OMB APPROVAL
                                                 OMB Number:       3235-0570
                                                 Expires:  August 31, 2010
                                                 Estimated average burden
                                                 hours per response.....18.9



                                 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)


            Dorothy E. Bourassa, 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:  December 1, 2008 through November 30, 2009


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 SHAREOWNERS.


Pioneer Floating
Rate Trust
--------------------------------------------------------------------------------
Annual Report | November 30, 2009
--------------------------------------------------------------------------------







Ticker Symbol: PHD






[LOGO]PIONEER
      Investments(R)
<PAGE>























                        visit us: pioneerinvestments.com
<PAGE>

Table of Contents


<TABLE>
<S>                                                          <C>
Letter to Shareowners                                         2

Portfolio Management Discussion                               4

Portfolio Summary                                             9

Prices and Distributions                                     10

Performance Update                                           11

Schedule of Investments                                      12

Financial Statements                                         34

Notes to Financial Statements                                39

Report of Independent Registered Public Accounting Firm      48

Approval of Investment Advisory Agreement                    52

Trustees, Officers and Service Providers                     56
</TABLE>


                       Pioneer Floating Rate Trust | Annual Report | 11/30/09  1
<PAGE>

President's Letter

Dear Shareowner,

Stock and bond markets around the globe have begun to recover this year from
one of their most tumultuous periods in history. This is a welcome relief, and
we are generally optimistic about the prospects for the economy going forward.
Still, challenges remain. Unemployment is high. Consumer demand and loan growth
are weak; and housing has not returned to normal.

At Pioneer, we have long advocated the benefits of investing for the long term.
This strategy has generally performed well for many investors. Those who
remained invested in the market during the downturn have most likely seen their
portfolios start to recover this year as the Dow Jones Industrial Average
climbed back towards the 10,000 level. Many bond investors have similarly seen
a strong rebound, with a broad-based recovery across many different fixed-income
asset classes. The riskiest asset classes, such as high-yield bonds,
outperformed other fixed-income asset classes through the first eight months of
2009.

At Pioneer, we are not changing the approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, quantitative analysis, and active portfolio management. This
three-pillared process, which we apply to each of our portfolios, is supported
by an integrated team approach and is designed to carefully balance risk and
reward. While we see potential opportunities for making money in many corners
of the markets around the globe, it takes research and experience to separate
solid investment opportunities from speculation.

Following this difficult period, many investors are rethinking their approach
to investing and risk management. Some are questioning whether the basic
investment principles they were taught in the past are still useful in today's
markets. Complicating matters is that financial markets remain unpredictable.
Our advice, as always, is to work closely with a trusted financial advisor to
discuss your goals and work together to develop an investment strategy that
meets your individual needs. There is no single best strategy that works for
every investor.


2   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.

Sincerely,

/s/ Daniel K. Kingsbury

Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA Inc.



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 the opinion of Trust management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.


                       Pioneer Floating Rate Trust | Annual Report | 11/30/09  3
<PAGE>

Portfolio Management Discussion | 11/30/09

During 2009, the bank-loan market recovered from the turbulence of 2008, as
investors took advantage of the relatively high yields and low prices that bank
loans provided. In the following interview, Jonathan Sharkey discusses the
performance of Pioneer Floating Rate Trust during the 12 months ended November
30, 2009. Mr. Sharkey, a member of Pioneer's Fixed-Income Department, is
responsible for the daily management of the Trust.

Q  How did the Trust perform over the 12 months ended November 30, 2009?

A  For the 12-month period, Pioneer Floating Rate Trust returned 51.04% at net
   asset value and 91.01% at market price. The Trust's benchmark, the Credit
   Suisse (CS) Leveraged Loan Index, returned 35.75% over the same period.
   Unlike the Trust, the index does not employ leverage. On November 30, 2009,
   the Trust's SEC yield was 8.00%.

   At November 30, 2009, the Trust was selling at a premium of market price-
   to-net asset value of 1.23%. Unlike open-ended funds, the market prices of
   closed-end funds go up and down based on supply and demand, irrespective of
   a closed-end fund's net asset value per share. It is not unusual to find
   closed-end funds trading at a discount or premium to their net asset value.
   During the 12-month period, we reduced the Trust's dividend rate. This
   cut-back was the result of reduced earnings due to a decline in the London
   Interbank Offering Rate (LIBOR) from 2.22% on November 30, 2008, to 0.26%
   on November 30, 2009, and the rising number of defaults in the Trust's
   portfolio. Because the Trust had a higher percentage of lower-quality names
   in its portfolio, it had a higher default rate than its benchmark.

Q  What was the investment environment like during the 12-month period ended
   November 30, 2009?

A  At the beginning of the period, floating-rate loans declined in value in the
   aftermath of the bankruptcy of investment bank Lehman Brothers, the collapse
   or near-collapse of several other financial institutions, the unwinding of
   bank-loan portfolios by hedge funds, and an increase in the number of
   defaults. As we moved through 2009, market conditions improved and bank loans
   started to recover. At first, only better-quality bank loans did well. Later
   on, investors were willing to take on more risk and began purchasing
   lower-quality banks loans. This was beneficial for the Trust, which had a
   portfolio of loans with an average credit rating of B.

   Investor interest in lower-quality names was driven by three key factors:
   First, bond funds seeking higher yields and investing in lower-rated loans


4   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

   that had deep discounts; second, a strong "new issue" market in high-yield
   bonds that led to the refinancing of bank loans, with prepayments
   redeployed in the secondary market; and third, more stable economic reports
   suggesting a better footing for some of the more stressed companies.

Q  Can you comment on the use of leverage in the Trust's portfolio?

A  We believe the use of leverage for investment purposes can increase
   investment opportunity, as well as investment risk. The Trust uses financial
   leverage primarily in an effort to increase dividend yield to common
   shareowners. The Trust uses auction-rate preferred shares as a low-cost way
   of borrowing to provide leverage for the Trust. In December 2008 and January
   2009, we redeemed auction rate preferred shares in order to meet regulatory
   and ratings agency asset coverage requirements for the preferred shares.
   While leverage was a detractor from the Trust's performance in 2008 and
   during the first half of 2009, it was a contributor to performance relative
   to the benchmark CS Leveraged Loan Index over the last six months of the
   Trust's fiscal year ended November 30, 2009.

Q  How did you manage the Trust during the 12-month period ended November 30,
   2009?

A  We put cash to work and increased the Trust's overall diversification by
   adding new holdings to the portfolio and reducing exposure to the top-twenty
   names. Overall, we added more than 120 names to the Trust's portfolio, most
   of which were "up-in-quality" investments.

   The largest position in the Trust's portfolio was in loans to consumer
   companies, which represented 18.6% of the Trust's total investment
   portfolio for loans at November 30, 2009. Consumer companies include food
   suppliers, service companies, consumer staples companies, specialty
   retailers, gaming, building products and auto parts suppliers. The Trust
   invested in Cooper Standard Automotive, a global automotive supplier,
   Hanesbrands, an apparel company, and hotels, restaurants and leisure
   companies. Among retailers, we added Sally Beauty Holdings, a beauty supply
   company, to the Trust's portfolio, and QVC, a home shopping network. The
   Trust also favored defensive consumer staples companies, such as food and
   household products businesses, which are somewhat recession resistant.
   Media companies accounted for 19.0% of the Trust's total investment
   portfolio for loans. Here, too, we moved the portfolio into more defensive
   cable, broadcast and satellite companies.

   Because of the uncertainty surrounding health care in the wake of the
   heated debate raging in Washington over industry reforms, we reduced the
   Trust's exposure to the sector. However, our ability to take the Trust's
   allocation to health care down was hampered by some of the Trust's holdings
   of


                       Pioneer Floating Rate Trust | Annual Report | 11/30/09  5
<PAGE>

   illiquid pharmaceutical bonds. The pharmaceutical bonds have a low
   correlation with the credit markets. At this time we remain comfortable
   holding them in the portfolio. Technology was one of the strongest
   performing sectors throughout the year, and we added to the Trust's
   technology position, favoring companies that did well during the economic
   downturn. Infor Global Solutions, a software company, is an example.

   In terms of credit quality and based on S&P ratings, on November 30, 2009
   57.0% of the Trust's total investment portfolio was invested in loans rated
   "B" or higher, while 43.0% was invested in lower-quality obligations rated
   "CCC" or lower.

Q  What holdings influenced the Trust's performance the most during the 12
   months ended November 30, 2009?

A  Infor Global, Spectrum Brands, which emerged from bankruptcy and resumed
   paying its bank debt, and Toys R US were holdings that contributed to the
   Trust's performance results. Certain cable and broadcasting companies also
   fared well, with Univision, a Spanish-language television network, being one
   of the biggest outperformers in the Trust's portfolio. WideOpenWest also
   aided returns, as did Seven Media, a TV network in Australia.

   Holdings that detracted from the Trust's performance included the illiquid
   pharmaceutical bonds mentioned above, and virtually anything to do with
   building or real estate. Examples of holdings which held back the Trust's
   results are Atrium, a building materials company, and Lake at Las Vegas, a
   real estate land deal.

Q  What is your investment outlook?

A  Floating-rate loans, as an asset class, have a distinct advantage over most
   other yield-oriented investments in that they have the potential to increase
   income to investors as interest rates rise. Another key benefit to bank loans
   is that they are generally secured with the assets and stock of the borrowing
   firm, and typically have stronger recovery ratings than bonds. Despite the
   rally to date, bank loans generally still have been trading at discounts to
   their par values. In a rising interest-rate environment, investment demand
   for bank loans should increase, which would help support loan prices. As
   such, the price appreciation potential would only be realized if interest
   rates start rising, although we are not ready to predict when that may occur.
   Given stabilization in the economy, the major ratings agencies are
   forecasting a drop in defaults over the next 12 months. A more stable economy
   should also enhance borrowers' ability to refinance or make acquisitions,
   which could also lead to more discounted loans getting redeemed or repaid at
   par value.

   Going forward, we will continue to look for opportunities in bank loans
   that may have been previously out of favor with the market, but we do not
   intend


6   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

   to increase the Trust's overall risk profile. We believe bank loans present
   an interesting opportunity for appropriate investors who may be interested
   in the potential for generous income and some possible capital
   appreciation.

Please refer to the Schedule of Investments on pages 12-33 for a full listing
of Trust securities.

Information regarding the Trust's principal investment risks is contained in
the Trust's original offering prospectus and shareholder reports from time to
time. Please refer to this document when considering the Trust's risks.

The Trust may invest in derivative securities, which may include futures and
options. These types of instruments can increase price fluctuation.

The Trust is not limited in the percentage of its assets that may be invested
in floating-rate senior loans and other securities deemed to be illiquid.
Illiquid securities may be difficult to dispose of at a fair price at the times
when the Trust believes it is desirable to do so and their market price is
generally more volatile than that of more liquid securities. Illiquid
securities are also more 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 currently uses leverage through the issuance of preferred shares. The
Trust also is authorized to borrow from banks and to issue debt securities,
which are other forms of leverage. Leverage creates significant risks,
including the risk that the Trust's income or capital appreciation will not be
sufficient to cover the cost of leverage, which may adversely affect the return
for the holders of common shares.

The Trust is not diversified, which means that it can invest a higher
percentage of its assets in any one issuer than a diversified fund. Being
non-diversified may magnify the Trust's losses from adverse events affecting a
particular issuer.

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 is required to maintain certain regulatory and rating agency asset
coverage requirements in connection with its outstanding preferred shares. In
order to maintain required asset coverage levels, the Trust may be required to
alter the composition of its investment portfolio or take other actions, such
as redeeming preferred shares with the proceeds from portfolio transactions, at
what might be inopportune times in the market. Such actions could reduce the
net earnings or returns to holders of the Trust's common shares over time.

Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.


                       Pioneer Floating Rate Trust | Annual Report | 11/30/09  7
<PAGE>

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 the opinion of the Trust's adviser as of the date of this report.
These statements should not be relied upon for any other purposes.


8   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

Portfolio Summary | 11/30/09

Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)


[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]

<TABLE>
<S>                                     <C>
Senior Secured Loans                    87.4%
Corporate Bonds                          8.7%
Temporary Cash Investment                0.9%
Collateralized Loan Obligations          1.0%
Common Stock                             2.0%
Claims*                                  0.0%
Warrants*                                0.0%
</TABLE>


* Amount is less than 0.1%


Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio; based on S&P ratings.)


[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]

<TABLE>
<S>                                     <C>
BBB                                      2.2%
BB                                      24.6%
B                                       25.7%
CCC                                      3.1%
CC                                       0.2%
D                                        3.0%
Not Rated**                             40.3%
Cash Equivalents                         0.9%
</TABLE>


The Trust is actively managed and current holdings may be different.

** These securities are judged to be similar but slightly lower in quality than
   the rest of the portfolio.


<TABLE>
<CAPTION>
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
<S>   <C>                                                                  <C>
 1.   SMG H5 Pty, Ltd., Facility Term Loan A, 5.73%--6.058%, 12/24/12      2.78%
 2.   Mylan, Inc., U.S. Tranche B Term Loan, 3.563%, 10/2/14               2.73
 3.   Azithromycin Royalty Sub LLC, 16.0%, 5/15/19 (144A)                  2.52
 4.   Solutia, Inc., Term Loan, 7.25%, 2/28/14                             2.44
 5.   HCA, Inc., Tranche B-1 Term Loan, 2.533%, 11/18/13                   2.20
 6.   Broadstripe LLC, First Lien Term Loan, 9.25%--11.25%, 6/30/11        2.14
 7.   Wm. Wrigley Jr. Co., Tranche B Term Loan, 6.5%, 9/30/14              2.00
 8.   Univision Communications, Inc., Initial Term Loan, 2.533%, 9/29/14   2.00
 9.   Cequel Communications LLC, Term Loan, 2.255%--4.25%, 11/5/13         1.97
10.   Ford Motor Co., Tranche B-1 Term Loan, 3.24%--3.29%, 12/15/13        1.87
</TABLE>

* This list excludes temporary cash and derivative investments. The portfolio
  is actively managed, and current holdings may be different. The holdings
  listed should not be considered recommendations to buy or sell any security
  listed


                       Pioneer Floating Rate Trust | Annual Report | 11/30/09  9
<PAGE>

Prices and Distributions | 11/30/09

Market Value per Common Share
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                            11/30/09                11/30/08
<S>                          <C>                    <C>
                             $11.54                  $6.90
--------------------------------------------------------------------------------
Premium (Discount)             1.23%                (19.95)%
--------------------------------------------------------------------------------
</TABLE>

Net Asset Value per Common Share
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                            11/30/09                11/30/08
<S>                          <C>                     <C>
                             $11.40                  $8.62
--------------------------------------------------------------------------------
</TABLE>

Distributions per Common Share: 12/1/08-11/30/09
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
          Net
      Investment        Tax Return        Short-Term        Long-Term
        Income         of Capital      Capital Gains     Capital Gains
<S>     <C>              <C>               <C>               <C>
        $1.117           $0.053            $ --              $ --
--------------------------------------------------------------------------------
</TABLE>

Yields
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                               11/30/09         11/30/08
<S>                                             <C>              <C>
Distribution Yield at Market Price              10.14%           24.69%
--------------------------------------------------------------------------------
Distribution Yield at Net Asset Value           10.26%           19.76%
--------------------------------------------------------------------------------
30-day SEC Yield                                 8.00%           25.60%
--------------------------------------------------------------------------------
</TABLE>

Past performance data quoted represents past performance, which is no guarantee
of future results.


10   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

Performance Update | 11/30/09

Investment Returns
--------------------------------------------------------------------------------
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
common shares of Pioneer Floating Rate Trust, compared to that of the Credit
Suisse ("CS") Leveraged Loan Index, an index of senior secured U.S. dollar
denominated loans.


<TABLE>
Cumulative Total Returns
(As of November 30, 2009)
-----------------------------------------------------------
                             Net Asset       Market
                             Value           Value
-----------------------------------------------------------
<S>                          <C>             <C>
 Life-of-Trust
 (12/23/04)                   1.41%          -2.16%
-----------------------------------------------------------
 1 Year                      51.04           91.01
-----------------------------------------------------------
</TABLE>


[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]


<TABLE>
<CAPTION>
        Pioneer Floating Rate Trust     CS Leveraged Loan Index
<C>     <C>                             <C>
12/04   10,000                          10,000
11/05    9,023                          10,033
11/06   10,913                          10,054
11/07   10,972                           9,880
11/08    5,122                           9,211
11/09    9,783                          10,029
</TABLE>


Call 1-800-225-6292 or visit pioneerinvestments.com 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 Net Asset Value "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 common shares of the Trust.

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
sold in the open market through a stock exchange and frequently trade at prices
lower than their NAV. NAV per common share is total assets less total
liabilities, which includes preferred shares, divided by the number of common
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 than market
price, dividends are assumed to be reinvested at prices obtained 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.

Index comparison begins on 12/31/04. The CS Leveraged Loan Index is a
representative index of tradeable, senior, secured U.S. dollar-denominated
loans. The index began in January 1992. Index returns are calculated monthly,
assume reinvestment of dividends and, unlike Trust returns, do not reflect any
fees, expenses or sales charges. The index is not leveraged. You cannot invest
directly in an index.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  11
<PAGE>

Schedule of Investments | 11/30/09


<TABLE>
<CAPTION>
Principal                 S&P/Moody's
Amount                    Ratings
USD ($)                   (unaudited)                                                      Value
<S>                       <C>              <C>                                             <C>
                                           COLLATERALIZED LOAN
                                           OBLIGATIONS -- 1.6% of Net Assets
                                           BANKS -- 1.2%
                                           Diversified Banks -- 0.6%
      1,000,000(a)(b)(c)       BBB/Caa2    Primus, Ltd., 2007-2A D, 1.684%,
                                           7/15/21 (144A)                                  $    404,830
      1,000,000(a)(b)          CCC+/B2     Rampart, Ltd., 2006-1A, 3.834%,
                                           4/18/21 (144A)                                       642,480
        953,499(a)(b)         CCC-/Caa3    Stanfield McLaren, Ltd., 2007-1A B2L,
                                           4.756%, 2/27/21 (144A)                               604,842
                                                                                           ------------
                                                                                           $  1,652,152
-------------------------------------------------------------------------------------------------------
                                           Thrifts & Mortgage Finance -- 0.6%
      1,013,186(a)(b)           BBB/Ca     Gulf Stream Sextant, Ltd., 2007-1A D,
                                           2.693%, 6/17/21 (144A)                          $    507,728
      1,000,000(a)(b)          BB/Caa3     Landmark CDO, Ltd., 2007-9A E,
                                           3.784%, 4/15/21 (144A)                               422,820
      2,000,000(a)(b)          BB+/Ba3     Stone Tower, Ltd., 2007-6A C,
                                           1.634%, 4/17/21 (144A)                               900,000
                                                                                           ------------
                                                                                           $  1,830,548
                                                                                           ------------
                                           Total Banks                                     $  3,482,700
-------------------------------------------------------------------------------------------------------
                                           DIVERSIFIED FINANCIALS -- 0.4%
                                           Other Diversified Financial Services -- 0.2%
      1,000,000(a)(b)           BBB/B1     ACA, Ltd. 2007-1A D, 2.634%, 6/15/22 (144A)     $    483,340
-------------------------------------------------------------------------------------------------------
                                           Investment Banking & Brokerage -- 0.2%
      1,000,000(a)(b)          BBB-/B3     Goldman Sachs Asset Management Plc,
                                           2007-1A D, 3.031%, 8/1/22 (144A)                $    519,610
                                                                                           ------------
                                           Total Diversified Financials                    $  1,002,950
-------------------------------------------------------------------------------------------------------
                                           TOTAL COLLATERALIZED LOAN OBLIGATIONS
                                           (Cost $6,248,788)                               $  4,485,650
-------------------------------------------------------------------------------------------------------
                                           SENIOR SECURED FLOATING RATE LOAN
                                           INTERESTS -- 145.0% of Net Assets*
                                           ENERGY -- 6.5%
                                           Oil & Gas Drilling -- 1.8%
      2,184,684                 NR/NR      Big West Oil LLC, Delayed Advance Term Loan,
                                           4.5%, 5/15/14                                   $  2,102,758
      1,737,816                 NR/NR      Big West Oil LLC, Initial Advance Term Loan,
                                           4.5%, 5/15/14                                      1,672,648
        934,038(a)(d)(e)        NR/NR      TARH E&P Holding, L.P., First Lien Second Out
                                           Credit Facility Term Loan, 3.67%, 6/29/12            934,037
        359,249(a)(d)(e)        NR/NR      TARH E&P Holding, L.P., Second Lien Term Loan,
                                           14.0%, 6/29/12                                       341,286
                                                                                           ------------
                                                                                           $  5,050,729
-------------------------------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.


