(LIBOR + 375 bps), 1/4/23 941,016
916,863 Phoenix Services International LLC, Term B Loan, 6.203%
(LIBOR + 375 bps), 3/1/25 918,009
794,311 TMS International Corp. (aka Tube City IMS Corp.),
Term B-2 Loan, 5.277% (LIBOR + 275 bps), 8/14/24 789,346
2,391,558 Zekelman Industries, Inc. (fka JMC Steel Group, Inc.),
Term Loan, 4.68% (LIBOR + 225 bps), 6/14/21 2,383,714
-------------
Total Metals & Mining $ 14,196,533
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Oil & Gas -- 5.7%
2,550,000 BCP Raptor II LLC, Initial Term Loan, 7.189% (LIBOR +
475 bps), 11/3/25 $ 2,486,250
1,000,000 California Resources Corp., Term Loan, 12.803% (LIBOR +
1,038 bps), 12/31/21 1,022,917
548,625 Centurion Pipeline Co. LLC (fka Lotus Midstream LLC),
Initial Term Loan, 5.851% (LIBOR +
325 bps), 9/29/25 550,339
1,386,000 Delek US Holdings, Inc., Initial Term Loan, 4.689%
(LIBOR + 225 bps), 3/31/25 1,375,605
2,250,000 Encino Acquisition Partners Holdings LLC, Second Lien
Initial Term Loan, 9.189% (LIBOR +
675 bps), 10/29/25 2,092,500
181,446 Gavilan Resources LLC, Second Lien Initial Term Loan,
8.43% (LIBOR + 600 bps), 3/1/24 132,456
2,004,421 Gulf Finance LLC, Tranche B Term Loan, 7.785% (LIBOR +
525 bps), 8/25/23 1,663,669
600,000(b) Lower Cadence Holdings LLC, Initial Term Loan, 5/22/26 600,750
1,234,375 Medallion Midland Acquisition LLC, Initial Term Loan,
5.689% (LIBOR + 325 bps), 10/30/24 1,220,488
621,875 NorthRiver Midstream Finance LP, Initial Term B Loan,
5.85% (LIBOR + 325 bps), 10/1/25 622,393
1,290,000 Prairie ECI Acquiror LP, Initial Term Loan, 7.366% (LIBOR +
475 bps), 3/11/26 1,302,094
675,635 St. Joseph Energy Center LLC, Term B Loan Advance,
5.94% (LIBOR + 350 bps), 4/10/25 677,324
1,801,561 Summit Midstream Partners Holdings LLC, Term Loan
Credit Facility, 8.439% (LIBOR + 600 bps), 5/13/22 1,791,428
1,492,500 Traverse Midstream Partners LLC, Advance Term Loan,
6.59% (LIBOR + 400 bps), 9/27/24 1,480,560
-------------
Total Oil & Gas $ 17,018,773
-------------------------------------------------------------------------------------------------------------------
Personal, Food & Miscellaneous Services -- 3.9%
1,113,157 CSM Bakery Solutions, Ltd. (fka CSM Bakery Supplies,
Ltd.), First Lien Term Loan, 6.59% (LIBOR +
400 bps), 7/3/20 $ 1,063,993
1,593,731 Diamond (BC) BV (aka Diversey), Initial USD Term Loan,
5.583% (LIBOR + 300 bps), 9/6/24 1,432,366
1,539,475 IRB Holding Corp. (aka Arby's/Buffalo Wild Wings), Term B
Loan, 5.69% (LIBOR + 325 bps), 2/5/25 1,529,083
1,521,188 Knowlton Development Corp., Inc., Initial Term Loan,
6.689% (LIBOR + 425 bps), 12/22/25 1,531,646
908,093 Match Group, Inc. (fka The Match Group, Inc.), Additional
Term B-1 Loan, 5.044% (LIBOR + 250 bps), 11/16/22 910,363
1,510,526 Parfums Holding Co., Inc., First Lien Initial Term Loan,
6.772% (LIBOR + 425 bps), 6/30/24 1,504,232
1,000,000 Parfums Holding Co., Inc., Second Lien Initial Term Loan,
11.36% (LIBOR + 875 bps), 6/30/25 995,000
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 27
Schedule of Investments | 5/31/19 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Personal, Food & Miscellaneous Services -- (continued)
1,376,675 Prime Security Services Borrower LLC (aka Protection 1
Security Solutions) , First Lien December 2018
Incremental Term B-1 Loan, 5.189% (LIBOR +
275 bps), 5/2/22 $ 1,367,824
1,423,521 Revlon Consumer Products Corp., Initial Term Loan B,
6.022% (LIBOR + 350 bps), 9/7/23 1,158,983
-------------
Total Personal, Food & Miscellaneous Services $ 11,493,490
-------------------------------------------------------------------------------------------------------------------
Printing & Publishing -- 0.7%
1,626,825 Red Ventures LLC (New Imagitas, Inc.), First Lien Term B-1
Loan, 5.439% (LIBOR + 300 bps), 11/8/24 $ 1,628,133
549,911 Trader Corp., First Lien 2017 Refinancing Term Loan,
5.43% (LIBOR + 300 bps), 9/28/23 549,911
-------------
Total Printing & Publishing $ 2,178,044
-------------------------------------------------------------------------------------------------------------------
Professional & Business Services -- 3.4%
1,500,000 athenahealth, Inc., First Lien Term B Loan, 7.045%
(LIBOR + 450 bps), 2/11/26 $ 1,501,875
1,259,001 GW Honos Security Corp. (Garda World Security Corp.),
Term B Loan, 6.115% (LIBOR + 350 bps), 5/24/24 1,252,706
548,498 Horizon Pharma USA, Inc., Sixth Amendment Refinancing
Term Loan, 4.938% (LIBOR + 250 bps), 5/22/26 549,298
1,492,500 Interior Logic Group Holdings IV LLC, Initial Term Loan,
6.601% (LIBOR + 400 bps), 5/30/25 1,477,575
1,500,000 MYOB US Borrower LLC, First Lien Initial US Term Loan,
6.439% (LIBOR + 400 bps), 4/17/26 1,503,750
1,165,188 Pre-Paid Legal Services, Inc. (aka LegalShield), First Lien
Initial Term Loan, 5.689% (LIBOR + 325 bps), 5/1/25 1,164,702
1,482,575 SIWF Holdings, Inc. (aka Spring Window Fashions), First
Lien Initial Term Loan, 6.68% (LIBOR + 425 bps), 6/15/25 1,484,428
1,194,000 Verscend Holding Corp., Term B Loan, 6.939% (LIBOR +
450 bps), 8/27/25 1,197,724
-------------
Total Professional & Business Services $ 10,132,058
-------------------------------------------------------------------------------------------------------------------
Retail -- 4.0%
985,000 Bass Pro Group LLC, Initial Term Loan, 7.439% (LIBOR +
500 bps), 9/25/24 $ 961,908
1,022,447 CDW LLC (aka AP Exhaust Acq) (fka CDW Corp.), Term
Loan, 4.19% (LIBOR + 175 bps), 8/17/23 1,022,564
1,427,430 Global Appliance, Inc. (aka SharkNinja Operating LLC),
Tranche B Term Loan, 6.44% (LIBOR + 400 bps), 9/29/24 1,422,077
298,500 HD Supply, Inc., Term B-5 Loan, 4.189% (LIBOR +
175 bps), 10/17/23 298,593
1,113,184 Men's Wearhouse, Inc., Tranche B-2 Term Loan, 5.736%
(LIBOR + 325 bps), 4/9/25 1,007,431
733,408 Michaels Stores, Inc., 2018 New Replacement Term B
Loan, 4.929% (LIBOR + 250 bps), 1/30/23 725,611
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Retail -- (continued)
2,238,220 Neiman Marcus Group, Ltd. LLC, Other Term Loan,
5.717% (LIBOR + 325 bps), 10/25/20 $ 2,030,065
245,625 NPC International, Inc., First Lien Initial Term Loan,
5.939% (LIBOR + 350 bps), 4/19/24 193,020
1,510,597 PetSmart, Inc., Amended Loan, 6.72% (LIBOR +
425 bps), 3/11/22 1,457,726
405,977 Shutterfly, Inc., Initial Term B Loan, 4.95% (LIBOR +
250 bps), 8/19/24 403,948
925,000 Staples, Inc., 2019 Refinancing New Term B-2 Loan,
7.101% (LIBOR + 450 bps), 9/12/24 909,391
1,644,958 United Natural Foods, Inc., Initial Term Loan, 6.689%
(LIBOR + 425 bps), 10/22/25 1,414,664
-------------
Total Retail $ 11,846,998
-------------------------------------------------------------------------------------------------------------------
Retailing -- 0.2%
500,000 Servpro Borrower LLC, First Lien Initial Term Loan, 5.939%
(LIBOR + 350 bps), 3/26/26 $ 500,312
-------------
Total Retailing $ 500,312
-------------------------------------------------------------------------------------------------------------------
Securities & Trusts -- 1.7%
612,780 Deerfield Dakota Holding LLC (fka Dakota Holding Corp.)
