# EDGAR Filing Document

**Accession Number:** 0001305767
**File Stem:** 0001193125-25-175197
**Filing Date:** 2025-8
**Character Count:** 332605
**Document Hash:** 87688e742b607e04d769331a5c06a62b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-175197.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001193125-25-175197

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**EFFECTIVENESS DATE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pioneer Floating Rate Fund, Inc.
- **CENTRAL INDEX KEY:** 0001305767

**ORGANIZATION NAME:**
- **EIN:** 582683903
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21654
- **FILM NUMBER:** 251192614

**BUSINESS ADDRESS:**
- **STREET 1:** 60 STATE STREET
- **STREET 2:** 5TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-742-7825

**MAIL ADDRESS:**
- **STREET 1:** 60 STATE STREET
- **STREET 2:** 5TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pioneer Floating Rate Trust
- **DATE OF NAME CHANGE:** 20041013

?xml version='1.0' encoding='ASCII'? Pioneer Floating Rate Fund, Inc.

### 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 Fund, Inc.

#### (Exact name of registrant as specified in charter)

#### 60 State Street, Boston, MA 02109

#### (Address of principal executive offices) (ZIP code)

#### Christopher J. Kelley, Amundi Asset Management, Inc.,

#### 60 State Street, Boston, MA 02109

#### (Name and address of agent for service)

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

#### Date of fiscal year end: November 30

#### Date of reporting period: May 31, 2025
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.

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ITEM 1. REPORT TO STOCKHOLDERS.

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## Pioneer Floating Rate Fund, Inc.
Semi-Annual Report \| May 31, 2025

&nbsp;&nbsp;**Ticker Symbol: PHD**

![](g11125img32b67ce41.gif)

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**visit us: www.pioneerinvestments.com**

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### **Table of Contents**

------

---

| | |
|:---|:---|
| [Portfolio Management Discussion](#xx_d4a039e1-62c2-4dce-b3d8-1d4045f2aada_1) | 2 |
| [Portfolio Summary](#xx_fa9ff4aa-5444-42a1-9ac5-c3bc74868336_1) | 10 |
| [Prices and Distributions](#xx_6d6603b1-c72e-4185-9708-780f667480f1_1) | 11 |
| [Performance Update](#xx_e6d575dc-b8ee-4464-9e6b-1d43617dd06d_1) | 12 |
| [Schedule of Investments](#xx_d6bdaf87-4494-4a82-a354-5772ecbc289a_1) | 13 |
| [Financial Statements](#xx_a9ba0efd-ccea-4e13-b3d0-5f224258575a_1) | 40 |
| [Notes to Financial Statements](#xx_0719afeb-c7c9-4993-b504-6c190221f2fd_1) | 46 |
| [Additional Information](#xx_e4245cf9-7eb4-441b-b7f4-d141edb4eede_1) | 67 |
| [Approval of New Investment Advisory Agreement and Interim Investment Advisory Agreement with Victory Capital Management Inc.](#xx_ba717ff2-429a-473b-a2f3-816b502d075a_1) | 69 |
| [Directors, Officers and Service Providers](#xx_496735d6-35bf-4872-8609-d26657033d1b_1) | 80 |

---

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/251

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[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

### Portfolio Management Discussion \| 5/31/25
*Note to Stockholders: Effective April 1, 2025, Victory Capital Management Inc. ("Victory Capital") serves as the Adviser. See Note 11 to the Financial Statements for more information.*

*On May 6, 2025, the Board of Directors of the Fund approved a plan of liquidation of the Fund. The liquidation pursuant to the plan will be submitted to Fund stockholders for approval at a Special Meeting. The Board recommends that stockholders of the Fund vote for the liquidation of the Fund at the Special Meeting. The Fund has filed a proxy statement with the U.S. Securities and Exchange Commission with respect to the proposal to liquidate the Fund. Copies of the Fund's proxy statement has been mailed to each stockholder of record of the Fund. Stockholders are advised to read the Fund's proxy statement because it will contain important information.*

*In the following interview, Jonathan Sharkey discusses the factors that affected the performance of Pioneer Floating Rate Fund, Inc. during the six-month period ended May 31, 2025. Mr. Sharkey, a senior vice president and a portfolio manager at Victory Capital is responsible for the day-to-day management of the Fund.*

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the six-month period ended May 31, 2025?** |
| **A** | Pioneer Floating Rate Fund, Inc. returned 1.82% at net asset value (NAV) and 3.59% at market price during the six-month period ended May 31, 2025. The Fund's benchmark, the Morningstar Loan Syndications & Trading Association Leveraged Loan Index (the Morningstar/LSTA Index), returned 2.56%. Unlike the Fund, the Morningstar/LSTA Index does not use leverage. While the use of leverage increases investment opportunity, it also increases investment risk. |
|  | During the same six-month period, the average return at NAV of the 71 closed end funds in Morningstar's Bank Loan Closed End Funds category (which may or may not be leveraged) was 1.16%, while the same closed end fund Morningstar category's average return at market price was (3.00)%. |
|  | The shares of the Fund were selling at an 2.79% discount to NAV on May 31, 2025. Comparatively, the Fund's shares were selling at a discount to NAV of 4.45% on November 30, 2024. |

---

2Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

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[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| | |
|:---|:---|
|  | On May 31, 2025, the standardized 30-day SEC yield of the Fund's shares was 8.01%\*. |
| **Q** | **Which of the Fund's investment strategies or individual portfolio holdings contributed positively to the Fund's benchmark-relative performance during the six- month period?** |
| **A** | In sector terms, consumer durables, telecom services and automobiles were the top contributors to performance. The telecom sector, which has been subject to merger & acquisition activity, as well as restructuring activity, has exhibited stronger outcomes than expected. The automobiles sector provided positive performance due to prebuying by consumers to avoid the anticipated effects of tariffs. |
|  | The top three positive contributors with regard to individual security selection included Altice France, Cornerstone On Demand and First Brands. Altice France, a cable, broadband, and wireless telecommunications service company, benefited from debt restructuring. Cornerstone On Demand, a software company, had improved its fiscal performance following a few periods of earnings misses. First Brands is an aftermarket auto parts manufacturer, which benefited from improved operations performance. |
|  | Overall, the out-of-benchmark allocations were neutral to returns relative to the benchmark. This includes catastrophe bonds, corporate bonds, equity and RMBS positioning. |
| **Q** | **Which investment strategies or individual portfolio holdings detracted from the Fund's benchmark-relative performance results during the six-month period ended May 31, 2025?** |
| **A** | The Fund is leveraged, which proved to be a detractor to benchmark relative returns over the six-month period, affected by the market's weak performance during the sell-off in March and April. We started to sell securities in the Fund's portfolio which we determined to be tariff sensitive, which moderately built the Fund's cash position during this period of volatility, and which did not allow us to fully participate in May's significant |

