floatingrate.htm
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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
    OF REGISTERED MANAGEMENT INVESTMENT COMPANY



  Investment Company Act file number 811-21654


                         Pioneer Floating Rate Trust
               (Exact name of registrant as specified in charter)


                       60 State Street, Boston, MA 02109
              (Address of principal executive offices) (ZIP code)


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


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


Date of fiscal year end:  November 30

Date of reporting period:  February 28, 2015

Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609.  The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.


<PAGE>
ITEM 1. Schedule of Investments.

File the schedules as of the close of the reporting period as set forth in
ss. 210.12-12  12-14 of Regulation S-X [17 CFR 210.12-12  12-14]. The
schedules need not be audited.





   
Pioneer Floating
   
Rate Trust
     
     
     
     
     
     
     
   
NQ | February 28, 2015
     
     
   
Ticker Symbol: PHD


 
 

 
Schedule of Investments  |  2/28/15 (unaudited)


 
Principal
Amount
USD ($)
   
Value
         
     
SENIOR SECURED FLOATING RATE LOAN INTERESTS -  141.4% of Net Assets *(a)
 
     
AUTOMOBILES & COMPONENTS - 9.7%
 
     
Auto Parts & Equipment - 7.3%
 
 
  2,880,958 
 
Allison Transmission, Inc., Term Loan B-3, 3.5%, 8/23/19   
$ 2,889,062 
 
  2,400,000 
 
BBB Industries US Holdings, Inc., First Lien Initial Term Loan, 6.0%, 11/3/21   
  2,388,000 
 
  1,178,633 
 
Cooper Standard Intermediate Holdco 2 LLC, Term Loan, 4.0%, 4/2/21   
  1,174,361 
 
  2,371,563 
 
Crowne Group LLC, First Lien Initial Term Loan, 6.0%, 9/30/20   
  2,335,989 
 
  1,031,075 
 
Electrical Components International, Inc., Term Loan B, 5.75%, 5/28/21   
  1,035,372 
 
  1,626,152 
 
Federal-Mogul Corp., Tranche C Term Loan (2014), 4.75%, 4/15/21
  1,624,571 
 
  1,990,000 
 
Henniges Automotive Holdings, Inc., Term Loan, 5.5%, 6/12/21   
  1,999,950 
 
  1,197,000 
 
Jason, Inc., Term Loan, 5.5%, 6/30/21   
  1,195,504 
 
  1,695,750 
 
Key Safety Systems, Inc., Initial Term Loan, 4.75%, 8/29/21   
  1,703,169 
 
  1,637,778 
 
MPG Holdco I, Inc. Initial Term Loan, 4.25%, 10/20/21   
  1,646,471 
 
  500,000 
 
Remy International, Inc., Term B Loan 2013, 4.25%, 3/5/20   
  500,625 
 
  1,204,364 
 
TI Group Automotive Systems LLC, Additional Term Loan, 4.25%, 7/2/21   
  1,205,367 
 
  2,364,992 
 
Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4.0%, 4/23/20   
  2,363,022 
 
  1,080,000 
 
UCI International, Inc., (United Components), Term Loan, 5.5%, 7/26/17   
  1,080,000 

 
 

 
Schedule of Investments  |  2/28/15 (unaudited)

       
$ 23,141,463 
     
Automobile Manufacturers - 1.3%
 
 
  3,252,435 
 
Chrysler Group LLC, Term Loan B, 3.5%, 5/24/17   
$ 3,251,420 
 
  796,000 
 
Visteon Corp., Initial Term Loan, 3.5%, 4/9/21   
  794,757 
       
$ 4,046,177 
     
Tires & Rubber - 1.1%
 
 
  992,974 
 
American Tire Distributors, Inc., New 2014 Initial Term Loan, 5.75%, 6/1/18   
$ 996,388 
 
  2,500,000 
 
Goodyear Tire & Rubber Co., Second Lien Term Loan, 4.75%, 4/30/19   
  2,513,282 
       
$ 3,509,670 
     
Total Automobiles & Components 
$ 30,697,310 
         
     
BANKS - 0.4%
 
     
Thrifts & Mortgage Finance - 0.4%
 
 
  1,278,974 
 
Ocwen Loan Servicing, Initial Term Loan, 5.0%, 2/15/18   
$ 1,227,416 
     
Total Banks 
$ 1,227,416 
         
     
CAPITAL GOODS - 13.7%
 
     
Aerospace & Defense - 4.4%
 
 
  1,098,907 
 
Accudyne Industries Borrower S.C.A./Accudyne Industries LLC, Refinancing Term Loan, 4.0%, 12/13/19   
$ 1,059,071 
 
  1,675,000 
 
BE Aerospace, Inc, Term Loan, 4.0%, 12/16/21   
  1,682,956 
 
  594,266 
 
Cadence Aerospace Finance, Inc., Term Loan, 6.5%, 5/9/18   
  588,324 
 
  732,217 
 
CPI International, Inc., Term B Loan, 4.25%, 11/17/17   
  732,217 
 
  401,612 
 
DAE Aviation Holdings, Inc., Tranche B-1 Loan, 5.0%, 11/2/18   
  405,126 
 
  166,363 
 
DAE Aviation Holdings, Inc., Tranche B-2 Loan, 5.0%, 11/2/18   
  166,571 
 
  2,012,858 
 
Digitalglobe, Inc., Term Loan, 3.75%, 1/31/20   
  2,013,855 
 
  754,625 
 
DynCorp International, Inc., Term Loan, 6.25%, 7/7/16   
  751,166 
 
  250,678 
 
IAP Worldwide Services, Inc., First Lien Term Loan, 8.0%, 7/18/19  
  226,864 
 
  494,911 
 
Spirit Aerosystems, Inc., (fka Mid-Western Aircraft, Inc., and Onex Wind Finance LP), Term Loan B, 3.25%, 9/15/20   
  494,540 
 
  1,708,378 
 
TASC, Inc., First Lien Term Loan, 6.5%, 5/22/20   
  1,728,306 
 
  100,752 
 
Vencore, Inc. (fka SI Organization, Inc.), Delayed Draw Term Loan, 5.75%, 11/23/19   
  101,114 
 
  1,515,756 
 
Vencore, Inc. (fka SI Organization, Inc.), The First Lien Initial Term Loan, 5.75%, 11/23/19   
  1,521,203 
 
  1,824,949 
 
WP Consolidated Precision Products Holdings LLC, First Lien Term Loan, 4.75%, 12/28/19   
  1,827,687 
 
  680,000 
 
WP Consolidated Precision Products Holdings LLC, Second Lien Term Loan B-1, 8.75%, 4/30/21   
  666,400 
       
$ 13,965,400 
     
Building Products - 3.1%
 
 
  1,311,638 
 
Armstrong World Industries, Inc., Term Loan B, 3.5%, 3/15/20   
$ 1,310,203 
 
  1,330,943 
 
Interline Brands, Inc., First Lien Term Loan, 4.0%, 3/17/21   
  1,323,456 
 
  500,000 
 
NCI Building Systems, Inc., Tranche B Term Loan, 4.25%, 6/24/19
  498,906 
 
  1,670,485 
 
Nortek, Inc., Loan, 3.75%, 10/30/20   
  1,664,221 
 
Principal
Amount
USD ($)
   
Value
     
Building Products(continued)
 
 
  472,673 
 
Quikrete Holdings, Inc., Initial First Lien Loan, 4.0%, 9/28/20   
$  471,255 
 
  884,211 
 
Quikrete Holdings, Inc., Initial Second Lien Loan, 7.0%, 3/26/21   
  886,974 
 
  1,706,480 
 
Summit Materials LLC, Term B Loan, 5.0%, 1/30/19   
  1,712,167 
 
  1,800,723 
 
Unifrax Holding Co., New Term B Dollar Loan, 4.25%, 11/28/18   
  1,790,968 
       
$ 9,658,150 
     
Construction & Farm Machinery & Heavy Trucks - 0.8%
 
 
  404,400 
 
Manitowoc Co., Inc., Term Loan B, 3.25%, 1/3/21   
$ 403,768 
 
  1,370,000 
 
Navistar, Inc., Tranche B Term Loan, 5.75%, 8/17/17   
  1,379,408 
 
  853,795 
 
Terex Corp., U.S. Term Loan, 3.5%, 8/13/21   
  857,798 
       
$ 2,640,974 
     
Electrical Components & Equipment - 0.7%
 
 
  1,021,223 
 
Pelican Products, Inc., First lien Tem Loan, 5.25%, 4/10/20   
$ 1,016,116 
 
  1,186,101 
 
WireCo WorldGroup, Inc., Term Loan, 6.0%, 2/15/17   
  1,189,066 
       
$ 2,205,182 
     
Industrial Conglomerates - 1.4%
 
 
  500,000 
 
Doosan Infracore International, Inc. (Doosan Holdings Europe Ltd.), Tranche B Term Loan, 4.5%, 5/28/21   
$ 503,750 
 
  209,481 
 
Faenza Acquisition GmbH (CeramTec Acquisition Acquisition Corp.), Dollar Term B-3 Loan, 4.25%, 8/30/20   
  209,350 
 
  706,601 
 
Faenza Acquisition GmbH (CeramTec Acquisition Acquisition Corp.), Initial Dollar Term B-1 Loan, 4.25%, 8/30/20   
  706,159 
 
  70,774 
 
Faenza Acquisition GmbH (CeramTec Acquisition Corp.), Initial Dollar Term B-2 Loan, 4.25%, 8/30/20   
  70,730 
 
  1,500,000 
 
Filtration Group Corp., Second Lien Initial Term Loan, 8.25%, 11/22/21   
  1,507,500 
 