(aka Duff & Phelps), Initial Term Loan, 5.689% (LIBOR +
325 bps), 2/13/25 $ 598,073
1,000,000 Fastlane Parent Co., Inc., First Lien Initial Term Loan,
7.101% (LIBOR + 450 bps), 2/4/26 993,125
561,875 Guggenheim Partners Investment Management Holdings
LLC, Term B Loan, 5.189% (LIBOR + 275 bps), 7/21/23 563,280
2,000,000 KSBR Holding Corp., Initial Term Loan, 6.94% (LIBOR +
450 bps), 4/15/26 2,022,500
1,000,000(b) Spade Facilities II LLC, Term Loan B, 12/13/25 1,000,000
-------------
Total Securities & Trusts $ 5,176,978
-------------------------------------------------------------------------------------------------------------------
Telecommunications -- 4.6%
2,507,730 CenturyLink, Inc., Initial Term B Loan, 5.189% (LIBOR +
275 bps), 1/31/25 $ 2,443,731
1,036,000 Commscope, Inc., Initial Term Loan, 5.689% (LIBOR +
325 bps), 4/6/26 1,034,490
1,583,180 Frontier Communications Corp., Term B-1 Loan, 6.19%
(LIBOR + 375 bps), 6/15/24 1,557,454
1,081,172 Go Daddy Operating Co. LLC (GD Finance Co., Inc.),
Tranche B-1 Term Loan, 4.439% (LIBOR +
200 bps), 2/15/24 1,080,835
1,243,406 Level 3 Financing, Inc., Tranche B 2024 Term Loan,
4.689% (LIBOR + 225 bps), 2/22/24 1,226,775
1,033,952 Plantronics, Inc., Initial Term B Loan, 4.939% (LIBOR +
250 bps), 7/2/25 1,029,913
349,125 Sprint Communications, Inc., 2019 Incremental Term Loan,
5.5% (LIBOR + 300 bps), 2/2/24 345,848
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 29
Schedule of Investments | 5/31/19 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Telecommunications -- (continued)
2,528,449 Sprint Communications, Inc., Initial Term Loan, 5.0%
(LIBOR + 250 bps), 2/2/24 $ 2,471,539
1,117,713 Virgin Media Bristol LLC, Facility K, 4.94% (LIBOR +
250 bps), 1/15/26 1,109,952
540,217 Windstream Services LLC (fka Windstream Corp.), Tranche
B-6 Term Loan, 10.5% (PRIME + 500 bps), 3/29/21 553,047
750,000 Windstream Services LLC (fka Windstream Corp.), Tranche
B-7 Term Loan, 9.75% (PRIME + 425 bps), 2/17/24 759,375
-------------
Total Telecommunications $ 13,612,959
-------------------------------------------------------------------------------------------------------------------
Textile & Apparel -- 0.5%
1,500,000 Adient US LLC, Initial Term Loan, 6.87% (LIBOR +
425 bps), 5/6/24 $ 1,500,000
-------------
Total Textile & Apparel $ 1,500,000
-------------------------------------------------------------------------------------------------------------------
Transport -- 0.5%
924,755 Navios Maritime Partners LP (Navios Partners Finance
(US), Inc.), Initial Term Loan, 7.6% (LIBOR +
500 bps), 9/14/20 $ 921,287
758,000(d) Syncreon Global Finance (US), Inc. (Syncreon Group BV),
Term Loan, 6.833% (LIBOR + 425 bps), 10/28/20 466,170
-------------
Total Transport $ 1,387,457
-------------------------------------------------------------------------------------------------------------------
Transportation -- 1.9%
663,404 DynCorp International, Inc., Term Loan B2, 8.432%
(LIBOR + 600 bps), 7/7/20 $ 660,086
723,188 Envision Healthcare Corp., Initial Term Loan, 6.189%
(LIBOR + 375 bps), 10/10/25 658,101
1,800,000(b) Travelport Finance (Luxembourg) S.a r.l., Initial Term
Loan, 3/18/26 1,725,750
2,799,929 YRC Worldwide, Inc., Tranche B-1 Term Loan, 10.939%
(LIBOR + 850 bps), 7/26/22 2,764,347
-------------
Total Transportation $ 5,808,284
-------------------------------------------------------------------------------------------------------------------
Utilities -- 1.8%
1,052,852 APLP Holdings LP, Term Loan, 5.189% (LIBOR +
275 bps), 4/13/23 $ 1,055,484
1,431,875 Calpine Construction Finance Co. LP, Term B Loan,
4.939% (LIBOR + 250 bps), 1/15/25 1,422,031
340,137 Calpine Corp., Term Loan, 5.11% (LIBOR +
250 bps), 1/15/24 337,586
701,930 Compass Power Generation LLC, Tranche B-1 Term Loan,
5.939% (LIBOR + 350 bps), 12/20/24 701,930
1,449,365 Eastern Power LLC (Eastern Covert Midco LLC) (aka TPF II
LC LLC), Term Loan, 6.189% (LIBOR +
375 bps), 10/2/23 1,450,278
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Utilities -- (continued)
437,780 Vistra Operations Co. LLC (fka Tex Operations Co. LLC),
Initial Term Loan, 4.439% (LIBOR + 200 bps), 8/4/23 $ 437,135
-------------
Total Utilities $ 5,404,444
-------------------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $379,533,783) $ 371,849,392
-------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.1% of Net Assets
Biotechnology -- 0.0%+
2,454(e) Progenics Pharmaceuticals, Inc. $ 10,282
-------------
Total Biotechnology $ 10,282
-------------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%+
209,625^(e) Medical Card System, Inc. $ 2,096
-------------
Total Health Care Technology $ 2,096
-------------------------------------------------------------------------------------------------------------------
Interactive Media & Services -- 0.0%+
1,242(e) Solocal Group $ 1,047
-------------
Total Interactive Media & Services $ 1,047
-------------------------------------------------------------------------------------------------------------------
Specialty Retail -- 0.1%
91,346^(e) Targus Cayman SubCo., Ltd. $ 190,000
-------------
Total Specialty Retail $ 190,000
-------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $300,503) $ 203,425
-------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITY -- 0.2% of Net Assets
500,000(a) Hertz Fleet Lease Funding LP, Series 2016-1, Class E,
5.951% (1 Month USD LIBOR + 350 bps),
4/10/30 (144A) $ 500,850
-------------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITY
(Cost $503,250) $ 500,850
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 31
Schedule of Investments | 5/31/19 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
0.5% of Net Assets
760,000(a) Freddie Mac Stacr Trust, Series 2019-HQA1, Class B2,
14.68% (1 Month USD LIBOR +
1,225 bps), 2/25/49 (144A) $ 854,017
625,000(a) Morgan Stanley Capital I Trust, Series 2019-BPR,
Class D, 6.5% (1 Month USD LIBOR +
400 bps), 5/15/36 (144A) 624,991
-------------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,385,000) $ 1,479,008
-------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 10.5% of Net Assets
Aerospace & Defense -- 0.3%
1,000,000 Bombardier, Inc., 6.0%, 10/15/22 (144A) $ 974,700
-------------
Total Aerospace & Defense $ 974,700
-------------------------------------------------------------------------------------------------------------------
Airlines -- 0.1%
365,000 Air Canada 2015-1 Class C Pass Through Trust, 5.0%,
3/15/20 (144A) $ 367,920
-------------
Total Airlines $ 367,920
-------------------------------------------------------------------------------------------------------------------
Banks -- 0.2%
690,000(f)(g) BNP Paribas SA, 7.625% (5 Year USD Swap Rate +
631 bps) (144A) $ 717,600
-------------
Total Banks $ 717,600
-------------------------------------------------------------------------------------------------------------------
Chemicals -- 0.6%
1,000,000 OCI NV, 6.625%, 4/15/23 (144A) $ 1,020,000
758,000 Rain CII Carbon LLC/CII Carbon Corp., 7.25%,
4/1/25 (144A) 693,570
-------------
Total Chemicals $ 1,713,570
-------------------------------------------------------------------------------------------------------------------
Coal -- 0.3%
1,000,000 SunCoke Energy Partners LP/SunCoke Energy Partners
Finance Corp., 7.5%, 6/15/25 (144A) $ 985,000
-------------
Total Coal $ 985,000
-------------------------------------------------------------------------------------------------------------------
Commercial Services -- 0.3%
900,000 United Rentals North America, Inc., 4.625%, 7/15/23 $ 915,750
-------------
Total Commercial Services $ 915,750
-------------------------------------------------------------------------------------------------------------------
Computers -- 0.3%
1,000,000 NCR Corp., 5.0%, 7/15/22 $ 997,200
-------------
Total Computers $ 997,200
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.9%
1,700,000 Avation Capital SA, 6.5%, 5/15/21 (144A) $ 1,717,000
1,000,000 Nationstar Mortgage Holdings, Inc., 9.125%,
7/15/26 (144A) 979,360
-------------
Total Diversified Financial Services $ 2,696,360
-------------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.4%
1,000,000 Energizer Holdings, Inc., 6.375%, 7/15/26 (144A) $ 1,002,500
-------------
Total Electrical Components & Equipment $ 1,002,500
-------------------------------------------------------------------------------------------------------------------
Entertainment -- 0.5%
1,500,000 Enterprise Development Authority, 12.0%,
7/15/24 (144A) $ 1,582,500
-------------
Total Entertainment $ 1,582,500
-------------------------------------------------------------------------------------------------------------------
Environmental Control -- 0.4%
1,000,000 Tervita Escrow Corp., 7.625%, 12/1/21 (144A) $ 1,002,500
-------------
Total Environmental Control $ 1,002,500
-------------------------------------------------------------------------------------------------------------------
Forest Products & Paper -- 0.5%
1,515,000 Schweitzer-Mauduit International, Inc., 6.875%,
10/1/26 (144A) $ 1,533,938
-------------