---

\* The 30-day SEC yield is a standardized formula that is based on the hypothetical annualized earning power (investment income only) of the Fund's portfolio securities during the period indicated.

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/253

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[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| | |
|:---|:---|
|  | rally. Allocations to the capital goods and transportation sectors detracted from the Fund's benchmark-relative performance during the period. Within the capital goods sector, the primary detractors were within the trading companies and distribution subsector and in the machinery subsector, as both subsectors were impacted by tariffs. Within the transportation sector, tariffs and reduced consumer demand impacted ground transportation and airlines. |
|  | Regarding individual security selections, the top three detractors included Groupo Aeromexico, Knights Health and Michaels Stores. Groupo Aeromexico holds an equity position that emerged from a workout deal following a default on a debt position within the Fund's portfolio. This investment has underperformed due to the effects of tariffs and a general decline in cross-border travel. Knights Health, which manages long term acute care facilities, continues to experience volume issues and increased labor costs in a post COVID environment. Michaels stores has faced numerous hurdles, including issues associated with the supply chain impacts of COVID, tariffs and increased competition resulting from the liquidation sale of a competitor's inventory. |
|  | The sizeable underweight allocation to loans rated in the low B- category had a negative impact on performance, as this segment outperformed in the period. In addition, a slightly higher cash balance offset positive performance in the lower rating B-/CCC tiers. |
| **Q** | **Did the Fund's distributions\*\* to stockholders change during the six-month period ended May 31, 2025?** |
| **A** | The Fund decreased the distribution rate from $0.0850 to $0.0750 per share starting with the January 2025 distribution. The decreased distribution rate reflected lower short-term rates following the initial Fed rate cuts, coupled with reduced spreads in the loan universe due to opportunistic issuer refinancing during the year. The amount of distributions made to stockholders during the period was in excess of the net investment income earned by the Fund during the period. The Fund has accumulated undistributed net investment income which is part of the Fund's net asset value ("NAV"). A portion of |

---

**\*\*** **Distributions are not guaranteed.**

4Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

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[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| | |
|:---|:---|
|  | this accumulated net investment income was distributed to stockholders during the period. A decrease in distributions may have a negative effect on the market value of the Fund's shares. |
| **Q** | **How did the level of leverage in the Fund change during the six-month period ended May 31, 2025?** |
| **A** | The Fund employs leverage through a credit agreement. As of May 31, 2025, 32.6% of the Fund's total managed assets were financed by leverage, or borrowed funds, compared with 31.9% of the Fund's total managed assets financed by leverage at the start of the six-month period on December 1, 2024. The percentage of the Fund's managed assets financed by leverage increased during the six-month period due to a decrease in total managed assets of the Fund. The interest rate on the Fund's leverage decreased by 22 basis points from December 1, 2024 to May 31, 2025. |
| **Q** | **Did the Fund have any exposure to derivatives during the six- month period ended May 31, 2025?** |
| **A** | The Fund had exposure to forward foreign currency exchange contracts during the period, which had a negligible effect on performance. We typically employ forward foreign currency exchange contracts in an effort to mitigate currency risk in the Fund's credit exposures that are not denominated in US dollars. For example, the Fund entered into a foreign currency exchange contract with respect to the Mexican Peso, in an effort to hedge the Fund's securities of AeroMexico, a Mexican Airline. |
| **Q** | **What is your investment outlook, and how is the Fund positioned heading into the second half of the fiscal year?** |
| **A** | Tariff news dominated business headlines and drove investor sentiment while economic indicators generally took a backseat. Investor risk appetite perked up early in the month of May after the US and China agreed to postpone existing retaliatory tariffs while negotiating a longer-term trade pact. The surprise climbdown lowered the US tariff rate on Chinese goods from 145% to 30% and the effective global tariff rate (the average across all US imports) from a historic 24% to "only" 14%. The 10% reduction in the overall effective tariff rate eased the previously anticipated effects on inflation (higher) and real economic growth (lower) by approximately 1 percentage point for |

---

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/255

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[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| |
|:---|
| each. In response, major US equity markets surged 3-4% and firmed as the month progressed. Toward the end of May, two courts determined that the Trump Administration's fentanyl-related and Liberation Day tariffs were illegal. These rulings were swiftly appealed by the White House and left the impact on tariff policy uncertain. Both cases are likely to reach the US Supreme Court where it's anticipated that the Court will ultimately rule that both tariffs were unlawful. Though the White House has options to add new tariffs under alternative statutes, such tariffs will likely be lower in aggregate and shorter in duration than the tariffs canceled through court injunction. As additional tariff agreements are established, we anticipate this will support loans, as increased clarity could bring stability to the markets. |
| Away from global trade news, the Federal Reserve held its policy rate steady during the May FOMC meeting, as the Committee continues to monitor how tariffs affect US economic activity and inflation expectations. Macroeconomic data continued to paint a blurry picture. Forward-looking "soft" survey data understandably messaged better consumer and business outlooks following the China-US trade de-escalation, yet respondents continued to signal price pressures and curtailed real activity. Backward-looking "hard" data remained skewed by preemptive pre-tariff goods purchases which translated through to higher consumer spending and bulging corporate inventories, yet still, on balance, the "hard" data points to surprisingly stable economic activity. On the fiscal side, the US House of Representatives advanced a budget bill to the Senate. The bill not only extended the expiring 2017 tax cuts but introduced new modifications to spending and tax policy. These changes are expected to increase annual budget deficits and contribute to the ongoing increase in US government debt in relation to GDP. The US' ongoing deficit spending and elevated debt balances were both cited in Moody's overdue mid-month credit rating downgrade (Aaa to Aa1) which had little impact on investment markets and government bond yields. |
| Loans, as they feature floating rates, have very short durations; yet, they may have the potential to take advantage of higher front-end yields on the Treasury curve. Considering the prospects for short-term rates to remain higher for longer than the futures |