  423,938 
 
Gates Global LLC, Initial Dollar Term Loan, 4.25%, 7/5/21   
  421,924 
 
  1,054,555 
 
Milacron LLC, Term Loan, 4.0%, 3/28/20   
  1,041,373 
       
$ 4,460,786 
     
Industrial Machinery - 3.1%
 
 
  1,484,962 
 
Gardner Denver, Inc., Initial Dollar Term Loan, 4.25%, 7/30/20   
$ 1,430,204 
 
  1,017,313 
 
Hampton Rubber Co., First Lien Term Loan, 5.0%, 3/27/21   
  892,692 
 
  2,000,000 
 
Mueller Water Products, Inc., Initial Term Loan, 4.0%, 11/25/21   
  2,008,490 
 
  1,651,071 
 
NN, Inc., Loan, 6.0%, 8/27/21   
  1,657,263 
 
  2,103,660 
 
Schaeffler AG, Facility B-USD, 4.25%, 5/15/20   
  2,121,503 
 
  497,475 
 
Wastequip LLC, Term Loan, 5.5%, 8/9/19   
  495,609 
 
  1,095,559 
 
Xerium Technologies, Inc., New Term Loan, 6.25%, 5/17/19   
  1,098,298 
       
$ 9,704,059 
     
Trading Companies & Distributors - 0.2%
 
 
  711,169 
 
WESCO Distribution, Inc., Tranche B-1 Loan, 3.75%, 12/12/19   
$ 711,391 
     
Total Capital Goods 
$ 43,345,942 
         
         
     
COMMERCIAL & PROFESSIONAL SERVICES - 6.6%
 
     
Diversified Support Services - 1.2%
 
 
  1,067,925 
 
InfoGroup, Inc., Term Loan B, 7.5%, 5/26/18   
$ 1,003,183 
 
  711,506 
 
KAR Auction Services, Inc., Tranche B-2 Term Loan, 3.5%, 3/11/21
  707,059 
 
  1,500,000 
 
Language Line LLC, Second Lien Loan, 10.5%, 12/20/16   
  1,488,125 
 
  639,446 
 
Language Line LLC, Tranche B Term Loan, 6.25%, 6/20/16   
  636,781 
       
$ 3,835,148 
     
Environmental & Facilities Services - 2.3%
 
 
  587,406 
 
ADS Waste Holdings, Inc., Initial Tranche B-2 Term Loan, 3.75%, 10/9/19   
$ 582,266 
 
  726,000 
 
Convata Energy Corp., Term Loan, 3.25%, 3/28/19   
  726,907 
 
  1,500,000 
 
Granite Acquisition, Inc. Second Lien Term B Loan, 8.25%, 12/19/22   
  1,521,250 
 
  478,927 
 
Granite Acquisition, Inc., First Lien Term B Loan, 5.0%, 12/17/21   
  484,016 
 
  21,073 
 
Granite Acquisition, Inc., First Lien Term C Loan, 5.0%, 12/17/21   
  21,297 
 
  294,000 
 
Progressive Waste Solutions, Ltd., Term B Loan, 3.0%, 10/24/19   
  295,899 
 
  1,191,614 
 
U.S. Ecology, Inc., Term Loan, 3.75%, 6/17/21   
  1,190,870 
 
  745,000 
 
Waste Industries USA, Inc., Initial Term Loan, 3.25%, 2/27/20   
  747,947 
 
  1,769,088 
 
WCA Waste Corp. (WCA Waste Systems, Inc.), Term Loan, 4.0%, 3/23/18   
  1,752,135 
       
$ 7,322,587 
     
Human Resource & Employment Services - 0.3%
 
 
  950,739 
 
On Assignment, Inc., Initial Term B Loan, 3.5%, 5/15/20   
$ 945,688 
     
Research & Consulting Services - 0.3%
 
 
  887,242 
 
Wyle Services Corp., Term Loan, 5.0%, 5/23/21   
$ 888,074 
 
Principal
Amount
USD ($)
   
Value
     
Security & Alarm Services - 2.5%
 
 
  1,009,047 
 
Allied Security Holdings LLC, Second Lien Closing Date Term Loan, 4.25%, 2/12/21   
$ 1,009,468 
 
  1,089,041 
 
AlliedBarton Security Services, Second Lien Term Loan, 8.0%, 8/13/21   
  1,088,587 
 
  119,892 
 
Garda Security, Term B Delayed Draw Loan, 4.0%, 11/6/20   
  118,918 
 
  468,668 
 
Garda Security, Term B Loan, 4.0%, 11/6/20   
  464,860 
 
  1,172,591 
 
GEO Group, Inc., Term Loan, 3.25%, 4/3/20   
  1,168,927 
 
  2,353,781 
 
Monitronics International, Inc., 2013 Term Loan B, 4.25%, 3/23/18
  2,360,033 
 
  1,779,761 
 
Protection One, Inc., 2012 Term Loan, 4.25%, 3/21/19   
  1,773,829 
       
$ 7,984,622 
     
Total Commercial & Professional Services 
$ 20,976,119 
         
     
CONSUMER DURABLES & APPAREL - 3.9%
 
     
Apparel, Accessories & Luxury Goods - 0.6%
 
 
  781,075 
 
Nine West Holdings, Inc., Initial Term Loan, 4.75%, 10/8/19   
$ 739,092 
 
  1,199,908 
 
Renfro Corp., Tranche B Term Loan, 5.75%, 1/30/19   
  1,187,909 
       
$ 1,927,001 
     
Home Furnishings - 1.0%
 
 
  1,931,789 
 
Serta Simmons Holdings LLC, Term Loan, 4.25%, 10/1/19   
$ 1,931,656 
 
  1,153,466 
 
Tempur Pedic International, Inc., Term Loan B, 3.5%, 3/18/20   
  1,153,226 
       
$ 3,084,882 
     
Homebuilding - 0.1%
 
 
  1,000,000(b)(c)(d)
 
WAICCS Las Vegas 3 LLC, First Lien Term Loan, 7.75%, 7/30/09   
$ 400,000 
 
  4,500,000(b)(c)(d)
 
WAICCS Las Vegas 3 LLC, Second Lien Term Loan, 13.25%, 7/30/09
  22,504 
       
$ 422,504 
     
Housewares & Specialties - 1.2%
 
 
  2,277,066 
 
Reynolds Group Holdings, Inc., Incremental U.S. Term Loan, 4.0%, 12/1/18   
$ 2,288,026 
 
  1,570,708 
 
World Kitchen LLC, U.S. Term Loan, 5.5%, 3/4/19   
  1,570,708 
       
$ 3,858,734 
     
Leisure Products - 0.4%
 
 
  569,121 
 
Bauer Performance Sports, Ltd., Initial Term Loan, 4.0%, 4/15/21
$ 569,833 
 
  600,000 
 
Bombardier Recreational Products, Inc., Term B Loan, 4.0%, 1/30/19   
  595,050 
       
$ 1,164,883 
     
Textiles - 0.6%
 
 
  1,715,050 
 
Klockner Pentaplast of America, Inc., Term Loan B-1, 4.75%, 12/21/16   
$ 1,721,482 
     
Total Consumer Durables & Apparel 
$ 12,179,486 
         
     
CONSUMER SERVICES - 10.9%
 
     
Casinos & Gaming - 1.4%
 
 
  1,045,654 
 
CityCenter Holdings LLC, Term B loan, 4.25%, 10/16/20   
$ 1,047,289 
 
  1,470,000 
 
MGM Resorts International (MGM Grand Detroit LLC), Term B Loan, 3.5%, 12/20/19   
  1,466,509 
 
  1,950,000 
 
Scientific Games International, Inc., Initial Term B-2 Loan, 6.0%, 10/1/21   
  1,949,879 
       
$ 4,463,677 
     
Education Services - 2.9%
 
 
  3,458,169 
 
Bright Horizons Family Solutions LLC, Term B Loan, 3.75%, 1/30/20
$ 3,461,412 
 
  938,463 
 
Houghton Mifflin Holdings, Inc., Term Loan, 4.25%, 5/22/18   
  935,335 
 
  1,473,425 
 
Laureate Education, Inc., Series 2018 Extended Term Loan, 5.0%, 6/15/18   
  1,388,703 
 
  1,471,395 
 
McGraw-Hill Global Education Holdings LLC, Term B Loan Refinancing, 5.75%, 3/22/19   
  1,479,213 
 
  1,856,250 
 
McGraw-Hill School Education Holdings LLC, Term B Loan, 6.25%, 12/18/19   
  1,864,371 
       
$ 9,129,034 
     
Hotels, Resorts & Cruise Lines - 0.4%
 
 
  657,895 
 
Hilton Worldwide Finance LLC, Initial Term Loan, 3.5%, 10/26/20   
$ 658,409 
 
  525,000 
 
NCL Corp., Ltd., Term B Loan, 4.0%, 11/19/21   
  528,390 
       
$ 1,186,799 
     
Internet Software & Services - 0.3%
 
 
  977,550 
 
Sabre, Inc., Term B Loan, 4.0%, 2/19/19   
$ 978,527 
     
Leisure Facilities - 1.4%
 
 
  850,457 
 
Cedar Fair LP, U.S. Term Facility, 3.25%, 3/6/20   
$ 854,040 
 
  2,238,750 
 
Fitness International LLC, Term B Loan, 5.5%, 7/1/20   
  2,138,006 
 
Principal
Amount
USD ($)
   
Value
     
Leisure Facilities(continued)
 
 
  1,499,168 
 
Six Flags Theme Parks, Inc., Tranche B Term Loan, 3.5%, 12/20/18
$ 1,506,664 
       
$ 4,498,710 
     
Restaurants - 2.7%
 
 
  1,000,000 
 
Burger King Corp., Term B Loan, 4.5%, 12/10/21   
$ 1,005,694 
 
  2,335,029 
 
Landry's, Inc., (fka Landry's Restaurants, Inc.), Term Loan B, 4.0%, 4/24/18   
  2,341,450 
 
  1,774,813 
 
NPC International, Inc., 2013 Term Loan, 4.0%, 12/28/18   
  1,759,283 
 
  1,995,000 
 
Red Lobster Management LLC, First Lien Initial Term Loan, 6.25%, 7/28/21   
  1,999,365 
 