Total Forest Products & Paper $ 1,533,938
-------------------------------------------------------------------------------------------------------------------
Healthcare-Services -- 0.2%
500,000 CHS/Community Health Systems, Inc., 6.25%, 3/31/23 $ 476,100
48,000 CHS/Community Health Systems, Inc., 8.125%,
6/30/24 (144A) 35,870
-------------
Total Healthcare-Services $ 511,970
-------------------------------------------------------------------------------------------------------------------
Holding Companies-Diversified -- 0.5%
1,520,000 VistaJet Malta Finance Plc/XO Management Holding, Inc.,
10.5%, 6/1/24 (144A) $ 1,480,024
-------------
Total Holding Companies-Diversified $ 1,480,024
-------------------------------------------------------------------------------------------------------------------
Home Builders -- 0.3%
1,000,000 Taylor Morrison Communities, Inc./Taylor Morrison Holdings
II, Inc., 5.875%, 4/15/23 (144A) $ 1,022,500
-------------
Total Home Builders $ 1,022,500
-------------------------------------------------------------------------------------------------------------------
Media -- 0.4%
300,000 CSC Holdings LLC, 5.5%, 4/15/27 (144A) $ 304,875
1,000,000 Sirius XM Radio, Inc., 3.875%, 8/1/22 (144A) 992,500
-------------
Total Media $ 1,297,375
-------------------------------------------------------------------------------------------------------------------
Mining -- 0.4%
1,000,000 Hudbay Minerals, Inc., 7.625%, 1/15/25 (144A) $ 992,500
-------------
Total Mining $ 992,500
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 33
Schedule of Investments | 5/31/19 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Miscellaneous Manufacturers -- 0.3%
1,000,000 EnPro Industries, Inc., 5.75%, 10/15/26 $ 1,005,000
-------------
Total Miscellaneous Manufacturers $ 1,005,000
-------------------------------------------------------------------------------------------------------------------
Oil & Gas -- 0.1%
245,000 Gulfport Energy Corp., 6.625%, 5/1/23 $ 225,400
-------------
Total Oil & Gas $ 225,400
-------------------------------------------------------------------------------------------------------------------
Oil & Gas Services -- 0.7%
1,000,000 Archrock Partners LP/Archrock Partners Finance Corp.,
6.0%, 10/1/22 $ 1,000,000
1,000,000 FTS International, Inc., 6.25%, 5/1/22 945,000
-------------
Total Oil & Gas Services $ 1,945,000
-------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.3%
1,000,000 Bausch Health Cos., Inc., 5.5%, 11/1/25 (144A) $ 1,005,790
-------------
Total Pharmaceuticals $ 1,005,790
-------------------------------------------------------------------------------------------------------------------
Retail -- 0.1%
208,000 Penske Automotive Group, Inc., 3.75%, 8/15/20 $ 206,700
-------------
Total Retail $ 206,700
-------------------------------------------------------------------------------------------------------------------
Telecommunications -- 1.8%
1,000,000 Frontier Communications Corp., 8.5%, 4/1/26 (144A) $ 960,000
1,000,000 Frontier Communications Corp., 11.0%, 9/15/25 630,000
750,000 Hughes Satellite Systems Corp., 5.25%, 8/1/26 746,460
1,000,000 Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/
Sprint Spectrum Co. III LLC, 4.738%, 3/20/25 (144A) 1,020,000
2,000,000(d) Windstream Services LLC/Windstream Finance Corp.,
8.625%, 10/31/25 (144A) 1,995,000
-------------
Total Telecommunications $ 5,351,460
-------------------------------------------------------------------------------------------------------------------
Transportation -- 0.6%
1,000,000(a) Golar LNG Partners LP, 6.923% (3 Month USD LIBOR +
440 bps), 5/22/20 $ 1,000,000
800,000(a) Golar LNG Partners LP, 8.768% (3 Month USD LIBOR +
625 bps), 5/18/21 (144A) 808,000
-------------
Total Transportation $ 1,808,000
-------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $31,621,039) $ 31,341,257
-------------------------------------------------------------------------------------------------------------------
INSURANCE-LINKED SECURITIES --
2.1% of Net Assets(h)
Catastrophe Linked Bonds -- 0.4%
Earthquakes -- California -- 0.1%
250,000(a) Ursa Re, 3.5% (ZERO + 350 bps), 5/27/20 (144A) $ 247,175
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- 0.3%
250,000(a) Kilimanjaro Re, 9.09% (3 Month U.S. Treasury Bill +
675 bps), 12/6/19 (144A) $ 246,050
250,000(a) Kilimanjaro Re, 11.59% (3 Month U.S. Treasury Bill +
925 bps), 12/6/19 (144A) 246,250
400,000(a) Kilimanjaro II Re, 8.641% (6 Month USD LIBOR +
630 bps), 4/20/21 (144A) 395,200
-------------
$ 887,500
-------------
Total Catastrophe Linked Bonds $ 1,134,675
-------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Face
Amount
USD ($)
--------------------------------------------------------------------------------------------------------------------
Collateralized Reinsurance -- 0.3%
Earthquakes -- California -- 0.1%
250,000+(j) Resilience Re, 4/8/19 $ 2,000
250,000+(e)(j) Resilience Re, 10/15/19 272,050
-------------
$ 274,050
-------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.1%
307,363+(j) Kilarney Re 2018, 4/15/20 $ 224,621
300,000+(e)(j) Resilience Re, 4/6/20 30
-------------
$ 224,651
-------------------------------------------------------------------------------------------------------------------
Windstorms -- Florida -- 0.1%
250,000+(j) Formby Re 2018, 6/15/19 $ 257,217
86,906+(e)(j) Formby Re 2018-2, 9/30/19 713
-------------
$ 257,930
-------------------------------------------------------------------------------------------------------------------
Windstorms -- U.S. Regional -- 0.0%+
250,000+(e)(k) Promissum Re 2018, 6/15/19 $ 18,300
-------------
Total Collateralized Reinsurance $ 774,931
-------------------------------------------------------------------------------------------------------------------
Reinsurance Sidecars -- 1.4%
Multiperil -- U.S. -- 0.1%
250,000+(j) Carnoustie Re 2016, 11/30/20 $ 6,750
250,000+(e)(j) Carnoustie Re 2017, 11/30/21 63,550
250,000+(e)(l) Harambee Re 2018, 12/31/21 46,459
250,000+(e)(l) Harambee Re 2019, 12/31/22 253,525
-------------
$ 370,284
-------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 1.3%
250,000+(e)(j) Alturas Re 2019-2, 3/10/22 $ 253,100
250,000+(e)(j) Bantry Re 2016, 3/31/20 20,150
1,270,809+(j) Berwick Re 2018-1, 12/31/21 209,811
978,371+(e)(j) Berwick Re 2019-1, 12/31/22 1,004,560
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 35
Schedule of Investments | 5/31/19 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Face
Amount
USD ($) Value
--------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- (continued)
15,219+(e)(j) Eden Re II, 3/22/22 (144A) $ 36,985
380,000+(e)(j) Eden Re II, 3/22/23 (144A) 399,418
250,000+(j) Gleneagles Re 2016, 11/30/20 7,810
250,000+(e)(j) Limestone Re 2018, 3/1/22 264,625
300,000+(e)(l) Lorenz Re 2018, 7/1/21 225,210
300,000+(e)(j) Merion Re 2018-2, 12/31/21 299,490
400,000+(j) Pangaea Re 2016-1, 11/30/20 520
400,000+(j) Pangaea Re 2017-1, 11/30/21 6,440
400,000+(e)(j) Pangaea Re 2018-1, 12/31/21 23,520
400,000+(e)(j) Pangaea Re 2018-3, 7/1/22 313,960
327,699+(e)(j) Pangaea Re 2019-1, 2/1/23 333,172
250,000+(e)(j) Sector Re V, Series 8, Class C, 12/1/23 (144A) 257,559
400,000+(e)(j) St. Andrews Re 2017-1, 2/1/20 27,120
347,597+(e)(j) St. Andrews Re 2017-4, 6/1/19 34,203
253,645+(j) Woburn Re 2018, 12/31/21 107,799
244,914+(e)(j) Woburn Re 2019, 12/31/22 253,047
-------------
$ 4,078,499
-------------
Total Reinsurance Sidecars $ 4,448,783
-------------------------------------------------------------------------------------------------------------------
TOTAL INSURANCE-LINKED SECURITIES
(Cost $6,695,644) $ 6,358,389
-------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($)
--------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
6.8% of Net Assets
5,215,000(i) U.S. Treasury Bills, 6/11/19 $ 5,212,374
15,000,000(i) U.S. Treasury Bills, 6/18/19 14,985,796
-------------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $20,195,057) $ 20,198,170
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
--------------------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------------------
INVESTMENT COMPANIES -- 1.7% of Net Assets
40,000 BlackRock Floating Rate Income Strategies Fund, Inc. $ 514,000
30,000 Eaton Vance Floating-Rate Income Trust 404,400
50,000 First Trust Senior Floating Rate Income Fund II 599,000
50,000 Invesco Senior Income Trust 208,000
42,000 Invesco Senior Loan ETF (formerly, PowerShares Senior
Loan Portfolio) 950,880
27,000 iShares iBoxx High Yield Corporate Bond ETF 2,292,300
--------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT COMPANIES
(Cost $5,127,287) $ 4,968,580
--------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 146.9%
(Cost $445,361,563) $ 436,899,071
--------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (46.9)% $(139,440,185)
--------------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 297,458,886
====================================================================================================================
bps Basis Points.