---

6Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

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[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| |
|:---|
| market projects, we continue to be positive on the leveraged loan market in both the U.S. and Europe. In 2024, retail mutual funds saw minor outflows, while ETFs gained $22.5b in inflows, a significant increase from $3.8b in 2023. These positive inflows have played a role in influencing the overall pricing in the loan market. |
| We expect to keep the Fund's allocations to CLOs, RMBS and Catastrophe bonds consistent in 2025. Each of these asset classes are floating rate in nature and enhance the earning profile of the Fund. During the period, we lowered our exposure to corporate high yield bonds to reduce duration, capitalize on price appreciation and redeployed capital into loans that are providing higher yields. We expect to continue to adopt that same strategy over the near term, as the market allows. |
| Should we see "green shoots" or signs of economic improvement, we may use the opportunity to add back to the lower single B rating tier. We had been cautious on the low single B rated segment of the loan market which has the least amount of flexibility if a recession were to occur as these loans have lower interest rate coverage and are not favored by CLO's, which makes for poor market demand. |

---

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/257

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[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

#### Please refer to the Schedule of Investments on pages 13 - 39 for a full listing of Fund securities.
**All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.**

**The Fund may invest in floating-rate loans. The value of collateral, if any, securing a floating-rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. No active trading market may exist for many floating rate loans, and many loans are subject to restrictions on resale. Any secondary market may be subject to irregular trading activity and extended settlement periods. There is less readily available, reliable information about most floating-rate loans than is the case for many other types of securities.**

**Securities with floating interest rates generally are less sensitive to interest-rate changes, but may decline in value if their interest rates do not rise as much, or as quickly, as prevailing interest rates. Unlike fixed-rate securities, floating-rate securities generally will not increase in value if interest rates decline. Changes in interest rates also will affect the amount of interest income the Fund earns on its floating-rate investments.**

**The Fund may use derivatives, which may include futures and options, for a variety of purposes, including: in an attempt to hedge against adverse changes in the marketplace of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities; to attempt to increase the Fund's return as a non-hedging strategy that may be considered speculative; and to manage portfolio characteristics. Using derivatives can increase fund losses and reduce opportunities for gains when the market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the Fund. These types of instruments can increase price fluctuation.**

**The Fund is not limited in the percentage of its assets that may be invested in illiquid securities. Illiquid securities may be difficult to sell at a price reflective of their value at times when the Fund believes it is desirable to do so and the market price of illiquid securities is generally more volatile than that of more liquid securities. Illiquid securities may be difficult to value, and investment of**

8Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

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[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

#### the Fund's assets in illiquid securities may restrict the Fund's ability to take advantage of market opportunities.
**The Fund employs leverage through a revolving credit facility. Leverage creates significant risks, including the risk that the Fund's income or capital appreciation from investments purchased with the proceeds of leverage will not be sufficient to cover the cost of leverage, which may adversely affect the return for stockholders.**

**The Fund is required to maintain certain regulatory and other asset coverage requirements in connection with the Fund's use of leverage. In order to maintain required asset coverage levels, the Fund may be required to reduce the amount of leverage employed by the Fund, alter the composition of the Fund's investment portfolio or take other actions at what might be inopportune times in the market. Such actions could reduce the net earnings or returns to stockholders over time, which is likely to result in a decrease in the market value of the Fund's shares.**

**Investments in high-yield or lower-rated securities are subject to greater-than-average risk. The Fund 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 Fund invests in insurance-linked securities (ILS). The return of principal and the payment of interest on ILS are contingent on the non-occurrence of a predefined "trigger" event, such as a hurricane or an earthquake of a specific magnitude.**

#### These risks may increase share price volatility.
**Any information in this stockholder report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.**

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/259

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[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

### Portfolio Summary \| 5/31/25

#### Portfolio Diversification

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(As a percentage of total investments)\*

![](g11125imge6e5c2ff2.jpg)

#### 10 Largest Holdings

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(As a percentage of total investments)\* | &nbsp;&nbsp;(As a percentage of total investments)\* | &nbsp;&nbsp;(As a percentage of total investments)\* |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;IXS Holdings, Inc., Initial Term Loan, 8.649% (Term SOFR + 425 bps), 3/5/27 | &nbsp;&nbsp;1.09 |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Garda World Security Corp., Twelfth Additional Term Loan, 7.333% (Term SOFR + 300 bps), 2/1/29 | &nbsp;&nbsp;1.08 |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;First Brands Group LLC, First Lien 2021 Term Loan, Term Loan, 9.541% (Term SOFR + 500 bps), 3/30/27 | &nbsp;&nbsp;0.98 |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Altice France S.A., USD TLB-[14] Loan, 9.756% (Term SOFR + 550 bps), 8/15/28 | &nbsp;&nbsp;0.98 |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Chobani LLC, 2025 New Term Loan, 6.827% (Term SOFR + 250 bps), 10/25/27 | &nbsp;&nbsp;0.94 |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Upstream Newco, Inc., First Lien August 2021 Incremental Term Loan, Term Loan, 8.791% (Term SOFR + 425 bps), 11/20/26 | &nbsp;&nbsp;0.92 |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;U.S. Renal Care, Inc., Closing Date Term Loan, 9.441% (Term SOFR + 500 bps), 6/20/28 | &nbsp;&nbsp;0.90 |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;RealPage, Inc., First Lien Initial Term Loan, Term Loan, 7.561% (Term SOFR + 300 bps), 4/24/28 | &nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Arsenal AIC Parent LLC, 2025 Refinancing Term B Loan, 7.077% (Term SOFR + 275 bps), 8/18/30 | &nbsp;&nbsp;0.79 |

---

\* Excludes short-term investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.