  1,497,730 
 
Wendy's International, Inc., Term B Loan, 3.25%, 5/15/19   
  1,496,560 
       
$ 8,602,352 
     
Specialized Consumer Services - 1.8%
 
 
  2,500,000 
 
Creative Artists Agency LLC, Initial Term Loan, 5.5%, 12/17/21   
$ 2,521,875 
 
  1,492,500 
 
Genex Holdings, Inc., First Lien Term B Loan, 5.25%, 5/28/21   
  1,499,963 
 
  707,883 
 
Learning Care Group (US) No. 2, Inc., Term Loan, 5.5%, 5/5/21   
  712,307 
 
  1,965,000 
 
Weight Watchers International, Inc., Initial Tranche B-2 Term Loan, 4.0%, 4/2/20   
  1,043,906 
       
$ 5,778,051 
     
Total Consumer Services 
$ 34,637,150 
         
     
DIVERSIFIED FINANCIALS - 3.6%
 
     
Consumer Finance - 0.4%
 
 
  1,389,500 
 
Trans Union LLC, First Lien Term Loan B, 4.0%, 4/9/21   
$ 1,386,895 
     
Investment Banking & Brokerage - 0.7%
 
 
  1,204,179 
 
Duff & Phelps Corp., Initial Term Loan, 4.5%, 4/23/20   
$ 1,198,661 
 
  740,625 
 
Guggenheim Partners Investment Management Holdings LLC, Initial Term Loan, 4.25%, 7/22/20   
  742,476 
 
  105,308 
 
LPL Holdings, Inc., 2013 Incremental Tranche B Term Loan, 3.25%, 3/29/19  
  104,929 
       
$ 2,046,066 
     
Other Diversified Financial Services - 2.3%
 
 
  1,411,049 
 
AWAS Finance Luxembourg 2012 SA, Term Loan, 3.5%, 7/16/18   
$ 1,413,678 
 
  325,000 
 
Delos Finance, S.à r.l., Term Loan, 3.5%, 3/6/21   
  325,711 
 
  845,974 
 
Fly Funding II S.a.r.l., Term Loan, 4.5%, 8/9/19   
  847,031 
 
  1,471,698 
 
Harland Clarke Holdings Corp. (fka Clarke American Corp.),  Tranche B-4 Term Loan, 6.0%, 8/4/19   
  1,475,148 
 
  2,019,250 
 
Livingston International, Inc., First Lien Initial Term B-1 Loan, 5.0%, 4/18/19   
  1,966,244 
 
  348,246 
 
Nord Anglia Education Finance LLC, Initial Term Loan, 4.5%, 3/31/21   
  347,375 
 
  787,459 
 
Ship Luxco 3 S.a.r.l. (RBS Worldpay), Facility B2A, 5.25%, 11/29/19
  789,756 
       
$ 7,164,943 
     
Spcialized Finance - 0.2%
 
 
  750,000 
 
DBRS Ltd., Term Loan, 5.25%, 2/25/22   
$ 750,469 
     
Total Diversified Financials 
$ 11,348,373 
         
     
ENERGY - 4.3%
 
     
Coal & Consumable Fuels - 0.2%
 
 
  222,015 
 
Foresight Energy LLC, Term Loan, 5.5%, 8/21/20   
$ 213,134 
 
  783,333 
 
PT Bumi Resources Tbk, Term Loan, 18.0%, 11/7/15   
  266,333 
       
$ 479,467 
     
Integrated Oil & Gas - 0.6%
 
 
  1,450,000 
 
Chief Exploration & Development LLC, Second Lien Term Loan, 7.5%, 5/16/21   
$ 1,331,282 
 
  336,186 
 
Glenn Pool Oil & Gas Trust 1, Term Loan, 4.5%, 5/2/16   
  334,505 
       
$ 1,665,787 
     
Oil & Gas Drilling - 0.9%
 
 
  2,500,000 
 
Jonah Energy LLC, Second Lien Initial Loan, 7.5%, 5/12/21   
$ 2,225,000 
 
  317,568 
 
Offshore Group Investment, Ltd., (Vantage Delaware Holdings LLC), Second Lien Term Loan, 5.75%, 3/28/19   
  196,892 
 
  412,902 
 
Pacific Drilling SA, Term Loan, 4.5%, 6/3/18   
  329,909 
       
$ 2,751,801 
     
Oil & Gas Equipment - 0.2%
 
 
  920,700 
 
FR Dixie Acquisition Corp., Term Loan, 5.75%, 12/18/20   
$ 768,785 
     
Oil & Gas Equipment & Services - 0.4%
 
 
  1,500,000 
 
Templar Energy LLC, Second Lien New Term Loan, 8.5%, 11/25/20
$ 1,155,000 
     
Oil & Gas Exploration & Production - 0.8%
 
 
  1,516,667 
 
EP Energy LLC, Tranche B-3 Term Loan, 3.5%, 5/24/18   
$ 1,468,323 
 
Principal
Amount
USD ($)
   
Value
     
Oil & Gas Exploration & Production(continued)
 
 
  164,204 
 
Fieldwood Energy LLC, Closing Date Second Lien Term Loan, 8.375%, 9/30/20   
  $  126,694 
 
  890,116 
 
Fieldwood Energy LLC, Closing Date Term Loan, 3.875%, 9/28/18
  853,955 
 
  284,932 
 
Samson Investment Co., Tranche 1 Second Lien Term Loan, 5.0%, 9/25/18   
  181,822 
       
$ 2,630,794 
     
Oil & Gas Refining & Marketing - 1.0%
 
 
  1,567,683 
 
Green Plains Processing LLC, Loan, 6.5%, 6/30/20   
$ 1,501,057 
 
  1,278,129 
 
Pilot Travel Centers LLC, Initial Tranche B Term Loan, 4.25%, 10/1/21   
  1,287,449 
 
  397,990 
 
Western Refining, Inc., Term Loan 2013, 4.25%, 11/12/20   
  396,000 
       
$ 3,184,506 
     
Oil & Gas Storage & Transportation - 0.2%
 
 
  696,500 
 
Southcross Energy Partners LP, Initial Term Loan, 5.25%, 8/4/21   
$ 678,652 
     
Total Energy 
$ 13,314,792 
         
     
FOOD & STAPLES RETAILING - 2.1%
 
     
Drug Retail - 0.5%
 
 
  1,736,275 
 
Hearthside Group Holdings LLC, Term Loan, 4.5%, 6/2/21   
$ 1,736,275 
     
Food Distributors - 0.8%
 
 
  2,462,523 
 
Mill US Acquisition First Lien Term Loan, 5.0%, 7/3/20   
$ 2,444,054 
     
Food Retail - 0.8%
 
 
  1,989,987 
 
Albertson's LLC, Term B-2 Loan, 5.375%, 3/21/19   
$ 2,000,648 
 
  500,000 
 
Packers Holdings LLC, Term Loan, 5.0%, 12/2/21   
  502,187 
       
$ 2,502,835 
     
Total Food & Staples Retailing 
$ 6,683,164 
         
     
FOOD, BEVERAGE & TOBACCO - 3.7%
 
     
Packaged Foods & Meats - 3.7%
 
 
  444,225 
 
AdvancePierre Foods, Inc., First Lien Term Loan, 5.75%, 7/10/17   
$ 445,475 
 
  997,494 
 
Boulder Brands, Inc. (fka Smart Balance, Inc.), Term Loan, 4.5%, 7/9/20   
  1,001,240 
 
  1,418,669 
 
Del Monte Corp., Initial Term Loan, 3.5%, 3/9/20   
  1,418,315 
 
  1,000,000 
 
Del Monte Foods, Inc., Second Lien Initial Loan, 8.25%, 8/18/21   
  912,500 
 
  1,163,885 
 
H.J. Heinz Co., Term B-2 Loan, 3.5%, 6/5/20   
  1,167,522 
 
  1,985,000 
 
New Hostess Brands Acquisition LLC, Term B Loan, 6.75%, 4/9/20
  2,027,181 
 
  1,945,801 
 
Pinnacle Foods Finance LLC, New Term Loan G, 3.0%, 4/29/20   
  1,941,423 
 
  1,243,750 
 
Post Holdings, Inc., Series A Incremental Term Loan, 3.75%, 6/2/21
  1,246,238 
 
  1,496,250 
 
Shearer's Foods LLC, First Lien Term Loan, 4.5%, 6/30/21   
  1,492,509 
     
Total Food, Beverage & Tobacco 
$ 11,652,403 
         
         
     
HEALTH CARE EQUIPMENT & SERVICES - 11.6%
 
     
Health Care Equipment - 0.7%
 
 
  1,759,000 
 
Accellent, Inc. (Medical Device/UTI), Second Lien Term Loan, 7.5%, 3/11/22   
$ 1,671,050 
 
  700,000 
 
Accellent, Inc. (Medical Device/UTI), Initial First Lien Term Loan, 4.5%, 3/12/21   
  692,344 
       
$ 2,363,394 
     
Health Care Equipment & Services - 0.3%
 
 
  873,444 
 
Kinetic Concepts, Inc., Dollar E-1 Term Loan, 4.0%, 5/4/18   
$ 873,580 
     
Health Care Facilities - 2.5%
 
 
  696,500 
 
AmSurg Corp., Initial Term Loan, 3.75%, 7/16/21   
$ 698,840 
 
  1,000,000 
 
Capella Healthcare, Inc., Initial Term Loan, 5.25%, 12/31/21   
  1,005,000 
 
  804,029 
 
CHS/Community Health Systems, Inc., 2021 Term D Loan, 4.25%, 1/27/21   
  807,211 
 
  301,667 
 
CHS/Community Health Systems, Inc., Extended Term Loan, 3.422%, 1/25/17   
  302,068 
 
  1,588,703 
 
Iasis Healthcare LLC, Term B-2 Loan, 4.5%, 5/3/18   
  1,593,915 
 
  1,082,816 
 
Kindred Healthcare, Inc., New Term Loan, 4.25%, 4/9/21   
  1,082,365 
 
  1,562,023 
 
Regionalcare Hospital Partners, Inc., First Lien Term Loan, 6.0%, 4/23/19   
  1,568,856 
 
  439,005 
 
Select Medical Corp., Series Tranche B Term Loan, 3.75%, 6/1/18
  439,554 
 
  491,250 
 
United Surgical Partners International, Inc., New Tranche B Term Loan, 4.75%, 4/3/19   
  491,170 
       