LIBOR London Interbank Offered Rate.
PRIME U.S. Federal Funds Rate.
ZERO Zero Constant Index.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At May 31, 2019, the value of these securities amounted
to $27,002,142, or 9.1% of net assets.
+ Amount rounds to less than 0.1%.
* Senior secured floating rate loan interests in which the Trust
invests generally pay interest at rates that are periodically
redetermined by reference to a base lending rate plus a premium.
These base lending rates are generally (i) the lending rate offered
by one or more major European banks, such as LIBOR, (ii) the prime
rate offered by one or more major United States banks, (iii) the rate
of a certificate of deposit or (iv) other base lending rates used by
commercial lenders. The interest rate shown is the rate accruing at
May 31, 2019.
^ Security is valued using fair value methods (other than prices
supplied by independent pricing services). See Notes to Financial
Statements -- Note 1A.
+ Security that used significant unobservable inputs to determine its
value.
(a) Floating rate note. Coupon rate, reference index and spread shown at
May 31, 2019.
(b) This term loan will settle after May 31, 2019, at which time the
interest rate will be determined.
(c) Payment-in-kind (PIK) security which may pay interest in the form of
additional principal amount.
(d) Security is in default.
(e) Non-income producing security.
(f) The interest rate is subject to change periodically. The interest
rate and/or reference index and spread shown at May 31, 2019.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 37
Schedule of Investments | 5/31/19 (unaudited) (continued)
(g) Security is perpetual in nature and has no stated maturity date.
(h) Securities are restricted as to resale.
(i) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(j) Issued as participation notes.
(k) Issued as participation shares.
(l) Issued as preference shares.
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
------------------------------------------------------------------------------------------------------------
Obligation Annual Unrealized
Notional Reference/ Pay/ Fixed Expiration Premiums Appreciation Market
Amount ($)(1) Index Receive(2) Rate Date Paid (Depreciation) Value
------------------------------------------------------------------------------------------------------------
1,012,000 Markit CDX North Receive 5.00% 6/20/20 $ 54,046 $ (9,138) $ 44,908
America High Yield
Index Series 24
1,036,950 Markit CDX North Receive 5.00% 12/20/20 57,505 520 58,025
America High Yield
Index Series 25
6,130,000 Markit CDX North Receive 5.00% 6/20/24 416,129 (75,062) 341,067
America High Yield
Index Series 32
------------------------------------------------------------------------------------------------------------
TOTAL SWAP CONTRACTS $527,680 $(83,680) $444,000
============================================================================================================
(1) The notional amount is the maximum amount that a seller of credit
protection would be obligated to pay upon occurrence of a credit event.
(2) Receives Quarterly.
Principal amounts are denominated in U.S. dollars ("USD") unless otherwise
noted.
At May 31, 2019, the net unrealized depreciation on investments based on cost
for federal tax purposes of $446,057,695 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 1,872,464
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (10,587,088)
------------
Net unrealized depreciation $ (8,714,624)
============
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended May 31, 2019, aggregated $84,139,923 and $99,048,802,
respectively.
The Trust is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc., (the "Adviser"), serves as the Trust's investment adviser, as
set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to
procedures adopted by the Board of Trustees. Under these procedures, cross
trades are effected at current market prices. During the six months ended May
31, 2019, the Trust did not engage in cross trade activity.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
Various inputs are used in determining the value of the Trust's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risks,
etc.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Trust's own assumptions
in determining fair value of investments). See Notes to Financial
Statements -- Note 1A.
The following is a summary of the inputs used as of May 31, 2019, in valuing
the Trust's investments:
---------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------------------
Senior Secured Floating Rate
Loan Interests
Healthcare & Pharmaceuticals $ -- $ 22,666,818 $ 19,008 $ 22,685,826
Insurance 10,960,107 648,182 11,608,289
All Other Senior Secured
Floating Rate Loan Interests -- 337,555,277 -- 337,555,277
Common Stocks
Health Care Technology -- -- 2,096 2,096
Specialty Retail -- -- 190,000 190,000
All Other Common Stocks 11,329 -- -- 11,329
Asset Backed Security -- 500,850 -- 500,850
Collateralized Mortgage Obligations -- 1,479,008 -- 1,479,008
Corporate Bonds -- 31,341,257 -- 31,341,257
Insurance-Linked Securities
Collateralized Reinsurance
Earthquakes -- California -- -- 274,050 274,050
Multiperil -- Worldwide -- -- 224,651 224,651
Windstorms -- Florida -- -- 257,930 257,930
Windstorms -- U.S. Regional -- -- 18,300 18,300
Reinsurance Sidecars
Multiperil -- U.S. -- -- 370,284 370,284
Multiperil -- Worldwide -- -- 4,078,499 4,078,499
All Other Insurance-Linked
Securities -- 1,134,675 -- 1,134,675
U.S. Government and
Agency Obligations -- 20,198,170 -- 20,198,170
Investment Companies 4,968,580 -- -- 4,968,580
---------------------------------------------------------------------------------------------------------
Total Investments in Securities $4,979,909 $425,836,162 $6,083,000 $436,899,071
=========================================================================================================
Other Financial Instruments
Swap contracts, at value $ -- $ 444,000 $ -- $ 444,000
---------------------------------------------------------------------------------------------------------
Total Other Financial Instruments $ -- $ 444,000 $ -- $ 444,000
=========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 39
Schedule of Investments | 5/31/19 (unaudited) (continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
----------------------------------------------------------------------------------------------------------------------------------
Change in Transfers
Balance Realized unrealized Accrued Transfer in and out Balance
as of gain appreciation discounts/ in to of Level 3 as of
11/30/18 (loss)(1) (depreciation)(2) Purchases Sales premiums Level 3* categories* 5/31/19
----------------------------------------------------------------------------------------------------------------------------------
Senior Secured
Floating Rate
Loan Interests
Healthcare &
Pharmaceuticals $ -- $ -- $(123,624) $ 129,346 $ -- $ -- $13,286 $ -- $ 19,008
Insurance 692,754 -- 3,390 -- (68,572) 20,610 -- -- 648,182
Common Stocks
Health Care
Technology 2,096 -- -- -- -- -- -- -- 2,096
Specialty Retail 190,000 -- 33,697 -- (33,697) -- -- -- 190,000
Insurance-Linked
Securities
Collateralized
Reinsurance
Earthquakes --
California 550,000 -- (14,223) 225,472 (751,424) -- -- 264,225 274,050
Multiperil --
Worldwide 544,491 -- (71,998) 35,632 (19,249) -- -- (264,225) 224,651
Windstorms --
Florida 337,986 -- 8,049 86,906 (175,011) -- -- -- 257,930
Windstorms --
U.S. Regional 248,750 -- 1,243 -- (231,693) -- -- -- 18,300
Industry Loss
Warranties
Multiperil -- U.S. 400,469 (1,836) (24,731) 27,574 (401,476) -- -- -- --
Reinsurance
Sidecars
Multiperil -- U.S. 295,675 -- (1,554) 250,000 (173,837) -- -- -- 370,284
Multiperil --
Worldwide 3,493,097 15,369 (99,967) 2,471,134 (1,801,134) -- -- -- 4,078,499
----------------------------------------------------------------------------------------------------------------------------------
Total $6,755,318 $13,533 $(289,718) $3,226,064 $(3,656,093) $20,610 $13,286 $ -- $6,083,000
==================================================================================================================================
(1) Realized gain (loss) on these securities is included in the realized gain
(loss) from investments on the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) from investments on
the Statement of Operations.