12   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>


<TABLE>
<CAPTION>
Principal                 S&P/Moody's
Amount                    Ratings
USD ($)                   (unaudited)                                                      Value
<S>                       <C>              <C>                                             <C>
                                           Oil & Gas Equipment & Services -- 2.0%
      2,242,816              BB-/B2        Coffeyville Resources LLC, Tranche D Term Loan,
                                           8.5%, 12/28/13                                  $  2,242,816
      4,324,706(a)(d)        NR/NR         Value Creation, Inc., Term Loan, 12.5%, 2/15/10    3,448,953
                                                                                           ------------
                                                                                           $  5,691,769
-------------------------------------------------------------------------------------------------------
                                           Oil & Gas Exploration & Production -- 1.7%
      4,995,000(a)(c)        NR/NR         Crusader Energy Group, Inc., Second Lien Term
                                           Loan, 12.0%, 7/18/13                            $  3,246,750
      1,612,942              BB-/B3        VenoCo., Inc., Second Lien Term Loan,
                                           4.25%, 5/8/14                                      1,439,048
                                                                                           ------------
                                                                                           $  4,685,798
-------------------------------------------------------------------------------------------------------
                                           Oil & Gas Refining & Marketing -- 0.6%
      1,700,000              NR/NR         Pilot Travel Centers LLC, Term Loan B,
                                           3.5%, 11/24/15                                  $  1,704,250
-------------------------------------------------------------------------------------------------------
                                           Oil & Gas Storage & Transportation -- 0.4%
      1,042,109               B/B1         Atlas Pipeline Partners, L.P., Term Loan,
                                           6.75%, 7/27/14                                  $  1,021,266
                                                                                           ------------
                                           Total Energy                                    $ 18,153,812
-------------------------------------------------------------------------------------------------------
                                           MATERIALS -- 6.6%
                                           Diversified Chemicals -- 4.2%
        454,244             BBB-/Ba1       Ashland, Inc., Term B Borrowing,
                                           7.65%, 5/13/14                                  $    462,856
     10,996,679              B+/Ba3        Solutia, Inc., Term Loan, 7.25%, 2/28/14          11,169,481
                                                                                           ------------
                                                                                           $ 11,632,337
-------------------------------------------------------------------------------------------------------
                                           Specialty Chemicals -- 0.3%
        746,250             BB+/Ba1        Nalco Co., Term Loan, 6.5%, 5/13/16             $    754,179
-------------------------------------------------------------------------------------------------------
                                           Paper Packaging -- 1.1%
        457,381              B+/B1         Graham Packaging Co., L.P., Term Loan B.,
                                           2.5%, 10/7/11                                   $    443,742
        891,097              B+/B1         Graham Packaging Co., L.P., Term Loan C,
                                           6.75%, 4/5/14                                        891,765
      1,999,540             BB-/Ba3        Graphic Packaging International, Inc., Incremental
                                           Term Loan, 2.984% - 5.0%, 5/16/14                  1,892,065
                                                                                           ------------
                                                                                           $  3,227,572
-------------------------------------------------------------------------------------------------------
                                           Aluminum -- 0.5%
      1,400,000              NR/NR         Reynolds Group Holdings, Inc., U.S. Term Loan,
                                           6.25%, 11/5/15                                  $  1,401,313
-------------------------------------------------------------------------------------------------------
                                           Steel -- 0.5%
      1,399,328              BB-/B3        Essar Steel Algoma, Inc., Term Loan,
                                           8.0%, 6/20/13                                   $  1,328,196
                                                                                           ------------
                                           Total Materials                                 $ 18,343,597
-------------------------------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  13
<PAGE>

Schedule of Investments | 11/30/09 (continued)


<TABLE>
<CAPTION>
Principal                 S&P/Moody's
Amount                    Ratings
USD ($)                   (unaudited)                                                      Value
<S>                       <C>              <C>                                             <C>
                                           CAPITAL GOODS -- 6.5%
                                           Aerospace & Defense -- 2.2%
        487,429              B+/B3         Aeroflex, Inc., Tranche B-2 Term Loan,
                                           4.063%, 8/15/14                                 $    443,764
      2,019,189             BBB-/Ba1       BE Aerospace, Inc., Tranche B Term Loan,
                                           5.75%, 7/28/14                                     2,031,305
        757,268               B/B3         DAE Aviation Holdings, Inc., Tranche B-1 Term
                                           Loan, 4.04%, 7/31/14                                 694,794
      1,680,295              BB/B1         Hunter Defense Technologies, Inc., Term Loan,
                                           3.54%, 8/22/14                                     1,529,068
        909,002(d)          CCC+/NR        IAP Worldwide Services, Inc., First Lien Term Loan,
                                           9.25% - 9.5%, 12/30/12                               774,167
        740,842               B/NR         Standard Aero, Ltd., Tranche B-2 Term Loan,
                                           4.04%, 7/31/14                                       679,722
                                                                                           ------------
                                                                                           $  6,152,820
-------------------------------------------------------------------------------------------------------
                                           Building Products -- 1.5%
      5,641,747(c)(d)        D/Caa3        Atrium Companies, Inc., Closing Date Term Loan,
                                           11.75%, 5/31/12                                 $  2,947,813
      1,332,162              NR/NR         Custom Building Products, Inc., First Lien Term
                                           Loan, 8.0%, 10/29/11                               1,297,193
                                                                                           ------------
                                                                                           $  4,245,006
-------------------------------------------------------------------------------------------------------
                                           Construction & Engineering -- 0.6%
      1,686,306             BB+/Ba1        URS Corp., Tranche B Term Loan,
                                           2.533%, 5/15/13                                 $  1,649,769
-------------------------------------------------------------------------------------------------------
                                           Industrial Conglomerates -- 0.4%
        992,308             BB-/Ba2        Kansas City Southern Railway Co., Advance Term
                                           Loan B, 1.99% - 2.04%, 4/28/13                  $    932,769
-------------------------------------------------------------------------------------------------------
                                           Construction & Farm Machinery & Heavy
                                           Trucks -- 1.8%
      4,224,359              BB/B1         Manitowoc Co., Inc., Term Loan B, 7.5%, 11/6/14 $  4,068,586
      1,000,000              BB-/B2        Oshkosh Truck Corp., Term Loan B,
                                           6.29% - 6.33%, 12/6/13                             1,000,069
                                                                                           ------------
                                                                                           $  5,068,655
                                                                                           ------------
                                           Total Capital Goods                             $ 18,049,019
-------------------------------------------------------------------------------------------------------
                                           COMMERCIAL & PROFESSIONAL
                                           SERVICES -- 5.0%
                                           Commercial Printing -- 1.2%
         71,856              NR/Ba3        Cenveo Corp., Delayed Draw Term Loan,
                                           4.792%, 6/21/13                                 $     69,431
      2,516,795             BB-/Ba3        Cenveo Corp., Facility Term Loan C,
                                           4.792%, 6/21/13                                    2,431,853
        748,646              NR/B1         World Color Press, Inc. & World Color (USA)
                                           Corp., Advance Term Loan, 9.0%, 7/21/12              752,857
                                                                                           ------------
                                                                                           $  3,254,141
-------------------------------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.

14   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>


<TABLE>
<CAPTION>
 Principal                   S&P/Moody's
Amount                     Ratings
USD ($)                    (unaudited)                                                     Value
<S>                        <C>             <C>                                             <C>
                                           Diversified Commercial & Professional
                                           Services - 2.4%
        972,500              NR/Ba3        Aramark Canada, Ltd., Canadian Term Loan,
                                           2.158%, 1/26/14                                 $    875,250
      6,221,341              NR/NR         Cydcor, Inc., First Lien Tranche B Term Loan,
                                           9.0%, 2/5/13                                       5,754,741
                                                                                           ------------
                                                                                           $  6,629,991
-------------------------------------------------------------------------------------------------------
                                           Environmental & Support Services -- 0.2%
        423,938              BB/Ba2        Casella Waste Systems, Inc., Term Loan B,
                                           7.0%, 4/9/14                                    $    426,057
-------------------------------------------------------------------------------------------------------
                                           Diversified Support Services -- 0.9%
        791,916             BB-/Ba3        Allied Security Holdings LLC, Term Loan,
                                           6.75%, 2/20/15                                  $    798,350
      1,750,000              NR/NR         Language Line LLC, Tranche B Term Loan,
                                           5.75%, 11/4/15                                     1,722,656
                                                                                           ------------
                                                                                           $  2,521,006
-------------------------------------------------------------------------------------------------------
                                           Security & Alarm Services -- 0.3%
      1,000,000              NR/NR         Protection One Alarm Monitoring, Inc., Tranche
                                           B-2 Term Loan, 10.0%, 3/31/14                   $    961,250
                                                                                           ------------
                                           Total Commercial & Professional Services        $ 13,792,445
-------------------------------------------------------------------------------------------------------
                                           TRANSPORTATION -- 3.2%
                                           Airlines -- 1.6%
        980,000              NR/Ba2        Delta Airlines, Inc., Credit-Linked Deposit Loan,
                                           8.656%, 4/30/12                                 $    868,934
        473,939               B/B2         Delta Airlines, Inc., Second Lien Term Loan,
                                           3.534%, 4/30/14                                      388,461
        900,000             BB-/Ba2        Delta Airlines, Inc., Term Loan, 8.75%, 9/27/13      899,625
      3,650,000              B+/B3         US Airways Group, Inc., Term Loan,
                                           2.781%, 3/21/14                                    2,422,688
                                                                                           ------------
                                                                                           $  4,579,708
-------------------------------------------------------------------------------------------------------
                                           Marine -- 0.5%
      1,500,000              NR/NR         Horizon Lines LLC, Term Loan, 3.25%, 8/8/12     $  1,275,000
-------------------------------------------------------------------------------------------------------
                                           Trucking -- 0.5%
      1,611,960(c)(d)        NR/NR         Gainey Corp., Term Loan, 3.25%, 4/20/12         $    423,139
        377,149              NR/NR         SIRVA Worldwide, Inc., Revolving Credit Loan,
                                           9.5%, 5/12/12                                        169,717
      2,390,693(d)           NR/NR         SIRVA Worldwide, Inc., Second Lien Term Loan,
                                           12.0%, 5/12/15                                       328,720
      1,018,606              NR/NR         SIRVA Worldwide, Inc., Term Loan,
                                           9.5%, 5/12/12                                        509,303
                                                                                           ------------
                                                                                           $  1,430,879
-------------------------------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.

                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  15
<PAGE>

Schedule of Investments | 11/30/09 (continued)


<TABLE>
<CAPTION>
Principal                       S&P/Moody's
Amount                          Ratings
USD ($)                         (unaudited)                                                    Value
<S>                              <C>       <C>                                                 <C>
                                           Airport Services -- 0.6%
      1,797,493                 NR/NR      AWAS Capital, Inc., First Lien Term Loan,
                                           2.063%, 3/24/13                                     $  1,649,200
                                                                                               ------------
                                           Total Transportation                                $  8,934,787
-----------------------------------------------------------------------------------------------------------
                                           AUTOMOBILES & COMPONENTS -- 5.8%
                                           Auto Parts & Equipment -- 2.7%
      2,530,753                  B/B2      Allison Transmission, Inc., Term Loan,
                                           2.99% - 3.04%, 8/7/14                               $  2,231,281
         37,495                 NR/NR      Cooper-Standard Automotive Canada, Ltd.,
                                           Canadian Revolving Loan (CAM), 7.0%, 12/23/10             35,902
         32,045                  D/NR      Cooper-Standard Automotive Canada, Ltd.,
                                           Tranche A Term Loan (CAM), 7.0%, 12/23/10                 30,684
         97,713                  D/NR      Cooper-Standard Automotive Canada, Ltd.,
                                           Tranche B Term Loan, 7.0%, 12/23/11                       93,560
         40,695                 NR/NR      Cooper-Standard Automotive, Inc., Multicurrency
                                           Revolving Loan (CAM), 7.0%, 12/23/10                      38,965
        244,083                  D/NR      Cooper-Standard Automotive, Inc., Tranche C
                                           Term Loan, 7.0%, 12/23/11                                233,710
        271,324                  D/NR      Cooper-Standard Automotive, Inc., Tranche D
                                           Term Loan, 7.0%, 12/23/11                                259,793
        134,653                 NR/NR      Cooper-Standard Automotive, Inc., Tranche E
                                           Term Loan, 7.0%, 12/23/11                                128,930
         89,535                  D/NR      Cooper-Standard Automotive, Inc., U.S. Revolving
                                           Loan (CAM), 2.75% -- 7.0%, 12/23/10                       85,730
      3,900,000                 NR/NR      Key Safety Systems, Inc., First Lien Term Loan,
                                           2.492% - 2.533%, 3/8/14                                2,635,749
      1,687,500                 NR/NR      Lear Corp., Delayed Draw Term Loan,
                                           7.5%, 10/15/14                                         1,694,883
                                                                                               ------------
                                                                                               $  7,469,187
-----------------------------------------------------------------------------------------------------------
                                           Automobile Manufacturers -- 3.1%
      9,724,459                 B-/Ba3     Ford Motor Co., Tranche B-1 Term Loan,
                                           3.24% - 3.29%, 12/15/13                             $  8,581,835
                                                                                               ------------
                                           Total Automobiles & Components                      $ 16,051,022
-----------------------------------------------------------------------------------------------------------
                                           CONSUMER DURABLES & APPAREL -- 1.5%
                                           Homebuilding -- 0.7%
      2,369,368(c)(d)           NR/NR      Ginn LA Conduit Lender, Inc., First Lien Tranche A
                                           Credit-Linked Deposit Loan, 6.478%, 6/8/11          $    201,396
      5,077,235(c)(d)           NR/NR      Ginn LA Conduit Lender, Inc., First Lien Tranche B
                                           Term Loan, 6.196%, 6/8/11                                431,565
      1,907,427(a)(c)(d)        NR/NR      Rhodes Companies LLC, First Lien Term Loan,
                                           9.75% - 15.75%, 11/21/10                                 327,839
</TABLE>

The accompanying notes are an integral part of these financial statements.

16   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>


<TABLE>
<CAPTION>
 Principal                     S&P/Moody's
 Amount                        Ratings
 USD ($)                       (unaudited)                                                     Value
<S>                            <C>         <C>                                                 <C>
                                           Homebuilding -- (continued)
      1,000,000(c)(f)           NR/NR      WAICCS Las Vegas 3 LLC, First Lien Term Loan,
                                           7.75%, 7/30/09                                      $    200,000
      4,500,000(c)(f)           NR/NR      WAICCS Las Vegas 3 LLC, Second Lien Term
                                           Loan, 13.25%, 7/30/09                                    663,750
                                                                                               ------------
                                                                                               $  1,824,550
-----------------------------------------------------------------------------------------------------------
                                           Housewares & Specialties -- 0.5%
        768,935                 BB/Ba2     Jarden Corp., Term Loan B-3, 2.783%, 1/24/12        $    750,947
        650,134                BB-/Ba3     Yankee Candle Co., Inc., Term Loan,
                                           2.24%, 2/6/14                                            601,838
                                                                                               ------------
                                                                                               $  1,352,785
-----------------------------------------------------------------------------------------------------------
                                           Apparel, Accessories & Luxury Goods -- 0.3%
        835,242                BB+/Ba1     Hanesbrands, Inc., Term Loan B, 5.032%, 9/5/13      $    837,778
                                                                                               ------------
                                           Total Consumer Durables & Apparel                   $  4,015,113
-----------------------------------------------------------------------------------------------------------
                                           CONSUMER SERVICES -- 3.6%
                                           Casinos & Gaming -- 1.4%
      5,000,000(a)(c)           NR/NR      Fontainebleau Florida Hotel LLC, Tranche C Term
                                           Loan, 10.0%, 6/6/12                                 $  1,575,000
        666,667(c)              NR/NR      Fontainebleau Las Vegas LLC, Delayed Draw Term
                                           Loan, 6.0%, 6/6/14                                       212,222
      1,333,333(c)              NR/NR      Fontainebleau Las Vegas LLC, Initial Term Loan,
                                           6.0%, 6/6/14                                             424,444
      1,200,000                 NR/NR      Harrah's Operating Co., Inc., Term Loan B-4,
                                           9.5%, 10/31/16                                         1,166,100
        715,085                BB+/Ba2     Penn National Gaming, Inc., Term Loan B,
                                           1.98% - 2.03%, 10/3/12                                   686,034
                                                                                               ------------
                                                                                               $  4,063,800
-----------------------------------------------------------------------------------------------------------
                                           Hotels, Resorts & Cruise Lines -- 0.4%
      1,190,445                 NR/NR      Yellowstone Mountain Club LLC, Senior First Lien
                                           Term Loan, 6.0%, 7/16/14                            $  1,005,926
-----------------------------------------------------------------------------------------------------------
                                           Leisure Facilities -- 0.7%
         12,111(a)(c)           NR/NR      Lake at Las Vegas Joint Venture, Mezzaine Loan,
                                           20.0%, 12/31/09                                     $        424
        587,649(a)(c)           NR/NR      Lake at Las Vegas Joint Venture, Revolving Credit-
                                           Linked Deposit Account Loan, 12.35%, 12/22/12             17,140
      6,158,377(a)(c)(d)        NR/NR      Lake at Las Vegas Joint Venture, Term Loan,
                                           12.35%, 12/22/12                                         179,622
      1,765,105(d)              NR/NR      Lake at Las Vegas Joint Venture, Term Loan,
                                           9.734%, 12/31/09                                         970,808
        750,000                 NR/NR      Universal City Development Partners, Ltd., Term
                                           Loan, 6.5%, 11/6/14                                      748,711
                                                                                               ------------
                                                                                               $  1,916,705
-----------------------------------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.

                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  17
<PAGE>

Schedule of Investments | 11/30/09 (continued)


<TABLE>
<CAPTION>
 Principal                        S&P/Moody's
 Amount                           Ratings
 USD ($)                          (unaudited)                                                      Value
<S>                               <C>          <C>                                                 <C>
                                               Education Services -- 0.6%
      1,800,000                   BB-/Ba3      Bright Horizons Family Solutions, Inc., Tranche B
                                               Term Loan, 7.5%, 5/28/15                            $  1,796,400
---------------------------------------------------------------------------------------------------------------
                                               Specialized Consumer Services -- 0.5%
      1,250,000                    B/Ba3       Adesa, Inc., Initial Term Loan, 2.49%, 10/21/13     $  1,159,375
        165,585                    NR/Ba3      Travelport LLC, Incremental Term Loan C,
                                               10.5%, 8/23/13                                           166,827
                                                                                                   ------------
                                                                                                   $  1,326,202
                                                                                                   ------------
                                               Total Consumer Services                             $ 10,109,033
---------------------------------------------------------------------------------------------------------------
                                               MEDIA -- 27.5%
                                               Advertising -- 0.6%
      1,640,000                    BB/NR       Lamar Media Corp., Incremental Term Loan
                                               Series B, 3.5%, 9/28/12                             $  1,632,805
---------------------------------------------------------------------------------------------------------------
                                               Broadcasting -- 9.8%
      2,658,731                   NR/Baa3      Discovery Communications Holding, LLC, Term
                                               Loan C, 5.25%, 5/14/14                              $  2,680,666
AUD  16,476,857                    NR/NR       SMG H5 Pty, Ltd., Facility Term Loan A,
                                               5.73% - 6.058%, 12/28/12                              12,744,347
     11,115,966                    B-/B2       Univision Communications, Inc., Initial Term Loan,
                                               2.533%, 9/29/14                                        9,167,204
      3,769,895(a)(c)               D/NR       Young Broadcasting, Inc., Term Loan,
                                               4.75%, 11/3/12                                         2,665,855
                                                                                                   ------------
                                                                                                   $ 27,258,072
---------------------------------------------------------------------------------------------------------------
                                               Cable & Satellite -- 11.0%
     19,591,675(a)(c)(d)(e)        NR/NR       Broadstripe LLC, First Lien Term Loan,
                                               9.25% - 11.25%, 6/30/11                             $  9,795,837
      1,428,203(a)(c)(d)(e)        NR/NR       Broadstripe LLC, Revolver Credit Loan,
                                               8.87% - 11.42%, 6/30/11                                  714,102
      9,731,809                   BB-/Ba3      Cequel Communications LLC, Term Loan,
                                               2.255% - 4.25%, 11/5/13                                9,022,195
      4,949,622                     D/B1       Charter Communications Operating LLC, New
                                               Term Loan, 4.24%, 3/6/14                               4,592,839
      6,742,294                     B/B1       Knology, Inc., Term Loan, 2.484%, 6/30/12              6,472,602
                                                                                                   ------------
                                                                                                   $ 30,597,575
---------------------------------------------------------------------------------------------------------------
                                               Movies & Entertainment -- 5.1%
      2,380,607                    NR/NR       Alpha Topco, Ltd., Facility Term Loan B-1,
                                               2.359%, 12/31/13                                    $  2,104,456
      1,608,032                    NR/NR       Alpha Topco, Ltd., Facility Term Loan B-2,
                                               2.359%, 12/31/13                                       1,421,500
      1,650,000                    B-/B3       Lodgenet Entertainment Corp., Closing Date Term
                                               Loan, 2.29%, 4/4/14                                    1,505,625
      7,754,133(c)                 NR/NR       Metro-Goldwyn-Mayer, Inc., Tranche B Term Loan,
                                               5.5%, 4/9/12                                           4,917,415
</TABLE>

The accompanying notes are an integral part of these financial statements.


18   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>


<TABLE>
<CAPTION>
Principal                      S&P/Moody's
Amount                         Ratings
USD ($)                        (unaudited)                                                    Value
<S>                            <C>         <C>                                                <C>
                                           Movies & Entertainment -- (continued)
      4,875,500                 B-/B1      WideOpenWest Finance LLC, First Lien Term Loan,
                                           2.742% - 4.75%, 6/30/14                            $  4,479,366
                                                                                              ------------
                                                                                              $ 14,428,362
----------------------------------------------------------------------------------------------------------
                                           Publishing -- 1.0%
EURO    935,574                 NR/NR      Mediannuaire Holding, Term Loan B-2,
                                           3.028%, 10/10/14                                   $  1,005,862
EURO    935,574                 NR/NR      Mediannuaire Holding, Term Loan C,
                                           3.528%, 10/9/15                                       1,005,862
      3,500,000(c)             CC/Caa3     Penton Media Holdings, Inc., Second Lien Term
                                           Loan, 5.281%, 2/1/14                                    775,835
                                                                                              ------------
                                                                                              $  2,787,559
                                                                                              ------------
                                           Total Media                                        $ 76,704,373
----------------------------------------------------------------------------------------------------------
                                           RETAILING -- 5.7%
                                           Distributors -- 0.9%
     15,133,432(a)(c)(d)        NR/NR      Home Interiors & Gifts, Inc., Proof of Claims,
                                           6.86% -- 8.02%, 3/31/11                            $  2,648,351
----------------------------------------------------------------------------------------------------------
                                           Catalog Retail -- 0.2%
        554,615                 NR/NR      QVC, Inc., Tranche 2-W Term Loan,
                                           3.737%, 10/4/11                                    $    551,149
----------------------------------------------------------------------------------------------------------
                                           General Merchandise Stores -- 2.8%
      3,319,722                BB-/Ba3     Dollar General Corp., Tranche B-1 Term Loan,
                                           2.984% - 3.031%, 7/7/14 (144A)                     $  3,123,444
      4,987,500                 B-/B2      Dollar General Corp., Tranche B-2 Term Loan,
                                           2.984%, 7/7/14 (144A)                                 4,668,160
                                                                                              ------------
                                                                                              $  7,791,604
----------------------------------------------------------------------------------------------------------
                                           Specialty Stores -- 1.8%
        967,414                 BB/B1      Sally Holdings LLC, Term Loan B,
                                           2.48%, 11/16/13                                    $    915,566
      4,180,099                 BB-/B1     Toys R Us -- Delaware, Inc., Tranche B Term Loan,
                                           4.486%, 7/19/12                                       4,042,286
                                                                                              ------------
                                                                                              $  4,957,852
                                                                                              ------------
                                           Total Retailing                                    $ 15,948,956
----------------------------------------------------------------------------------------------------------
                                           FOOD & STAPLES RETAILING -- 2.1%
                                           Drug Retail -- 0.5%
      1,400,000                 B+/B3      Rite Aid Corp., Tranche 4 Term Loan,
                                           9.5%, 6/10/15                                      $  1,448,416
----------------------------------------------------------------------------------------------------------
                                           Food Retail -- 1.6%
      4,887,500                  B/B2      Pinnacle Foods Finance LLC, Term Loan,
                                           2.994%, 4/2/14                                     $  4,464,731
                                                                                              ------------
                                           Total Food & Staples Retailing                     $  5,913,147
----------------------------------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  19
<PAGE>

Schedule of Investments | 11/30/09 (continued)


<TABLE>
<CAPTION>
Principal                S&P/Moody's
Amount                   Ratings
USD ($)                  (unaudited)                                                       Value
<S>                      <C>          <C>                                                  <C>
                                      FOOD, BEVERAGE & TOBACCO -- 5.4%
                                      Distillers & Vintners -- 0.4%
      1,100,000           BB/Ba3      Constellation Brands, Inc., New Tranche B Term
                                      Loan, 1.75%, 6/5/13                                  $  1,045,612
-------------------------------------------------------------------------------------------------------
                                      Packaged Foods & Meats -- 5.0%
        994,898           BB/B1       Dean Foods Co., Tranche B Term Loan,
                                      1.615%, 4/2/14                                       $    924,011
        260,245          BB-/Ba2      Dole Food Co., Inc., Credit-Linked Deposit Loan,
                                      0.284%, 4/12/13                                           262,894
        309,911          BB-/Ba2      Dole Food Co., Inc., Tranche B Term Loan,
                                      8.0%, 4/12/13                                             313,065
        951,461          BB-/Ba2      Dole, Ltd., Tranche C Term Loan, 8.0%, 4/12/13            961,146
      2,540,730           NR/NR       Sturm Foods, Inc., Initial First Lien Term Loan,
                                      2.813%, 1/31/14                                         2,351,763
      9,143,750           NR/NR       Wm. Wrigley Jr. Co., Tranche B Term Loan,
                                      6.5%, 10/6/14                                           9,195,165
                                                                                           ------------
                                                                                           $ 14,008,044
                                                                                           ------------
                                      Total Food, Beverage & Tobacco                       $ 15,053,656
-------------------------------------------------------------------------------------------------------
                                      HOUSEHOLD & PERSONAL PRODUCTS -- 4.4%
                                      Household Products -- 3.0%
      2,493,019           B+/B1       Central Garden & Pet Co., Tranche B Term Loan,
                                      1.74%, 9/30/12                                       $  2,368,368
      1,700,000           NR/NR       JohnsonDiversey, Inc., Tranche B Dollar Term
                                      Loan, 3.5%, 11/24/15                                    1,700,000
      4,136,339(d)        NR/B3       Spectrum Brands, Inc., Dollar Term Loan B,
                                      8.0% - 8.75%, 6/30/12                                   4,020,005
        210,397           NR/NR       Spectrum Brands, Inc., LC Loan, 1.5%, 6/30/12             204,479
                                                                                           ------------
                                                                                           $  8,292,852
-------------------------------------------------------------------------------------------------------
                                      Personal Products -- 1.4%
        979,950(a)        NR/NR       Appleseed's Intermediate Holdings, Inc., First Lien
                                      Term Loan, 4.24%, 4/30/13                            $    465,476
      1,100,000           NR/NR       Brickman Group Holdings, Inc., Tranche B Term
                                      Loan, 2.283%, 1/23/14                                   1,023,000
      2,500,000           B+/Ba3      Revlon Consumer Products Corp., Term Loan,
                                      4.29% - 4.3%, 1/15/12                                   2,417,708
                                                                                           ------------
                                                                                           $  3,906,184
                                                                                           ------------
                                      Total Household & Personal Products                  $ 12,199,036
-------------------------------------------------------------------------------------------------------
                                      HEALTH CARE EQUIPMENT & SERVICES -- 11.8%
                                      Health Care Equipment & Services -- 1.5%
        714,286            B/NR       Fenwal, Inc., First Lien Delayed Draw Term Loan,
                                      2.506%, 2/28/14                                      $    618,452
      4,178,571            B/NR       Fenwal, Inc., Initial First Lien Term Loan,
                                      2.484% - 2.506%, 2/28/14                                3,617,945
                                                                                           ------------
                                                                                           $  4,236,397
-------------------------------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.