$ 7,988,979 
     
Health Care Services - 5.2%
 
 
  607,399 
 
AccentCare, Inc., Term Loan, 6.5%, 12/22/16   
$ 577,029 
 
  541,752 
 
Alliance Healthcare Services, Inc., Initial Term Loan, 4.25%, 6/3/19
  539,890 
 
  724,272 
 
Ardent Medical Services, Inc., First Lien Term Loan, 6.75%, 7/2/18
  727,101 
 
  375,000 
 
Bioscrip, Inc., Delayed Term Loan, 6.5%, 7/31/20   
  375,469 
 
  625,000 
 
Bioscrip, Inc., Initial Term B Loan, 6.5%, 7/31/20   
  625,781 
 
Principal
Amount
USD ($)
   
Value
     
Health Care Services(continued)
 
 
  865,683 
 
BSN Medical Luxembourg Holding, S.a.r.l. (P & F Capital), Facility Term Loan B-1A, 4.0%, 8/28/19   
  $  863,880 
 
  1,062,741(e)
 
CCS Medical, Inc., Second Lien Term Loan, 12.5%, (7.0% PIK 5.25% cash), 3/31/16   
  185,980 
 
  884,539 
 
DaVita HealthCare Partners, Inc., Term  Loan B2, 3.5%, 6/24/21   
  887,777 
 
  1,176,120 
 
Emergency Medical Services Corp., Initial Term Loan, 4.0%, 5/25/18   
   1,176,488 
 
  1,262,956 
 
National Mentor Holdings, Inc., Tranche B Term Loan, 4.25%, 1/31/21
  1,255,221 
 
  395,015 
 
National Surgical Hospitals, Inc., Term Loan, 5.25%, 8/1/19   
  393,040 
 
  698,250 
 
NVA Holdings, Inc., First Lien Term Loan, 4.75%, 8/14/21   
  699,123 
 
  1,854,640(e) 
 
Rural/Metro Operating Co., LLC, First Lien Term Loan, 9.0%, (1.0% PIK 8.0% cash), 6/30/18   
  1,757,271 
 
  997,500 
 
Sterigenics Holding Corp., Initial Term Loan, 4.5%, 8/6/21   
  996,669 
 
  1,231,250 
 
Steward Health Care System LLC, Term Loan, 6.75%, 4/10/20   
  1,225,463 
 
  1,000,000 
 
Surgery Center Holdings, Inc., Initial Term Loan, 5.25%, 11/3/20   
  993,750 
 
  1,430,514 
 
U.S. Renal Care, Inc., Tranche First Lien B-2 Term Loan, 4.25%, 7/3/19   
  1,430,514 
 
  606,912 
 
Valitas Health Services, Inc., Term Loan B, 6.0%, 6/2/17   
  591,739 
 
  1,629,720(c)
 
Virtual Radiologic Corp., Term Loan A, 7.25%, 12/22/16   
  1,267,107 
       
$ 16,569,292 
     
Health Care Supplies - 0.7%
 
 
  554,101 
 
Alere, Inc., Term Loan B, 4.25%, 6/30/17   
$ 555,919 
 
  547,059 
 
Biomet, Inc., Dollar Term B Loan, 3.172%, 3/25/15   
  547,231 
 
  500,000 
 
Halyard Health, Inc., Term Loan, 4.0%, 11/1/21   
  504,452 
 
  629,570 
 
Immucor, Inc. (fka IVD Acquisition Corp.), Term B-2 Loan, 5.0%, 8/19/18   
  629,570 
       
$ 2,237,172 
     
Health Care Technology - 1.9%
 
 
  1,188,536 
 
ConvaTec, Inc., Dollar Term Loan, 4.0%, 12/22/16   
$ 1,194,479 
 
  2,066,431 
 
Emdeon, Inc., Term B-2 Loan, 3.75%, 11/2/18   
  2,066,861 
 
  199,500 
 
Emdeon, Inc., Term B-3 Loan, 3.75%, 11/2/18   
  199,126 
 
  462,417 
 
MedAssets, Inc., Term B Loan, 4.0%, 12/13/19   
  460,821 
 
  982,846 
 
Medical Card System, Inc., Term Loan, 11.33%, 3/17/17   
  943,533 
 
  1,105,397 
 
Truven Health Analytics, Inc., Tranche B Term Loan, 4.5%, 6/6/19   
  1,089,507 
       
$ 5,954,327 
     
Managed Health Care - 0.3%
 
 
  475,563 
 
MMM Holdings, Inc., MMM Term Loan, 9.75%, 12/12/17   
$ 476,157 
 
  345,740 
 
MSO of Puerto Rico, Inc., Term Loan, 9.75%, 12/12/17   
  342,283 
       
$ 818,440 
     
Total Health Care Equipment & Services 
$ 36,805,184 
         
     
HOUSEHOLD & PERSONAL PRODUCTS - 3.7%
 
     
Household Products - 2.4%
 
 
  2,000,000 
 
Dollar Tree, Inc., Term Loan B, 5.5%, 1/26/22   
$ 2,016,964 
 
  215,086 
 
Polarpak, Inc., Term Loan, 4.5%, 6/7/20   
  214,011 
 
  1,476,806 
 
Spectrum Brands, Inc., Tranche C Term Loan, 3.5%, 9/4/19   
  1,477,914 
 
  1,475,961 
 
SRAM LLC, First Lien Term Loan, 4.02%, 4/10/20   
  1,475,961 
 
  412,530 
 
Waddington North America, Inc., Term Loan 2013, 4.5%, 6/7/20   
  410,467 
 
  1,862,520 
 
Wash MultiFamily Laundry Systems LLC, U.S. Term Loan, 4.5%, 2/21/19
  1,841,566 
       
$ 7,436,883 
     
Personal Products - 1.3%
 
 
  2,094,571 
 
NBTY, Inc., B-2 Term Loan, 3.5%, 10/1/17   
$ 2,068,389 
 
  739,530 
 
Party City Holdings, Inc., 2014 Replacement Term Loan, 4.0%, 7/27/19   
  735,832 
 
  905,507 
 
Prestige Brands, Inc., Term B-1 Loan, 4.125%, 1/31/19   
  906,639 
 
  442,014 
 
Prestige Brands, Inc., Term B-2 Loan, 4.5%, 9/3/21   
  443,230 
       
$ 4,154,090 
     
Total Household & Personal Products 
$ 11,590,973 
         
     
INSURANCE - 2.7%
 
     
Insurance Brokers - 0.3%
 
 
  997,500 
 
National Financial Partners Corp., 2014 Specified Refinancing Term Loan, 4.5%, 7/1/20   
$ 991,016 
     
Life & Health Insurance - 0.3%
 
 
  919,698 
 
CNO Financial Group, Inc., Tranche B-2 Term Loan, 3.75%, 9/28/18
$ 916,526 
     
Multi-Line Insurance - 0.7%
 
 
  1,219,586 
 
Alliant Holdings I LLC, Initial Term Loan, 5.0%, 12/20/19   
$ 1,219,586 
 
  990,000 
 
Hyperion Finance S.a.r.l., Term Loan, 5.75%, 10/17/19   
  986,906 
       
$ 2,206,492 
 
Principal
Amount
USD ($)
   
Value
     
Property & Casualty Insurance - 1.4%
 
 
  2,424,181 
 
Confie Seguros Holding II Co., First Lien Term Loan B, 5.75%, 11/9/18   
$ 2,421,655 
 
  1,935,685 
 
USI, Inc., 2013 Initial Term Loan, 4.25%, 12/27/19   
  1,922,377 
       
$ 4,344,032 
     
Total Insurance 
$ 8,458,066 
     
MATERIALS - 16.3%
 
     
Aluminum - 1.7%
 
 
  1,346,913 
 
Noranda Aluminum Acquisition Corp., Term Loan B, 5.75%, 2/28/19
$ 1,273,954 
 
  2,160,083 
 
Novelis, Inc., Initial Term Loan, 3.75%, 3/10/17   
  2,161,209 
 
  1,881,000 
 
Turbocombustor Technology, Inc., Initial Term Loan, 5.5%, 12/2/20
  1,883,351 
       
$ 5,318,514 
     
Commodity Chemicals - 2.0%
 
 
  635,000 
 
Axiall Holdco, Inc., Term Loan B, 3.25%, 2/25/22   
$ 638,175 
 
  1,868,493 
 
AZ Chem US, Inc., First Lien Initial Term Loan, 4.5%, 6/11/21   
  1,870,829 
 
  1,000,000 
 
Citadel Plastics Holdings, Inc., Second Lien Term Loan, 9.0%, 11/5/21   
  995,000 
 
  214,000 
 
Citadel Plastics Holdings, Inc., Term Loan B, 5.25%, 11/5/20   
  215,070 
 
  1,650,000 
 
Eco Services Operations LLC, First Lien Term Loan, 4.75%, 12/1/21
  1,656,187 
 
  811,682 
 
Tronox Pigments (Netherlands) B.V., Closing Date Term Loan, 4.0%, 3/19/20   
  812,291 
       
$ 6,187,552 
     
Construction Materials - 0.2%
 
 
  598,500 
 
Penn Engineering & Manufacturing Corp., Tranche B Term Loan, 4.5%, 8/30/21   
$ 598,002 
     
Diversified Chemicals - 1.9%
 
 
  1,779,242 
 
Axalta Coating Systems Dutch Holding B B.V. & Axalta Coating Systems U.S. Holdings, Inc., Refinanced Term B Loan, 3.75%, 2/1/20   
$ 1,769,728 
 
  1,828,750 
 
Nexeo Solutions LLC, Initial Term Loan, 5.0%, 9/8/17   
  1,792,175 
 
  698,250 
 
Orion Engineered Carbons GmbH (OEC Finance US LLC), Initial Dollar Term Loan, 5.0%, 7/25/21   
  702,323 
 
  270,431 
 
Oxea Finance & Cy S.C.A. (Oxea Finance LLC), First Lien Tranche B-2 Term Loan, 4.25%, 1/15/20   
  262,994 
 
  309,735 
 
Royal Adhesives and Sealants LLC, First Lien Term B Loan, 5.5%, 7/31/18   
  311,283 
 