† Amount rounds to less than 0.1%.

10Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

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[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

### Prices and Distributions \| 5/31/25

#### Market Value per Share ^

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**5/31/25** | &nbsp;&nbsp;**11/30/24** |
| &nbsp;&nbsp;Market Value | &nbsp;&nbsp;$9.75 | &nbsp;&nbsp;$9.87 |
| &nbsp;&nbsp;Discount | &nbsp;&nbsp;&nbsp;(2.79)% | &nbsp;&nbsp;&nbsp;(4.45)% |

---

#### Net Asset Value per Share^

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**5/31/25** | &nbsp;&nbsp;**11/30/24** |
| &nbsp;&nbsp;Net Asset Value | &nbsp;&nbsp;$10.03 | &nbsp;&nbsp;$10.33 |

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#### Distributions per Share\*

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Investment<br> Income** | &nbsp;&nbsp;**Short-Term<br> Capital Gains** | &nbsp;&nbsp;**Long-Term<br> Capital Gains** |
| &nbsp;&nbsp;12/1/24 – 5/31/25 | &nbsp;&nbsp;$0.4600 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

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#### Yields

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**5/31/25** | &nbsp;&nbsp;**11/30/24** |
| &nbsp;&nbsp;30-Day SEC Yield | &nbsp;&nbsp;8.01% | &nbsp;&nbsp;8.32% |

---

The data shown above represents past performance, which is no guarantee of future results.

^ Net asset value and market value are published daily on the Fund's website at www.pioneerinvestments.com

\* The amount of distributions made to stockholders during the year was in excess of the net investment income earned by the Fund during the period. The Fund has accumulated undistributed net investment income which is part of the Fund's NAV. A portion of this accumulated net investment income was distributed to stockholders during the period, and may be depleted over time. A decrease in distributions may have a negative effect on the market value of the Fund's shares.

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2511

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[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

Performance Update \| 5/31/25

#### Investment Returns

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The mountain chart on the right shows the change in market price, including reinvestment of dividends and distributions, of a $10,000 investment made in common shares of Pioneer Floating Rate Fund, Inc. during the periods shown, compared to that of the Morningstar LSTA US Leveraged Loan Total Return Index, which provides broad and comprehensive total return metrics of the U.S. universe of syndicated term loans.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<br> (As of May 31, 2025)** | &nbsp;&nbsp;**Average Annual Total Return<br> (As of May 31, 2025)** | &nbsp;&nbsp;**Average Annual Total Return<br> (As of May 31, 2025)** | &nbsp;&nbsp;**Average Annual Total Return<br> (As of May 31, 2025)** |
| &nbsp;&nbsp;**Period** | &nbsp;&nbsp;**Net<br> Asset<br> Value<br> (NAV)** | &nbsp;&nbsp;**Market<br> Price** | &nbsp;&nbsp;**Morningstar<br> LSTA US<br> Leveraged<br> Loan Total<br> Return Index** |
| &nbsp;&nbsp;10 Years | &nbsp;&nbsp;5.53% | &nbsp;&nbsp;&nbsp;6.27% | &nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;5 Years | &nbsp;&nbsp;9.23 | &nbsp;&nbsp;11.44 | &nbsp;&nbsp;7.52 |
| &nbsp;&nbsp;1 Year | &nbsp;&nbsp;7.17 | &nbsp;&nbsp;10.46 | &nbsp;&nbsp;6.81 |

---

#### Value of $10,000 Investment
![](g11125img8bfe8ed63.jpg)

#### Call 1-800-710-0935 or visit www.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 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 Fund.

Shares of closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and, once issued, shares of closed-end funds are bought and sold in the open market through a stock exchange and frequently trade at prices lower than their NAV. NAV per share is total assets less total liabilities, which include borrowings, as applicable, 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, dividends are assumed to be reinvested at prices obtained through open-market purchases under the Fund's dividend reinvestment plan.

The performance table and graph do not reflect the deduction of fees and taxes that a stockholder would pay on Fund distributions or the sale of Fund shares. Had these fees and taxes been reflected, performance would have been lower.

Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. **The index does not use leverage.** You cannot invest directly in an index.

12Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

### Schedule of Investments \| 5/31/25
(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 150.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Secured Floating Rate Loan<br>Interests — 121.3% of Net Assets\*(a)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advanced Materials — 0.9%** |  |
| 1328620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groupe Solmax, Inc., Initial Term Loan, 9.311% (Term SOFR + 475 bps), 5/29/28 | $1135970 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advanced Materials** | **$** **1135970** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising Sales — 0.4%** |  |
| 522568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 8.441% (Term SOFR + 400 bps), 8/21/28 | $514468 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising Sales** | **$** **514468** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising Services — 1.2%** |  |
| 955653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dotdash Meredith, Inc., Term B-1 Loan, 7.824% (Term SOFR + 350 bps), 12/1/28 | $960431 |
| 547208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neptune BidCo US, Inc., First Lien Dollar Term B Loan, 9.33% (Term SOFR + 500 bps), 4/11/29 | &nbsp;&nbsp; 512324 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising Services** | **$** **1472755** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.5%** |  |
| 249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco LLC, Term B Loan, 7.329% (Term SOFR + 300 bps), 1/27/32 | $248600 |
| 375,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karman Holdings, Inc., Initial Term Loan, 4/1/32 | &nbsp;&nbsp; 375469 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | **$** **624069** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.5%** |  |
| 668056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP Ltd. (American Airlines), 2025 Replacement Term Loan, 6.522% (Term SOFR + 225 bps), 4/20/28 | $662127 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | **$** **662127** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airport Development & Maintenance — 0.4%** |  |
| 552615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Bidco LLC, First Lien Amendment No. 5 Term Loan, 6.827% (Term SOFR + 250 bps), 9/23/31 | $550395 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airport Development & Maintenance** | **$** **550395** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Apparel Manufacturers — 0.2%** |  |
| 215397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanesbrands, Inc., Initial Tranche B Term Loan, 7.077% (Term SOFR + 275 bps), 3/7/32 | $214590 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Apparel Manufacturers** | **$** **214590** |