20   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>


<TABLE>
<CAPTION>
Principal               S&P/Moody's
Amount                  Ratings
USD ($)                 (unaudited)                                                    Value
<S>                     <C>          <C>                                               <C>
                                     Health Care Supplies -- 2.8%
       464,930           BB-/B1      Bausch & Lomb, Inc., Delayed Draw Term Loan,
                                     3.504% - 3.533%, 4/24/15                          $    437,034
     1,914,539           BB-/B1      Bausch & Lomb, Inc., Parent Term Loan,
                                     3.533%, 4/24/15                                      1,799,667
     2,690,092           BB-/B1      Biomet, Inc., Dollar Term Loan,
                                     3.254% - 3.285%, 3/25/15                             2,555,071
     5,163,713(c)         D/NR       CCS Medical, Inc., First Lien Term Loan,
                                     4.35%, 9/30/12                                       2,771,195
       150,564           NR/NR       CCS Medical, Inc., Term Loan, 11.0%, 1/14/10           150,564
                                                                                       ------------
                                                                                       $  7,713,531
---------------------------------------------------------------------------------------------------
                                     Health Care Services -- 2.8%
       750,000           NR/NR       Alliance HealthCare Services, Initial Term Loan,
                                     3.5%, 6/1/16                                      $    741,563
     1,290,040          NR/Baa3      Fresenius SE, Tranche B-1 Term Loan,
                                     6.75%, 9/10/14                                       1,298,563
     2,931,298          CCC+/B2      LifeCare Holdings, Term Loan, 4.54%, 8/10/12         2,454,962
     1,006,111(d)        NR/NR       Medical Staffing Network, Inc., Second Lien Term
                                     Loan, 13.5%, 7/2/14                                    528,208
     1,920,000           NR/NR       RehabCare Group, Inc., Term Loan B,
                                     6.0%, 11/24/15                                       1,901,040
     1,000,000           BB/Ba3      Rural/Metro Operating Co. LLC, Term Loan,
                                     7.0%, 12/9/14                                          990,000
                                                                                       ------------
                                                                                       $  7,914,336
---------------------------------------------------------------------------------------------------
                                     Health Care Facilities -- 4.0%
        48,539           BB/Ba3      CHS/Community Health Systems, Inc., Delayed
                                     Draw Term Loan, 2.506%, 7/25/14                   $     44,484
       951,461           BB/Ba3      CHS/Community Health Systems, Inc., Term
                                     Loan, 2.484% - 2.506%, 7/25/14                         871,974
    10,813,450           BB/Ba3      HCA, Inc., Tranche B-1 Term Loan,
                                     2.533%, 11/18/13                                    10,068,003
                                                                                       ------------
                                                                                       $ 10,984,461
---------------------------------------------------------------------------------------------------
                                     Managed Health Care -- 0.7%
       904,292            B/B2       Aveta, Inc., MMM Original Term Loan,
                                     5.49%, 8/22/11                                    $    886,206
       134,337           NR/B2       Aveta, Inc., NAMM New Term Loan,
                                     5.49%, 8/22/11                                         131,762
       242,069           NR/B2       Aveta, Inc., NAMM Original Term Loan,
                                     5.49%, 8/22/11                                         237,227
       741,088           NR/B2       Aveta, Inc., PHMC Acquisition Term Loan,
                                     5.49%, 8/22/11                                         726,883
                                                                                       ------------
                                                                                       $  1,982,078
                                                                                       ------------
                                     Total Health Care Equipment & Services            $ 32,830,803
---------------------------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  21
<PAGE>

Schedule of Investments | 11/30/09 (continued)


<TABLE>
<CAPTION>
Principal         S&P/Moody's
Amount            Ratings
USD ($)           (unaudited)                                                     Value
<S>               <C>           <C>                                               <C>
                                PHARMACEUTICALS & BIOTECHNOLOGY & LIFE
                                SCIENCES -- 6.7%
                                Biotechnology -- 0.7%
   722,034          NR/NR       Warner Chilcott Co., LLC, Term Loan A,
                                5.5%, 10/30/14                                    $    721,017
   794,237          NR/NR       Warner Chilcott Co., LLC, Term Loan B-2,
                                5.75%, 4/30/15                                         793,118
   361,017          NR/NR       Warner Chilcott Corp., Term Loan B-1,
                                5.75%, 4/30/15                                         360,565
                                                                                  ------------
                                                                                  $  1,874,700
----------------------------------------------------------------------------------------------
                                Pharmaceuticals -- 4.9%
   694,960          NR/NR       Fresenius SE, Tranche B-2 Term Loan,
                                6.75%, 9/10/14                                    $    699,551
 2,000,000          NR/NR       Graceway Pharmaceuticals LLC, Mezzanine Loan,
                                8.484%, 11/1/13                                        400,000
12,978,349         BB+/Ba3      Mylan, Inc., U.S. Tranche B Term Loan,
                                3.563%, 10/2/14                                     12,519,239
                                                                                  ------------
                                                                                  $ 13,618,790
----------------------------------------------------------------------------------------------
                                Life Sciences Tools & Services -- 1.1%
 3,170,000        BBB-/Baa3     Life Technologies Corp., Facility Term Loan B,
                                5.25%, 11/21/15                                   $  3,172,615
                                                                                  ------------
                                Total Pharmaceuticals & Biotechnology & Life
                                Sciences                                          $ 18,666,105
----------------------------------------------------------------------------------------------
                                DIVERSIFIED FINANCIALS -- 0.8%
                                Specialized Finance -- 0.7%
 1,925,473          B+/Ba3      Collect Acquisition Corp., Advance Term Loan B,
                                7.5%, 5/15/13                                     $  1,848,454
----------------------------------------------------------------------------------------------
                                Consumer Finance -- 0.1%
   135,424          BB-/NR      Dollar Financial Corp., Canadian Borrower Term
                                Loan, 3.04%, 10/30/12                             $    128,991
    99,576          NR/NR       Dollar Financial Corp., Delayed Draw Term Loan,
                                3.04%, 10/30/12                                         94,846
                                                                                  ------------
                                                                                  $    223,837
                                                                                  ------------
                                Total Diversified Financials                      $  2,072,291
----------------------------------------------------------------------------------------------
                                INSURANCE -- 1.7%
                                Insurance Brokers -- 1.7%
   832,888           B/B2       HUB International, Ltd., Delayed Draw Term Loan,
                                2.734%, 6/13/14                                   $    728,083
   850,000          NR/NR       HUB International, Ltd., Incremental Term Loan,
                                6.75%, 6/13/14                                         840,438
</TABLE>

The accompanying notes are an integral part of these financial statements.


22   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>


<TABLE>
<CAPTION>
Principal            S&P/Moody's
Amount               Ratings
USD ($)              (unaudited)                                                      Value
<S>                  <C>          <C>                                                 <C>
                                  Insurance Brokers -- (continued)
    2,994,792          B/B2       HUB International, Ltd., Initial Term Loan,
                                  2.734%, 6/13/14                                     $  2,617,948
      500,000         NR/NR       USI Holdings Corp., New Term Loan Series C,
                                  5.3%, 5/5/14                                             481,668
                                                                                      ------------
                                                                                      $  4,668,137
--------------------------------------------------------------------------------------------------
                                  Multi-Line Insurance -- 0.0%
      149,237         B-/B2       AMWINS Group, Inc., Initial Term Loan,
                                  2.76% - 2.79%, 6/8/13                               $    122,934
                                                                                      ------------
                                  Total Insurance                                     $  4,791,071
--------------------------------------------------------------------------------------------------
                                  REAL ESTATE -- 1.1%
                                  Diversified Real Estate Investment Trust -- 1.1%
    5,000,000        CCC-/Ca      Spirit Finance Corp., Term Loan, 3.281%, 8/1/13     $  3,091,665
                                                                                      ------------
                                  Total Real Estate                                   $  3,091,665
--------------------------------------------------------------------------------------------------
                                  SOFTWARE & SERVICES -- 16.5%
                                  Internet Software & Services -- 1.2%
    3,418,654         NR/NR       Web Service Co., LLC, Term Loan, 7.0%, 8/28/14      $  3,384,467
--------------------------------------------------------------------------------------------------
                                  IT Consulting & Other Services -- 5.9%
      952,220          B/B1       Activant Solutions, Inc., Term Loan,
                                  2.313%, 5/2/13                                      $    877,828
    4,546,512         B+/B2       Keane International, Inc., Closing Date Term Loan,
                                  2.49% - 2.51%, 6/4/13                                  4,100,385
      348,837         B+/B2       Keane International, Inc., Synthetic LC Loan,
                                  2.49%, 6/4/13                                            314,608
    4,950,000         BB/Ba3      SunGard Data Systems, Inc., Incremental Term
                                  Loan, 6.75%, 2/28/14                                   5,006,925
    6,700,401         BB/Ba3      SunGard Data Systems, Inc., Tranche A U.S. Term
                                  Loan, 1.992%, 2/28/14                                  6,161,227
                                                                                      ------------
                                                                                      $ 16,460,973
--------------------------------------------------------------------------------------------------
                                  Data Processing & Outsourced Services -- 1.4%
    2,149,289         B+/B1       DTN, Inc., Tranche C Term Loan,
                                  5.237% - 5.314%, 3/10/13                            $  2,068,691
      994,924         NR/B1       First Data Corp., Initial Tranche B-2 Term Loan,
                                  3.033% - 3.036%, 9/24/14                                 830,071
    1,191,945        BBB/Baa3     Lender Processing Services, Inc., Term Loan B,
                                  2.734%, 7/1/14                                         1,171,831
                                                                                      ------------
                                                                                      $  4,070,593
--------------------------------------------------------------------------------------------------
                                  Application Software -- 2.0%
    1,606,420         B+/Ba3      Nuance Communications, Inc., Term Loan,
                                  2.24%, 3/29/13                                      $  1,530,115
    3,531,739         B+/B1       Serena Software, Inc., Term Loan,
                                  2.322%, 3/11/13                                        3,235,956
      932,172         B+/NR       Verint Systems, Inc., Term Loan, 3.49%, 5/25/14          846,335
                                                                                      ------------
                                                                                      $  5,612,406
--------------------------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  23
<PAGE>

Schedule of Investments | 11/30/09 (continued)


<TABLE>
<CAPTION>
Principal               S&P/Moody's
Amount                  Ratings
USD ($)                 (unaudited)                                                       Value
<S>                     <C>           <C>                                                 <C>
                                      Systems Software -- 6.0%
      1,250,000           NR/NR       Allen Systems Group, Inc., First Lien Term Loan,
                                      8.5%, 10/18/13                                      $  1,250,000
      2,340,972           NR/NR       Applied Systems, Inc., Term Loan,
                                      2.734%, 9/26/13                                        2,225,386
      2,330,513           NR/B1       Infor Enterprise Solutions Holdings, Inc., Delayed
                                      Draw Term Loan, 3.99%, 7/30/12                         2,056,678
      2,932,500           B+/B1       Infor Enterprise Solutions Holdings, Inc., Dollar
                                      Tranche B-1 First Lien Term Loan,
                                      2.99%, 7/28/12                                         2,543,944
      4,466,817           B+/B1       Infor Enterprise Solutions Holdings, Inc., Initial
                                      U.S. Term Loan, 3.99%, 7/30/12                         3,941,966
      1,466,667(a)        NR/NR       Infor Enterprise Solutions Holdings, Inc., Second
                                      Lien Delayed Draw Term Loan, 6.484%, 3/2/14              997,333
      2,533,333         CCC+/Caa2     Infor Enterprise Solutions Holdings, Inc., Second
                                      Lien Initial Dollar Term Loan, 6.484%, 3/2/14          1,729,000
        876,889          BB-/Ba1      Macrovision Solutions Corp., Term Loan,
                                      6.0%, 5/2/13                                             881,273
      1,000,000          BB-/Ba3      Vangent, Inc., Term Loan, 2.52%, 2/14/13                 935,000
                                                                                          ------------
                                                                                          $ 16,560,580
                                                                                          ------------
                                      Total Software & Services                           $ 46,089,019
------------------------------------------------------------------------------------------------------
                                      TECHNOLOGY HARDWARE & EQUIPMENT -- 3.5%
                                      Communications Equipment -- 0.8%
        868,732           BB/Ba2      Commscope, Inc., Term Loan B,
                                      2.734% - 2.783%, 12/26/14                           $    829,639
      1,500,000           NR/NR       TowerCo Finance LLC, Term Loan,
                                      10.0%, 11/17/17                                        1,504,688
                                                                                          ------------
                                                                                          $  2,334,327
------------------------------------------------------------------------------------------------------
                                      Electronic Equipment & Instruments -- 1.2%
        611,111           NR/Ba2      H3C Holdings, Ltd., Tranche B Term Loan,
                                      3.639%, 9/28/12                                     $    583,611
      1,218,333           B+/Ba3      Itron, Inc., Dollar Term Loan, 3.99%, 4/18/14          1,213,384
      1,543,513           NR/NR       Scitor Corp., Term Loan, 4.48%, 9/26/14                1,366,009
                                                                                          ------------
                                                                                          $  3,163,004
------------------------------------------------------------------------------------------------------
                                      Electronic Components -- 0.4%
         36,377           NR/NR       Flextronics International, Ltd., A-1-B Delayed
                                      Draw Loan, 2.484%, 10/1/14                          $     33,488
      1,157,547           NR/NR       Flextronics International, Ltd., A-3 Delayed Draw
                                      Loan, 2.484%, 10/1/14                                  1,056,261
                                                                                          ------------
                                                                                          $  1,089,749
------------------------------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.


24   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>


<TABLE>
<CAPTION>
Principal               S&P/Moody's
Amount                  Ratings
USD ($)                 (unaudited)                                                    Value
<S>                     <C>          <C>                                               <C>
                                     Electronic Manufacturing Services -- 1.1%
     1,766,864          BB+/Ba3      Baldor Electric Co., Term Loan, 5.25%, 1/31/14    $  1,761,618
       749,889           NR/B2       FCI USA, Inc., Facility Term Loan B-1,
                                     3.406%, 11/1/13                                        692,397
       749,889           NR/B2       FCI USA, Inc., Facility Term Loan B-5-B,
                                     3.406%, 11/1/13                                        692,397
                                                                                       ------------
                                                                                       $  3,146,412
                                                                                       ------------
                                     Total Technology Hardware & Equipment             $  9,733,492
---------------------------------------------------------------------------------------------------
                                     TELECOMMUNICATION SERVICES -- 12.1%
                                     Alternative Carriers -- 2.6%
     6,500,000           B+/B1       Level 3 Financing, Inc., Tranche A Term Loan,
                                     2.53%, 3/13/14                                    $  5,527,711
     1,807,994            B/B1       PAETEC Holding Corp., Replacement Term Loan,
                                     2.734%, 2/28/13                                      1,709,685
                                                                                       ------------
                                                                                       $  7,237,396
---------------------------------------------------------------------------------------------------
                                     Integrated Telecommunication Services -- 7.1%
EURO   752,152           NR/NR       Amsterdamse Beheer-EN Consultingmaatschappij
                                     B.V., Casema Facility Term Loan B-1,
                                     2.938%, 9/15/14                                   $  1,104,419
EURO   390,705           NR/NR       Amsterdamse Beheer-EN Consultingmaatschappij
                                     B.V., Casema Facility Term Loan B-2,
                                     2.938%, 9/15/14                                        573,690
EURO 1,142,857           NR/NR       Amsterdamse Beheer-EN Consultingmaatschappij
                                     B.V., Casema Facility Term Loan C,
                                     3.438%, 9/14/15                                      1,678,109
EURO   857,143           NR/NR       Amsterdamse Beheer-EN Consultingmaatschappij
                                     B.V., Kabelcom Facility Term Loan B,
                                     3.438%, 9/15/15                                      1,258,582
EURO   857,143           NR/NR       Amsterdamse Beheer-EN Consultingmaatschappij
                                     B.V., Kabelcom Facility Term Loan C,
                                     2.938%, 9/14/14                                      1,258,582
     1,000,000         CCC+/Caa1     Hargray Acquisition Co., Second Lien Term Loan,
                                     5.778%, 1/29/15                                        650,000
     1,920,000          CCC+/B2      Integra Telecom Holdings, Inc., First Lien Term
                                     Loan, 10.5%, 8/31/13                                 1,916,799
     3,993,278           NR/B1       Telesat Canada, U.S. Term I Loan,
                                     3.24%, 10/31/14                                      3,737,146
       342,984           NR/B1       Telesat Canada, U.S. Term II Loan,
                                     3.24%, 10/31/14                                        320,985
       750,000           B+/Ba1      Time Warner Telecom Holdings, Inc., Term Loan B,
                                     1.99% - 2.04%, 1/7/13                                  710,977
     1,293,367           BB-/B1      West Corp., Term Loan B-2, 2.609% -
                                     2.609%, 10/24/13                                     1,162,409
EURO 1,500,000           BB/Ba1      Wind Telecomunicazione S.p.A., Facility Term
                                     Loan B-1, 3.683%, 5/24/13                            2,192,033
</TABLE>

The accompanying notes are an integral part of these financial statements.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  25
<PAGE>

Schedule of Investments | 11/30/09 (continued)


<TABLE>
<CAPTION>
Principal                    S&P/Moody's
Amount                       Ratings
USD ($)                      (unaudited)                                                     Value
<S>                          <C>          <C>                                                <C>
                                          Integrated Telecommunication
                                          Services -- (continued)
EURO   1,500,000              BB/Ba1      Wind Telecomunicazione S.p.A., Facility Term
                                          Loan C-1, 4.683%, 5/26/14                          $  2,192,033
       1,180,839              NR/NR       Windstream Corp., Tranche B-2 Term Loan,
                                          3.04%, 7/17/13                                        1,124,257
                                                                                             ------------
                                                                                             $ 19,880,021
---------------------------------------------------------------------------------------------------------
                                          Wireless Telecommunication Services -- 2.4%
       7,299,507             BB-/Ba2      MetroPCS Wireless, Inc., Tranche B Term Loan,
                                          2.5% - 2.563%, 11/3/13                             $  6,758,891
                                                                                             ------------
                                          Total Telecommunication Services                   $ 33,876,308
---------------------------------------------------------------------------------------------------------
                                          UTILITIES -- 7.0%
                                          Electric Utilities -- 6.0%
       3,696,435              NR/NR       ANP Funding I LLC, Tranche A Term Loan,
                                          3.741%, 7/29/10                                    $  3,697,592
       2,978,549               B/B3       Bosque Power Co. LLC, Term Loan,
                                          5.533%, 1/16/15                                       2,114,770
       1,754,777              B+/B1       Coleto Creek Power, L.P., First Lien Synthetic LC
                                          Term Loan, 0.183%, 6/28/13                            1,605,621
       3,493,506              B+/B1       Coleto Creek Power, L.P., First Lien Term Loan,
                                          2.984% - 3.033%, 6/28/13                              3,196,558
       4,837,500              NR/NR       Coleto Creek Power, L.P., Second Lien Term Loan,
                                          4.234%, 6/28/13                                       3,609,984
         881,057(d)(e)        NR/NR       GBGH LLC, First Lien Term Loan, 4.0%, 6/9/13            411,013
         274,192(d)(e)        NR/NR       GBGH, LLC, Second Lien Term Loan,
                                          12.0%, 6/9/14                                             2,742
       2,937,939              B+/NR       Texas Competitive Electric Holdings Co. LLC,
                                          Initial Tranche B-2 Term Loan,
                                          3.742% - 3.783%, 10/10/14                             2,201,618
                                                                                             ------------
                                                                                             $ 16,839,898
---------------------------------------------------------------------------------------------------------
                                          Independent Power Producers & Energy
                                          Traders -- 1.0%
       1,984,848              B+/B2       Calpine Corp., First Priority Term Loan,
                                          3.165%, 3/29/14                                    $  1,817,502
         275,941             BB-/Ba3      Mach Gen LLC, First Lien Synthetic LC Loan,
                                          0.033%, 2/22/13                                         255,705
         273,514             BB+/Baa3     NRG Energy, Inc., Credit-Linked Deposit Loan,
                                          0.183%, 2/1/13                                          251,633
         509,267             BB+/Baa3     NRG Energy, Inc., Term Loan,
                                          1.984% - 2.033%, 2/1/13                                 468,526
                                                                                             ------------
                                                                                             $  2,793,366
                                                                                             ------------
                                          Total Utilities                                    $ 19,633,264
---------------------------------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.