* Transfers are calculated on the beginning of period value. For the six
months ended May 31, 2019, there were no transfers between Levels 1 and 2.
Securities with an aggregate market value of $13,286 transferred from
Level 2 to Level 3 as there were no longer observable inputs available to
determine their value.
Net change in unrealized appreciation (depreciation) of Level 3 investments
still held and considered Level 3 at May 31, 2019: $(211,916).
The accompanying notes are an integral part of these financial statements.
40 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
Statement of Assets and Liabilities | 5/31/19 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $445,361,563) $436,899,071
Cash 1,144,837
Foreign currencies, at value (cost $34,135) 31,581
Swaps collateral 442,218
Swap contracts, at value (net premiums paid $527,680) 444,000
Receivables --
Investment securities sold 6,788,899
Dividends 33,525
Interest 1,517,704
Other assets 1,258
------------------------------------------------------------------------------------------------
Total assets $447,303,093
------------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Credit agreement $139,450,000
Investment securities purchased 9,588,289
Trustees' fees 2,629
Interest expense 119,063
Due to broker for swaps 441,768
Variation margin for centrally cleared swap contracts 46,386
Unrealized depreciation on unfunded loan commitments 911
Due to affiliates 16,468
Accrued expenses 178,693
------------------------------------------------------------------------------------------------
Total liabilities $149,844,207
------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $363,689,160
Distributable earnings (loss) (66,230,274)
------------------------------------------------------------------------------------------------
Net assets $297,458,886
------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
No par value
Based on $297,458,886/24,738,174 shares $ 12.02
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 41
Statement of Operations (unaudited)
For the Six Months Ended 5/31/19
INVESTMENT INCOME:
Interest from unaffiliated issuers $13,369,639
Dividends from unaffiliated issuers 261,508
-------------------------------------------------------------------------------------------------------
Total investment income $13,631,147
-------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,521,906
Administrative expense 100,705
Transfer agent fees 8,217
Shareowner communications expense 19,500
Custodian fees 45,141
Professional fees 36,806
Printing expense 2,320
Pricing fees 27,892
Trustees' fees 6,971
Interest expense 2,452,500
Miscellaneous 126,669
-------------------------------------------------------------------------------------------------------
Total expenses $ 4,348,627
-------------------------------------------------------------------------------------------------------
Net investment income $ 9,282,520
-------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $(2,469,915)
Swap contracts 4,740 $(2,465,175)
-------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $ 1,733,772
Unfunded loan commitments (1,093)
Swap contracts (88,124)
Other assets and liabilities denominated in
foreign currencies (389) $ 1,644,166
-------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ (821,009)
-------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 8,461,511
=======================================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------------------
Six Months
Ended Year
5/31/19 Ended
(unaudited) 11/30/18
-----------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 9,282,520 $ 18,289,892
Net realized gain (loss) on investments (2,465,175) (3,932,753)
Change in net unrealized appreciation (depreciation)
on investments 1,644,166 (5,837,701)
-----------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 8,461,511 $ 8,519,438
-----------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
($0.36 and $0.72 per share, respectively) $ (8,905,743) $(17,811,485)
-----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (8,905,743) $(17,811,485)
-----------------------------------------------------------------------------------------------------------
Net decrease in net assets $ (444,232) $ (9,292,047)
NET ASSETS:
Beginning of period $297,903,118 $307,195,165
-----------------------------------------------------------------------------------------------------------
End of period $297,458,886 $297,903,118
===========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 43
Statement of Cash Flows (unaudited)
For the Six Months Ended 5/31/19
Cash Flows From Operating Activities:
Net increase in net assets resulting from operations $ 8,461,511
--------------------------------------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets resulting from operations
to net cash, restricted cash and foreign currencies from operating activities:
Purchases of investment securities $(193,586,981)
Proceeds from disposition and maturity of investment securities 194,363,543
Net sales of temporary cash investments 4,620,000
Net accretion and amortization of discount/premium on investment securities (453,375)
Change in unrealized depreciation on investments in unaffiliated issuers (1,733,772)
Change in unrealized depreciation on unfunded loan commitments 1,093
Change in unrealized depreciation on swap contracts 88,124
Change in unrealized depreciation on other assets and liabilities denominated
in foreign currencies 389
Net realized loss on investments in unaffiliated issuers 2,468,646
Net premiums paid on swap contracts (412,512)
Decrease in variation margin for centrally cleared swap contracts 46,622
Increase in interest receivable (197,881)
Increase in other assets (1,224)
Increase in cash due to broker for swaps 323,794
Increase in due to affiliates 33
Decrease in trustees' fees payable (1,520)
Increase in accrued expenses payable 45,098
Decrease in interest expenses payable (152,437)
--------------------------------------------------------------------------------------------------------------
Net cash, restricted cash and foreign currencies from operating activities $ 13,879,151
--------------------------------------------------------------------------------------------------------------
Cash Flows Used in Financing Activities:
Distributions to shareowners $ (10,390,033)
Payments on borrowings (4,000,000)
--------------------------------------------------------------------------------------------------------------
Net cash, restricted cash and foreign currencies used in financing activities $ (14,390,033)
--------------------------------------------------------------------------------------------------------------
Effect of Foreign Exchange Fluctuations on Cash:
Effect of foreign exchange fluctuations on cash $ (389)
--------------------------------------------------------------------------------------------------------------
Cash, Restricted Cash and Foreign Currencies:
Beginning of period* $ 2,129,907
--------------------------------------------------------------------------------------------------------------
End of period* $ 1,618,636
--------------------------------------------------------------------------------------------------------------
Cash Flow Information:
Cash paid for interest $ 2,604,937
==============================================================================================================
* The following table provides a reconciliation of cash, restricted cash and
foreign currencies reported within statement of financial position that
sum to the total of the same such amounts shown in the Statement of Cash
Flows:
-----------------------------------------------------------------------------------------------------------
Six Months
Ended
5/31/19 Year Ended
(unaudited) 11/30/18
-----------------------------------------------------------------------------------------------------------
Cash $1,144,837 $1,894,760
Foreign currencies, at value 31,581 31,969
Swaps collateral 442,218 203,178
-----------------------------------------------------------------------------------------------------------
Total cash, restricted cash and foreign currencies
shown in the Statement of Cash Flows $1,618,636 $2,129,907
===========================================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/19 Ended Ended Ended Ended Ended
(unaudited) 11/30/18 11/30/17 11/30/16* 11/30/15* 11/30/14*
------------------------------------------------------------------------------------------------------------------------------------
Per Share Operating Performance
Net asset value, beginning of period $ 12.04 $ 12.42 $ 12.50 $ 12.30 $ 12.82 $ 13.06
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations: (a)
Net investment income $ 0.38 $ 0.74 $ 0.71 $ 0.77 $ 0.76 $ 0.75
Net realized and unrealized gain (loss) on investments (0.04) (0.40) (0.06) 0.15 (0.58) (0.19)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to preferred shareowners from:
Net investment income $ -- $ -- $ -- $ -- $ -- $ (0.00)(b)
------------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.34 $ 0.34 $ 0.65 $ 0.92 $ 0.18 $ 0.56
------------------------------------------------------------------------------------------------------------------------------------
Distributions to common shareowners from:
Net investment income and previously undistributed
net investment income $ (0.36) $ (0.72) $ (0.73)(c) $ (0.72) $ (0.70) $ (0.80)(c)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.02) $ (0.38) $ (0.08) $ 0.20 $ (0.52) $ (0.24)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.02 $ 12.04 $ 12.42 $ 12.50 $ 12.30 $ 12.82
------------------------------------------------------------------------------------------------------------------------------------
Market value, end of period $ 10.31 $ 10.40 $ 11.47 $ 11.78 $ 10.83 $ 11.36
====================================================================================================================================
Total return at net asset value (d) 3.34%(e) 3.34% 5.55% 8.31% 1.96% 4.74%
Total return at market value (d) 2.62%(e) (3.34)% 3.43% 15.92% 1.31% (2.32)%
Ratios to average net assets of shareowners:
Total expenses plus interest expense (f)(g) 2.95%(h) 2.56% 2.21% 1.96% 1.81% 1.80%
Net investment income before preferred share distributions 6.29%(h) 5.98% 5.62% 6.32% 6.00% 5.73%
Preferred share distributions --% --% --% --% --% 0.01%
Net investment income available to shareowners 6.29%(h) 5.98% 5.62% 6.32% 6.00% 5.72%
Portfolio turnover rate 20%(e) 34% 75% 52% 38% 61%
Net assets, end of period (in thousands) $297,459 $297,903 $307,195 $309,308 $304,357 $317,236
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 45
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/19 Ended Ended Ended Ended Ended
(unaudited) 11/30/18 11/30/17 11/30/16* 11/30/15* 11/30/14*
------------------------------------------------------------------------------------------------------------------------------------
Total amount of debt outstanding (in thousands) $139,450 $143,450 $143,450 $143,450 $150,450 $155,450
Asset coverage per $1,000 of indebtedness $ 3,133 $ 3,077 $ 3,141 $ 3,156 $ 3,023 $ 3,041
====================================================================================================================================
* The Trust was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per common share data presented above is based upon the average common
shares outstanding for the periods presented.