---

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

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2513

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Appliances — 0.9%** |  |
| 1144278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Osmosis Buyer Ltd., 2025 Refinancing Term B Loan, 7.323% (Term SOFR + 300 bps), 7/31/28 | $1139004 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Appliances** | **$** **1139004** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Applications Software — 3.9%** |  |
| 351969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Parent LLC, First Lien 2024 Refinancing Term Loan, 7.549% (Term SOFR + 325 bps), 7/6/29 | $313552 |
| 942692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConnectWise LLC, Initial Term Loan, 8.061% (Term SOFR + 350 bps), 9/29/28 | &nbsp;&nbsp; 945992 |
| 536439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EP Purchaser LLC, First Lien Closing Date Term Loan, 8.061% (Term SOFR + 350 bps), 11/6/28 | &nbsp;&nbsp; 526716 |
| 974,620(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flash Charm, Inc., First Lien Incremental Term Loan, 7.776% (Term SOFR + 350 bps), 3/2/28 | &nbsp;&nbsp; 928326 |
| 872,276(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loyalty Ventures, Inc., Term B Loan, 11.46% (LIBOR + 650 bps), 11/3/27 | &nbsp;&nbsp; 65421 |
| 1441172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RealPage, Inc., First Lien Initial Term Loan, 7.561% (Term SOFR + 300 bps), 4/24/28 | &nbsp;&nbsp; 1431624 |
| 569505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc., Term B-8 Loan, 6.327% (Term SOFR + 200 bps), 5/9/31 | &nbsp;&nbsp; 572195 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Applications Software** | **$** **4783826** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Athletic Equipment — 0.3%** |  |
| 400958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recess Holdings, Inc., First Lien Initial Term Loan, 8.025% (Term SOFR + 375 bps), 2/20/30 | $401459 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Athletic Equipment** | **$** **401459** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Parts & Equipment — 4.1%** |  |
| 808623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adient US LLC, Term B-2 Loan, 6.577% (Term SOFR + 225 bps), 1/31/31 | $806673 |
| 636734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc., New Tranche B Term Loan, 7.23% (Term SOFR + 300 bps), 12/13/29 | &nbsp;&nbsp; 633550 |
| 1810583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group LLC, First Lien 2021 Term Loan, 9.541% (Term SOFR + 500 bps), 3/30/27 | &nbsp;&nbsp; 1754002 |
| 1973298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IXS Holdings, Inc., Initial Term Loan, 8.649% (Term SOFR + 425 bps), 3/5/27 | &nbsp;&nbsp; 1951099 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Parts & Equipment** | **$** **5145324** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Repair Centers — 1.5%** |  |
| 687545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belron Finance 2019 LLC, 2031 Dollar Incremental Term Loan, 7.049% (Term SOFR + 275 bps), 10/16/31 | $691413 |
| 1255513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champions Holdco, Inc., Initial Term Loan, 9.08% (Term SOFR + 475 bps), 2/23/29 | &nbsp;&nbsp; 1166371 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Repair Centers** | **$** **1857784** |

---

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

14Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto-Truck Trailers — 0.7%** |  |
| 970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novae LLC, Tranche B Term Loan, 9.453% (Term SOFR + 500 bps), 12/22/28 | $889975 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto-Truck Trailers** | **$** **889975** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 1.0%** |  |
| 497000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc., Term Loan, 7.548% (Term SOFR + 325 bps), 4/1/32 | $500003 |
| 766569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triton Water Holdings, Inc., First Lien 2025 Refinancing Term Loan, 6.549% (Term SOFR + 225 bps), 3/31/28 | &nbsp;&nbsp; 767767 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverages** | **$** **1267770** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Broadcast Service & Programing — 0.4%** |  |
| 464878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications, Inc., First Lien Initial Term Loan, 7.691% (Term SOFR + 325 bps), 1/31/29 | $452094 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Broadcast Service & Programing** | **$** **452094** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building & Construction — 1.2%** |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 11.191% (Term SOFR + 675 bps), 3/30/29 | $498125 |
| 961675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Logic Acquisition, Inc., Amendment No. 8 Refinancing Term Loan, 7.28% (Term SOFR + 300 bps), 10/29/27 | &nbsp;&nbsp; 964079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building & Construction** | **$** **1462204** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building & Construction Products — 2.4%** |  |
| 483750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chariot Buyer LLC, First Lien Initial Term Loan, 7.677% (Term SOFR + 325 bps), 11/3/28 | $482503 |
| 1421726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Building Brands, Inc., Tranche B Term Loan, 7.679% (Term SOFR + 325 bps), 4/12/28 | &nbsp;&nbsp; 1259561 |
| 315267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeld-Wen, Inc., Replacement 2023 Term B Loan, 6.441% (Term SOFR + 200 bps), 7/28/28 | &nbsp;&nbsp; 295327 |
| 484840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LHS Borrower LLC, Initial Term Loan, 9.177% (Term SOFR + 475 bps), 2/16/29 | &nbsp;&nbsp; 459789 |
| 422067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potters Industries LLC, 2025 Incremental Term Loan, 7.333% (Term SOFR + 300 bps), 12/14/27 | &nbsp;&nbsp; 423650 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building & Construction Products** | **$** **2920830** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Production — 1.0%** |  |
| 736959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koppers, Inc., Term B-2 Loan, 6.83% (Term SOFR + 250 bps), 4/10/30 | $738802 |
| 552000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., First Lien Tranche B-3 Term Loan, 6.577% (Term SOFR + 225 bps), 2/10/32 | &nbsp;&nbsp; 550505 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Production** | **$** **1289307** |