  1,325,700 
 
Univar, Inc., Term Loan B, 5.0%, 6/30/17   
  1,319,072 
       
$ 6,157,575 
     
Diversified Metals & Mining - 2.1%
 
 
  2,175,000 
 
Chemstralia Pty Ltd (Chemstralia Finco LLC), Initial Term Loan, 6.25%, 2/28/22   
$ 2,131,500 
 
  2,934,100 
 
FMG Resources (August 2006) Pty, Ltd. (FMG America Finance, Inc.), Term Loan, 3.75%, 6/30/19   
  2,725,045 
 
  992,500 
 
Hi-Crush Partners LP Advance, 4.75%, 4/28/21   
  947,838 
 
  1,013,565 
 
U.S. Silica Co., Term Loan, 4.0%, 7/23/20   
  957,819 
       
$ 6,762,202 
     
Metal & Glass Containers - 1.2%
 
 
  1,159,175 
 
BWay Intermediate Co., Inc., Initial Term Loan, 5.5%, 8/14/20   
$ 1,165,151 
 
  1,400,000 
 
Crown Americas LLC, Term Loan B Facility, 4.0%, 10/22/21   
  1,415,641 
 
  1,358,620 
 
Tank Holding Corp., Initial Term Loan, 4.25%, 7/9/19   
  1,342,769 
       
$ 3,923,561 
     
Paper Packaging - 1.1%
 
 
  1,350,000 
 
Caraustar Industries, Inc., Incremental Term Loan, 8.0%, 5/1/19   
$ 1,323,000 
 
  163,286 
 
Caraustar Industries, Inc., Term Loan, 8.0%, 5/1/19   
  160,021 
 
  1,225,000 
 
Onex Wizard Acquisition Co. I S.a r.l. (aka SIG Combibloc Group), Term Loan, 5.25%, 2/3/22   
  1,235,829 
 
  824,918 
 
Pro Mach Group, Inc., First Lien Dollar Term Loan, 5.5%, 10/22/21
  830,074 
       
$ 3,548,924 
     
Paper Products - 2.6%
 
 
  3,447,500 
 
Appvion, Inc., Term Commitment, 5.75%, 6/28/19   
$ 3,382,859 
 
  598,950 
 
Exopack Holdings SA, USD Term Loan, 5.25%, 5/8/19   
  602,319 
 
  214,463 
 
Ranpak Corp., First Lien USD Term Loan, 4.75%, 10/1/21   
  215,133 
 
  500,000 
 
Ranpak Corp., Second Lien Initial Term Loan, 8.25%, 10/3/22   
  499,375 
 
  3,482,500 
 
Wausau Paper Corp., Term Loan, 6.5%, 7/30/20   
  3,491,206 
       
$ 8,190,892 
     
Specialty Chemicals - 2.0%
 
 
  716,448 
 
Chemtura Corp., New Term Loan, 3.5%, 8/29/16   
$ 717,194 
 
  1,795,500 
 
Ferro Corp., Term Loan, 4.0%, 7/30/21   
  1,783,156 
 
  151,603 
 
Huntsman International LLC, Extended Term B Loan, 2.712%, 4/19/17   
  151,555 

 
Principal
Amount
USD ($)
   
Value
     
Specialty Chemicals (continued)
 
 
  600,000 
 
Macdermid, Inc., Tranche B-2 Term Loan, 4.75%, 6/7/20   
$  604,800 
 
  997,468 
 
Macdermid, Inc., First Lien Tranche B Term Loan, 4.5%, 6/7/20   
  1,002,830 
 
  1,960,000 
 
PQ Corp., 2014 Term Loan, 4.0%, 8/7/17   
  1,956,190 
       
$ 6,215,725 
     
Steel - 1.5%
 
 
  2,015,685 
 
Atkore International, Inc., First Lien Initial Term Loan, 4.5%, 4/9/21
$ 1,955,215 
 
  1,371,563 
 
Essar Steel Algoma, Inc., Initial Term Loan, 7.5%, 8/16/19   
  1,334,987 
 
  873,815 
 
JMC Steel Group, Inc., Term Loan, 4.75%, 4/1/17   
  869,082 
 
  671,055 
 
TMS International Corp., Term B Loan, 4.5%, 10/16/20   
  637,502 
       
$ 4,796,786 
     
Total Materials 
$ 51,699,733 
         
     
MEDIA - 14.4%
 
     
Advertising - 2.2%
 
 
  1,241,827 
 
Advantage Sales & Marketing, Inc., First Lien Initial Term Loan, 4.25%, 7/23/21   
$ 1,237,280 
 
  3,088,784 
 
Affinion Group, Inc., Tranche B Term Loan, 6.75%, 4/30/18   
  2,951,720 
 
  2,009,000 
 
Crossmark Holdings, Inc., First Lien Term Loan, 4.5%, 12/20/19   
  1,970,494 
 
  1,147,202 
 
Getty Images, Inc., New Initial Term Loan, 4.75%, 10/18/19   
  997,755 
       
$ 7,157,249 
     
Broadcasting - 4.0%
 
 
  414,700 
 
CBS Outdoor Americas Capital LLC (CBS Outdoor Americas Capital Corp.), Term Loan, 3.0%, 1/31/21   
$ 412,691 
 
  636,800 
 
Checkout Holding Corp., First Lien Term B Loan, 4.5%, 4/9/21   
  612,124 
 
  1,000,000 
 
Checkout Holding Corp., Second Lien Initial Loan, 7.75%, 4/11/22
  907,500 
 
  301,715 
 
Entercom Radio LLC, Term B-2 Loan, 4.0%, 11/23/18   
  302,092 
 
  532,752 
 
Gray Television, Inc., Initial Term Loan, 3.75%, 6/13/21   
  532,197 
 
  924,496 
 
Hubbard Radio LLC, First Lien Term Loan, 4.5%, 4/29/19   
  927,963 
 
  1,891,200 
 
MCC Iowa LLC, Tranche H Term Loan, 3.25%, 1/29/21   
  1,882,926 
 
  2,119,759 
 
NEP/NCP Holdco, Inc., Incremental First Lien Term Loan, 4.25%, 1/22/20   
  2,042,917 
 
  867,667 
 
Salem Communications Corp., Term Loan, 4.5%, 3/13/20   
  863,871 
 
  1,000,000 
 
Sinclair Television Group, Inc., Incremental Tranche B-1 Term Loan, 3.5%, 7/30/21   
  996,500 
 
  1,023,391 
 
Sinclair Television Group, Inc., Tranche B Term Loan, 3.0%, 4/9/20
  1,010,385 
 
  2,167,841 
 
Univision Communications, Inc., First-Lien Term Loan, 4.0%, 3/1/20
  2,165,301 
       
$ 12,656,467 
     
Cable & Satellite - 5.4%
 
 
  2,565,838 
 
Cequel Communications LLC, Term Loan, 3.5%, 2/14/19   
$ 2,569,849 
 
  2,014,325 
 
Charter Communications Operating LLC, Term F Loan, 3.0%, 1/3/21
  2,007,051 
 
  2,693,250 
 
Endemol, Term Loan, 6.75%, 8/13/21   
  2,679,784 
 
  248,750 
 
Learfield Communications, Inc., First Lien 2014 Replacement Term Loan, 4.5%, 10/9/20   
  249,061 
 
  685,000 
 
Learfield Communications, Inc., Initial Second Lien Term Loan, 8.75%, 10/8/21   
  685,428 
 
  1,710,625 
 
MCC Iowa LLC, Tranche G Term Loan, 4.0%, 1/20/20   
  1,709,556 
 
  3,415,377 
 
Telesat Canada, U.S. Term B-2 Loan, 3.5%, 3/28/19   
  3,416,060 
 
  1,660,000 
 
Virgin Media Investment Holdings, Ltd., New Term Loan B, 3.5%, 6/7/20   
  1,658,574 
 
  2,208,110 
 
WideOpenWest Finance LLC, Term Loan B, 4.75%, 4/1/19   
  2,213,079 
       
$ 17,188,442 
     
Movies & Entertainment - 1.8%
 
 
  1,166,815 
 
AMC Entertainment, Inc., Initial Term Loan, 3.5%, 4/30/20   
$ 1,166,815 
 
  535,239 
 
Cinedigm Digital Funding I LLC, Term Loan, 3.75%, 2/28/18   
  535,908 
 
  882,353 
 
Kasima LLC, Term Loan, 3.25%, 5/17/21   
  875,184 
 
  1,083,500 
 
Seminole Hard Rock Entertainment, Inc., Term Loan B, 3.5%, 5/14/20   
  1,072,665 
 
  2,036,719 
 
WMG Acquisitions Corp., Tranche B Refinancing Term Loan, 3.75%, 7/1/20   
  2,001,585 
       
$ 5,652,157 
     
Publishing - 1.0%
 
 
  1,393,634 
 
Cengage Learning Acquisitions, Inc. (fka TL Acquisitions, Inc.), Term Loan, 7.0%, 3/31/20   
$ 1,395,028 
 
  534,599 
 
Interactive Data Corp., Term Loan, 4.75%, 5/2/21   
  536,937 

 
Principal
Amount
USD ($)
   
Value
     
Publishing (continued)
 
 
  315,020 
 
Lee Enterprises, Inc., First Lien Term Loan, 7.25%, 3/31/19   
$  316,595 
 
  806,678 
 
MTL Publishing LLC, Term Loan B, 3.75%, 6/29/18   
  805,771 
       
$ 3,054,331 
     
Total Media 
$ 45,708,646 
         
     
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.6%
 
     
Biotechnology - 0.3%
 
 
  921,361 
 
Alkermes, Inc., 2019 Term Loan, 3.5%, 9/25/19   
$ 917,522 
     
Pharmaceuticals - 2.3%
 
 
  3,641,366(e)
 
Graceway Pharmaceuticals LLC, Mezzanine Term Loan, 14.0%, (14.0% PIK 0.00% cash), 11/3/13   
$  10,243 
 