26   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>


<TABLE>
<CAPTION>
Principal                     S&P/Moody's
Amount                        Ratings
USD ($)                       (unaudited)                                                        Value
<S>                           <C>          <C>                                                   <C>
                                           TOTAL SENIOR SECURED FLOATING RATE LOAN
                                           INTERESTS
                                           (Cost $483,036,988)                                   $404,052,014
-------------------------------------------------------------------------------------------------------------
                                           CLAIMS -- 0.0% of Net Assets
                                           CAPITAL GOODS -- 0.0%
                                           Aerospace & Defense -- 0.0%
      1,200,000(a)(e)(g)        NR/NR      Northwest Airlines, Inc., ALPA Claim-Escrow, 2.5%     $        826
      2,500,000(a)(e)(g)        NR/NR      Northwest Airlines, Inc., Bell Atlantic Claim-
                                           Escrow, 2.5%                                                 1,720
      2,500,000(a)(e)(g)        NR/NR      Northwest Airlines, Inc., EDC Claim-Escrow,
                                           5.32%                                                        1,720
      2,130,600(a)(e)(g)        NR/NR      Northwest Airlines, Inc., Flight Attendant Claim-
                                           Escrow, 2.5%                                                 1,466
      1,500,000(a)(e)(g)        NR/NR      Northwest Airlines, Inc., GE Claim-Escrow, 2.5%              1,032
      1,264,500(a)(e)(g)        NR/NR      Northwest Airlines, Inc., IAM Claim-Escrow, 2.5%               870
      1,404,900(a)(e)(g)        NR/NR      Northwest Airlines, Inc., Retiree Claim-
                                           Escrow, 2.5%                                                   966
                                                                                                 ------------
                                           Total Capital Goods                                   $      8,600
-------------------------------------------------------------------------------------------------------------
                                           TOTAL CLAIMS
                                           (Cost $0)                                             $      8,600
-------------------------------------------------------------------------------------------------------------
                                           CORPORATE NOTES -- 14.5% of Net Assets
                                           MATERIALS -- 0.4%
                                           Diversified Metals & Mining -- 0.2%
        350,000               BBB+/Baa1    Rio Tinto Finance USA, Ltd., 8.95%, 5/1/14            $    420,880
-------------------------------------------------------------------------------------------------------------
                                           Paper Products -- 0.2%
        600,000                  B/B2      Cellu Tissue Holdings, Inc., 11.5%, 6/1/14            $    655,500
                                                                                                 ------------
                                           Total Materials                                       $  1,076,380
-------------------------------------------------------------------------------------------------------------
                                           CAPITAL GOODS -- 0.9%
                                           Aerospace & Defense -- 0.9%
        550,000                 BB/Ba3     DigitalGlobe, Inc., 10.5%, 5/1/14 (144A)              $    588,500
      1,850,000                 BB/B2      Spirit AeroSystems, Inc., 7.5%, 10/1/17 (144A)           1,813,000
                                                                                                 ------------
                                           Total Capital Goods                                   $  2,401,500
-------------------------------------------------------------------------------------------------------------
                                           AUTOMOBILES & COMPONENTS -- 0.9%
                                           Auto Parts & Equipment -- 0.0%
        127,932                 NR/NR      Delphi International Holdings S.A.R.L,
                                           12.0%, 10/6/14                                        $    125,374
-------------------------------------------------------------------------------------------------------------
                                           Tires & Rubber -- 0.9%
      3,000,000(b)            CCC+/Caa1    American Tire Distributors, Inc.,
                                           6.54%, 4/1/12 (144A)                                  $  2,475,000
                                                                                                 ------------
                                           Total Automobiles & Components                        $  2,600,374
-------------------------------------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  27
<PAGE>

Schedule of Investments | 11/30/09 (continued)


<TABLE>
<CAPTION>
Principal                      S&P/Moody's
Amount                         Ratings
USD ($)                        (unaudited)                                                Value
<S>                            <C>         <C>                                            <C>
                                           CONSUMER DURABLES & APPAREL -- 0.4%
                                           Housewares & Specialties -- 0.4%
      1,000,000                 B+/B2      Jarden Corp., 8.0%, 5/1/16                     $  1,030,000
                                                                                          ------------
                                           Total Consumer Durables & Apparel              $  1,030,000
------------------------------------------------------------------------------------------------------
                                           RETAILING -- 0.7%
                                           Catalog Retail -- 0.7%
      1,825,000                BB+/Ba2     QVC, Inc., 7.5%, 10/1/19 (144A)                $  1,825,000
                                                                                          ------------
                                           Total Retailing                                $  1,825,000
------------------------------------------------------------------------------------------------------
                                           PHARMACEUTICALS & BIOTECHNOLOGY & LIFE
                                           SCIENCES -- 10.0%
                                           Biotechnology -- 2.1%
      4,066,637(a)              NR/NR      Fosamprenavir Pharma, 15.5%, 6/15/18 (144A)    $  3,741,306
      2,824,670(a)(b)(d)        NR/NR      Molecular Insight Pharmaceuticals, Inc.,
                                           9.23%, 11/16/12 (144A)                            2,259,736
                                                                                          ------------
                                                                                          $  6,001,042
------------------------------------------------------------------------------------------------------
                                           Pharmaceuticals -- 7.9%
     15,000,000(a)              NR/NR      Azithromycin Royalty Sub LLC,
                                           16.0%, 5/15/19 (144A)                          $ 11,550,000
     10,592,201(a)(d)           NR/NR      Celtic Pharma Phinco B.V.,
                                           17.0%, 6/15/12 (144A)                             6,355,321
      1,200,000(a)              NR/NR      Pharma V, 13.0%, 10/15/13 (144A)                  1,152,000
        703,664(a)(b)(d)        NR/NR      Pharma VI, 5.507%, 10/15/14 (144A)                  598,114
      1,164,243(a)(d)           NR/NR      Pharma X, 15.5%, 3/30/17 (144A)                     989,606
      1,500,000(a)(d)           NR/NR      TCD Pharma, 16.0%, 4/15/24 (144A)                 1,320,000
                                                                                          ------------
                                                                                          $ 21,965,041
                                                                                          ------------
                                           Total Pharmaceuticals & Biotechnology & Life
                                           Sciences                                       $ 27,966,083
------------------------------------------------------------------------------------------------------
                                           DIVERSIFIED FINANCIALS -- 0.3%
                                           Consumer Finance -- 0.1%
        200,000                BBB/Baa1    Capital One Financial Corp., 7.375%, 5/23/14   $    229,403
------------------------------------------------------------------------------------------------------
                                           Asset Management & Custody Banks -- 0.2%
        530,000                BB+/Baa3    Janus Capital Group, Inc., 6.25%, 6/15/12      $    535,721
                                                                                          ------------
                                           Total Diversified Financials                   $    765,124
------------------------------------------------------------------------------------------------------
                                           INSURANCE -- 0.5%
                                           Reinsurance -- 0.5%
        250,000(b)              NR/Ba2     Muteki, Ltd., 4.673%, 5/24/11 (144A)           $    242,200
        500,000(b)              BB-/NR     Mystic Re, Ltd., 10.254%, 6/7/11 (144A)             514,300
        600,000(b)              BB-/NR     Residential Reinsurance 2008, Ltd.,
                                           7.111%, 6/6/11 (144A)                               592,620
                                                                                          ------------
                                           Total Insurance                                $  1,349,120
------------------------------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.


28   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>


<TABLE>
<CAPTION>
Principal                   S&P/Moody's
Amount                      Ratings
USD ($)                     (unaudited)                                                      Value
<S>                         <C>          <C>                                                 <C>
                                         REAL ESTATE -- 0.3%
                                         Specialized Real Estate Investment
                                         Trusts - 0.3%
        750,000             BBB/Baa2     Hospitality Properties Trust, 7.875%, 8/15/14       $    781,168
---------------------------------------------------------------------------------------------------------
                                         Diversified Real Estate Activities -- 0.0%
        150,000              A-/A2       WEA Finance LLC, 7.5%, 6/2/14 (144A)                $    166,810
                                                                                             ------------
                                         Total Real Estate                                   $    947,978
---------------------------------------------------------------------------------------------------------
                                         TELECOMMUNICATION SERVICES -- 0.1%
                                         Integrated Telecommunication Services -- 0.1%
        300,000              BB/Ba2      Frontier Communications Corp., 8.25%, 5/1/14        $    308,250
                                                                                             ------------
                                         Total Telecommunication Services                    $    308,250
---------------------------------------------------------------------------------------------------------
                                         TOTAL CORPORATE NOTES
                                         (Cost $48,172,115)                                  $ 40,269,809
---------------------------------------------------------------------------------------------------------
     Shares
                                         COMMON STOCK -- 3.4% of Net Assets
                                         ENERGY -- 0.0%
                                         Oil & Gas Drilling -- 0.0%
            138(a)(e)                    TARH E&P Holding GP, LLP Class A
                                         Membership Interest                                 $          1
        130,056(a)(e)                    TARH E&P Holding LP, Class A Partnership Interest          1,301
                                                                                             ------------
                                         Total Energy                                        $      1,302
---------------------------------------------------------------------------------------------------------
                                         MATERIALS -- 0.8%
                                         Commodity Chemicals -- 0.7%
        145,265(g)                       Georgia Gulf Corp.                                  $  2,119,416
---------------------------------------------------------------------------------------------------------
                                         Diversified Chemicals -- 0.1%
         20,650(e)(g)                    Panda Herford Ethanol LP                            $    206,500
                                                                                             ------------
                                         Total Materials                                     $  2,325,916
---------------------------------------------------------------------------------------------------------
                                         TRANSPORTATION -- 0.1%
                                         Airlines -- 0.0%
          4,866(g)                       Delta Airlines, Inc.                                $     39,853
---------------------------------------------------------------------------------------------------------
                                         Trucking -- 0.1%
         12,887(g)                       SIRVA Worldwide, Inc.                               $    193,305
                                                                                             ------------
                                         Total Transportation                                $    233,158
---------------------------------------------------------------------------------------------------------
                                         AUTOMOBILES & COMPONENTS -- 2.4%
                                         Auto Parts & Equipment -- 2.4%
            829(g)                       Delphi DIP Holdco LLP, Class B Subscription         $  6,604,366
                                                                                             ------------
                                         Total Automobiles & Components                      $  6,604,366
---------------------------------------------------------------------------------------------------------
                                         MEDIA -- 0.1%
                                         Broadcasting -- 0.1%
          5,325(e)                       Charter Communications, Inc.                        $    206,250
                                                                                             ------------
                                         Total Media                                         $    206,250
---------------------------------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  29
<PAGE>

Schedule of Investments | 11/30/09 (continued)


<TABLE>
<CAPTION>
Shares                                                                          Value
<S>                        <C>                                                  <C>
                           DIVERSIFIED FINANCIALS -- 0.0%
                           Other Diversified Financial Services -- 0.0%
      1,589(e)(g)          GBGH, LLC Membership Interest                        $         16
                                                                                ------------
                           Total Diversified Financials                         $         16
--------------------------------------------------------------------------------------------
                           TOTAL COMMON STOCK
                           (Cost $8,837,545)                                    $  9,371,008
--------------------------------------------------------------------------------------------
                           LIQUIDATING TRUST -- 0.0% of Net Assets
                           CONSUMER SERVICES -- 0.0%
                           Hotels, Resorts & Cruise Lines -- 0.0%
  3,377,886(e)(g)          Yellowstone Mountain Club LLC, Liquidating Trust     $         --
--------------------------------------------------------------------------------------------
                           TOTAL LIQUIDATING TRUST
                           (Cost $0)                                            $         --
--------------------------------------------------------------------------------------------
                           WARRANTS -- 0.0% of Net Assets
                           ENERGY -- 0.0%
                           Oil & Gas Equipment & Services -- 0.0%
    213,605(a)(e)(g)       Value Creation, Inc., Exp. 1/29/14                   $         --
                                                                                ------------
                           Total Energy                                         $         --
--------------------------------------------------------------------------------------------
                           TELECOMMUNICATION SERVICES -- 0.0%
                           Integrated Telecommunication Services -- 0.0%
    400,000(a)(g)          Clearwire Corp., Exp. 8/15/10 (144A)                 $     14,000
                                                                                ------------
                           Total Telecommunication Services                     $     14,000
--------------------------------------------------------------------------------------------
                           TOTAL WARRANTS
                           (Cost $956,752)                                      $     14,000
--------------------------------------------------------------------------------------------
Principal
Amount
USD ($)
                           TEMPORARY CASH INVESTMENTS -- 1.5%
                           of Net Assets
                           Repurchase Agreements -- 1.5%
  4,225,000                BNP Paribas, 0.17%, dated 11/30/09,
                           repurchase price of $4,225,000 plus accrued
                           interest on 12/1/09 collateralized by the
                           following:
                           $3,603,868 Federal National Mortgage
                           Association (ARM),
                           2.779% - 6.174%, 6/1/25 - 9/1/39
                           $705,632 Federal Home Loan Mortgage Corp.,
                           4.905% - 6.109%, 7/1/36 - 4/1/38                     $  4,225,000
--------------------------------------------------------------------------------------------
                           TOTAL TEMPORARY CASH INVESTMENTS
                           (Cost $4,225,000)                                    $  4,225,000
--------------------------------------------------------------------------------------------
                           TOTAL INVESTMENTS IN SECURITIES -- 166.0%
                           (Cost $551,477,188)(h)                               $462,426,081
--------------------------------------------------------------------------------------------
</TABLE>



The accompanying notes are an integral part of these financial statements.

30   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>


<TABLE>
<CAPTION>
                                                                                       Value
<S>                        <C>                                               <C>
                           OTHER ASSETS AND LIABILITIES - (0.5)%              $  (1,374,266)
--------------------------------------------------------------------------------------------
                           PREFERRED SHARES AT REDEMPTION VALUE,
                           INCLUDING DIVIDENDS PAYABLE - (65.5)%              $(182,487,194)
--------------------------------------------------------------------------------------------
                           NET ASSETS APPLICABLE TO COMMON
                           SHAREOWNERS -- 100.0%                              $  278,564,621
============================================================================================
</TABLE>

NR     Security not rated by S&P or Moody's.

*      Senior secured floating rate loan interests in which the Trust invests
       generally pay interest at rates that are periodically redetermined by
       reference to a base lending rate plus a premium. These base lending rates
       are generally (i) the lending rate offered by one or more major European
       banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate
       offered by one or more major United States banks, (iii) the certificate
       of deposit (iv) other base lending rates used by commercial lenders. The
       rate shown is the coupon rate accruing at November 30, 2009.

(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
       November 30, 2009, the value of these securities amounted to $48,474,767
       or 17.4% of total net assets applicable to common shareowners.

(a)    Indicates a security that has been deemed illiquid. The aggregate cost of
       illiquid securities is $105,840,128. The aggregate value $59,833,639
       represents 21.5% of the total net assets applicable to common
       shareowners.

(b)    Floating Rate Note. The rate shown is the coupon rate at November 30,
       2009.

(c)    Security is in default and is non-income producing.

(d)    Represents a pay in kind security.

(e)    Security is valued using fair value methods (other than prices supplied
       by independent pricing services).

(f)    The company and agent bank are in the process of negotiating forbearance.

(g)    Non-income producing.

(h)    At November 30, 2009, the net unrealized loss on investments based on
       cost for federal income tax purposes of $551,863,503 was as follows:


<TABLE>
<S>                                                                                <C>
       Aggregate gross unrealized gain for all investments in which there is an
         excess of value over tax cost                                             $  9,255,395
       Aggregate gross unrealized loss for all investments in which there is an
         excess of tax cost over value                                              (98,692,817)
                                                                                   ------------
       Net unrealized loss                                                         $(89,437,422)
                                                                                   ============
</TABLE>

For financial reporting purposes net unrealized loss on investments was
$89,051,107 and cost of investments aggregated $551,477,188.


Purchases and sales of securities (excluding temporary cash investments) for
the period ended November 30, 2009, aggregated $127,071,758 and $129,262,726,
respectively.


The accompanying notes are an integral part of these financial statements.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  31
<PAGE>

Schedule of Investments | 11/30/09 (continued)

Glossary of Terms:

LC -- Letter of Credit

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

AUD -- Australian Dollar
EURO -- Euro

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

Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.

  Level 1 -- quoted prices in active markets for identical securities
  Level 2 -- other significant observable inputs (including quoted prices for
             similar securities, interest rates, prepayment speeds, credit risk,
             etc.)
  Level 3 -- significant unobservable inputs (including the Trust's own
             assumptions in determining fair value of investments)

The following is a summary of the inputs used as of November 30, 2009, in
valuing the Trust's investments:


<TABLE>
<CAPTION>
                                        Level 1      Level 2        Level 3       Total
<S>                                     <C>          <C>            <C>           <C>
Collateralized loan obligation          $       --   $         --   $ 4,485,650   $  4,485,650
Senior secured floating rate loan
  interests (oil & gas drilling)                --      3,775,406     1,275,323      5,050,729
Senior secured floating rate loan
  interests (cable & satellite)                 --     20,087,636    10,509,939     30,597,575
Senior secured floating rate loan
  interests (electric utilities)                --     16,426,143       413,755     16,839,898
Senior secured floating rate loan
  interests (other industries)                  --    351,563,812            --    351,563,812
Claims                                          --             --         8,600          8,600
Corporate notes (biotechnology)                 --             --     6,001,042      6,001,042
Corporate notes (pharmaceuticals)               --             --    21,965,041     21,965,041
Corporate notes (other industries)              --     12,303,726            --     12,303,726
Common stock (oil & gas drilling)               --             --         1,302          1,302
Common stock (trucking)                         --        193,305            --        193,305
Common stock (diversified chemicals)            --             --       206,500        206,500
Common stock (auto parts &
  equipment)                                    --      6,604,366            --      6,604,366
Common stock (broadcasting)                     --             --       206,250        206,250
Common stock (other diversified
  financial services)                           --             --            16             16
Common stock (other industries)          2,159,269             --            --      2,159,269
Liquidating trust                               --             --            --             --
Warrants                                        --         14,000            --         14,000
</TABLE>

The accompanying notes are an integral part of these financial statements.


32   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>


<TABLE>
<CAPTION>
                                        Level 1      Level 2        Level 3       Total
<S>                                     <C>          <C>            <C>           <C>
Temporary cash investments              $       --   $  4,225,000   $        --   $  4,225,000
----------------------------------------------------------------------------------------------
  Total                                 $2,159,269   $415,193,394   $45,073,418   $462,426,081
==============================================================================================
Other Financial Instruments*            $       --   $   (632,443)  $        --   $   (632,443)
                                       -------------------------------------------------------
</TABLE>

* Other financial instruments include net depreciation on unfunded corporates
  loans.

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


<TABLE>
<CAPTION>
                                                        Change in
                                                       unrealized           Net           Transfer in
                            Balance as    Realized     appreciation        purchases     and out of     Balance as
                           of 11/30/08   gain (loss)   (depreciation)(1)   (sales)       Level 3*      of 11/30/09
<S>                        <C>           <C>           <C>                 <C>           <C>           <C>
Collateralized loan
  obligation               $ 1,514,890        $--         $   2,979,904     $   (9,144)  $        --   $ 4,485,650
Senior secured floating
  rate loan interests
  (oil & gas drilling)              --         --                    --      1,275,323            --     1,275,323
Senior secured floating
  rate loan interests
  (cable & satellite)               --         --           (10,132,339)            --    20,642,278    10,509,939
Senior secured floating
  rate loan interests
  (electric utilities)              --         --                    --        413,755            --       413,755
Claims                              --         --                    --             --         8,600         8,600
Corporate notes
    (biotechnology)          6,323,158         --               248,754       (570,870)           --     6,001,042
Corporate notes
  (pharmaceuticals)         25,194,159         --            (2,811,799)      (417,319)           --    21,965,041
Common stock (oil &
  gas drilling)                     --         --                    --          1,302            --         1,302
Common stock
  (diversified
  chemicals)                        --         --                    --        206,500            --       206,500
Common stock
     (broadcasting)                 --         --                30,500        175,750            --       206,250
Common stock (other
  diversified financial
  services)                         --         --                    --             16            --            16
Liquidating trust                   --         --                    --             --            --            --
------------------------------------------------------------------------------------------------------------------
Ending balance             $33,032,207        $--         $  (9,684,980)    $1,075,313   $20,650,878   $45,073,418
==================================================================================================================
</TABLE>

(1) Unrealized appreciation (depreciation) on these securities is included in
    the change in unrealized gain (loss) from investments in the Statement of
    Operations.
*   Transfers are calculated beginning of period.

The accompanying notes are an integral part of these financial statements.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  33
<PAGE>

Statement of Assets and Liabilities | 11/30/09


<TABLE>
<S>                                                                     <C>
ASSETS:
  Investments in securities, at value (cost $551,477,188)               $462,426,081
  Cash                                                                     1,677,460
  Foreign currencies, at value (cost $2,663,024)                           2,648,127
  Receivables --
   Investment securities sold                                              6,499,650
   Paydowns                                                                   85,452
   Interest                                                                4,013,103
   Commitment fees                                                             1,380
   Prepaid expenses                                                           13,979
------------------------------------------------------------------------------------
     Total assets                                                       $477,365,232
------------------------------------------------------------------------------------
LIABILITIES:
  Payables --
   Investment securities purchased                                      $ 13,054,535
   Dividends payable to common shareowners                                 1,832,111
   Depreciation on unfunded corporate loans -- net                           632,443
   Unamortized facility fees                                                 210,802
  Due to affiliates                                                          302,526
  Accrued expenses                                                           281,000
------------------------------------------------------------------------------------
     Total liabilities                                                  $ 16,313,417
------------------------------------------------------------------------------------
PREFERRED SHARES AT REDEMPTION VALUE:
  $25,000 liquidation value per share applicable to 7,298 shares,
   including dividends payable of $37,194                               $182,487,194
------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
  Paid-in capital                                                       $461,637,319
  Distributions in excess of net investment income                        (2,218,618)
  Accumulated net realized loss on investments and foreign currency
   transactions                                                          (91,165,116)
  Net unrealized loss on investments                                     (89,683,550)
  Net unrealized loss on foreign currency assets and liabilities
   denominated in foreign currencies                                          (5,414)
------------------------------------------------------------------------------------
     Net assets applicable to common shareowners                        $278,564,621
------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
No par value, (unlimited number of shares authorized)
  Based on $278,564,621/24,428,148 common shares                        $      11.40
====================================================================================
</TABLE>


The accompanying notes are an integral part of these financial statements.