---

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

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2515

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building-Heavy Construction — 1.2%** |  |
| 698250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc., Closing Date Loan, 6.829% (Term SOFR + 250 bps), 11/3/31 | $699995 |
| 729219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Osmose Utilities Services, Inc., First Lien Initial Term Loan, 7.691% (Term SOFR + 325 bps), 6/23/28 | &nbsp;&nbsp; 729447 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building-Heavy Construction** | **$** **1429442** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cable & Satellite Television — 1.4%** |  |
| 909972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECTV Financing LLC, 2024 Refinancing Term B Loan, 9.791% (Term SOFR + 525 bps), 8/2/29 | $898256 |
| 412131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiate Holdco LLC, Amendment No. 6 Term B Loan, 7.691% (Term SOFR + 325 bps), 9/25/26 | &nbsp;&nbsp; 363396 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Bristol LLC, Facility Q, 7.693% (Term SOFR + 325 bps), 1/31/29 | &nbsp;&nbsp; 494063 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cable & Satellite Television** | **$** **1755715** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Casino Hotels — 1.6%** |  |
| 1472102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Casinos, Inc., Term B Facility Loan, 10.442% (Term SOFR + 600 bps), 4/2/29 | $1280729 |
| 771033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC, Initial B Term Loan, 7.827% (Term SOFR + 350 bps), 1/27/29 | &nbsp;&nbsp; 767515 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Casino Hotels** | **$** **2048244** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Casino Services — 0.9%** |  |
| 263340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc., Incremental Term B-1 Loan, 6.577% (Term SOFR + 225 bps), 2/6/31 | $262682 |
| 705156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everi Holdings, Inc., Term B Loan, 6.941% (Term SOFR + 250 bps), 8/3/28 | &nbsp;&nbsp; 706918 |
| 33449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lucky Bucks LLC, Priority First Out Exit Term Loan, 11.975% (Term SOFR + 750 bps), 10/2/28 | &nbsp;&nbsp; 33783 |
| 68233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lucky Bucks LLC, Priority Second Out Term Loan, 6.975% (Term SOFR + 250 bps), 10/2/29 | &nbsp;&nbsp; 58340 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Casino Services** | **$** **1061723** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cellular Telecom — 1.4%** |  |
| 1893165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France S.A., USD TLB-[14] Loan, 9.756% (Term SOFR + 550 bps), 8/15/28 | $1747234 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cellular Telecom** | **$** **1747234** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Diversified — 1.9%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Falcon I, Inc., Second Lien Initial Term Loan, 11.427% (Term SOFR + 700 bps), 9/28/29 | $970625 |
| 445500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Ltd., 2029 Tranche B Dollar Term Loan, 8.677% (Term SOFR + 425 bps), 4/2/29 | &nbsp;&nbsp; 409860 |

---

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

16Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Diversified — (continued)** |  |
| 294750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Ltd., 2030 Tranche B Dollar Term Loan, 8.177% (Term SOFR + 375 bps), 3/14/30 | $268222 |
| 684311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos US Finance LLC, 2030 Dollar Term Loan, 7.577% (Term SOFR + 325 bps), 2/18/30 | &nbsp;&nbsp; 662927 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Diversified** | **$** **2311634** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Specialty — 2.5%** |  |
| 729442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems U.S. Holdings, Inc., Term B-7 Dollar Loan, 6.049% (Term SOFR + 175 bps), 12/20/29 | $732482 |
| 599191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. (Macdermid, Inc.), Tranche B-3 Term Loan, 6.077% (1 Month Term SOFR + 175 bps), 12/18/30 | &nbsp;&nbsp; 601652 |
| 557380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., Term B Loan, 8.191% (Term SOFR + 375 bps), 4/20/28 | &nbsp;&nbsp; 555986 |
| 407978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies, Inc., Term B Loan, 6.329% (Term SOFR + 200 bps), 11/26/31 | &nbsp;&nbsp; 409252 |
| 433348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nouryon Finance B.V., November 2024 B-1 Dollar Term Loan, 7.51% (Term SOFR + 325 bps), 4/3/28 | &nbsp;&nbsp; 434973 |
| 395017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nouryon Finance B.V., November 2024 B-2 Dollar Term Loan, 7.55% (Term SOFR + 325 bps), 4/3/28 | &nbsp;&nbsp; 396664 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Specialty** | **$** **3131009** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 2.2%** |  |
| 491262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEA International Holdings (Luxembourg) S.a.r.l., First Lien New Term Loan, 7.049% (Term SOFR + 275 bps), 9/7/28 | $493719 |
| 252,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Auto Auction Group LLC, First Lien 2025 Refinancing Term Loan , 5/28/32 | &nbsp;&nbsp; 252630 |
| 992500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DS Parent, Inc., Term Loan B, 9.799% (Term SOFR + 550 bps), 1/31/31 | &nbsp;&nbsp; 869678 |
| 830206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jupiter Buyer, Inc., Initial Term Loan, 9.033% (Term SOFR + 475 bps), 11/1/31 | &nbsp;&nbsp; 833838 |
| 332500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestis Corp., Term B-1 Loan, 6.58% (Term SOFR + 225 bps), 2/22/31 | &nbsp;&nbsp; 317745 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | **$** **2767610** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Data Security — 0.9%** |  |
| 1136688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precisely Software, Inc., First Lien Third Amendment Term Loan, 8.541% (Term SOFR + 400 bps), 4/24/28 | $1066591 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Data Security** | **$** **1066591** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Services — 3.6%** |  |
| 1370670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ahead DB Holdings LLC, First Lien Term B-4 Loan, 7.299% (Term SOFR + 300 bps), 2/1/31 | $1373347 |