(b) Amount rounds to less than $(0.005) per share.
(c) The amount of distributions made to shareowners during the period was in
excess of the net investment income earned by the Trust during the period.
The Trust has accumulated undistributed net investment income which is the
part of the Trust's net asset value ("NAV"). A portion of this accumulated
net investment income was distributed to shareowners during the period.
(d) Total investment return is calculated assuming a purchase of common shares
at the current net asset value or market value on the first day and a sale
at the current net asset value or market value on the last day of the
periods reported. Dividends and distributions, if any, are assumed for
purposes of this calculation to be reinvested at prices obtained under the
Trust's dividend reinvestment plan. Total investment return does not
reflect brokerage commissions. Past performance is not a guarantee of
future results.
(e) Not annualized.
(f) Expense ratios do not reflect the effect of distribution payments to
preferred shareowners.
(g) Includes interest expense of 1.66%, 1.35%, 0.95%, 0.63%, 0.51% and 0.49%,
respectively.
(h) Annualized.
The accompanying notes are an integral part of these financial statements.
46 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
Notes to Financial Statements | 5/31/19 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Floating Rate Trust (the "Trust") was organized as a Delaware statutory
trust on October 6, 2004. Prior to commencing operations on December 28, 2004,
the Trust had no operations other than matters relating to its organization and
registration as a closed-end management investment company under the Investment
Company Act of 1940, as amended. The Trust is a diversified fund. The
investment objective of the Trust is to provide a high level of current income
and the Trust may, as a secondary objective, also seek preservation of capital
to the extent consistent with its investment objective of high current income.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Trust's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc.,
an affiliate of Amundi Pioneer Asset Management, Inc., serves as the Trust's
distributor (the "Distributor").
In August 2018, the Securities and Exchange Commission ("SEC") released a
Disclosure Update and Simplification Final Rule. The Final Rule amends
Regulation S-X disclosures requirements to conform them to U.S. Generally
Accepted Accounting Principles ("U.S. GAAP") for investment companies. The
Trust's financial statements were prepared in compliance with the new
amendments to Regulation S-X.
The Trust is an investment company and follows investment company accounting
and reporting guidance under U.S. GAAP. U.S. GAAP requires the management of
the Trust to make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent assets and liabilities at
the date of the financial statements, and the reported amounts of income,
expenses and gain or loss on investments during the reporting period. Actual
results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Trust in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Trust is computed once daily, on each day the
New York Stock Exchange ("NYSE") is open, as of the close of regular
trading on the NYSE.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 47
ratings, or may use a pricing matrix or other fair value methods or
techniques to provide an estimated value of the security or instrument. A
pricing matrix is a means of valuing a debt security on the basis of
current market prices for other debt securities, historical trading
patterns in the market for fixed-income securities and/or other factors.
Non-U.S. debt securities that are listed on an exchange will be valued at
the bid price obtained from an independent third party pricing service.
When independent third party pricing services are unable to supply prices,
or when prices or market quotations are considered to be unreliable, the
value of that security may be determined using quotations from one or more
broker-dealers.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other
insurance-linked securities (including sidecars, collateralized
reinsurance and industry loss warranties) may be valued at the bid price
obtained from an independent pricing service, or through a third party
using a pricing matrix, insurance industry valuation models, or other fair
value methods or techniques to provide an estimated value of the
instrument.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities
for which sale prices are not available, generally are valued using the
mean between the last bid and asked prices or, if both last bid and asked
prices are not available, at the last quoted bid price. Last sale and bid
and asked prices are provided by independent third party pricing services.
In the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party
pricing source. Trading in non-U.S. equity securities is substantially
completed each day at various times prior to the close of the NYSE. The
values of such securities used in computing the net asset value of the
Trust's shares are determined as of such times. The Trust may use a fair
value model developed by an independent pricing service to value non-U.S.
equity securities.
48 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealers Association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Shares of
exchange-listed closed-end funds are valued by using the last sale price
on the principal exchange where they are traded.
Securities or loan interests for which independent pricing services or
broker-dealers are unable to supply prices or for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued by a fair valuation team comprised of certain
personnel of the Adviser pursuant to procedures adopted by the Trust's
Board of Trustees. The Adviser's fair valuation team uses fair value
methods approved by the Valuation Committee of the Board of Trustees. The
Adviser's fair valuation team is responsible for monitoring developments
that may impact fair valued securities and for discussing and assessing
fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Trust may use fair value
methods if it is determined that a significant event has occurred after
the close of the exchange or market on which the security trades and prior
to the determination of the Trust's net asset value. Examples of a
significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts.
Thus, the valuation of the Trust's securities may differ significantly
from exchange prices, and such differences could be material.
At May 31, 2019, three securities were valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance pricing model)
representing 0.28% of net assets. The value of these fair valued
securities was $840,278.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 49
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Trust becomes aware of the ex-dividend
data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country
rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Trust are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on
foreign currency contracts, disposition of foreign currencies and the
difference between the amount of income accrued and the U.S. dollars
actually received. Further, the effects of changes in foreign currency
exchange rates on investments are not segregated on the Statement of
Operations from the effects of changes in the market prices of those
securities, but are included with the net realized and unrealized gain or
loss on investments.
D. Federal Income Taxes
It is the Trust's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its net taxable income and net realized capital gains,
if any, to its shareowners. Therefore, no provision for federal income
taxes is required. As of November 30, 2018, the Trust did not accrue any
interest or penalties with respect to uncertain tax positions, which, if
applicable, would be
50 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
recorded as an income tax expense on the Statement of Operations. Tax
returns filed within the prior three years remain subject to examination
by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary over distributions for
financial statement purposes resulting from differences in the recognition
or classification of income or distributions for financial statement and
tax purposes. Capital accounts within the financial statements are
adjusted for permanent book/tax differences to reflect tax character, but
are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended November 30, 2018 was as follows:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $17,811,485
--------------------------------------------------------------------------
Total $17,811,485
==========================================================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at November 30, 2018:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,679,351
Capital loss carryforward (55,734,016)
Other book/tax temporary differences (1,537,574)
Unrealized depreciation (10,193,803)
--------------------------------------------------------------------------
Total $(65,786,042)
==========================================================================
The difference between book basis and tax basis unrealized depreciation is
attributable to the tax treatment of premium and amortization, adjustments
relating to catastrophe bonds, the tax adjustments relating to credit
default swaps and partnerships.
E. Risks
At times, the Trust's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Trust more
susceptible to any economic, political, or regulatory developments or
other risks affecting those industries and sectors. The Trust's
investments in foreign markets and countries with limited developing
markets may subject the Trust
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 51
to a greater degree of risk than investments in a developed market. These
risks include disruptive political or economic conditions and the
imposition of adverse governmental laws or currency exchange restrictions.
The value of securities held by the Trust may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread. A general rise in
interest rates could adversely affect the price and liquidity of fixed
income securities.
The Trust invests in below investment grade (high yield) debt securities,
floating rate loans and insurance-linked securities. The Trust may invest
in securities and other obligations of any credit quality, including those
that are rated below investment grade, or are unrated but are determined
by the Adviser to be of equivalent credit quality. Below investment grade
securities are commonly referred to as "junk bonds" and are considered
speculative with respect to the issuer's capacity to pay interest and
repay principal. Below investment grade securities, including floating
rate loans, involve greater risk of loss, are subject to greater price
volatility, and may be less liquid and more difficult to value, especially
during periods of economic uncertainty or change, than higher rated debt
securities.