34   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

Statement of Operations

For the Year Ended 11/30/09



<TABLE>
<S>                                                              <C>                 <C>
INVESTMENT INCOME:
  Interest                                                       $ 31,698,860
  Facility and other fees                                             592,285
-------------------------------------------------------------------------------------------------
     Total investment income                                                         $ 32,291,145
-------------------------------------------------------------------------------------------------
EXPENSES:
  Management fees                                                $  2,919,302
  Administrative reimbursements                                       457,357
  Transfer agent fees and expenses                                     53,492
  Auction agent fees                                                  490,508
  Custodian fees                                                       59,496
  Registration fees                                                    23,750
  Professional fees                                                   383,274
  Printing expenses                                                    42,009
  Trustees' fees                                                       16,345
  Miscellaneous                                                       292,052
-------------------------------------------------------------------------------------------------
  Total expenses                                                                     $  4,737,585
-------------------------------------------------------------------------------------------------
   Net investment income                                                             $ 27,553,560
-------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
  Net realized gain (loss) from:
   Investments                                                   $(51,171,570)
   Payments made by affiliates (see Note 6)                           396,422
   Other assets and liabilities denominated in foreign
     currencies                                                       406,489        $(50,368,659)
-------------------------------------------------------------------------------------------------
  Change in net unrealized gain (loss) on:
   Investments                                                   $121,865,683
   Unfunded corporate loans                                           533,612
   Foreign currency and other assets and liabilities
     denominated in foreign currencies                               (108,009)       $122,291,286
-------------------------------------------------------------------------------------------------
  Net gain on investments and foreign currency transactions                          $ 71,922,627
-------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO PREFERRED
SHAREOWNERS FROM NET INVESTMENT INCOME:                                              $ (2,948,076)
-------------------------------------------------------------------------------------------------
  Net increase in net assets applicable to common shareowners
   resulting from operations                                                         $ 96,528,111
=================================================================================================
</TABLE>


The accompanying notes are an integral part of these financial statements.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  35
<PAGE>

Statement of Changes in Net Assets

For the Years Ended 11/30/09 and 11/30/08, respectively



<TABLE>
<CAPTION>
                                                                    Year               Year
                                                                   Ended              Ended
                                                                   11/30/09           11/30/08
<S>                                                                <C>                <C>
FROM OPERATIONS:
Net investment income                                              $ 27,553,560       $  45,944,980
Net realized loss on investments and foreign currency
  transactions                                                      (50,368,659)        (41,570,240)
Change in net unrealized gain (loss) on investments and foreign
  currency transactions                                             122,291,286        (175,353,369)
Dividends and distributions to preferred shareowners from
   Net investment income                                             (2,948,076)         (8,996,461)
   Net realized gains                                                        --            (783,227)
---------------------------------------------------------------------------------------------------
   Net increase (decrease) in net assets applicable to
     common shareowners resulting from operations                  $ 96,528,111       $(180,758,317)
---------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO COMMON
SHAREOWNERS:
Net investment income
   ($1.117 and $1.704 per share, respectively)                     $(27,292,353)      $ (41,615,793)
Net realized gains
   ($0.000 and $0.348 per share, respectively)                               --          (8,500,996)
Tax return of capital
   ($0.053 and $0.000 per share, respectively)                       (1,288,580)                 --
---------------------------------------------------------------------------------------------------
     Total dividends and distributions to
       common shareowners                                          $(28,580,933)      $ (50,116,789)
---------------------------------------------------------------------------------------------------
   Net increase (decrease) in net assets applicable to
     common shareowners                                            $ 67,947,178       $(230,875,106)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
Beginning of year                                                   210,617,443         441,492,549
---------------------------------------------------------------------------------------------------
End of year                                                        $278,564,621       $ 210,617,443
---------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of)
  net investment income                                            $ (2,218,618)      $     675,232
---------------------------------------------------------------------------------------------------
</TABLE>


The accompanying notes are an integral part of these financial statements.


36   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>


Financial Highlights
<TABLE>
<CAPTION>
                                                                                 Year        Year
                                                                                Ended       Ended
                                                                               11/30/09    11/30/08
<S>                                                                            <C>         <C>
Per Common Share Operating Performance
Net asset value, beginning of period                                           $  8.62     $   18.07
----------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:(a)
 Net investment income                                                         $  1.13     $    1.88
 Net realized and unrealized gain (loss) on investments and foreign currency
  transactions                                                                    2.94         (8.88)
 Dividends and distributions to preferred shareowners from:
  Net investment income                                                          (0.12)        (0.37)
  Net realized gains                                                                --         (0.03)
----------------------------------------------------------------------------------------------------
   Net increase (decrease) from investment operations                          $  3.95     $   (7.40)
Distributions to common shareowners from:
 Net investment income                                                           (1.12)        (1.70)
 Net realized gains                                                                 --         (0.35)
 Tax return of capital                                                           (0.05)           --
Capital charge with respect to issuance of:
 Common shares                                                                      --            --
 Preferred shares                                                                   --            --
----------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                                     $  2.78     $   (9.45)
----------------------------------------------------------------------------------------------------
Net asset value, end of period(e)                                              $ 11.40     $    8.62
----------------------------------------------------------------------------------------------------
Market value, end of period(e)                                                 $ 11.54     $    6.90
====================================================================================================
Total return at market value(f)                                                  91.01%       (52.10)%
Ratios to average net assets of common shareowners
 Net expenses(g)                                                                  2.03%         1.60%
 Net investment income before preferred share dividends                          11.79%        12.61%
 Preferred share dividends                                                        1.26%         2.47%


<CAPTION>
                                                                                  Year          Year        12/28/04(b)
                                                                                 Ended         Ended           to
                                                                                11/30/07      11/30/06      11/30/05
<S>                                                                              <C>           <C>           <C>
Per Common Share Operating Performance
Net asset value, beginning of period                                             $19.66        $19.08        $19.10(c)
----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:(a)
 Net investment income                                                           $ 2.30        $ 2.20        $ 1.33
 Net realized and unrealized gain (loss) on investments and foreign currency
  transactions                                                                    (1.47)         0.52         (0.05)
 Dividends and distributions to preferred shareowners from:
  Net investment income                                                           (0.51)        (0.46)        (0.23)
  Net realized gains                                                               0.00 (d)        --            --
----------------------------------------------------------------------------------------------------------------------
   Net increase (decrease) from investment operations                            $ 0.32        $ 2.26        $ 1.05
Distributions to common shareowners from:
 Net investment income                                                            (1.91)        (1.63)        (0.92)
 Net realized gains                                                                0.00 (d)     (0.05)           --
 Tax return of capital                                                               --            --            --
Capital charge with respect to issuance of:
 Common shares                                                                       --            --         (0.04)
 Preferred shares                                                                    --          0.00 (d)     (0.11)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                                       $(1.59)       $ 0.58        $(0.02)
----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period(e)                                                $18.07        $19.66        $19.08
----------------------------------------------------------------------------------------------------------------------
Market value, end of period(e)                                                   $16.79        $18.95        $17.14
======================================================================================================================
Total return at market value(f)                                                   (2.02)%       20.94%        (9.76)%
Ratios to average net assets of common shareowners
 Net expenses(g)                                                                   1.40%         1.38%         1.23%(h)
 Net investment income before preferred share dividends                           11.92%        11.37%         7.52%(h)
 Preferred share dividends                                                         2.66%         2.39%         1.29%(h)
</TABLE>


The accompanying notes are an integral part of these financial statements.


                       Pioneer Floating Rate Trust | Annual Report | 11/30/09 37
<PAGE>

Financial Highlights (continued)


<TABLE>
<CAPTION>
                                                                           Year         Year
                                                                          Ended        Ended
                                                                         11/30/09     11/30/08
<S>                                                                      <C>          <C>
 Net investment income available to common shareowners                      10.53%       10.14%
Portfolio turnover                                                             32%          31%
Net assets of common shareowners, end of period (in thousands)           $278,565     $210,617
Preferred shares outstanding (in thousands)                              $182,450     $204,475
Asset coverage per preferred share, end of period                        $ 63,175     $ 50,758
Average market value per preferred share(i)                              $ 25,000     $ 25,000
Liquidation value, including dividends payable, per preferred share      $ 25,005     $ 25,007
Ratios to average net assets of common shareowners before waivers and
 reimbursement of expenses
 Net expenses(g)                                                             2.03%        1.60%
 Net investment income before preferred share dividends                     11.79%       12.61%
 Preferred share dividends                                                   1.26%        2.47%
 Net investment income available to common shareowners                      10.53%       10.14%
===============================================================================================


<CAPTION>
                                                                            Year         Year        12/28/04(b)
                                                                           Ended        Ended           to
                                                                         11/30/07     11/30/06       11/30/05
<S>                                                                      <C>          <C>            <C>
 Net investment income available to common shareowners                       9.26%        8.98%         6.23%(h)
Portfolio turnover                                                             80%          75%           61%
Net assets of common shareowners, end of period (in thousands)           $441,493     $478,255       $464,324
Preferred shares outstanding (in thousands)                              $234,500     $234,500       $234,500
Asset coverage per preferred share, end of period                        $ 72,067     $ 76,000       $74,520
Average market value per preferred share(i)                              $ 25,000     $ 25,000       $25,000
Liquidation value, including dividends payable, per preferred share      $ 25,009     $ 25,013       $25,018
Ratios to average net assets of common shareowners before waivers and
 reimbursement of expenses
 Net expenses(g)                                                             1.40%        1.40%         1.24%(h)
 Net investment income before preferred share dividends                     11.92%       11.35%         7.51%(h)
 Preferred share dividends                                                   2.66%        2.39%         1.29%(h)
 Net investment income available to common shareowners                       9.26%        8.96%         6.22%(h)
================================================================================================================
</TABLE>

(a) The per common share data presented above is based upon the average common
    shares outstanding for the periods presented.
(b) The Trust common shares were first publicly offered on December 28, 2004.
(c) Net asset value immediately after the closing of the first public offering
    was $19.06.
(d) Amount is less than $0.01 per share.
(e) 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.
(f) Total investment return is calculated assuming a purchase of common shares
    at the current market value on the first day and a sale at the current
    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. Total
    investment returns covering less than a full period are not annualized. Past
    performance is not a guarantee of future results.
(g) Expense ratios do not reflect the effect of dividend payments to preferred
    shareowners.
(h) Annualized.
(i) Market value is redemption value without an active market.


The information above represents the audited operating performance data for a
share of common stock outstanding, total investment return, ratios to average
net assets and other supplemental data for the periods indicated. This
information has been determined based upon financial information provided in
the financial statements and market value data for the Trust's common shares.


The accompanying notes are an integral part of these financial statements.


38   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

Notes to Financial Statements | 11/30/09

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 non-diversified, closed-end management investment company
under the Investment Company Act of 1940, as amended. The investment objective
of the Trust is to provide a high level of current income. The Trust will, as a
secondary objective, also seek preservation of capital to the extent consistent
with its primary objective of high current income.

Information regarding the Trust's principal risks is contained in the Trust's
original offering prospectus with additional information included in the
Trust's shareowner reports from time to time. Please refer to those documents
when considering the Trust's investment risks. At times, the Trust's
investments may represent industries or industry sectors that are interrelated
or have common risks, making it more susceptible to any economic, political, or
regulatory developments or other risks affecting those industries and sectors.

The Trust invests primarily in senior floating rate loans (Senior Loans). The
Trust may also invest in other floating and variable rate instruments,
including second lien loans, investment grade fixed-income debt securities and
high yield, high risk corporate bonds. The Trust may also invest in below
investment grade securities. 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. These securities involve
greater risk of loss, are subject to greater price volatility, and are less
liquid, especially during periods of economic uncertainty or change, than
higher rated debt securities. The Trust may invest in securities of issuers
that are in default or that are in bankruptcy.

The Trust's investments in certain foreign markets or countries with limited
developing markets may subject the Trust to a greater degree of risk 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 Senior Loans and other securities deemed to be illiquid. Illiquid securities
may be difficult to dispose of at a fair price at the times when the Trust
believes it is desirable to do so and their market price is generally more
volatile than that of more liquid securities. Illiquid securities are also more
difficult to value and


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  39
<PAGE>

investment of the Trust's assets in illiquid securities may restrict the
Trust's ability to take advantage of market opportunities.

The Trust's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Trust to, among other things, 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 gains and losses 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 preparation of its financial statements, which are consistent with
those generally accepted in the investment company industry:


A. Security Valuation

   Security transactions are recorded as of trade date. 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. Senior
   floating rate loan interests (Senior Loans) 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. For the limited number of Senior
   Loans for which no reliable price quotes are available, such Senior Loans
   will be valued by Loan Pricing Corporation through the use of pricing
   matrices to determine valuations. Fixed income securities with remaining
   maturity of more than sixty days are valued at 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 ratings. Valuations may be supplemented by dealers and other
   sources, as required. Equity securities are valued at the last sale price on
   the principal exchange where they are traded. Securities or loans for which
   market prices and/or quotations are not readily available or are considered
   to be unreliable are valued using fair value methods pursuant to procedures
   adopted by the Board of Trustees.

   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. Thus, the valuation of the Trust's securities may differ from exchange
   prices. At November 30, 2009, 20 securities were valued using fair value
   methods (other than securities valued using prices supplied by independent
   pricing services) representing 4.5% of net assets applicable to common
   shareowners. Inputs used in the valuation of a security using fair value
   methods


40   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

   include credit ratings, the financial condition of the company, current
   market conditions and comparable securities. Short-term fixed income
   securities with remaining maturities of sixty days or less generally are
   valued at amortized cost. Money market mutual funds are valued at net asset
   value.

   All discounts and premiums on debt securities are accreted or amortized,
   respectively, daily, on an effective yield to maturity basis and are included
   in interest income. Interest income, including income on interest bearing
   cash accounts, is recorded on an accrual basis.

   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, net of
   unrecoverable foreign taxes withheld at the applicable country rates.

   Gains and losses on sales of investments are calculated on the identified
   cost method for both financial reporting and federal income tax purposes.


B. 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 in the Statement of Operations from the
   effects of changes in market prices of those securities but are included with
   the net realized and unrealized gain or loss on investments.


C. 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 taxable income and net realized capital gains, if any, to its
   shareowners. Therefore, no federal income tax provision is required. Tax
   returns for the prior three fiscal years remain subject to examination by tax
   authorities.

   The amounts and characterizations of distributions to shareowners for
   financial reporting purposes are determined in accordance with federal income
   tax rules. Therefore, the sources of the Trust's distributions may be shown
   in the accompanying financial statements as either from or in excess of net
   investment income or net realized gain (loss) on investments and


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  41
<PAGE>

   foreign currency transactions, or as from paid-in capital, depending on the
   type of book/tax differences that may exist.

   At November 30, 2009, the Trust reclassified $206,981 to increase
   distributions in excess of net investment income and $206,981 to decrease
   accumulated net realized loss on investments. The reclassification has no
   impact on the net asset value of the Trust and presents the Trust's capital
   accounts on a tax basis.

   The Trust has elected to defer $726,262 in capital losses realized between
   November 1, 2009 and November 30, 2009 to its fiscal year ending November 30,
   2010.

   At November 30, 2009, the Trust had a capital loss carryforward of
   $90,438,854, of which $27,976,876 will expire in 2016 and $62, 461,978 will
   expire in 2017, if not utilized.

   The tax character of current year distributions paid to common and preferred
   shareowners for the years ended November 30, 2009 and November 30, 2008 were
   as follows:


<TABLE>
<CAPTION>
                                         2009             2008
<S>                               <C>              <C>
   Distributions paid from:
   Ordinary income                $30,240,429      $56,018,203
   Net long term capital gain              --        3,878,274
   Tax return of capital            1,288,580               --
--------------------------------------------------------------
      Total distribution          $31,529,009      $59,896,477
==============================================================
</TABLE>

  The following shows the components of distributable earnings on a federal
  income tax basis at November 30, 2009.


<TABLE>
<CAPTION>
                                                          2009
<S>                                              <C>
   Distributable earnings:
   Capital loss carryforward                     $ (90,438,854)
   Post-October loss deferred                         (726,262)
   Distributions payable                            (1,869,305)
   Unrealized depreciation                         (90,038,277)
--------------------------------------------------------------
      Total                                      $(183,072,698)
==============================================================
</TABLE>

   The difference between book-basis and tax-basis unrealized depreciation is
   primarily attributable to the difference between book and tax amortization
   methods for premiums and discounts on fixed-income securities, book/tax
   differences in the accrual of income on securities in default and the
   realization of unrealized gain on investments in passive foreign investment
   companies.


D. Repurchase Agreements

   With respect to repurchase agreements entered into by the Trust, the value of
   the underlying securities (collateral), including accrued interest is


42   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

   required to be equal to or in excess of the repurchase price. The collateral
   for all repurchase agreements is held in safekeeping in the customer-only
   account of the Trust's custodian or a sub custodian of the Trust. The Trust's
   investment adviser, Pioneer Investment Management, Inc. (PIM), is responsible
   for determining that the value of the collateral remains at least equal to
   the repurchase price.


E. Automatic Dividend Reinvestment Plan

   All common shareowners 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 common 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.

   Whenever the Trust declares a dividend on common shares payable in cash,
   participants in the Plan will receive the equivalent in common shares
   acquired by the Plan Agent either (i) through receipt of additional unissued
   but authorized common shares from the Trust or (ii) by purchase of
   outstanding common shares on the New York Stock Exchange or elsewhere. If, on
   the payment date for any dividend the net asset value per common 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 common shares. The number of newly issued common shares to be
   credited to each account will be determined by dividing the dollar amount of
   the dividend by the net asset value per common 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 common share is
   greater than the market value (market discount), the Plan Agent will invest
   the dividend amount in common shares acquired in open-market purchases. There
   are no brokerage charges with respect to newly issued common 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 not be able to transfer the shares to
   another broker and continue to participate in the Plan.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  43
<PAGE>

2. Management Agreement

PIM, a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
manages the Trust's portfolio. Management fees payable under the Trust's
Advisory Agreement with PIM 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 of the issuance of debt securities), (ii)
the issuance of preferred stock or other similar preference securities, and/or
(iii) any other means. For the year ended November 30, 2009, the net management
fee was equivalent to 0.70% of the Trust's average daily managed assets, which
was equivalent to 1.25% of the Trust's average daily net assets attributable to
the common shareowners.

In addition, under PIM's management and administration agreements, certain
other services and costs are paid by PIM and reimbursed by the Trust. At
November 30, 2009, $302,526 was payable to PIM related to management costs,
administrative costs and certain other reimbursements and is included in "Due
to affiliates" on the Statement of Assets and Liabilities.

PIM has retained Princeton Administrators, LLC (Princeton) to provide certain
administrative and accounting services to the Trust on its behalf. PIM pays
Princeton a monthly fee at an annual rate of 0.07% of the average daily value
of the Trust's managed assets up to $500 million and 0.03% for average daily
managed assets in excess of $500 million, subject to a minimum monthly fee of
$10,000. Princeton receives no compensation directly from the Trust.

PIM had engaged Highland Capital Management, L.P. to act as the Trust's
investment sub-adviser (Sub-adviser) and manage the Trust's investments through
December 31, 2008. PIM paid the Sub-adviser a monthly fee at an annual rate of
0.35% of the average daily value of the Trust's managed assets. The fee was
paid monthly in arrears. The Trust did not pay a fee to the Sub-adviser.

Effective January 1, 2009, PIM assumed sole responsibility for management of
the Trust's investments.


3. Transfer Agents

Pioneer Investment Management Shareholder Services, Inc. (PIMSS), a wholly
owned indirect subsidiary of UniCredit, through a sub-transfer agency agreement
with American Stock Transfer & Trust Company, provides substantially all
transfer agent and shareowner services related to the Trust's common shares at
negotiated rates. Deutsche Bank Trust Company Americas (Deutsche Bank) is the
transfer agent, registrar, dividend paying agent and auction agent with


44   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

respect to the Trust's Auction Market Preferred Shares (AMPS). The Trust pays
Deutsche Bank an annual fee, as is agreed to from time to time by the Trust and
Deutsche Bank, for providing such services.


4. Unfunded Loan Commitments

As of November 30, 2009, the Trust had unfunded loan commitments of $2,785,012,
(excluding unrealized depreciation on those commitments of $623,443 as of
November 30, 2009) which could be extended at the option of the borrower,
pursuant to the following loan agreements:


<TABLE>
<CAPTION>
                                                     Unfunded Loan
 Borrower                                            Commitment
<S>                                                  <C>
 Delphi Holdings LLP, Tranche A-1 Loan               $   32,763
 Delphi Holdings LLP, Tranch A-2 Loan                $   76,447
 Delphi Holdings LLP, Tranche B-1A Loan              $  331,844
 Delphi Holdings LLP, Tranche B-2A Loan              $  774,303
 Lear Corp., Delayed Draw Loan                       $  112,500
 Sirva Worldwide, Inc., Revolving Credit Loan        $1,204,443
 Warner Chilcott Co. LLC, Delayed Draw Term Loan     $  252,712
</TABLE>

5. Trust Shares

There are an unlimited number of common shares of beneficial interest
authorized.

During the years ended November 30, 2009 and November 30, 2008, there were no
common share transactions by the Trust. All reinvested distributions were
satisfied with previously issued shares purchased in the open market by the
Plan Agent and credited to shareowner accounts.

The Trust may classify or reclassify any unissued common shares of beneficial
interest into one or more series of preferred shares of beneficial interest. As
of November 30, 2009 there were 7,298 AMPS as follows: Series M7-2,434, Series
W7-2,432 and Series TH7-2,432.

On December 8, 2008, the Trust announced the following redemptions of AMPS at a
price of $25,000 per share plus any accrued and unpaid dividends through the
redemption date:



<TABLE>
<CAPTION>
                        Redemption        Shares           Aggregate
                        date              Redeemed         Principal
<S>                     <C>               <C>              <C>
 Series M7              12/23/08          134              $3,350,000
--------------------------------------------------------------------------------
 Series W7              12/26/08          133              $3,325,000
--------------------------------------------------------------------------------
 Series TH7             12/26/08          133              $3,325,000
--------------------------------------------------------------------------------
</TABLE>


The Trust financed the AMPS redemption with cash.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  45
<PAGE>

On December 18, 2008, the Trust announced the following redemptions of AMPS at
a price of $25,000 per share plus any accrued and unpaid dividends through the
redemption date:



<TABLE>
<CAPTION>
                        Redemption        Shares           Aggregate
                        date              Redeemed         Principal
<S>                     <C>               <C>              <C>
 Series M7              1/6/09            161              $4,025,000
--------------------------------------------------------------------------------
 Series W7              1/8/09            160              $4,000,000
--------------------------------------------------------------------------------
 Series TH7             1/9/09            160              $4,000,000
--------------------------------------------------------------------------------
</TABLE>

The Trust financed the AMPS redemption with cash.