---

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

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2517

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Services — (continued)** |  |
| 777118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings, Inc., Initial Term Loan, 6.577% (Term SOFR + 225 bps), 9/29/31 | $774527 |
| 884555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Intermediate 3, Inc., Initial Term Loan, 7.827% (Term SOFR + 350 bps), 6/27/31 | &nbsp;&nbsp; 879027 |
| 939345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peraton Corp., First Lien Term B Loan, 8.177% (Term SOFR + 375 bps), 2/1/28 | &nbsp;&nbsp; 816349 |
| 665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smartronix LLC, Term Loan, 8.799% (Term SOFR + 450 bps), 2/6/32 | &nbsp;&nbsp; 666247 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Services** | **$** **4509497** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Software — 0.9%** |  |
| 1212500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 8.191% (Term SOFR + 375 bps), 10/16/28 | $1118279 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Software** | **$** **1118279** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computers-Integrated Systems — 0.3%** |  |
| 392533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCR Atleos Corp., New Term B Loan, 8.03% (Term SOFR + 375 bps), 4/16/29 | $394790 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computers-Integrated Systems** | **$** **394790** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computers-Memory Devices — 0.8%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SanDisk Corp., Term Loan B, 7.321% (Term SOFR + 300 bps), 2/20/32 | $991250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computers-Memory Devices** | **$** **991250** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consulting Services — 1.4%** |  |
| 1016448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ankura Consulting Group LLC, First Lien 2024-2 Repricing Term Loan, 7.803% (Term SOFR + 350 bps), 12/29/31 | $1012255 |
| 734061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Advantage Holdings LLC, First Lien Term B-2 Loan, 7.577% (Term SOFR + 325 bps), 10/31/31 | &nbsp;&nbsp; 734520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consulting Services** | **$** **1746775** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers-Paper & Plastic — 2.0%** |  |
| 1,020,164(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., First Lien 2025 Incremental Closing Date Term B Loan, 7.548% (Term SOFR + 325 bps), 4/1/32 | $1013576 |
| 9,185(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., First Lien 2025 Incremental Delayed Draw Term B Loan, 7.548% (Term SOFR + 325 bps), 4/1/32 | &nbsp;&nbsp; 9126 |
| 761198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pregis TopCo LLC, First Lien Tenth Amendment Term Loan , 8.327% (Term SOFR + 400 bps), 2/1/29 | &nbsp;&nbsp; 763418 |

---

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

18Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers-Paper & Plastic — (continued)** |  |
| 342412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ring Container Technologies Group LLC, 2024 Refinancing Term Loan, 7.077% (Term SOFR + 275 bps), 8/12/28 | $343161 |
| 396000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SupplyOne, Inc., Term B Loan, 8.077% (Term SOFR + 375 bps), 4/19/31 | &nbsp;&nbsp; 397881 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Containers-Paper & Plastic** | **$** **2527162** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cruise Lines — 0.8%** |  |
| 622506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp., 2025 Repricing Term Loan (2027), 6.325% (Term SOFR + 200 bps), 8/8/27 | $624062 |
| 388050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LC Ahab US Bidco LLC, Second Amendment Incremental Term Loan, 7.327% (Term SOFR + 300 bps), 5/1/31 | &nbsp;&nbsp; 382229 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cruise Lines** | **$** **1006291** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dialysis Centers — 1.3%** |  |
| 1689362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Renal Care, Inc., Closing Date Term Loan, 9.441% (Term SOFR + 500 bps), 6/20/28 | $1601375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Dialysis Centers** | **$** **1601375** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Marketing — 0.5%** |  |
| 645564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Ventures LLC (New Imagitas, Inc.), First Lien Term B-5 Loan, 7.077% (1 Month Term SOFR + 275 bps), 3/3/30 | $561640 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Marketing** | **$** **561640** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Disposable Medical Products — 0.7%** |  |
| 447473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower LP, Third Amendment Incremental Term Loan, 6.577% (Term SOFR + 225 bps), 10/23/28 | $447417 |
| 367624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC, 2024 Refinancing Term Loan, 7.549% (1 Month Term SOFR + 325 bps), 5/30/31 | &nbsp;&nbsp; 368772 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Disposable Medical Products** | **$** **816189** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distribution & Wholesale — 3.0%** |  |
| 1074612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIP RD Buyer Corp., First Lien Term B Loan, 8.327% (Term SOFR + 400 bps), 12/23/30 | $1077299 |
| 609000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formulations Parent Corp. (aka Chase Corp.), Initial Term Loan, 8.21% (Term SOFR + 400 bps), 4/9/32 | &nbsp;&nbsp; 613567 |
| 500,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gloves Buyer, Inc., Initial Term Loan, 5/21/32 | &nbsp;&nbsp; 485313 |
| 960041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp., Term B-6 Dollar Loan, 7.299% (Term SOFR + 300 bps), 6/20/31 | &nbsp;&nbsp; 955016 |
| 600189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 2025 Dollar Refinancing Term B Loan, 7.075% (Term SOFR + 275 bps), 8/1/30 | &nbsp;&nbsp; 599345 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distribution & Wholesale** | **$** **3730540** |

---

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

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2519

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Generation — 3.0%** |  |
| 352230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC, Initial Term B Loan, 7.077% (Term SOFR + 275 bps), 9/30/31 | $354167 |
| 1080488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Power LLC (Eastern Covert Midco LLC), Term Loan, 9.577% (1 Month Term SOFR + 525 bps), 4/3/28 | &nbsp;&nbsp; 1080995 |
| 672347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edgewater Generation LLC, 2025 Refinancing Term Loan, 7.327% (Term SOFR + 300 bps), 8/1/30 | &nbsp;&nbsp; 676129 |
| 372775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Projects Acquiror LLC, Term Loan, 7.327% (Term SOFR + 300 bps), 5/30/31 | &nbsp;&nbsp; 374717 |
| 717000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Ridge Energy LLC, Term B Advance, 8.827% (Term SOFR + 450 bps), 2/19/32 | &nbsp;&nbsp; 699075 |
| 494988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Company LLC, 2018 Incremental Term Loan, 6.077% (Term SOFR + 175 bps), 12/20/30 | &nbsp;&nbsp; 496457 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric-Generation** | **$** **3681540** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Integrated — 0.8%** |  |
| 994491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Renewables LLC, Loan, 6.583% (Term SOFR + 225 bps), 12/15/27 | $995610 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric-Integrated** | **$** **995610** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Composition — 0.7%** |  |
| 1001446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natel Engineering Co., Inc., Initial Term Loan, 10.691% (Term SOFR + 625 bps), 4/30/26 | $911316 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronic Composition** | **$** **911316** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Engines — 1.6%** |  |
| 1058349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcline FM Holdings LLC, First Lien 2025 New Term Loan, 7.578% (Term SOFR + 350 bps), 6/23/30 | $1062318 |
| 1008238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSF12 Badger Bidco LLC, Initial Term Loan, 10.327% (Term SOFR + 600 bps), 8/30/30 | &nbsp;&nbsp; 960346 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Engines** | **$** **2022664** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Enterprise Software & Services — 2.3%** |  |
| 1166727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., Sixth Amendment Term Loan, 8.049% (Term SOFR + 375 bps), 3/21/31 | $1164852 |
| 553612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesys Cloud Services Holdings I LLC, Initial 2025 Dollar Term Loan, 6.827% (Term SOFR + 250 bps), 1/30/32 | &nbsp;&nbsp; 552436 |
| 319200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Software Holdings, Inc. (ION Corporate Solutions Finance S.a.r.l.), 2024-B Dollar Term Loan, 7.799% (Term SOFR + 350 bps), 7/18/30 | &nbsp;&nbsp; 318469 |