  1,228,725 
 
Harvard Drug Group LLC Term Loan, 5.0%, 8/16/20   
  1,223,605 
 
  1,460,610 
 
Par Pharmaceutical, Inc., Term B-2 Loan, 4.0%, 9/30/19   
  1,456,046 
 
  1,069,625 
 
Patheon, Inc., Term Loan, 4.25%, 3/11/21   
  1,062,271 
 
  974,864 
 
Pharmedium Healthcare Corp., First Lien Initial Term Loan, 4.25%, 1/28/21   
  965,116 
 
  950,000 
 
Salix Pharmaceuticals, Ltd., Term Loan, 4.25%, 1/2/20   
  950,683 
 
  852,793 
 
Valeant Pharmaceuticals International, Inc., Series C-2 Tranche B Term Loan, 3.5%, 12/11/19   
  852,261 
 
  639,595 
 
Valeant Pharmaceuticals International, Inc., Series D-2 Term Loan B, 3.5%, 2/13/19   
  639,195 
       
$ 7,159,420 
     
Total Pharmaceuticals, Biotechnology & Life Sciences 
$ 8,076,942 
         
     
REAL ESTATE - 1.5%
 
     
Real Estate Services - 0.9%
 
 
  2,015,830 
 
Altisource Solutions, S.a.r.l, Term Loan B, 4.5%, 12/9/20   
$ 1,612,664 
 
  1,422,354 
 
GCA Services Group, Inc., First Lien Term Loan, 4.29%, 11/1/19   
  1,415,243 
       
$ 3,027,907 
     
Retail REITs - 0.6%
 
 
  776,161 
 
DTZ U.S. Borrower LLC, Delayed Draw Term Loan, 5.5%, 11/4/21   
$ 780,526 
 
  1,000,000 
 
DTZ U.S. Borrower LLC, Second Lien Initial Term Loan, 9.25%, 11/4/22   
  1,001,875 
       
$ 1,782,401 
     
Total Real Estate 
$ 4,810,308 
         
     
RETAILING - 2.5%
 
     
Apparel Retail - 0.4%
 
 
  1,243,750 
 
Men's Wearhouse, Inc., Term Loan B, 4.5%, 6/18/21   
$ 1,253,451 
     
Automotive Retail - 0.8%
 
 
  1,571,178 
 
Camping World Group LLC, Term Loan, 5.75%, 2/20/20   
$ 1,578,053 
 
  980,000 
 
Hertz Corp., Tranche B-1 Term Loan, 4.0%, 3/11/18   
  979,694 
       
$ 2,557,747 
     
Computer & Electronics Retail - 0.5%
 
 
  198,500 
 
Rent-A-Center, Inc., 2014 Term Loan, 3.75%, 3/19/21   
$ 194,530 
 
  1,545,315 
 
Targus Group International, Inc., Term Loan, 14.75%, 5/24/16   
  1,259,431 
       
$ 1,453,961 
     
Home Improvement Retail - 0.2%
 
 
  736,875 
 
Apex Tool Group LLC, Term Loan, 4.5%, 1/31/20   
$ 721,830 
     
Specialty Stores - 0.6%
 
 
  2,000,000 
 
PetSmart, Inc., Term Loan B, 5.0%, 2/18/22   
$ 2,015,764 
     
Total Retailing 
$ 8,002,753 
         
     
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.3%
 
     
Semiconductor Equipment - 0.4%
 
 
  791,036 
 
Entegris, Inc., Tranche B Term Loan, 3.5%, 4/30/21   
$ 786,092 
 
  500,000 
 
VAT Lux III S.a.r.l. (fka Polyusus Lux 2 S.a.r.l.), Initial Term Loan, 4.75%, 2/11/21   
  496,460 
       
$ 1,282,552 
     
Semiconductors - 0.9%
 
 
  1,769,278 
 
M/A-COM Technology Solutions Holdings, Inc., Initial Term Loan, 4.5%, 5/7/21   
$ 1,788,077 
 
  929,329 
 
Microsemi Corp., Term Loan, 3.25%, 2/19/20   
  927,198 
       
$ 2,715,275 
     
Total Semiconductors & Semiconductor Equipment 
$ 3,997,827 
         
     
SOFTWARE & SERVICES - 9.1%
 
     
Application Software - 3.7%
 
 
  1,027,651 
 
Applied Systems, Inc., First Lien Term Loan, 4.25%, 1/25/21   
$ 1,025,981 
 
  238,505 
 
DealerTrack Technologies, Inc., Term Loan, 3.25%, 2/28/21   
 237,859 
 
  987,500 
 
Epiq Systems, Inc., Term Loan, 4.5%, 8/27/20   
  985,031 

 
Principal
Amount
USD ($)
   
Value
     
Application Software (continued)
 
 
  1,125,183 
 
Expert Global Solutions, Inc., Advance First Lien Term Loan B, 8.5%, 4/3/18   
$  1,126,941 
 
  1,053,113 
 
Infor (U.S.), Inc., Tranche B-5 Term Loan, 3.75%, 6/3/20   
  1,045,873 
 
  1,522,827 
 
Nuance Communications, Inc., Term Loan C, 2.93%, 8/7/19   
  1,509,883 
 
  1,291,875 
 
Serena Software, Inc., Term Loan, 7.5%, 4/14/20   
  1,293,490 
 
  1,411,935 
 
Verint Systems, Inc., Tranche B Incremental Term Loan, 3.5%, 9/6/19   
  1,411,229 
 
  1,000,000 
 
Vertafore, Inc., Second Lien Term Loan, 9.75%, 10/27/17   
  1,009,063 
 
  1,845,991 
 
Vertafore, Inc., Term Loan, 4.25%, 10/3/19   
  1,846,183 
       
$ 11,491,533 
     
Data Processing & Outsourced Services - 0.6%
 
 
  1,000,000 
 
First Data Corp., 2018 B Second New Term Loan, 3.672%, 9/24/18
$ 999,625 
 
  802,493 
 
First Data Corp., 2018 Dollar Term Loan, 3.672%, 3/23/18   
  802,243 
       
$ 1,801,868 
     
Home Entertainment Software - 0.4%
 
 
  1,435,000 
 
MA Financeco LLC, Initial Tranche B Term Loan, 5.25%, 11/19/21
$ 1,416,464 
     
Internet Software & Services - 0.5%
 
 
  1,245,096 
 
Vocus Valor Companies, Inc., First Lien Initial Term Loan, 6.0%, 5/30/21   
   $ 1,229,533 
 
  496,187 
 
Zayo Group LLC (Zayo Capital, Inc.), Term Loan, 4.0%, 7/2/19   
  496,769 
       
$ 1,726,302 
     
IT Consulting & Other Services - 2.7%
 
 
  1,641,341 
 
Booz Allen Hamilton, Inc., Initial Tranche B Term Loan, 3.75%, 7/31/19   
$ 1,646,812 
 
  1,421,985 
 
Deltek, Inc., First Lien Term Loan, 4.5%, 10/10/18   
  1,422,578 
 
  3,482,500 
 
Evergreen Skills Lux S.a r.l., First Lien Initial Term Loan, 5.75%, 4/28/21   
  3,440,710 
 
  485,637 
 
Kronos, Inc., First Lien Incremental Term Loan, 4.5%, 10/30/19   
  487,003 
 
  1,687,991 
 
SunGuard Data Systems, Inc., Tranche C Term Loan, 3.924%, 2/28/17   
  1,690,438 
       
$ 8,687,541 
     
Systems Software - 1.2%
 
 
  1,250,000 
 
AVG Technologies N.V. (AVG Corporate Services B.V.), Term Loan, 5.75%, 10/15/20   
$ 1,242,969 
 
  1,268,625 
 
MSC.Software Corp., Term Loan, 5.0%, 5/29/20   
  1,272,589 
 
  1,264,113 
 
Rovi Solutions Corp., Term B Loan, 3.75%, 7/2/21   
  1,254,632 
       
$ 3,770,190 
     
Total Software & Services 
$ 28,893,898 
         
     
TECHNOLOGY HARDWARE & EQUIPMENT - 2.4%
 
     
Communications Equipment - 0.2%
 
 
  689,788 
 
Audio Visual Services Group, Inc., First Lien Term Loan, 4.5%, 1/25/21   
$ 690,650 
     
Electronic Components - 1.3%
 
 
  1,205,200 
 
Generac Power Systems, Inc., Term Loan, 3.25%, 5/31/20   
$ 1,198,170 
 
  1,225,000 
 
Mirion Technologies (GDS), Inc. (fka Global Dosimetry Solutions, Inc.), Term Loan, 5.75%, 1/26/22   
  1,226,537 
 
  1,578,455 
 
Scitor Corp., Term Loan, 5.0%, 2/15/17   
  1,570,563 
       
$ 3,995,270 
     
Electronic Equipment & Instruments - 0.3%
 
 
  972,256 
 
Sensus USA, Inc., Term Loan, 4.5%, 5/9/17   
$ 974,687 
     
Electronic Manufacturing Services - 0.6%
 
 
  1,935,150 
 
4L Technologies, Inc. (fka Clover Holdings, Inc.), Term Loan, 5.5%, 5/8/20   
$ 1,887,981 
     
Total Technology Hardware & Equipment 
$ 7,548,588 
         
     
TELECOMMUNICATION SERVICES - 3.3%
 
     
Integrated Telecommunication Services - 2.1%
 
 
  1,250,000 
 
GCI Holdings, Inc., Term B Loan, 4.75%, 2/2/22   
$ 1,254,163 
 
  1,000,000 
 
Level 3 Financing, Inc., Tranche B 2022 Term Loan, 4.5%, 1/31/22
  1,006,042 
 
  1,852,802 
 
Securus Technologies Holdings, Inc., Initial First Lien Term Loan, 4.75%, 4/30/20   
  1,834,274 
 
  1,406,212 
 
West Corp., Term B-10 Loan, 3.25%, 6/30/18   
  1,404,673 
 
  1,225,000 
 
Windstream Corp., Tranche B-4 Term Loan, 3.5%, 1/23/20   
  1,222,594 
       
$ 6,721,746 

 
Principal
Amount
USD ($)
   
Value
         
     
Wireless Telecommunication Services - 1.2%
 
 
  300,000 
 
Altice Financing SA, Dollar Denominated Tranche Loan, 4.25%, 1/28/22   
$ 302,719 
 