Certain securities in which the Trust invests, including floating rate
loans, once sold, may not settle for an extended period (for example,
several weeks or even longer). The Trust will not receive its sale
proceeds until that time, which may constrain the Trust's ability to meet
its obligations. The Trust may invest in securities of issuers that are in
default or that are in bankruptcy. The value of collateral, if any,
securing a floating rate loan can decline or may be insufficient to meet
the issuer's obligations or may be difficult to liquidate. No active
trading market may exist for many floating rate loans, and many loans are
subject to restrictions on resale. Any secondary market may be subject to
irregular trading activity and extended settlement periods. There is less
readily available, reliable information about most floating rate loans
than is the case for many other types of securities. Normally, the Adviser
will seek to avoid receiving material, non-public information about the
issuer of a loan either held by, or considered for investment by, the
Trust, and this decision could adversely affect the Trust's investment
performance. Loans may not be considered "securities," and purchasers,
such as the Trust, therefore may not be entitled to rely on the anti-fraud
protections afforded by federal securities laws. The Trust's investments
in certain foreign markets or countries with limited developing markets
may subject the Trust to a greater degree of risk
52 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
than in a developed market. These risks include disruptive political or
economic conditions and the possible imposition of adverse governmental
laws or currency exchange restrictions.
The Trust is not limited in the percentage of its assets that may be
invested in illiquid securities. Illiquid securities are securities that
the Trust reasonably expects cannot be sold or disposed of in current
market conditions in seven calendar days or less without the sale or
disposition significantly changing the market value of the securities.
With the increased use of technologies such as the Internet to conduct
business, the Trust is susceptible to operational, information security
and related risks. While the Trust's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or mitigate, such cyber-attacks, there are inherent limitations in
such plans and systems including the possibility that certain risks have
not been identified. Furthermore, the Trust cannot control the
cybersecurity plans and systems put in place by service providers to the
Trust such as Brown Brothers Harriman & Co., the Trust's custodian and
accounting agent, American Stock Transfer & Trust Company ("AST"), the
Trust's transfer agent. In addition, many beneficial owners of Trust
shares hold them through accounts at broker-dealers, retirement platforms
and other financial market participants over which neither the Trust nor
Amundi Pioneer exercises control. Each of these may in turn rely on
service providers to them, which are also subject to the risk of
cyber-attacks. Cybersecurity failures or breaches at Amundi Pioneer or the
Trust's service providers or intermediaries have the ability to cause
disruptions and impact business operations potentially resulting in
financial losses, interference with the Trust's ability to calculate its
net asset value, impediments to trading, the inability of Trust
shareowners to effect share purchases or receive distributions, loss of or
unauthorized access to private shareowner information and violations of
applicable privacy and other laws, regulatory fines, penalties,
reputational damage, or additional compliance cost. Such costs and losses
may not be covered under any insurance. In addition, maintaining vigilance
against cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
F. Insurance-Linked Securities ("ILS")
The Trust invests in ILS. The Trust could lose a portion or all of the
principal it has invested in an ILS, and the right to additional interest
or dividend payments with respect to the security, upon the occurrence of
one or more trigger events, as defined within the terms of an
insurance-linked security. Trigger events, generally, are hurricanes,
earthquakes, or other natural events of a specific size or magnitude that
occur in a designated geographic region during a specified time period,
and/or that involve losses or other metrics
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 53
that exceed a specific amount. There is no way to accurately predict
whether a trigger event will occur and, accordingly, ILS carry significant
risk. The Trust is entitled to receive principal, and interest and/or
dividend payments so long as no trigger event occurs of the description
and magnitude specified by the instrument. In addition to the specified
trigger events, ILS may expose the Trust to other risks, including but not
limited to issuer (credit) default, adverse regulatory or jurisdictional
interpretations and adverse tax consequences.
The Trust's investments in ILS may include event-linked bonds. ILS also
may include special purpose vehicles ("SPVs") or similar instruments
structured to comprise a portion of a reinsurer's catastrophe-oriented
business, known as quota share instruments (sometimes referred to as
reinsurance sidecars), or to provide reinsurance relating to specific
risks to insurance or reinsurance companies through a collateralized
instrument, known as collateralized reinsurance. Structured reinsurance
investments also may include industry loss warranties ("ILWs"). A
traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange-traded instruments.
Where the ILS are based on the performance of underlying reinsurance
contracts, the Trust has limited transparency into the individual
underlying contracts, and therefore must rely upon the risk assessment and
sound underwriting practices of the issuer. Accordingly, it may be more
difficult for the Adviser to fully evaluate the underlying risk profile of
the Trust's structured reinsurance investments, and therefore the Trust's
assets are placed at greater risk of loss than if the Adviser had more
complete information. Structured reinsurance instruments generally will be
considered illiquid securities by the Trust. These securities may be
difficult to purchase, sell or unwind. Illiquid securities also may be
difficult to value. If the Trust is forced to sell an illiquid asset, the
Trust may be forced to sell at a loss.
G. Credit Default Swap Contracts
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event or an underlying
reference obligation, which may be a single security or a basket or index
of securities. The Trust may buy or sell credit default swap contracts to
seek to increase the Trust's income, or to attempt to hedge the risk of
default on portfolio securities. A credit default swap index is used to
hedge risk or take a position on a basket of credit entities or indices.
As a seller of protection, the Trust would be required to pay the notional
(or other agreed-upon) value of the referenced debt obligation to the
counterparty in the event of a default by a U.S. or foreign corporate
issuer of a debt obligation, which would likely result in a loss to the
Trust. In return, the Trust would receive from the counterparty a periodic
stream of payments
54 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
during the term of the contract, provided that no event of default
occurred. The maximum exposure of loss to the seller would be the notional
value of the credit default swaps outstanding. If no default occurs, the
Trust would keep the stream of payments and would have no payment
obligation. The Trust may also buy credit default swap contracts in order
to hedge against the risk of default of debt securities, in which case the
Trust would function as the counterparty referenced above.
As a buyer of protection, the Trust makes an upfront or periodic payment
to the protection seller in exchange for the right to receive a contingent
payment. An upfront payment made by the Trust, as the protection buyer, is
recorded within the "Swap contracts, at value" line item on the Statement
of Assets and Liabilities. Periodic payments received or paid by the Trust
are recorded as realized gains or losses on the Statement of Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources, and the change in value, if any, is
recorded within the "Swap contracts, at value" line item on the Statement
of Assets and Liabilities. Payments received or made as a result of a
credit event or upon termination of the contract are recognized, net of
the appropriate amount of the upfront payment, as realized gains or losses
on the Statement of Operations.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Trust had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the
Trust is a protection buyer and no credit event occurs, it will lose its
investment. If the Trust is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Trust,
together with the periodic payments received, may be less than the amount
the Trust pays to the protection buyer, resulting in a loss to the Trust.
In addition, obligations under sell protection credit default swaps may be
partially offset by net amounts received from settlement of buy protection
credit default swaps entered into by the Trust for the same reference
obligation with the same counterparty.
Certain swap contracts that are cleared through a central clearinghouse
are referred to as centrally cleared swaps. All payments made or received
by the Trust are pursuant to a centrally cleared swap contract with the
central clearing party rather than the original counterparty. Upon
entering into a centrally cleared swap contract, the Trust is required to
make an initial margin deposit, either in cash or in securities. The daily
change in value on open centrally cleared contracts is recorded as
"Variation margin for centrally cleared swaps" on the Statement of Assets
and Liabilities. Cash received from or paid to the broker related to
previous margin movement is held in a segregated account at the broker and
is recorded as either "Due from broker
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 55
for swaps" or "Due to broker for swaps" on the Statement of Assets and
Liabilities. The amount of cash deposited with a broker as collateral at
May 31, 2019, is recorded as "Swaps collateral" on the Statement of Assets
and Liabilities.
The average market value of credit default swap contracts open during the
six months ended May 31, 2019, was $198,440. Open credit default swap
contracts at May 31, 2019, are listed in the Schedule of Investments.
H. Automatic Dividend Reinvestment Plan
All shareowners whose shares are registered in their own names
automatically participate in the Automatic Dividend Reinvestment Plan (the
"Plan"), under which participants receive all dividends and capital gain
distributions (collectively, dividends) in full and fractional shares of
the Trust in lieu of cash. Shareowners may elect not to participate in the
Plan. Shareowners not participating in the Plan receive all dividends and
capital gain distributions in cash. Participation in the Plan is
completely voluntary and may be terminated or resumed at any time without
penalty by notifying American Stock Transfer & Trust Company, the agent
for shareowners in administering the Plan (the "Plan Agent"), in writing
prior to any dividend record date; otherwise such termination or
resumption will be effective with respect to any subsequently declared
dividend or other distribution.