Dividends on Series M7, Series W7 and Series TH7 are cumulative at a rate which
is reset every seven days based on the results of an auction. An auction fails
if there are more AMPS offered for sale than there are buyers. When an auction
fails, the dividend rate for the period will be the maximum rate on the auction
dates described in the prospectus for the AMPS. Preferred shareowners will not
be able to sell their AMPS at an auction if the auction fails. Since February
2008, the Trust's auctions related to the AMPS have failed. The maximum rate
for each series is the greater of 125% of the one week LIBOR rate or the LIBOR
rate plus a spread of 1.25%. Dividend rates on AMPS ranged from 1.466% to
2.456% during the year ended November 30, 2009.

The Trust may not declare dividends or make other distributions on its common
shares or purchase any such shares if, at the time of the declaration,
distribution or purchase, the Trust does not comply with the asset coverage
ratios described in the prospectus for the AMPS.

The AMPS are redeemable at the option of the Trust, in whole or in part, on any
dividend payment date at $25,000 per share plus any accumulated or unpaid
dividends, whether or not declared. The AMPS are also subject to mandatory
redemption at $25,000 per share plus any accumulated or unpaid dividends,
whether or not declared, if certain requirements relating to the composition of
the assets and liabilities of the Trust as set forth in the Statement of
Preferences are not satisfied.

The holders of AMPS have voting rights equal to the holders of the Trust's
common shares (one vote per share) and will vote together with holders of the
common shares as a single class. Holders of AMPS are also entitled to elect two
of the Trust's Trustees. In addition, the Investment Company Act of 1940, as
amended, requires that along with approval by shareowners that might otherwise
be required, the approval of the holders of a majority of any outstanding
preferred shares, voting separately as a class, would be required to (a) adopt
any plan of reorganization that would adversely affect the preferred shares and
(b) take any action requiring a vote of security holders, including, among
other things, changes in the Trust's subclassification as a closed-end
investment company or changes in its fundamental investment restrictions.


46   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

6. Payments Made by Affiliates

At November 30, 2008, the Trust inadvertently held two short positions in
Realogy. A short position occurs when a fund sells securities that it does not
own. On December 30, 2008, the Trust closed out its short position and was
reimbursed $396,422 by the adviser for losses incurred to date. The amount of
the reimbursement was 0.16% of the Trust's average net assets and had no impact
on the Trust's total return as the return is calculated on market price.


7. Pending Litigation

The Trust is currently involved in a litigation matter relating to a Trust
investment. The Trust believes the claim is without merit and is defending it
vigorously. As of the Trust's fiscal year end, it is reasonably possible that
an adverse outcome may result. Currently, the amount of any judgment cannot be
reasonably estimated.


8. Subsequent Events

Subsequent to November 30, 2009, the Board of Trustees of the Trust declared a
dividend from undistributed net investment income of $0.075 per common share
payable December 18, 2009 to common shareowners of record on December 11, 2009.


Subsequent to November 30, 2009, dividends declared and paid on preferred
shares totaled $242,454 in aggregate for the three outstanding preferred share
series through January 8, 2010.

In preparing these financials statements, PIM has evaluated the impact of all
subsequent events and transactions for potential recognition or disclosure
through January 26, 2010, and has determined that, other than events mentioned
above, there were no other subsequent events requiring recognition or
disclosure in the financials statements.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  47
<PAGE>

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and the Shareowners of
Pioneer Floating Rate Trust:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Floating Rate Trust (the "Trust"), including the schedule of investments, as of
November 30, 2009, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Trust's internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Trust's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of November 30, 2009, by correspondence
with the custodian, selling or agent banks and brokers or by other appropriate
auditing procedures where replies from selling or agent banks or brokers were
not received. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Floating Rate Trust at November 30, 2009, the results of its operations
for the year then ended, the changes in its net assets for each of the two
years in the period then ended, and financial highlights for each of the
periods indicated therein, in conformity with U.S. generally accepted
accounting principles.


                                                   /s/ Ernst & Young LLP


Boston, Massachusetts
January 26, 2010


48   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>


ADDITIONAL INFORMATION (unaudited)

During the period, there were 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. There have been no changes in the principle risk
factors associated with investment in the Trust.

Effective January 1, 2009, Jonathan Sharkey of PIM became the portfolio manager
of Pioneer Floating Rate Trust.

Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Trust may purchase, from time to
time, its common shares in the open market.


ADDITIONAL INFORMATION REGARDING THE TRUST'S INVESTMENT POLICIES


Event-Linked Bonds

The Trust may invest in "event-linked" bonds, which sometimes are referred to
as "insurance-linked" or "catastrophe" bonds. Event-linked bonds are debt
obligations for which the return of principal and the payment of interest are
contingent on the non-occurrence of a pre-defined "trigger" event, such as a
hurricane or an earthquake of a specific magnitude. For some event-linked
bonds, the trigger event's magnitude may be based on losses to a company or
industry, industry indexes or readings of scientific instruments rather than
specified actual losses. If a trigger event, as defined within the terms of an
event-linked bond, involves losses or other metrics exceeding a specific
magnitude in the geographic region and time period specified therein, the Trust
may lose a portion or all of its accrued interest and/or principal invested in
such event-linked bond. The Trust is entitled to receive principal and interest
payments so long as no trigger event occurs of the description and magnitude
specified by the instrument. Event-linked bonds may be issued by government
agencies, insurance companies, reinsurers, special purpose corporations or
other on-shore or off-shore entities. With respect to limitations on investment
outside of the U.S., the Trust will consider the region associated with the
event-linked risks as opposed to the off-shore domicile of any special purpose
issuer. In addition to the specified trigger events, event-linked bonds may
also expose the Trust to other risks, including but not limited to issuer
(credit) default, adverse regulatory or jurisdictional interpretations and
adverse tax consequences.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  49
<PAGE>


CEO CERTIFICATION DISCLOSURE (unaudited)

The Trust's Chief Executive Officer has submitted to the New York Stock
Exchange the annual CEO certification as required by Section 303A.12 (a) of the
NYSE Listed Company Manual. In addition, the Trust has filed with the
Securities and Exchange Commission the certification of its Chief Executive
Officer and Chief Financial Officer required by Section 302 of the Sarbanes-
Oxley Act.


Results of Shareholder Meeting (unaudited)

At the annual meeting of shareowners held on September 22, 2009, and adjourned
to October 8, 2009 with respect to Proposal 2, shareowners of Pioneer Floating
Rate Trust were asked to consider the proposals described below. A report of
the total votes cast by the Trust's shareholders follows:

Proposal 1 -- To elect Class III Trustees.


<TABLE>
<CAPTION>
 Nominee                                   For                          Withheld
<S>                                        <C>                          <C>
 Mary K. Bush                              13,696,309                   900,060
-------------------------------------------------------------------------------
 Thomas J. Perna                           13,814,361                   782,008
-------------------------------------------------------------------------------
 Marguerite A. Piret+                      6,021                             41
-------------------------------------------------------------------------------
</TABLE>

+ Elected by Preferred Shares only


Proposal 2 -- To approve an Amended and Restated Management Agreement with
Pioneer Investment Management, Inc.


<TABLE>
<CAPTION>
 For                      Against              Abstain          Broker Non-Votes
<S>                       <C>                  <C>              <C>
 10,365,528               583,776              302,185          3,158,998
</TABLE>


50   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>



IMPORTANT TAX INFORMATION (unaudited)

The following information is provided with respect to the ordinary income
distributions paid by Pioneer Floating Rate Trust during the fiscal year ended
November 30, 2009:

<TABLE>
<S>                                                                      <C>
Interest-Related Dividends for Non- U.S. Residents                       76.57%*
</TABLE>

* Represents the portion of the taxable ordinary income dividends eligible for
  tax exemption from U.S. withholding tax for nonresident aliens and foreign
  corporations.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  51
<PAGE>

Approval of Investment Advisory Agreement (unaudited)


Pioneer Investment Management, Inc. (PIM) serves as the Trust's investment
adviser pursuant to an investment advisory agreement between PIM and the Trust.
In order for PIM to remain the investment adviser of the Trust, the Trustees of
the Trust must determine annually whether to renew the investment advisory
agreement for the Trust.

The contract review process began in March 2009 as the Trustees of the Trust
agreed on, among other things, an overall approach and timeline for the
process. In July 2009, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement. The
contract review materials were provided to the Trustees in August 2009. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM in September 2009, and materials were provided in
response to this request. Meetings of the independent Trustees of the Trust
were held in July, September, October, and November, 2009 to review and discuss
the contract review materials. In addition, the Trustees took into account the
information related to the Trust provided to the Trustees at each regularly
scheduled meeting.

At a meeting held on November 10, 2009, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Trust,
including the independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.

Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Trust, taking into account the investment objective
and strategy of the Trust. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Trust, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Trust. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Trust, including PIM's compliance and legal resources and personnel. The
Trustees also considered the substantial attention and high priority given by
PIM's senior management to the Pioneer fund complex.


52   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

The Trustees considered that PIM supervises and monitors the performance of the
Trust's service providers and provides the Trust with personnel (including
Trust officers) and other resources that are necessary for the Trust's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Trust's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.

Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Trust were
satisfactory and consistent with the terms of the investment advisory
agreement.

Performance of the Trust
The Trustees considered the performance results of the Trust over various time
periods. They reviewed information comparing the Trust's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Trust's benchmark index. The Trustees considered that the
Trust's annualized total return was in the fifth quintile of its Morningstar
category for the one and three year periods ended June 30, 2009. (In all
quintile rankings referred to throughout this disclosure, first quintile is
most favorable to the Trust's shareowners. Thus, highest relative performance
would be first quintile and lowest relative expenses would also be first
quintile.) The Trustees considered that the Trust's yield (at market value) was
better than the average yield (at market value) of the funds in its peer group
as of June 30, 2009. The Trustees noted that the yield of the Trust also
compared favorably to the yield of the Trust's benchmark as of June 30, 2009.
The Trustees reviewed data provided by Pioneer showing how leverage had
benefited the Trust's common shareowners over the long term.

The Trustees discussed the reasons for the Trust's underperformance in respect
of total return with PIM in view of the Trust's investment approach and the
market conditions present during the relevant periods, and noted the Board's
determination in 2008 not to renew the sub-advisory agreement that had been in
effect for the Trust. The Trustees agreed that they would continue to monitor
the performance of the Trust closely.

Management Fee and Expenses
The Trustees considered information on the fees and expenses of the Trust in
comparison to the management fees and the expense ratios of a peer group of
funds selected on the basis of criteria determined by the independent Trustees
for this purpose using data provided by Strategic Insight Mutual Fund Research
and Consulting, LLC (Strategic Insight), an independent third party.

The Trustees considered that the Trust's management fee rate based on net
assets attributable to common shares for the twelve months ended June 30, 2009
was in the fourth quintile relative to the management fees paid by other


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  53
<PAGE>

funds in its Strategic Insight peer group for the comparable period. The
Trustees considered the effect of leverage on the Trust's management fee
relative to its peers by reviewing the management fee ratios of the Trust and
its peers based on managed assets rather than net assets attributable to common
shares. They noted that, on that basis, the Trust's management fee for the
twelve months ended June 30, 2009 was in the third quintile relative to its
peer group for the comparable period.

The Trustees also considered that the Trust's expense ratio based on net assets
attributable to common shares for the twelve months ended June 30, 2009 was in
the third quintile relative to its Strategic Insight peer group for the
comparable period.

The Trustees also reviewed management fees charged by PIM to its institutional
and other clients. In evaluating the fees associated with PIM's client
accounts, the Trustees took into account the respective demands, resources and
complexity associated with the Trust and client accounts. The Trustees noted
that in some instances the fee rates for those clients were lower than the
management fee for the Trust and considered that, under the investment advisory
agreement with the Trust, PIM performs additional services for the Trust that
it does not provide to those other clients or services that are broader in
scope, including oversight of the Trust's other service providers and
activities related to compliance and the extensive regulatory and tax regimes
to which the Trust is subject.

The Trustees concluded that the management fee payable by the Trust to PIM was
reasonable in relation to the nature and quality of the services provided by
PIM. The Trustees also concluded that the Trust's expense ratio was reasonable
taking into account the nature and quality of services provided by PIM.

Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Trust,
including the methodology used by PIM in allocating certain of its costs to the
management of the Trust. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Trust. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Trust in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses.

The Trustees concluded that PIM's profitability with respect to the management
of the Trust was not unreasonable.


54   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

Economies of Scale
The Trustees considered the extent to which PIM may realize economies of scale
or other efficiencies in managing and supporting the Trust. Since there were no
material changes in the Trust's managed assets in 2008 or in the services being
provided by PIM to the Trust, the Trustees concluded that economies of scale
were not a relevant consideration in the renewal of the investment advisory
agreement.

Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Trust. The Trustees considered the character and amount of fees paid by the
Trust, other than under the investment advisory agreement, for services
provided by PIM and its affiliates. The Trustees further considered the
revenues and profitability of PIM's businesses other than the fund business.
The Trustees considered the intangible benefits to PIM by virtue of its
relationship with the Trust and the other Pioneer funds.

The Trustees concluded that the receipt of these benefits was reasonable in the
context of the overall relationship between PIM and the Trust.

Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Trust.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  55
<PAGE>

Trustees, Officers and Service Providers


Investment Adviser
Pioneer Investment Management, Inc.


Custodian
Brown Brothers Harriman & Co.


Independent Registered Public Accounting Firm
Ernst & Young LLP


Legal Counsel
Bingham McCutchen LLP


Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.


Shareowner Services and Sub-Transfer Agent
American Stock Transfer & Trust Company


Preferred Share Auction/Transfer Agent and Registrar
Deutsche Bank Trust Company Americas


Sub-Administrator
Princeton Administrators, LLC


Trustees and Officers

The Board of Trustees provides broad supervision over the Trust's affairs. The
officers of the Trust are responsible for the Trust's operations. The Trustees
and officers are listed below, together with their principal occupations during
the past five years. Trustees who are interested persons of the Trust within
the meaning of the 1940 Act are referred to as Interested Trustees. Trustees
who are not interested persons of the Trust are referred to as Independent
Trustees. Each of the Trustees, except Mr. West, serves as a Trustee of each of
the 62 U.S. registered investment portfolios for which Pioneer serves as
investment adviser (the "Pioneer Funds"). Mr. West serves as a Trustee of 47
U.S. registered investment portfolios for which Pioneer serves as investment
adviser. The address for all Trustees and all officers of the Trust is 60 State
Street, Boston, Massachusetts 02109.


56   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>


Interested Trustees


<TABLE>
<CAPTION>
                              Position Held           Length of Service
Name and Age                  with the Trust          and Term of Office

<S>                           <C>                     <C>
John F. Cogan, Jr. (83)*      Chairman of the Board,  Class I Trustee since
                              Trustee and President   2004. Term expires in
                                                      2010. Elected by
                                                      Preferred Shares only.









-------------------------------------------------------------------------------
Daniel K. Kingsbury (51)*     Trustee and Executive   Class II Trustee since
                              Vice President          March 2007. Term
                                                      expires in 2011.




-------------------------------------------------------------------------------


<CAPTION>
                                                                                                      Other Directorships
Name and Age                  Principal Occupation During Past Five Years                             Held by this Trustee

<S>                           <C>                                                                     <C>
John F. Cogan, Jr. (83)*      Deputy Chairman and a Director of Pioneer Global Asset Management       None
                              S.p.A. ("PGAM"); Non-Executive Chairman and a Director of Pioneer
                              Investment Management USA Inc. ("PIM-USA"); Chairman and a Director of
                              Pioneer; Chairman and Director of Pioneer Institutional Asset
                              Management, Inc. (since 2006); Director of Pioneer Alternative
                              Investment Management Limited (Dublin); President and a Director of
                              Pioneer Alternative Investment Management (Bermuda) Limited and
                              affiliated funds; Director of PIOGLOBAL Real Estate Investment Fund
                              (Russia) (until June 2006); Director of Nano-C, Inc. (since 2003);
                              Director of Cole Management Inc. (since 2004); Director of Fiduciary
                              Counseling, Inc.; President and Director of Pioneer Funds Distributor,
                              Inc. ("PFD") (until May 2006); President of all of the Pioneer Funds;
                              and Of Counsel, Wilmer Cutler Pickering Hale and Dorr LLP
----------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (51)*     Director, CEO and President of Pioneer Investment Management USA Inc.   None
                              (since February 2007); Director and President of Pioneer Investment
                              Management, Inc. and Pioneer Institutional Asset Management, Inc.
                              (since February 2007); Executive Vice President of all of the Pioneer
                              Funds (since March 2007); Director of Pioneer Global Asset Management
                              S.p.A. (since April 2007); Head of New Markets Division, Pioneer
                              Global Asset Management S.p.A. (2000 - 2007)
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers
  or directors of the Trust's investment adviser and certain of its affiliates.

  "The outstanding capital stock of PFD, Pioneer and PIMSS is indirectly wholly
  owned by UniCredit S.p.A. (UniCredit), one of the largest banking groups in
  Italy. Pioneer, the Trust's investment adviser, provides investment management
  and financial services to mutual funds, institutional and other clients."


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  57
<PAGE>


Independent Trustees

<TABLE>
<CAPTION>
                               Position Held    Length of Service
Name and Age                   with the Trust   and Term of Office       Principal Occupation During Past Five Years

<S>                            <C>              <C>                      <C>
David R. Bock (65)             Trustee          Class I Trustee since    Managing Partner, Federal City Capital Advisors (corporate
                                                2005. Term expires in    advisory services company) (1997 to 2004 and 2008 -
                                                2010.                    present); and Executive Vice President and Chief Financial
                                                                         Officer, I-trax, Inc. (publicly traded health care services
                                                                         company) (2004 - 2007)
------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (61)              Trustee          Class III Trustee since  President, Bush International, LLC (international financial
                                                2004. Term expires in    advisory firm)
                                                2012.



------------------------------------------------------------------------------------------------------------------------------------


<CAPTION>
                               Other Directorships
Name and Age                   Held by this Trustee

<S>                            <C>
David R. Bock (65)             Director of Enterprise Community Investment, Inc. (privately-held
                               affordable housing finance company); and Director of Oxford Analytica,
                               Inc. (privately-held research and consulting company)


----------------------------------------------------------------------------------------------------------
Mary K. Bush (61)              Director of Marriott International, Inc.; Director of Discover Financial
                               Services (credit card issuer and electronic payment services); Director
                               of Briggs & Stratton Co. (engine manufacturer); Director of UAL
                               Corporation (airline holding company); Director of Mantech International
                               Corporation (national security, defense, and intelligence technology
                               firm); and Member, Board of Governors, Investment Company Institute
----------------------------------------------------------------------------------------------------------
</TABLE>


58   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>


<TABLE>
<CAPTION>
                               Position Held    Length of Service
Name and Age                   with the Trust   and Term of Office       Principal Occupation During Past Five Years

<S>                            <C>              <C>                      <C>
Benjamin M. Friedman (65)      Trustee          Class II Trustee since   Professor, Harvard University
                                                September, 2008. Term
                                                expires in 2011.
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (62)      Trustee          Class II Trustee since   Founding Director, Vice-President and Corporate Secretary,
                                                2004. Term expires in    The Winthrop Group, Inc. (consulting firm); and Desautels
                                                2011.                    Faculty of Management, McGill University
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (59)           Trustee          Class III Trustee since  Chief Executive Officer, Quadriserv, Inc. (technology
                                                2006. Term expires in    products for securities lending industry) (2008 - present);
                                                2012.                    Private investor (2004 - 2008); and Senior Executive Vice
                                                                         President, The Bank of New York (financial and securities
                                                                         services) (1986 - 2004)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (61)       Trustee          Class III Trustee since  President and Chief Executive Officer, Newbury, Piret &
                                                2004. Term expires in    Company, Inc. (investment banking firm)
                                                2012. Elected by
                                                Preferred Shares only.
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (81)           Trustee          Class I Trustee since    Senior Counsel, Sullivan & Cromwell LLP (law firm)
                                                2004. Term expires in
                                                2010.
------------------------------------------------------------------------------------------------------------------------------------


<CAPTION>
                               Other Directorships
Name and Age                   Held by this Trustee

<S>                            <C>
Benjamin M. Friedman (65)      None


----------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (62)      None


----------------------------------------------------------------------------------------------------------
Thomas J. Perna (59)           None




----------------------------------------------------------------------------------------------------------
Marguerite A. Piret (61)       Director of New America High Income Fund, Inc. (closed-end investment
                               company)


----------------------------------------------------------------------------------------------------------
Stephen K. West (81)           Director, The Swiss Helvetia Fund, Inc. (closed-end investment company)


----------------------------------------------------------------------------------------------------------
</TABLE>


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  59
<PAGE>


Trust Officers

<TABLE>
<CAPTION>
                             Position Held              Length of Service
Name and Age                 with the Trust             and Term of Office

<S>                          <C>                        <C>
Dorothy E. Bourassa (61)     Secretary                  Since 2004. Serves
                                                        at the discretion of
                                                        the Board
------------------------------------------------------------------------------
Christopher J. Kelley (44)   Assistant Secretary        Since 2004. Serves
                                                        at the discretion of
                                                        the Board
------------------------------------------------------------------------------
Mark E. Bradley (50)         Treasurer                  Since 2008. Serves
                                                        at the discretion of
                                                        the Board


------------------------------------------------------------------------------
Luis I. Presutti (44)        Assistant Treasurer        Since 2004. Serves
                                                        at the discretion of
                                                        the Board
------------------------------------------------------------------------------
Gary Sullivan (51)           Assistant Treasurer        Since 2004. Serves
                                                        at the discretion of
                                                        the Board
------------------------------------------------------------------------------
David F. Johnson (29)        Assistant Treasurer        Since 2009. Serves
                                                        at the discretion of
                                                        the Board

------------------------------------------------------------------------------


<CAPTION>
                                                                                                                Other Directorships
Name and Age                Principal Occupation During Past Five Years                                         Held by this Trustee

<S>                         <C>                                                                                 <C>
Dorothy E. Bourassa (61)    Secretary of PIM-USA; Senior Vice President - Legal of Pioneer; Secretary/Clerk of  None
                            most of PIM-USA's subsidiaries; and Secretary of all of the Pioneer Funds since
                            September 2003 (Assistant Secretary from November 2000 to September 2003)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (44)  Associate General Counsel of Pioneer since January 2008 and Assistant Secretary of  None
                            all of the Pioneer Funds since September 2003; Vice President and Senior Counsel
                            of Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (50)        Vice President - Fund Accounting, Administration and Controllership Services of     None
                            Pioneer; and Treasurer of all of the Pioneer Funds since March 2008; Deputy
                            Treasurer of Pioneer from March 2004 to February 2008; Assistant Treasurer of all
                            of the Pioneer Funds from March 2004 to February 2008; and Treasurer and Senior
                            Vice President, CDC IXIS Asset Management Services from 2002 to 2003
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (44)       Assistant Vice President - Fund Accounting, Administration and Controllership       None
                            Services of Pioneer; and Assistant Treasurer of all of the Pioneer Funds

------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (51)          Fund Accounting Manager - Fund Accounting, Administration and Controllership        None
                            Services of Pioneer; and Assistant Treasurer of all of the Pioneer Funds

------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (29)       Fund Administration Manager - Fund Accounting, Administration and Controllership    None
                            Services since November 2008 and Assistant Treasurer of all of the Pioneer Funds
                            since January 2009; Client Service Manager - Institutional Investor Services at
                            State Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>


60   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>


<TABLE>
<CAPTION>
                             Position Held              Length of Service
Name and Age                 with the Trust             and Term of Office

<S>                          <C>                        <C>
Teri W. Anderholm (50)       Chief Compliance Officer   Since 2007. Serves
                                                        at the discretion of
                                                        the Board

------------------------------------------------------------------------------


<CAPTION>
                                                                                                               Other Directorships
Name and Age               Principal Occupation During Past Five Years                                         Held by this Trustee

<S>                        <C>                                                                                 <C>
Teri W. Anderholm (50)     Chief Compliance Officer of Pioneer since December 2006 and of all the Pioneer      None
                           Funds since January 2007; Vice President and Compliance Officer, MFS Investment
                           Management (August 2005 to December 2006); Consultant, Fidelity Investments
                           (February 2005 to July 2005); Independent Consultant (July 1997 to February 2005)
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>



                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  61
<PAGE>

                            This page for your notes.