  1,431,188 
 
Crown Castle Operating Co., Extended Incremental Tranche B-2 Term Loan, 3.0%, 1/31/21   
  1,428,683 
 
  1,895,657 
 
Syniverse Holdings, Inc., Initial Term Loan, 4.0%, 4/23/19   
  1,865,643 
       
$ 3,597,045 
     
Total Telecommunication Services 
$ 10,318,791 
         
     
TRANSPORTATION - 6.2%
 
     
Air Freight & Logistics - 1.3%
 
 
  1,482,775 
 
Air Medical Group Holdings, Inc., Term Loan B-1, 5.0%, 6/30/18   
$ 1,487,409 
 
  1,734,777 
 
Dematic Corp., New Incremental Term Loan, 4.25%, 12/28/19   
  1,725,742 
 
  1,049,025 
 
Ozburn-Hessey Holding Co., LLC, Term Loan, 6.75%, 5/23/19   
  1,050,337 
       
$ 4,263,488 
     
Airlines - 3.0%
 
 
  2,955,000 
 
American Airlines, Inc., Class B Term Loan, 3.75%, 6/27/19   
$ 2,955,615 
 
  245,625 
 
Continental Airlines, Inc., (United Air Lines, Inc.), Class B Term Loan, 3.5%, 4/1/19   
  244,796 
 
  1,470,000 
 
Delta Air Lines, Inc., 2014 Term B-1 Loan, 3.25%, 10/18/18   
  1,471,838 
 
  1,302,750 
 
Delta Air Lines, Inc., Term Loan, 3.25%, 4/20/17   
  1,304,476 
 
  1,280,813 
 
U.S. Airways, Inc., Tranche B-1 Term Loan, 3.5%, 5/23/19   
  1,276,810 
 
  2,134,688 
 
U.S. Airways, Inc., Tranche B-2 Term Loan, 3.0%, 11/23/16   
  2,133,020 
       
$ 9,386,555 
     
Leisure Products - 0.1%
 
 
  420,469 
 
Marine Acquisition Corp., Term Loan, 5.25%, 1/30/21   
$ 422,045 
     
Marine - 0.6%
 
 
  982,500 
 
Commercial Barge Line Co., Initial First Lien Term Loan, 7.5%, 9/22/19   
$ 983,728 
 
  1,000,000 
 
Navios Maritime Partners LP, Term Loan, 5.25%, 6/27/18   
  1,001,875 
       
$ 1,985,603 
     
Trucking - 1.2%
 
 
  995,000 
 
Aegis Toxicology Sciences Corp., Initial First Lien Term Loan, 5.5%, 2/24/21   
$ 999,975 
 
  410,000 
 
PODS LLC, Initial First lien Term Loan, 5.25%, 2/2/22   
  413,588 
 
  803,367 
 
Swift Transportation Co., LLC, Tranche B-2 Term Loan, 3.75%, 6/9/21   
  803,744 
 
  792,000 
 
Syncreon Global Finance, Inc., Term Loan, 5.25%, 10/28/20   
  782,100 
 
  643,500 
 
YRC Worldwide, Inc., Initial Term Loan, 8.25%, 2/13/19   
  640,282 
       
$ 3,639,689 
     
Total Transportation 
$ 19,697,380 
         
     
UTILITIES - 4.9%
 
     
Electric Utilities - 2.8%
 
 
  1,179,489 
 
Atlantic Power Limited Partnership, Term Loan, 4.75%, 2/24/21   
$ 1,185,387 
 
  678,770 
 
Bayonne Energy Center LLC, (Bayonne Energy Center Urban Renewal LLC) Term B Advance, 5.0%, 8/19/21   
  678,982 
 
  2,216,250 
 
Calpine Construction Finance Co., LP, Term B-1 Loan, 3.0%, 5/3/20
  2,192,702 
 
  844,687 
 
ExGen Renewables LLC, Term Loan, 5.25%, 2/6/21   
  853,134 
 
  1,000,000 
 
Southeast PowerGen LLC, Term Loan B, 4.5%, 12/2/21   
  1,010,625 
 
  1,110,839 
 
Star West Generation LLC, Term B Advance, 4.25%, 3/13/20   
  1,105,285 
 
  2,000,000 
 
Terra-Gen Finance Co., LLC, Term Loan B, 5.25%, 12/9/21   
  1,985,000 
       
$ 9,011,115 
     
Independent Power Producers & Energy Traders - 1.4%
 
 
  1,660,313 
 
Calpine Corp., Term Loan, 4.0%, 4/1/18   
$ 1,661,558 
 
  488,750 
 
Calpine Corp., Term Loan, 4.0%, 10/9/19   
  489,514 
 
  1,060,769 
 
Dynegy, Inc., Tranche B-2 Term Loan, 4.0%, 4/23/20   
  1,058,412 
 
  1,223,163 
 
NRG Energy, Inc., 2013 Term Loan, 2.75%, 7/1/18   
  1,223,068 
       
$ 4,432,552 
     
Water Utilities - 0.7%
 
 
  1,481,250 
 
Synagro Technologies, Term Loan, 6.25%, 8/22/20   
$ 1,457,179 
 
  858,000 
 
WTG Holdings III Corp., First Lien Term Loan, 4.75%, 1/15/21   
  854,783 
       
$ 2,311,962 
     
Total Utilities 
$ 15,755,629 
         
     
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
 
     
(Cost  $460,573,731)
$ 447,426,873 

 
Principal
Amount
USD ($)
   
Value
         
     
COLLATERALIZED LOAN OBLIGATIONS -  2.4% of Net Assets
 
         
     
BANKS - 2.7%
 
     
Diversified Banks - 0.9%
 
 
  1,000,000(a)(c)
 
Primus, Ltd., Series 2007-2A, Class D, 2.653%, 7/15/21 (144A)   
$ 929,080 
 
  1,000,000(a)(c)
 
Rampart, Ltd., Series 2006-1A, Class D, 3.807%, 4/18/21 (144A)   
  974,109 
 
  951,289(a)(c)
 
Stanfield McLaren, Ltd., Series 2007-1A, Class B2L, 4.761%, 2/27/21 (144A)   
  909,950 
       
$ 2,813,139 
     
Thrifts & Mortgage Finance - 1.8%
 
 
  1,000,000(a)(c)
 
ACA, Ltd., Series 2007-1A, Class D, 2.603%, 6/15/22 (144A)   
$ 947,075 
 
  1,000,000(a)(c)
 
Goldman Sachs Asset Management Plc, Series 2007-1A, Class D, 3.005%, 8/1/22 (144A)   
 986,256 
 
  1,000,000(a)(c)
 
Gulf Stream - Sextant, Ltd., Series 2007-1A, Class D, 2.643%, 6/17/21 (144A)   
  975,588 
 
  1,000,000(a)(c)
 
Landmark CDO, Ltd., Series 2007-9A, Class E, 3.753%, 4/15/21 (144A)   
  942,170 
 
  2,000,000(a)(c)
 
Stone Tower, Ltd., Series 2007-6A, Class C, 1.607%, 4/17/21 (144A)   
  1,915,428 
       
$ 5,766,517 
     
Total Banks 
$ 8,579,656 
         
     
TOTAL COLLATERALIZED LOAN OBLIGATIONS
 
     
(Cost  $7,707,177)
$ 8,579,656 
         
     
CORPORATE BONDS & NOTES -  1.2% of Net Assets
 
         
     
DIVERSIFIED FINANCIALS - 0.2%
 
     
Other Diversified Financial Services - 0.2%
 
 
  500,000(a)
 
Vita Capital V, Ltd., 2.758%, 1/15/17 (144A)   
$ 507,800 
     
Total Diversified Financials 
$ 507,800 
         
     
ENERGY - 0.0%
 
     
Oil & Gas Drilling - 0.0%
 
 
  250,000 
 
Offshore Group Investment, Ltd., 7.5%, 11/1/19     
$ 160,000 
     
Total Energy 
$ 160,000 
         
         
     
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
 
     
Health Care Equipment & Services - 0.3%
 
 
  903,000 
 
Physio-Control International, Inc., 9.875%, 1/15/19 (144A)   
$ 963,953 
     
Total Health Care Equipment & Services 
$ 963,953 
         
     
INSURANCE - 0.7%
 
     
Reinsurance - 0.7%
 
 
  250,000(a)
 
Atlas Reinsurance VII, Ltd., 8.125%, 1/7/16 (144A) (Cat Bond)  
$ 255,225 
 
  250,000(a)
 
East Lane Re V, Ltd., 9.01%, 3/16/16 (144A) (Cat Bond)  
  262,550 
 
  548,100(c)
 
Exeter Segregated Account (Kane Sac Ltd.), Variable Rate Notes, 1/7/16     
  549,470 
 
  266,800(c)
 
Muirfield Segregated Account (Kane Sac Ltd.), Variable Rate Notes, 1/12/16     
  267,200 
 
  250,000(a)
 
Mystic Re, Ltd., 9.01%, 3/12/15 (144A) (Cat Bond)   
  250,300 
 
  250,000(a)
 
Mythen Re, Ltd. Series 2012-2 Class A, 8.557%, 1/5/17 (144A) (Cat Bond)  
  263,950 
 
  275,300(c)
 
Troon Segregated Account (Kane Sac Ltd.), Variable Rate Notes, 1/12/16     
  275,603 
 
  250,000(a)
 
Queen Street VII Re, Ltd., 8.61%, 4/8/16 (144A) (Cat Bond)  
  258,275 
     
Total Insurance 
$ 2,382,573 
     
TOTAL CORPORATE BONDS & NOTES
 
     
(Cost  $3,993,200)
$ 4,014,326 
     
U.S. GOVERNMENT AND AGENCY OBLIGATIONS -  0.9% of Net Assets
 
 
  1,405,000(a)
 
U.S. Treasury Notes, 0.09%, 7/31/16     
$ 1,404,923 
 
  1,405,000(a)
 
U.S. Treasury Notes, 0.065%, 1/31/16     
  1,404,967 
       
$ 2,809,890 
         
     
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
 
     
(Cost  $2,810,697)
$ 2,809,890 
         
     
EXCHANGE-TRADED FUND -  0.3% of Net Assets
 
         
     