If a shareowner's shares are held in the name of a brokerage firm, bank or
other nominee, the shareowner can ask the firm or nominee to participate
in the Plan on the shareowner's behalf. If the firm or nominee does not
offer the Plan, dividends will be paid in cash to the shareowner of
record. A firm or nominee may reinvest a shareowner's cash dividends in
shares of the Trust on terms that differ from the terms of the Plan.
Whenever the Trust declares a dividend on shares payable in cash,
participants in the Plan will receive the equivalent in shares acquired by
the Plan Agent either (i) through receipt of additional unissued but
authorized shares from the Trust or (ii) by purchase of outstanding shares
on the NYSE or elsewhere. If, on the payment date for any dividend, the
net asset value per share is equal to or less than the market price per
share plus estimated brokerage trading fees (market premium), the Plan
Agent will invest the dividend amount in newly issued shares. The number
of newly issued shares to be credited to each account will be determined
by dividing the dollar amount of the dividend by the net asset value per
share on the date the shares are issued, provided that the maximum
discount from the then current market price per share on the date of
issuance does not exceed 5%. If, on the payment date for any dividend, the
net asset value per share is greater than the market value (market
discount), the Plan Agent will invest the dividend amount in shares
acquired in open-market purchases. There are no brokerage
56 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
charges with respect to newly issued shares. However, each participant
will pay a pro rata share of brokerage trading fees incurred with respect
to the Plan Agent's open-market purchases. Participating in the Plan does
not relieve shareowners from any federal, state or local taxes which may
be due on dividends paid in any taxable year. Shareowners holding Plan
shares in a brokerage account may be able to transfer the shares to
another broker and continue to participate in the Plan.
2. Management Agreement
The Adviser manages the Trust's portfolio. Management fees payable under the
Trust's Advisory Agreement with the Adviser are calculated daily at the annual
rate of 0.70% of the Trust's average daily managed assets. "Managed assets"
means (a) the total assets of the Trust, including any form of investment
leverage, minus (b) all accrued liabilities incurred in the normal course of
operations, which shall not include any liabilities or obligations attributable
to investment leverage obtained through (i) indebtedness of any type
(including, without limitation, borrowing through a credit facility or the
issuance of debt securities), (ii) the issuance of preferred stock or other
similar preference securities, and/or (iii) any other means. For the six months
ended May 31, 2019 the net management fee was 0.70% (annualized) of the Trust's
average daily managed assets, which was equivalent to 1.03% (annualized) of the
Trust's average daily net assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Trust as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$16,468 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at May 31, 2019.
3. Transfer Agent
AST serves as the transfer agent with respect to the Trust's common shares. The
Trust pays AST an annual fee, as is agreed to from time to time by the Trust
and AST, for providing such services.
In addition, the Trust reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings and outgoing phone calls.
4. Additional Disclosures about Derivative Instruments and Hedging Activities
The Trust's use of derivatives may enhance or mitigate the Trust's exposure to
the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 57
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Trust.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments
as a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange rate risk), whether caused by factors specific to
an individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at May 31,
2019 was as follows:
------------------------------------------------------------------------------------------
Statement of Assets and Liabilities
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
------------------------------------------------------------------------------------------
Assets:
Swap contracts,
at value $ -- $444,000 $ -- $ -- $ --
------------------------------------------------------------------------------------------
Total Value $ -- $444,000 $ -- $ -- $ --
==========================================================================================
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at May 31, 2019 was as follows:
------------------------------------------------------------------------------------------
Statement of Operations
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
------------------------------------------------------------------------------------------
Net realized
gain (loss) on:
Swap contracts $ -- $ 4,740 $ -- $ -- $ --
------------------------------------------------------------------------------------------
Total Value $ -- $ 4,740 $ -- $ -- $ --
==========================================================================================
Change in net
unrealized
appreciation
(depreciation) on:
Swap contracts $ -- $(88,124) $ -- $ -- $ --
------------------------------------------------------------------------------------------
Total Value $ -- $(88,124) $ -- $ -- $ --
==========================================================================================
58 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
5. Unfunded Loan Commitments
The Trust may enter into unfunded loan commitments. Unfunded loan commitments
may be partially or wholly unfunded. During the contractual period, the Trust
is obliged to provide funding to the borrower upon demand. A fee is earned by
the Trust on the unfunded commitment and is recorded as interest income on the
Statement of Operations.
As of May 31, 2019, the Trust had the following unfunded loan commitments
outstanding:
------------------------------------------------------------------------------------------
Unrealized
Loan Principal Cost Value (Depreciation)
------------------------------------------------------------------------------------------
United Seating and
Mobility LLC $175,000 $174,598 $173,687 $(911)
------------------------------------------------------------------------------------------
Total Value $175,000 $174,598 $173,687 $(911)
==========================================================================================
6. Trust Shares
There are an unlimited number of shares of beneficial interest authorized.
Transactions in shares of beneficial interest for the six months ended May 31,
2019 and the year ended November 30, 2018, were as follows:
------------------------------------------------------------------------------------------
5/31/19 11/30/18
------------------------------------------------------------------------------------------
Shares outstanding at beginning of period 24,738,174 24,738,174
------------------------------------------------------------------------------------------
Shares outstanding at end of period 24,738,174 24,738,174
==========================================================================================
7. Credit Agreement
Effective November 26, 2013, the Trust entered into a Revolving Credit Facility
(the "Credit Agreement") with the Bank of Nova Scotia in the amount of
$160,000,000. The Credit Agreement was established in conjunction with the
redemption of all the Trust's auction market preferred shares. Effective
November 23, 2016, the Trust extended the maturity of the Credit Agreement to
November 22, 2019.
At May 31, 2019, the Trust had a borrowing outstanding under the Credit
Agreement totaling $139,450,000. The interest rate charged at May 31, 2019 was
3.53%. During the six months ended May 31, 2019, the average daily balance was
$139,995,455 at an average interest rate of 3.42%. Interest expense of
$2,452,500 in connection with the Credit Agreement is included on the Statement
of Operations.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 59
The Trust is required to maintain 300% asset coverage with respect to amounts
outstanding under the Credit Agreement. Asset coverage is calculated by
subtracting the Trust's total liabilities not including any bank loans and
senior securities, from the Trust's total assets and dividing such amount by
the principal amount of the borrowing outstanding.
8. Subsequent Events
A monthly dividend was declared on July 3, 2019 from undistributed and
accumulated net investment income of $0.0625 per share payable July 31, 2019,
to shareowners of record on July 16, 2019.
60 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
ADDITIONAL INFORMATION (unaudited)
During the period, there have been no material changes in the Trust's
investment objective or fundamental policies that have not been approved by the
shareowners. There have been no changes in the Trust's charter or By-Laws that
would delay or prevent a change in control of the Trust which has not been
approved by the shareowners. During the period, there have been no changes in
the principal risk factors associated with investment in the Trust. There were
no changes in the persons who are primarily responsible for the day-to-day
management of the Trust's portfolio.
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Trust may purchase, from time to time, its shares
in the open market.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 61
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial and
Lisa M. Jones Accounting Officer
Lorraine H. Monchak Christopher J. Kelley, Secretary and
Marguerite A. Piret Chief Legal Officer
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
American Stock Transfer & Trust Company
Proxy Voting Policies and Procedures of the Trust are available without charge,
upon request, by calling our toll free number (1-800-710-0935). Information
regarding how the Trust voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.amundipioneer.com/us. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
62 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
This page is for your notes.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 63
This page is for your notes.
64 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
This page is for your notes.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 65
This page is for your notes.
66 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
This page is for your notes.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/19 67
This page is for your notes.
68 Pioneer Floating Rate Trust | Semiannual Report | 5/31/19
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
You can call American Stock Transfer & Trust Company (AST) for:
--------------------------------------------------------------------------------
Account Information 1-800-710-0935
Or write to AST:
--------------------------------------------------------------------------------
For Write to
General inquiries, lost dividend checks, American Stock
change of address, lost stock certificates, Transfer & Trust
stock transfer Operations Center
6201 15th Ave.
Brooklyn, NY 11219
Dividend reinvestment plan (DRIP) American Stock
Transfer & Trust
Wall Street Station
P.O. Box 922
New York, NY 10269-0560
Website www.amstock.com
For additional information, please contact your investment advisor or visit our
web site www.amundipioneer.com/us.
The Trust files a complete schedule of portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year as
an exhibit to its reports on Form N-PORT. Shareowners may view the filed Form
N-PORT by visiting the Commission's web site at https://www.sec.gov.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com/us
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
[C] 2019 Amundi Pioneer Asset Management 19389-13-0719
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Mr. David R. Bock, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Amudi Pioneer Asset Management, Inc, the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
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IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
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AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
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AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
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GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
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(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
N/A
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
Item 12. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Floating Rate Trust
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date July 26, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date July 26, 2019
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date July 26, 2019
* Print the name and title of each signing officer under his or her signature.