62   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

                            This page for your notes.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  63
<PAGE>

                            This page for your notes.


64   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

                            This page for your notes.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  65
<PAGE>

                            This page for your notes.


66   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

                            This page for your notes.


                      Pioneer Floating Rate Trust | Annual Report | 11/30/09  67
<PAGE>

                            This page for your notes.


68   Pioneer Floating Rate Trust | Annual Report | 11/30/09
<PAGE>

How to Contact 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:
--------------------------------------------------------------------------------

<TABLE>
<S>                                              <C>
Account Information                              1-800-710-0935
Telecommunications Device for the Deaf (TDD)     1-800-231-5469
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
</TABLE>

The Trust files a complete statement of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareowners may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.

The Trust's Chief Executive Officer is required by the New York Stock
Exchange's Listing Standards to file annually with the Exchange a certification
that he is not aware of any violation by the Trust of the Exchange's Corporate
Governance Standards applicable to the Trust. The Trust has signed such
certification.
<PAGE>

[LOGO]PIONEER
      Investments(R)

Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
pioneerinvestments.com










Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2010 Pioneer Investments 19447-03-0110



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 10(a), 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;

        (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)).

Ms. Marguerite A. Piret, 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.

Audit Fees
Fees for audit services provided to the Fund, including
fees associated with the filings of its Form N-1A,
totaled approximately $84,000 in 2009 and
approximately $48,700 in 2008.

(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.

Audit-Related Fees
Audit related fees for the Fund's audit related
services totaled approximately $9,650 and $9,650
in 2009 and 2008, respectively.


(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.

Tax Fees
Fees for tax compliance services, primarily for tax
returns, totaled $8,290 in 2009 and $8,290 in 2008.

(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.

Other Fees
There were no fees for other services
provided to the Fund during the fiscal years ended
November 30, 2009 and 2008.

(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 Pioneer Investment Management, Inc ("PIM"), 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.
<PAGE>
<TABLE>
<CAPTION>
                               SECTION II - POLICY

---------------- -------------------------------- -------------------------------------------------
SERVICE           SERVICE CATEGORY DESCRIPTION      SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
<S>              <C>                              <C>
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.)
---------------- -------------------------------- -------------------------------------------------
<CAPTION>
 ------------------------------------- ------------------------------------
<S>                                    <C>
   AUDIT COMMITTEE APPROVAL POLICY               AUDIT COMMITTEE
                                                REPORTING POLICY
 ------------------------------------- ------------------------------------
<S>                                    <C>
 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"
 ------------------------------------- ------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- --------------------------- -----------------------------------------------
   SERVICE CATEGORY          SERVICE CATEGORY        SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
                               DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
<S>                     <C>                         <C>
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"
------------------------------------- -------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- --------------------------- -----------------------------------------------
   SERVICE CATEGORY          SERVICE CATEGORY        SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
                               DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
<S>                     <C>                         <C>
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.
----------------------- --------------------------- -----------------------------------------------
<CAPTION>
--------------------------------------- ------------------------
    AUDIT COMMITTEE APPROVAL POLICY         AUDIT COMMITTEE
                                            REPORTING POLICY
------------------------------------- --------------------------
<S>                                   <C>
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"
------------------------------------- --------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- ------------------------- -----------------------------------------------
   SERVICE CATEGORY         SERVICE CATEGORY        SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
                              DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
<S>                     <C>                       <C>
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
----------------------- ------------------------- -----------------------------------------------
<CAPTION>
------------------------------------------- ------------------------------
     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.
------------------------------------------- ------------------------------
</TABLE>
--------------------------------------------------------------------------------
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.

--------------------------------------------------------------------------------


    (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
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Fund.  For the
years ended November 30, 2009 and 2008, there were
no services provided to an affiliate that required the
Fund's audit committee pre-approval.

(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's 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 registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
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.

The aggregate non-audit fees for the Fund and
affiliates, as previously defined, totaled approximately
$17,940 in 2009 and $17,940 in 2008.

(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's 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 registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.

The registrant has a separately-designated standing audit
committe eestablished in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(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 I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 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.

		    Proxy Voting Policies and Procedures of
                       Pioneer Investment Management, Inc.

                            VERSION DATED July, 2004

                                    Overview

   Pioneer Investment Management, Inc. ("Pioneer") is a fiduciary that owes
   each of its client's duties of care and loyalty with respect to all
   services undertaken on the client's behalf, including proxy voting. When
   Pioneer has been delegated proxy-voting authority for a client, the duty of
   care requires Pioneer to monitor corporate events and to vote the proxies.
   To satisfy its duty of loyalty, Pioneer must place its client's interests
   ahead of its own and must cast proxy votes in a manner consistent with the
   best interest of its clients. Pioneer will vote all proxies presented in a
   timely manner.

   The Proxy Voting Policies and Procedures are designed to complement
   Pioneer's investment policies and procedures regarding its general
   responsibility to monitor the performance and/or corporate events of
   companies that are issuers of securities held in accounts managed by
   Pioneer. Pioneer's Proxy Voting Policies summarize Pioneer's position on a
   number of issues solicited by companies held by Pioneer's clients. The
   policies are guidelines that provide a general indication on how Pioneer
   would vote but do not include all potential voting scenarios.

   Pioneer's Proxy Voting Procedures detail monitoring of voting, exception
   votes, and review of conflicts of interest and ensure that case-by-case
   votes are handled within the context of the overall guidelines (i.e. best
   interest of client). The overriding goal is that all proxies for US and
   non-US companies that are received promptly will be voted in accordance
   with Pioneer's policies or specific client instructions. All shares in a
   company held by Pioneer-managed accounts will be voted alike, unless a
   client has given us specific voting instructions on an issue or has not
   delegated authority to us or the Proxy Voting Oversight Group determines
   that the circumstances justify a different approach.

   Pioneer does not delegate the authority to vote proxies relating to its
   clients to any of its affiliates, which include other subsidiaries of
   UniCredito.

   Any questions about these policies and procedures should be directed to the
   Proxy Coordinator.

                                       1
<PAGE>

                             Proxy Voting Procedures

   Proxy Voting Service
   Pioneer has engaged an independent proxy voting service to assist in the
   voting of proxies. The proxy voting service works with custodians to ensure
   that all proxy materials are received by the custodians and are processed
   in a timely fashion. To the extent applicable, the proxy voting service
   votes all proxies in accordance with the proxy voting policies established
   by Pioneer. The proxy voting service will refer proxy questions to the
   Proxy Coordinator (described below) for instructions under circumstances
   where: (1) the application of the proxy voting guidelines is unclear; (2) a
   particular proxy question is not covered by the guidelines; or (3) the
   guidelines call for specific instructions on a case-by-case basis. The
   proxy voting service is also requested to call to the Proxy Coordinator's
   attention specific proxy questions that, while governed by a guideline,
   appear to involve unusual or controversial issues. Pioneer reserves the
   right to attend a meeting in person and may do so when it determines that
   the company or the matters to be voted on at the meeting are strategically
   important to its clients.

   Proxy Coordinator
   Pioneer's Director of Investment Operations (the "Proxy Coordinator")
   coordinates the voting, procedures and reporting of proxies on behalf of
   Pioneer's clients. The Proxy Coordinator will deal directly with the proxy
   voting service and, in the case of proxy questions referred by the proxy
   voting service, will solicit voting recommendations and instructions from
   the Director of Portfolio Management US or, to the extent applicable,
   investment sub-advisers. The Proxy Coordinator is responsible for ensuring
   that these questions and referrals are responded to in a timely fashion and
   for transmitting appropriate voting instructions to the proxy voting
   service. The Proxy Coordinator is responsible for verifying with the
   Compliance Department whether Pioneer's voting power is subject to any
   limitations or guidelines issued by the client (or in the case of an
   employee benefit plan, the plan's trustee or other fiduciaries).

   Referral Items
   From time to time, the proxy voting service will refer proxy questions to
   the Proxy Coordinator that are described by Pioneer's policy as to be voted
   on a case-by-case basis, that are not covered by Pioneer's guidelines or
   where Pioneer's guidelines may be unclear with respect to the matter to be
   voted on. Under such certain circumstances, the Proxy Coordinator will seek
   a written voting recommendation from the Director of Portfolio Management
   US. Any such recommendation will include: (i) the manner in which the
   proxies should be voted; (ii) the rationale underlying any such decision;
   and (iii) the disclosure of any contacts or communications made between
   Pioneer and any outside parties concerning the proxy proposal prior to the
   time that the voting instructions are provided. In addition, the Proxy
   Coordinator will ask the Compliance Department to review the question for
   any actual or apparent conflicts of interest as described below under
   "Conflicts of

                                       2
<PAGE>

   Interest." The Compliance Department will provide a "Conflicts of Interest
   Report," applying the criteria set forth below under "Conflicts of
   Interest," to the Proxy Coordinator summarizing the results of its review.
   In the absence of a conflict of interest, the Proxy Coordinator will vote
   in accordance with the recommendation of the Director of Portfolio
   Management US.

   If the matter presents a conflict of interest for Pioneer, then the Proxy
   Coordinator will refer the matter to the Proxy Voting Oversight Group for a
   decision. In general, when a conflict of interest is present, Pioneer will
   vote according to the recommendation of the Director of Portfolio
   Management US where such recommendation would go against Pioneer's interest
   or where the conflict is deemed to be immaterial. Pioneer will vote
   according to the recommendation of its proxy voting service when the
   conflict is deemed to be material and the Pioneer's internal vote
   recommendation would favor Pioneer's interest, unless a client specifically
   requests Pioneer to do otherwise. When making the final determination as to
   how to vote a proxy, the Proxy Voting Oversight Group will review the
   report from the Director of Portfolio Management US and the Conflicts of
   Interest Report issued by the Compliance Department.

   Conflicts of Interest
   A conflict of interest occurs when Pioneer's interests interfere, or appear
   to interfere with the interests of Pioneer's clients. Occasionally, Pioneer
   may have a conflict that can affect how its votes proxies. The conflict may
   be actual or perceived and may exist when the matter to be voted on
   concerns:

       o      An affiliate of Pioneer,  such as another company  belonging to
              the UniCredito  Italiano  S.p.A.  banking group (a "UniCredito
              Affiliate");

       o      An issuer of a security for which Pioneer acts as a sponsor,
              advisor, manager, custodian, distributor, underwriter, broker, or
              other similar capacity (including those securities specifically
              declared by PGAM to present a conflict of interest for Pioneer);

       o      An issuer of a security for which UniCredito has informed Pioneer
              that a UniCredito Affiliate acts as a sponsor, advisor, manager,
              custodian, distributor, underwriter, broker, or other similar
              capacity; or

       o      A person with whom Pioneer (or any of its affiliates) has an
              existing, material contract or business relationship that was not
              entered into in the ordinary course of Pioneer's business.

       o      Pioneer will abstain from voting with respect to companies
              directly or indirectly owned by UniCredito Italiano Group, unless
              otherwise directed by a client. In addition, Pioneer will inform
              PGAM Global Compliance and the PGAM Independent Directors before
              exercising such rights.

   Any associate involved in the proxy voting process with knowledge of any
   apparent or actual conflict of interest must disclose such conflict to the
   Proxy Coordinator and the Compliance Department. The Compliance Department
   will review each item referred to Pioneer to determine whether an actual or
   potential conflict of interest with Pioneer exists in connection with the
   proposal(s) to be voted upon. The review will be conducted by comparing the
   apparent parties affected by the proxy proposal being

                                       3
<PAGE>

   voted upon against the Compliance Department's internal list of interested
   persons and, for any matches found, evaluating the anticipated magnitude
   and possible probability of any conflict of interest being present. For
   each referral item, the determination regarding the presence or absence of
   any actual or potential conflict of interest will be documented in a
   Conflicts of Interest Report to the Proxy Coordinator.

   Securities Lending
   In conjunction with industry standards Proxies are not available to be
   voted when the shares are out on loan through either Pioneer's lending
   program or a client's managed security lending program. However, Pioneer
   will reserve the right to recall lent securities so that they may be voted
   according to the Pioneer's instructions. If a portfolio manager would like
   to vote a block of previously lent shares, the Proxy Coordinator will work
   with the portfolio manager and Investment Operations to recall the
   security, to the extent possible, to facilitate the vote on the entire
   block of shares.

   Share-Blocking

   "Share-blocking" is a market practice whereby shares are sent to a
   custodian (which may be different than the account custodian) for record
   keeping and voting at the general meeting. The shares are unavailable for
   sale or delivery until the end of the blocking period (typically the day
   after general meeting date).

   Pioneer will vote in those countries with "share-blocking." In the event a
   manager would like to sell a security with "share-blocking", the Proxy
   Coordinator will work with the Portfolio Manager and Investment Operations
   Department to recall the shares (as allowable within the market time-frame
   and practices) and/or communicate with executing brokerage firm. A list of
   countries with "share-blocking" is available from the Investment Operations
   Department upon request.

   Record Keeping
   The Proxy Coordinator shall ensure that Pioneer's proxy voting service:

       o   Retains a copy of the proxy statement received (unless the proxy
           statement is available from the SEC's Electronic Data Gathering,
           Analysis, and Retrieval (EDGAR) system);

       o   Retains a record of the vote cast;

       o   Prepares Form N-PX for filing on behalf of each client that is a
           registered investment company; and

       o   Is able to promptly provide Pioneer with a copy of the voting
           record upon its request.

                                       4
<PAGE>

   The Proxy Coordinator shall ensure that for those votes that may require
   additional documentation (i.e. conflicts of interest, exception votes and
   case-by-case votes) the following records are maintained:

       o    A record memorializing the basis for each referral vote cast;

       o    A copy of any document created by Pioneer that was material in
            making the decision on how to vote the subject proxy; and

       o    A copy of any conflict notice, conflict consent or any other
            written communication (including emails or other electronic
            communications) to or from the client (or in the case of an
            employee benefit plan, the plan's trustee or other fiduciaries)
            regarding the subject proxy vote cast by, or the vote
            recommendation of, Pioneer.

       o    Pioneer shall maintain the above records in the client's file for a
            period not less than ten (10) years.

     Disclosure
     Pioneer shall take reasonable measures to inform its clients of the process
     or procedures clients must follow to obtain information regarding how
     Pioneer voted with respect to assets held in their accounts. In addition,
     Pioneer shall describe to clients its proxy voting policies and procedures
     and will furnish a copy of its proxy voting policies and procedures upon
     request. This information may be provided to clients through Pioneer's Form
     ADV (Part II) disclosure, by separate notice to the client, or through
     Pioneer's website.

     Proxy Voting Oversight Group
     The members of the Proxy Voting Oversight Group are Pioneer's: Director of
     Portfolio Management US, Head of Investment Operations, and Director of
     Compliance. Other members of Pioneer will be invited to attend meetings and
     otherwise participate as necessary. The Head of Investment Operations will
     chair the Proxy Voting Oversight Group.

     The Proxy Voting Oversight Group is responsible for developing, evaluating,
     and changing (when necessary) Pioneer's Proxy Voting Policies and
     Procedures. The group meets at least annually to evaluate and review these
     policies and procedures and the services of its third-party proxy voting
     service. In addition, the Proxy Voting Oversight Group will meet as
     necessary to vote on referral items and address other business as
     necessary.

     Amendments
     Pioneer may not amend its Proxy Voting Policies And Procedures without the
     prior approval of the Proxy Voting Oversight Group and its corporate
     parent, Pioneer Global Asset Management S.p.A

                                       5
<PAGE>

   Proxy Voting Policies
   Pioneer's sole concern in voting proxies is the economic effect of the
   proposal on the value of portfolio holdings, considering both the short-
   and long-term impact. In many instances, Pioneer believes that supporting
   the company's strategy and voting "for" management's proposals builds
   portfolio value. In other cases, however, proposals set forth by management
   may have a negative effect on that value, while some shareholder proposals
   may hold the best prospects for enhancing it. Pioneer monitors developments
   in the proxy-voting arena and will revise this policy as needed.

   All proxies that are received promptly will be voted in accordance with the
   specific policies listed below. All shares in a company held by
   Pioneer-managed accounts will be voted alike, unless a client has given us
   specific voting instructions on an issue or has not delegated authority to
   us. Proxy voting issues will be reviewed by Pioneer's Proxy Voting
   Oversight Group, which consists of the Director of Portfolio Management US,
   the Director of Investment Operations (the Proxy Coordinator), and the
   Director of Compliance.

   Pioneer has established Proxy Voting Procedures for identifying and
   reviewing conflicts of interest that may arise in the voting of proxies.

   Clients may request, at any time, a report on proxy votes for securities
   held in their portfolios and Pioneer is happy to discuss our proxy votes
   with company management. Pioneer retains a proxy voting service to provide
   research on proxy issues and to process proxy votes.

Administrative
   While administrative items appear infrequently in U.S. issuer proxies, they
   are quite common in non-U.S. proxies.

   We will generally support these and similar management proposals:

       o    Corporate name change.

       o    A change of corporate headquarters.

       o    Stock exchange listing.

       o    Establishment of time and place of annual meeting.

       o    Adjournment or postponement of annual meeting.

       o    Acceptance/approval of financial statements.

       o    Approval of dividend payments, dividend reinvestment plans and other
            dividend-related proposals.

       o    Approval of minutes and other formalities.

                                       6
<PAGE>

       o    Authorization of the transferring of reserves and allocation of
            income.

       o    Amendments to authorized signatories.

       o    Approval of accounting method changes or change in fiscal year-end.

       o    Acceptance of labor agreements.

       o    Appointment of internal auditors.

   Pioneer will vote on a case-by-case basis on other routine business;
   however, Pioneer will oppose any routine business proposal if insufficient
   information is presented in advance to allow Pioneer to judge the merit of
   the proposal. Pioneer has also instructed its proxy voting service to
   inform Pioneer of its analysis of any administrative items inconsistent, in
   its view, with supporting the value of Pioneer portfolio holdings so that
   Pioneer may consider and vote on those items on a case-by-case basis.

Auditors
     We normally vote for proposals to:

       o    Ratify the auditors. We will consider a vote against if we are
            concerned about the auditors' independence or their past work for
            the company. Specifically, we will oppose the ratification of
            auditors and withhold votes from audit committee members if
            non-audit fees paid by the company to the auditing firm exceed the
            sum of audit fees plus audit-related fees plus permissible tax
            fees according to the disclosure categories proposed by the
            Securities and Exchange Commission.

       o    Restore shareholder rights to ratify the auditors.

     We will normally oppose proposals that require companies to:

       o    Seek bids from other auditors.

       o    Rotate auditing firms, except where the rotation is statutorily
            required or where rotation would demonstrably strengthen financial
            disclosure.

       o    Indemnify auditors.

       o    Prohibit auditors from engaging in non-audit services for the
            company.

     Board of Directors
     On issues related to the board of directors, Pioneer normally supports
     management. We will, however, consider a vote against management in
     instances where corporate performance has been very poor or where the board
     appears to lack independence.

                                       7
<PAGE>

     General Board Issues
     Pioneer will vote for:

       o    Audit, compensation and nominating committees composed of
            independent directors exclusively.

       o    Indemnification for directors for actions taken in good faith in
            accordance with the business judgment rule. We will vote against
            proposals for broader indemnification.

       o    Changes in board size that appear to have a legitimate business
            purpose and are not primarily for anti-takeover reasons.

       o    Election of an honorary director.

     We will vote against:

       o    Minimum stock ownership by directors.

       o    Term limits for directors. Companies benefit from experienced
            directors, and shareholder control is better achieved through
            annual votes.

       o    Requirements for union or special interest representation on the
            board.

       o    Requirements to provide two candidates for each board seat.

     We will vote on a case-by case basis on these issues:

       o    Separate chairman and CEO positions. We will consider voting with
            shareholders on these issues in cases of poor corporate
            performance.

     Elections of Directors
     In uncontested elections of directors we will vote against:

       o    Individual directors with absenteeism above 25% without valid
            reason. We support proposals that require disclosure of director
            attendance.

       o    Insider directors and affiliated outsiders who sit on the audit,
            compensation, stock option or nominating committees. For the
            purposes of our policy, we accept the definition of affiliated
            directors provided by our proxy voting service.

     We will also vote against:

       o    Directors who have failed to act on a takeover offer where the
            majority of shareholders have tendered their shares.

       o    Directors who appear to lack independence or are associated with
            very poor corporate performance.

                                       8
<PAGE>

     We will vote on a case-by case basis on these issues:

       o    Re-election of directors who have implemented or renewed a
            dead-hand or modified dead-hand poison pill (a "dead-hand poison
            pill" is a shareholder rights plan that may be altered only by
            incumbent or "dead " directors. These plans prevent a potential
            acquirer from disabling a poison pill by obtaining control of the
            board through a proxy vote).

       o    Contested election of directors.

       o    Prior to phase-in required by SEC, we would consider supporting
            election of a majority of independent directors in cases of poor
            performance.

       o    Mandatory retirement policies.

       o    Directors who have ignored a shareholder proposal that has been
            approved by shareholders for two consecutive years.

     Takeover-Related Measures
     Pioneer is generally opposed to proposals that may discourage takeover
     attempts. We believe that the potential for a takeover helps ensure that
     corporate performance remains high.