DIVERSIFIED FINANCIALS - 0.3%
 
     
Other Diversified Financial Services - 0.3%
 
 
  42,000 
 
PowerShares Senior Loan Portfolio  
$ 1,015,980 
         
     
Total Diversified Financials 
$ 1,015,980 
     
TOTAL EXCHANGE-TRADED FUND
 
     
(Cost  $1,009,260)
$ 1,015,980 
         

 
Shares
   
Value
     
COMMON STOCKS -  0.3% of Net Assets
 
         
     
INDUSTRIALS - 0.0%
 
     
Diversified Support Services - 0.0%
 
 
  31(f)
 
IAP Worldwide Services, Inc.
$ 23,619 
     
Total Industrials 
$ 23,619 
         
         
     
MEDIA - 0.1%
 
     
Publishing - 0.1%
 
 
  14,548(f)
 
Cengage Learning Acquisitions, Inc
$ 322,791 
     
Total Media 
$ 322,791 
         
         
     
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
 
     
Biotechnology - 0.0%
 
 
  2,454(f)
 
Progenics Pharmaceuticals, Inc.
$ 15,976 
         
     
Total Pharmaceuticals, Biotechnology & Life Sciences 
$ 15,976 
         
     
TRANSPORTATION - 0.2%
 
     
Air Freight & Logistics - 0.2%
 
 
  710(c)(f)
 
CEVA Holdings LLC
$ 496,853 
     
Total Transportation 
$ 496,853 
         
     
UTILITIES - 0.0%
 
     
Independent Power Producers & Energy Traders - 0.0%
 
 
  775 
 
NRG Energy, Inc.
$ 18,584 
     
Total Utilities 
$ 18,584 
         
     
TOTAL COMMON STOCKS
 
     
(Cost  $1,298,131)
$ 877,823 
         
 
Principal
Amount
USD ($)
   
Value
         
     
ASSET BACKED SECURITY -  0.0%† of Net Assets
 
         
     
CONSUMER SERVICES - 0.0%
 
     
Hotels, Resorts &  Cruise Lines  - 0.0%
 
 
  68,093 
 
Westgate Resorts LLC, Series 2012-2A, Class C, 9.0%, 1/20/25 (144A)   
$ 69,157 
         
     
Total Consumer Services 
$ 69,157 
         
     
TOTAL ASSET BACKED SECURITY
 
     
(Cost  $68,093)
$ 69,157 
         
     
TEMPORARY CASH INVESTMENTS - 2.4% - of Net Assets
 
         
     
COMMERCIAL PAPER - 2.1%
 
 
  1,180,000 
 
Duke Energy Corp., 0.31%, 3/2/15  
$ 1,179,965 
 
  1,180,000 
 
Mondelez International, Inc., 0.27%, 3/2/15  
  1,179,961 
 
  1,180,000 
 
Barclays Bank PLC, 0.12%, 3/2/15  
  1,179,987 
 
  735,000 
 
Prudential Funding LLC, 0.06%, 3/2/15  
  734,994 
 
  1,180,000 
 
BNP Paribas Finance, 0.06%, 3/2/15  
  1,179,988 
 
  1,125,000 
 
Xcel Energy, Inc., 0.37%, 3/2/15  
  1,124,983 
       
$ 6,579,878 
         
     
REPURCHASE AGREEMENT - 0.3%
 
 
  815,000 
 
Bank of Nova Scotia, 0.08%, repurchase price of $815,000 plus accrued interest on 3/2/15 collateralized by: $824,381 Freddie Mac Giant, 3.0%, 9/1/43 and $6,925 Fannie Mae, 3.5%, 1/1/27 
$ 815,000 
         
     
TOTAL TEMPORARY CASH INVESTMENTS
 
     
(Cost  $7,394,962)
$  7,394,878 
     
TOTAL INVESTMENTS IN SECURITIES - 149.2%
 
     
(Cost - $484,855,251) (g)
  472,188,583 
     
OTHER ASSETS AND LIABILITIES - (49.2)%
$ (155,752,146)
     
NET ASSETS APPLICABLE TO
COMMON SHAREOWNERS -100.0%
$ 316,436,437 
 
 
 
 
Amount rounds to less than 0.1%.
 
(144A)
 
Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At February 28, 2015, the value of these securities amounted to $11,410,866, or 3.6% of total net assets applicable to common shareowners.
 
(Cat Bond)
 
Catastrophe bond is a high yield debt instrument that is usually insurance linked and meant to raise money in case of catastrophe.
 
 

 *
Senior secured floating rate loan interests in which the Trust invests generally pay interest at rates that are periodically redetermined by reference to a base lending plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the 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 February 28, 2015.
(a)
Floating rate note.  The rate shown is the coupon rate at February 28, 2015.
(b)
Security is in default and is non income producing.
(c)
Indicates a security that has been deemed illiquid. As of February 28, 2015 the aggregate cost of illiquid securities in the Trust's portfolio was $15,043,507. As of that date, the aggregate value of illiquid securities in the Trust's portfolio of $11,361,540 represented 3.6% of total net assets applicable to common shareowners.
(d)
The company and agent bank are in the process of negotiating forbearance.
(e)
Payment in Kind (PIK) security which may pay interest in the form of additional principal amount.
(f)
Non-income producing.
 
 
 (g)
At February 28, 2015, the net unrealized depreciation on investments based on cost for federal tax purposes of $484,786,876 was as follows:
   
 
Aggregate gross unrealized appreciation for all investments in which there
   
 
     is an excess of value over tax cost
 
$ 4,247,460 
 
Aggregate gross unrealized depreciation for all investments in which there
   
 
     is an excess of tax cost over value
 
  (16,845,753) 
   
 
Net unrealized depreciation
$ (12,598,293) 
     
For financial reporting purposes net unrealized depreciation on investments was $(12,666,668) and cost of investments aggregated $484,855,251.
 

Principal amounts are denominated in U.S. dollars unless otherwise noted.
 
 
Various inputs are used in determining the value of the Trust's investments. These inputs are summarized in the three broad levels below.
 
     Level 1 - quoted prices in active markets for identical securities.
     Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment
                    speeds, credit risks, etc.).
     Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining fair value of investments).
 
Generally, equity securities are categorized as Level 1, fixed income securities and senior loans are categorized as Level 2, and securities valued using fair value methods (other than prices supplied by independent pricing services or broker dealers) as Level 3.
 
The following is a summary of the inputs used as of February 28, 2015, in valuing the Trust's investments.
 
 
Level 1
Level 2  
Level 3
Total
 
         
Senior Secured Floating Rate Loan Interests
 $                – 
  $447,426,873 
  $                 – 
  $447,426,873 
         
Collateralized Loan Obligations
  – 
  8,579,656 
  – 
  8,579,656 
         
Corporate Bonds & Notes
       
         
Insurance
       
    Reinsurance
  – 
  1,290,300 
  1,092,273 
  2,382,573 
All Other Corporate Bonds & Notes
  – 
  1,631,753 
– 
  1,631,753 
         
U.S. Government and Agency Obligations
  – 
  2,809,890 
  – 
  2,809,890 
         
Exchange-Traded Fund
  1,015,980 
  – 
  – 
  1,015,980 
         
Common Stocks
       
         
Industrials
       
    Diversified Support Services
  – 
  23,619 
  – 
  23,619 
Media
       
    Publishing
  – 
  322,791 
  – 
  322,791 
Transportation
       
    Air Freight & Logistics
  – 
  496,853 
  – 
  496,853 
All Other Common Stocks
  34,560 
– 
– 
  34,560 
         
Asset Backed Security
  – 
  69,157 
  – 
  69,157 
         
Commercial Paper
– 
  6,579,878 
– 
  6,579,878 
         
Repurchase Agreement
– 
  815,000 
– 
  815,000 
Total Investments in Securities
$ 1,050,540 
$ 470,045,770 
$ 1,092,273 
$ 472,188,583 
 



The following is a summary of the fair valuation  of certain of the Trust's assets and liabilities as of February 28, 2015
 
Level 1
Level 2
Level 3
Total
Assets:
       
Foreign currencies, at value
$  –
$           68,657 
  $  – 
 $           68,657 
Liabilities:
  (154,450,000)
  – 
  (154,450,000)
Outstanding borrowings
     –
  (154,450,000)
  – 
  (154,450,000)
Total
$  –
$ (154,381,343)
$ – 
$ (154,381,343)
         

The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
     
Change in
           
 
Balance
Realized
unrealized
   
Accrued
Transfers
Transfers
Balance
 
as of
gain
appreciation
   
discounts/
in to
out of
as of
 
11/30/14
(loss)
(depreciation)
Purchases
Sales
premiums
Level 3*
Level 3*
2/28/15
Corporate Bonds & Notes
Insurance
                 
Reinsurance
$ – 
$ – 
$ 2,073 
$ 1,090,200 
$ – 
$ – 
$ – 
$ – 
$ 1,092,273 
Total
$ – 
$ – 
$ 2,073 
$ 1,090,200 
$ – 
$ – 
$ – 
$ – 
$ 1,092,273 
 
 *    Transfers are calculated on the beginning of period value. For the period ended 2/28/15, there were no transfers between levels.
 
Net change in unrealized appreciation of Level 3 investments at 2/28/15: $2,073.
 
 



ITEM 2. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financial 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 270.30a-3(b))) and Rule 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 their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) Disclose any change in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. There were no significant changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. File as exhibits as part of this Form 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: CERTIFICATIONS I, [identify the certifying individual], certify that: 1. I have reviewed this report on Form N-Q of [identify registrant]; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and 5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. Date: [Signature] [Title] Filed herewith. <PAGE> SIGNATURES [See General Instruction F] Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Pioneer Floating Rate Trust By (Signature and Title)* /s/ Lisa M.Jones ----------------------- Lisa M.Jones, President and Chief Executive Officer Date April 29, 2015 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 and Chief Executive Officer Date April 29, 2015 By (Signature and Title)* /s/ Mark E. Bradley ----------------- Mark E. Bradley, Treasurer and Chief Accounting and Financial Officer Date April 29, 2015 * Print the name and title of each signing officer under his or her signature.