PHD - Pioneer Floating Rate Fund

What this means for you

Almitas specializes in closed-end funds trading below the value of their holdings - not a bank or an index fund holding shares for clients - and has told the regulator it is not seeking changes. One other large investor owns more than 5% of this fund and has said the same; that is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. July 30, 2026

   The fund stopped reporting to the regulator (closed down).

   Original document →

2. Feb 17, 2026

   Almitas filed an updated notice; it still owns 5.7%, as a passive investor.

   Original document →

3. Nov 14, 2025

   Almitas now owns 5.7%, as a passive investor.

   Original document →

4. Oct 15, 2025

   The fund's shares stopped trading on the exchange.

   Original document →

5. Sept 25, 2025

   Absolute Investment Advisers, LLC now owns 11.3%, as a passive investor.

   Original document →

About this fund

• Run by Pioneer. At its last yearly report (Nov 30, 2025) the fund was run by Victory Capital Management Inc. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Size: about $4.88 million of holdings, as of Feb 27, 2026. As of Feb 27, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 4% on top of its own money, as of Feb 27, 2026. Borrowed money makes gains and losses bigger. As of Feb 27, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -17.7%; at +10%, about +11.7%. As of Nov 30, 2024, from the fund's annual report. Original document →
• Costs: 8.7% a year in management fees; 73.4% a year in total, including interest on borrowed money. Fiscal year ended Nov 30, 2025. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year the fund told the regulator that part of what it paid out was not income (it came from gains or from your own money back). Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (Nov 30, 2025): $0.40. As of Nov 30, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 2.5% over the last three months we have (Dec 2025-Feb 2026), before the share price is taken into account. As of Feb 27, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2004.

How this has changed

• Payouts per share: $1.10 in the fiscal year ended Nov 30, 2024; $1.07 in the year ended Nov 30, 2023; $0.75 in the year ended Nov 30, 2022.As of Nov 30, 2024, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Nov 30, 2024, from the fund's annual report. Original document →
• Size of the holdings: about $128 million at Nov 29, 2024; $125 million at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 29, 2024 →, Nov 30, 2023 →.
• Borrowing: about 35% on top of its own money at Nov 29, 2024; 35% at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 29, 2024 →, Nov 30, 2023 →.
• The fund had about 12.4 million shares at Nov 30, 2024, about the same as at Nov 30, 2022.As of Nov 30, 2024, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Nov 30, 2024: the shares returned +22.9%, counting payouts; the holdings +14.6%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Nov 30, 2024, from the fund's annual report. Original document →
• The year ended Nov 30, 2023: the shares returned +12.8%, counting payouts; the holdings +15.1%. As of Nov 30, 2023, from the fund's annual report. Original document →
• The year ended Nov 30, 2022: the shares returned -18.4%, counting payouts; the holdings -7.7%. As of Nov 30, 2022, from the fund's annual report. Original document →
• The year ended Nov 30, 2021: the shares returned +18.3%, counting payouts; the holdings +10.5%. As of Nov 30, 2021, from the fund's annual report. Original document →
• Those four years together: the shares returned +33.8%. $10,000 of shares bought at the start (Dec 1, 2020) would have become about $13,400 by Nov 30, 2024, with every payout counted, before tax. As of Nov 30, 2024, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Feb 27, 2026: +5.5%. The quarterly reports carry no share price, so this is the holdings alone. As of Feb 27, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All bonds (100%).

1. Alturas Re 2022-2, 12/31/2027 - 0%

As of Feb 27, 2026, from the fund's quarterly holdings report. Original document →