     Pioneer will vote for:

       o    Cumulative voting.

       o    Increase ability for shareholders to call special meetings.

       o    Increase ability for shareholders to act by written consent.

       o    Restrictions on the ability to make greenmail payments.

       o    Submitting rights plans to shareholder vote.

       o    Rescinding shareholder rights plans ("poison pills").

       o    Opting out of the following state takeover statutes:

     o Control share acquisition statutes, which deny large holders voting
       rights on holdings over a specified threshold.

     o Control share cash-out provisions, which require large holders to
       acquire shares from other holders.

     o Freeze-out provisions, which impose a waiting period on large
       holders before they can attempt to gain control.

     o Stakeholder laws, which permit directors to consider interests of
       non-shareholder constituencies.

                                       9
<PAGE>

     o Disgorgement provisions, which require acquirers to disgorge profits
       on purchases made before gaining control.

     o Fair price provisions.

     o Authorization of shareholder rights plans.

     o Labor protection provisions.

     o Mandatory classified boards.

     We will vote on a case-by-case basis on the following issues:

       o    Fair price provisions. We will vote against provisions requiring
            supermajority votes to approve takeovers. We will also consider
            voting against proposals that require a supermajority vote to
            repeal or amend the provision. Finally, we will consider the
            mechanism used to determine the fair price; we are generally
            opposed to complicated formulas or requirements to pay a premium.

       o    Opting out of state takeover statutes regarding fair price
            provisions. We will use the criteria used for fair price
            provisions in general to determine our vote on this issue.

       o    Proposals that allow shareholders to nominate directors.

     We will vote against:

       o    Classified boards, except in the case of closed-end mutual funds.

       o    Limiting shareholder ability to remove or appoint directors. We
            will support proposals to restore shareholder authority in this
            area. We will review on a case-by-case basis proposals that
            authorize the board to make interim appointments.

       o    Classes of shares with unequal voting rights.

       o    Supermajority vote requirements.

       o    Severance packages ("golden" and "tin" parachutes). We will support
            proposals to put these packages to shareholder vote.

       o    Reimbursement of dissident proxy solicitation expenses. While we
            ordinarily support measures that encourage takeover bids, we
            believe that management should have full control over corporate
            funds.

       o    Extension of advance notice requirements for shareholder proposals.

       o    Granting board authority normally retained by shareholders (e.g.,
            amend charter, set board size).

       o    Shareholder rights plans ("poison pills"). These plans generally
            allow shareholders to buy additional shares at a below-market
            price in the event of a change in control and may deter some bids.

                                       10
<PAGE>

     Capital Structure
     Managements need considerable flexibility in determining the company's
     financial structure, and Pioneer normally supports managements' proposals
     in this area. We will, however, reject proposals that impose high barriers
     to potential takeovers.

     Pioneer will vote for:

       o    Changes in par value.

       o    Reverse splits, if accompanied by a reduction in number of shares.

       o    Share repurchase programs, if all shareholders may participate on
            equal terms.

       o    Bond issuance.

       o    Increases in "ordinary" preferred stock.

       o    Proposals to have blank-check common stock placements (other than
            shares issued in the normal course of business) submitted for
            shareholder approval.

       o    Cancellation of company treasury shares.

     We will vote on a case-by-case basis on the following issues:

       o    Reverse splits not accompanied by a reduction in number of shares,
            considering the risk of delisting.

       o    Increase in authorized common stock. We will make a determination
            considering, among other factors:

     o Number of shares currently available for issuance;

     o Size of requested increase (we would normally approve increases of up to
       100% of current authorization);

     o Proposed use of the additional shares; and

     o Potential consequences of a failure to increase the number of shares
       outstanding (e.g., delisting or bankruptcy).

       o    Blank-check preferred. We will normally oppose issuance of a new
            class of blank-check preferred, but may approve an increase in a
            class already outstanding if the company has demonstrated that it
            uses this flexibility appropriately.

       o    Proposals to submit private placements to shareholder vote.

       o    Other financing plans.

     We will vote against preemptive rights that we believe limit a company's
financing flexibility.

                                      11
<PAGE>

     Compensation
     Pioneer supports compensation plans that link pay to shareholder returns
     and believes that management has the best understanding of the level of
     compensation needed to attract and retain qualified people. At the same
     time, stock-related compensation plans have a significant economic impact
     and a direct effect on the balance sheet. Therefore, while we do not want
     to micromanage a company's compensation programs, we will place limits on
     the potential dilution these plans may impose.

     Pioneer will vote for:

       o    401(k) benefit plans.

       o    Employee stock ownership plans (ESOPs), as long as shares
            allocated to ESOPs are less than 5% of outstanding shares. Larger
            blocks of stock in ESOPs can serve as a takeover defense. We will
            support proposals to submit ESOPs to shareholder vote.

       o    Various issues related to the Omnibus Budget and Reconciliation Act
            of 1993 (OBRA), including:

     o Amendments to performance plans to conform with OBRA;

     o Caps on annual grants or amendments of administrative features;

     o Adding performance goals; and

     o Cash or cash-and-stock bonus plans.

       o    Establish a process to link pay, including stock-option grants, to
            performance, leaving specifics of implementation to the company.

       o    Require that option repricings be submitted to shareholders.

       o    Require the expensing of stock-option awards.

       o    Require reporting of executive retirement benefits (deferred
            compensation, split-dollar life insurance, SERPs, and pension
            benefits).

       o    Employee stock purchase plans where the purchase price is equal to
            at least 85% of the market price, where the offering period is no
            greater than 27 months and where potential dilution (as defined
            below) is no greater than 10%.

                                       12
<PAGE>

     We will vote on a case-by-case basis on the following issues:

       o    Executive and director stock-related compensation plans. We will
            consider the following factors when reviewing these plans:

       o    The program must be of a reasonable size. We will approve plans
            where the combined employee and director plans together would
            generate less than 15% dilution. We will reject plans with 15% or
            more potential dilution.

            Dilution = (A + B + C) / (A + B + C + D), where

            A = Shares reserved for plan/amendment,

            B = Shares available under continuing plans,

            C = Shares granted but unexercised and

            D = Shares outstanding.

       o    The plan must not:

            o   Explicitly permit unlimited option repricing authority or that
                have repriced in the past without shareholder approval.

            o   Be a self-replenishing "evergreen" plan, plans that grant
                discount options and tax offset payments.

     o We are generally in favor of proposals that increase participation beyond
       executives.

     o We generally support proposals asking companies to adopt rigorous
       vesting provisions for stock option plans such as those that vest
       incrementally over, at least, a three- or four-year period with a pro
       rata portion of the shares becoming exercisable on an annual basis
       following grant date.

     o We generally support proposals asking companies to disclose their
       window period policies for stock transactions. Window period policies
       ensure that employees do not exercise options based on insider
       information contemporaneous with quarterly earnings releases and other
       material corporate announcements.

     o We generally support proposals asking companies to adopt stock holding
       periods for their executives.

       o    All other employee stock purchase plans.

       o    All other compensation-related proposals, including deferred
            compensation plans, employment agreements, loan guarantee programs
            and retirement plans.

       o    All other proposals regarding stock compensation plans, including
            extending the life of a plan, changing vesting restrictions,
            repricing options, lengthening exercise periods or accelerating
            distribution of awards and pyramiding and cashless exercise
            programs.

                                       13
<PAGE>

     We will vote against:

       o    Pensions for non-employee directors. We believe these retirement
            plans reduce director objectivity.

       o    Elimination of stock option plans.

     We will vote on a case-by case basis on these issues:

       o    Limits on executive and director pay.

       o    Stock in lieu of cash compensation for directors.

     Corporate Governance
     Pioneer will vote for:

       o    Confidential Voting.

       o    Equal access provisions, which allow shareholders to contribute
            their opinion to proxy materials.

       o    Proposals requiring directors to disclose their ownership of shares
            in the company.

     We will vote on a case-by-case basis on the following issues:

       o    Change in the state of incorporation. We will support
            reincorporations supported by valid business reasons. We will
            oppose those that appear to be solely for the purpose of
            strengthening takeover defenses.

       o    Bundled proposals. We will evaluate the overall impact of the
            proposal.

       o    Adopting or amending the charter, bylaws or articles of association.

       o    Shareholder appraisal rights, which allow shareholders to demand
            judicial review of an acquisition price.

     We will vote against:

       o    Shareholder advisory committees. While management should solicit
            shareholder input, we prefer to leave the method of doing so to
            management's discretion.

       o    Limitations on stock ownership or voting rights.

       o    Reduction in share ownership disclosure guidelines.

                                       14
<PAGE>

     Mergers and Restructurings
     Pioneer will vote on the following and similar issues on a case-by-case
     basis:

       o    Mergers and acquisitions.

       o    Corporate restructurings, including spin-offs, liquidations, asset
            sales, joint ventures, conversions to holding company and
            conversions to self-managed REIT structure.

       o    Debt restructurings.

       o    Conversion of securities.

       o    Issuance of shares to facilitate a merger.

       o    Private placements, warrants, convertible debentures.

       o    Proposals requiring management to inform shareholders of merger
            opportunities.

     We will normally vote against shareholder proposals requiring that the
     company be put up for sale.

     Mutual Funds
     Many of our portfolios may invest in shares of closed-end mutual funds or
     exchange-traded funds. The non-corporate structure of these investments
     raises several unique proxy voting issues.

     Pioneer will vote for:

       o    Establishment of new classes or series of shares.

       o    Establishment of a master-feeder structure.

     Pioneer will vote on a case-by-case on:

       o    Changes in investment policy. We will normally support changes
            that do not affect the investment objective or overall risk level
            of the fund. We will examine more fundamental changes on a
            case-by-case basis.

       o    Approval of new or amended advisory contracts.

       o    Changes from closed-end to open-end format.

       o    Authorization for, or increase in, preferred shares.

       o    Disposition of assets, termination, liquidation, or mergers.

       o    Classified boards of closed-end mutual funds, but will typically
            support such proposals.

                                       15
<PAGE>

     Social Issues
     Pioneer will abstain on stockholder proposals calling for greater
     disclosure of corporate activities with regard to social issues. "Social
     Issues" may generally be described as shareholder proposals for a company
     to:

       o    Conduct studies regarding certain issues of public concern and
            interest;

       o    Study the feasibility of the company taking certain actions with
            regard to such issues; or

       o    Take specific action, including ceasing certain behavior and
            adopting company standards and principles, in relation to issues
            of public concern and interest.

     We believe these issues are important and should receive management
     attention.

     Pioneer will vote against proposals calling for substantial changes in the
     company's business or activities. We will also normally vote against
     proposals with regard to contributions, believing that management should
     control the routine disbursement of funds.

                                       16


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 registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.

Other Accounts Managed by the Portfolio Managers. The table below indicates, for
each portfolio  manager of the fund,  information  about the accounts other than
the  fund  over  which  the   portfolio   manager  has   day-to-day   investment
responsibility.  All  information  on the number of accounts and total assets in
the table is as of November 30, 2009.  For purposes of the table,  "Other Pooled
Investment  Vehicles"  may include  investment  partnerships,  undertakings  for
collective  investments in transferable  securities ("UCITS") and other non-U.S.
investment  funds and group trusts,  and "Other  Accounts" may include  separate
accounts for institutions or individuals,  insurance company general or separate
accounts,  pension funds and other similar institutional  accounts but generally
do not include the portfolio  manager's  personal  investment  accounts or those
which the  manager may be deemed to own  beneficially  under the code of ethics.
Certain  funds and other  accounts  managed by the  portfolio  manager  may have
substantially similar investment strategies.
<TABLE>
<S>                         <C>                 <C>              <C>                   <C>                <C>

--------------------- -------------------- ----------------- ------------------- ------------------ -------------------
Name of Portfolio     Type of Account      Number of         Total Assets        Number of          Assets Managed
Manager                                    Accounts Managed  Managed             Accounts Managed   for which
                                                                                 for which          Advisory Fee is
                                                                                 Advisory Fee is    Performance-Based
                                                                                 Performance-Based
--------------------- -------------------- ----------------- ------------------- ------------------ -------------------
--------------------- -------------------- ----------------- ------------------- ------------------ -------------------
Jonathan Sharkey      Other Registered     2                 $267,728,000        N/A                N/A
                      Investment
                      Companies
                      -------------------- ----------------- ------------------- ------------------ -------------------
                      -------------------- ----------------- ------------------- ------------------ -------------------
                      Other Pooled         0                 0                   N/A                N/A
                      Investment Vehicles
                      -------------------- ----------------- ------------------- ------------------ -------------------
                      -------------------- ----------------- ------------------- ------------------ -------------------
                      Other Accounts       1                 $53,388,000         N/A                N/A
--------------------- -------------------- ----------------- ------------------- ------------------ -------------------
</TABLE>


Potential Conflicts of Interest. When a portfolio manager is responsible for the
management of more than one account, the potential arises for the portfolio
manager to favor one account over another. The principal types of potential
conflicts of interest that may arise are discussed below. For the reasons
outlined below, Pioneer does not believe that any material conflicts are likely
to arise out of a portfolio manager's responsibility for the management of the
fund as well as one or more other accounts. Although Pioneer has adopted
procedures that it believes are reasonably designed to detect and prevent
violations of the federal securities laws and to mitigate the potential for
conflicts of interest to affect its portfolio management decisions, there can be
no assurance that all conflicts will be identified or that all procedures will
be effective in mitigating the potential for such risks. Generally, the risks of
such conflicts of interest are increased to the extent that a portfolio manager
has a financial incentive to favor one account over another. Pioneer has
structured its compensation arrangements in a manner that is intended to limit
such potential for conflicts of interest. See "Compensation of Portfolio
Managers" below.

     o    A portfolio manager could favor one account over another in allocating
          new investment opportunities that have limited supply, such as initial
          public offerings and private  placements.  If, for example, an initial
          public offering that was expected to appreciate in value significantly
          shortly  after the offering was  allocated to a single  account,  that
          account may be expected to have  better  investment  performance  than
          other  accounts  that did not  receive an  allocation  of the  initial
          public  offering.  Generally,  investments  for which there is limited
          availability  are  allocated  based upon a range of factors  including
          available  cash  and   consistency   with  the  accounts'   investment
          objectives  and  policies.  This  allocation  methodology  necessarily
          involves some  subjective  elements but is intended over time to treat
          each client in an equitable and fair manner. Generally, the investment
          opportunity is allocated  among  participating  accounts on a pro rata
          basis.  Although  Pioneer  believes that its practices are  reasonably
          designed to treat each client in an equitable  and fair manner,  there
          may be instances where a fund may not participate,  or may participate
          to a  lesser  degree  than  other  clients,  in the  allocation  of an
          investment opportunity.

     o    A portfolio  manager could favor one account over another in the order
          in which trades for the accounts  are placed.  If a portfolio  manager
          determines  to  purchase  a security  for more than one  account in an
          aggregate  amount that may influence the market price of the security,
          accounts that  purchased or sold the security first may receive a more
          favorable price than accounts that made subsequent  transactions.  The
          less liquid the market for the security or the greater the  percentage
          that the proposed  aggregate  purchases or sales  represent of average
          daily trading volume, the greater the potential for accounts that make
          subsequent  purchases or sales to receive a less favorable price. When
          a portfolio manager intends to trade the same security on the same day
          for more than one account,  the trades  typically are "bunched," which
          means that the trades for the  individual  accounts are aggregated and
          each account receives the same price. There are some types of accounts
          as to which bunching may not be possible for contractual reasons (such
          as  directed  brokerage  arrangements).  Circumstances  may also arise
          where the trader  believes  that bunching the orders may not result in
          the best possible  price.  Where those accounts or  circumstances  are
          involved,  Pioneer will place the order in a manner intended to result
          in as favorable a price as possible for such client.

     o    A portfolio manager could favor an account if the portfolio  manager's
          compensation  is tied to the  performance of that account to a greater
          degree than other accounts managed by the portfolio  manager.  If, for
          example,  the  portfolio  manager  receives  a bonus  based  upon  the
          performance of certain  accounts  relative to a benchmark  while other
          accounts are disregarded for this purpose,  the portfolio manager will
          have a financial incentive to seek to have the accounts that determine
          the portfolio manager's bonus achieve the best possible performance to
          the  possible  detriment  of other  accounts.  Similarly,  if  Pioneer
          receives a  performance-based  advisory fee, the portfolio manager may
          favor that  account,  whether or not the  performance  of that account
          directly determines the portfolio manager's compensation.

     o    A portfolio  manager could favor an account if the  portfolio  manager
          has a beneficial  interest in the account, in order to benefit a large
          client or to compensate a client that had poor  returns.  For example,
          if the portfolio manager held an interest in an investment partnership
          that was one of the accounts  managed by the  portfolio  manager,  the
          portfolio  manager  would  have an  economic  incentive  to favor  the
          account in which the portfolio manager held an interest.

     o    If the different accounts have materially and potentially  conflicting
          investment  objectives  or  strategies,  a conflict of interest  could
          arise. For example,  if a portfolio  manager  purchases a security for
          one account and sells the same  security  for  another  account,  such
          trading  pattern may  disadvantage  either the account that is long or
          short. In making portfolio manager assignments, Pioneer seeks to avoid
          such potentially  conflicting  situations.  However, where a portfolio
          manager  is  responsible   for  accounts  with  differing   investment
          objectives  and policies,  it is possible  that the portfolio  manager
          will conclude that it is in the best interest of one account to sell a
          portfolio security while another account continues to hold or increase
          the holding in such security.


Compensation of Portfolio Managers. Pioneer has adopted a system of compensation
for portfolio managers that seeks to align the financial interests of the
portfolio managers with those of shareholders of the accounts (including Pioneer
funds) the portfolio managers manage, as well as with the financial performance
of Pioneer. The compensation program for all Pioneer portfolio managers includes
a base salary (determined by the rank and tenure of the employee) and an annual
bonus program, as well as customary benefits that are offered generally to all
full-time employees. Base compensation is fixed and normally reevaluated on an
annual basis. Pioneer seeks to set base compensation at market rates, taking
into account the experience and responsibilities of the portfolio manager. The
bonus plan is intended to provide a competitive level of annual bonus
compensation that is tied to the portfolio manager achieving superior investment
performance and align the interests of the investment professional with those of
shareholders, as well as with the financial performance of Pioneer. Any bonus
under the plan is completely discretionary, with a maximum annual bonus that may
be in excess of base salary. The annual bonus is based upon a combination of the
following factors:

 o        Quantitative  Investment  Performance.   The  quantitative  investment
          performance  calculation is based on pre-tax investment performance of
          all of the accounts  managed by the portfolio  manager (which includes
          the fund and any other accounts managed by the portfolio manager) over
          a  one-year   period  (20%   weighting)  and  four-year   period  (80%
          weighting),  measured for periods ending on December 31. The accounts,
          which  include the fund,  are ranked  against a group of mutual  funds
          with similar  investment  objectives and investment  focus (60%) and a
          broad-based  securities  market index measuring the performance of the
          same type of securities in which the accounts invest (40%),  which, in
          the case of the fund,  is the  Barclays  Capital  High Yield Bank Loan
          Performing Index. As a result of these two benchmarks, the performance
          of the portfolio manager for compensation purposes is measured against
          the criteria that are relevant to the portfolio manager's  competitive
          universe.

o        Qualitative Performance. The qualitative performance component with
         respect to all of the accounts managed by the portfolio manager
         includes objectives, such as effectiveness in the areas of teamwork,
         leadership, communications and marketing, that are mutually established
         and evaluated by each portfolio manager and management.

o        Pioneer Results and Business Line Results. Pioneer's financial
         performance, as well as the investment performance of its investment
         management group, affect a portfolio manager's actual bonus by a
         leverage factor of plus or minus (+/-) a predetermined percentage.

The quantitative and qualitative performance components comprise 80% and 20%,
respectively, of the overall bonus calculation (on a pre-adjustment basis). A
portion of the annual bonus is deferred for a specified period and may be
invested in one or more Pioneer funds.

Certain portfolio managers may participate in other programs designed to reward
and retain key contributors. Senior executives or other key employees may be
granted performance units based on the stock price performance of UniCredit and
the financial performance of Pioneer Global Asset Management S.p.A., which are
affiliates of Pioneer. Portfolio managers also may participate in a deferred
compensation program, whereby deferred amounts are invested in one or more
Pioneer funds.

Share Ownership by Portfolio Manager. The following table indicates as of
November 31, 2009 the value, within the indicated range, of shares beneficially
owned by the portfolio manager of the fund.
<TABLE>
        <S>                                              <C>

---------------------------------------- -------------------------------------------------------------------
Name of Portfolio Manager                Beneficial Ownership of the Fund*
---------------------------------------- -------------------------------------------------------------------
---------------------------------------- -------------------------------------------------------------------
Jonathan Sharkey                         A
---------------------------------------- -------------------------------------------------------------------
</TABLE>


*Key to Dollar Ranges

A. None
B. $1 - $10,000
C. $10,001 - $50,000
D. $50,001 - $100,000
E. $100,001 - $500,000
F. $500,001 - $1,000,000
G. Over $1,000,000




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 registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.

During the period covered by this report, there were no purchases
made by or on behalf of the registrant or any affiliated purchaser
as defined in Rule 10b-18(a)(3) under the Securities Exchange Act
of 1934 (the Exchange Act), of shares of the registrants equity
securities that are registered by the registrant pursuant to
Section 12 of the Exchange Act.


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 registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
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 registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) 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 officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.

The Principal Executive and Financial Officers concluded
that the Registrant's Disclosure Controls and Procedures are
effective based on the evaluation of the Disclosure Controls
and Procedures as of a date within 90 days of the filing date
of this report.

During the filing period of the report, fund management
identified a significant deficiency relating to the execution
of an existing control relating to the sub-adviser's review of
portfolio holdings. This deficiency did not materially
impact the accuracy of the fund's financial statements
attached in Item 1. There was no material impact to the
shareholders and fund management discussed this matter
with the Registrant's Audit Committee and auditors. The
control structure has been altered as disclosed in Item 11(b)
below.


(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

There have been no significant changes in the Registrant's
internal control over financial reporting that occurred during the
Registrant's second fiscal quarter covered by this report that
have materially affected, or are reasonably likely to
materially affect, the Registrant's internal control over
financial reporting.

As referenced above, on November 11, 2008, the Board of
Trustees determined not to continue the investment sub-
advisory agreement with the sub-adviser.  The sub-advisory
agreement terminated in accordance with its terms on
December 31, 2008. On January 1, 2009, the Registrant's
investment adviser assumed full responsibility for the day-
to-day investment management of the Registrant and
therefore the former sub-adviser's controls no longer affect
the Registrant's internal controls 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. EXHIBITS.

File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.

(a) 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.



(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).

Filed herewith.


<PAGE>


                                   SIGNATURES

                          [See General Instruction F]


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant) Pioneer Floating Rate Trust


By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President

Date January 29, 2010


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.


By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President

Date January 29, 2010


By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer

Date January 29, 2010

* Print the name and title of each signing officer under his or her signature.