---

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

20Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Enterprise Software & Services — (continued)** |  |
| 175937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Text Corp., 2023 Replacement Term Loan, 6.077% (Term SOFR + 175 bps), 1/31/30 | $176127 |
| 628666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Alpha Intermediate Holding, Inc., Second Amendment Refinancing Term Loan, 7.549% (Term SOFR + 325 bps), 10/26/30 | &nbsp;&nbsp; 631269 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Enterprise Software & Services** | **$** **2843153** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment Software — 0.5%** |  |
| 647,409(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Playtika Holding Corp., Term B-1 Loan, 7.191% (Term SOFR + 275 bps), 3/13/28 | $640665 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment Software** | **$** **640665** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Investment Banker — 1.5%** |  |
| 764085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citadel Securities LP, 2024-1 Term Loan, 6.327% (Term SOFR + 200 bps), 10/31/31 | $767309 |
| 682854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson River Trading LLC, Term B-1 Loan, 7.333% (Term SOFR + 300 bps), 3/18/30 | &nbsp;&nbsp; 685415 |
| 358200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance LLC, Initial Term Loan, 7.325% (Term SOFR + 300 bps), 10/21/31 | &nbsp;&nbsp; 357752 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finance-Investment Banker** | **$** **1810476** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food-Confectionery — 0.7%** |  |
| 893261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser, Inc., First Refinancing Term Loan, 7.577% (Term SOFR + 325 bps), 2/12/31 | $894378 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food-Confectionery** | **$** **894378** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food-Dairy Products — 1.4%** |  |
| 1671436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chobani LLC, 2025 New Term Loan, 6.827% (Term SOFR + 250 bps), 10/25/27 | $1679584 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food-Dairy Products** | **$** **1679584** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food-Miscellaneous/Diversified — 0.8%** |  |
| 696500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B&G Foods, Inc., Term B-5 Term Loan, 7.827% (Term SOFR + 350 bps), 10/10/29 | $643537 |
| 320966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savor Acquisition, Inc., Initial Term Loan, 7.577% (Term SOFR + 325 bps), 2/19/32 | &nbsp;&nbsp; 321718 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food-Miscellaneous/Diversified** | **$** **965255** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gambling (Non-Hotel) — 0.6%** |  |
| 222187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment Plc, 2024 Refinancing Term B Loan, 6.049% (Term SOFR + 175 bps), 11/30/30 | $221308 |
| 490038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light and Wonder International, Inc., Term B-2 Loan, 6.573% (Term SOFR + 225 bps), 4/16/29 | &nbsp;&nbsp; 489578 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gambling (Non-Hotel)** | **$** **710886** |

---

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

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2521

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Golf — 0.5%** |  |
| 658000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp., Initial Term Loan, 7.327% (Term SOFR + 300 bps), 3/15/30 | $644223 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Golf** | **$** **644223** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hazardous Waste Disposal — 0.6%** |  |
| 745649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JFL-Tiger Acquisition Co., Inc., Initial Term Loan, 8.303% (Term SOFR + 400 bps), 10/17/30 | $747513 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hazardous Waste Disposal** | **$** **747513** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels & Motels — 1.4%** |  |
| 1264060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Playa Resorts Holding B.V., 2022 Term Loan, 7.077% (Term SOFR + 275 bps), 1/5/29 | $1265302 |
| 491297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co., 2024 Incremental Term Loan, 6.827% (Term SOFR + 250 bps), 12/14/29 | &nbsp;&nbsp; 490560 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels & Motels** | **$** **1755862** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Independent Power Producer — 0.4%** |  |
| 454231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFS Cogen Holdings I LLC, Term B Advance, 7.799% (Term SOFR + 350 bps), 10/3/31 | $456502 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Independent Power Producer** | **$** **456502** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance Brokers — 0.8%** |  |
| 631141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIG Finance 2 Ltd., 2024-3 Dollar Refinancing Term Loan, 7.327% (Term SOFR + 300 bps), 2/15/31 | $631028 |
| 374328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USI, Inc., 2024-C Term Loan, 6.549% (Term SOFR + 225 bps), 9/29/30 | &nbsp;&nbsp; 373092 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance Brokers** | **$** **1004120** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Content — 1.4%** |  |
| 1,309,426(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I LLC (Micro Holding Corp.), First Lien 2023 May Incremental Term Loan, 8.577% (Term SOFR + 425 bps), 5/3/28 | $1261491 |
| 548670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I LLC, First Lien 2024 December New Term Loan, 8.577% (Term SOFR + 425 bps), 12/31/31 | &nbsp;&nbsp; 499576 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Content** | **$** **1761067** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Financial Services — 0.7%** |  |
| 404965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuris Finance US, Inc., 2024 Dollar Term Loan, 8.049% (Term SOFR + 375 bps), 2/16/28 | $405522 |
| 420312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Trading Finance Ltd., 2024-B Dollar Term Loan, 7.799% (Term SOFR + 350 bps), 4/1/28 | &nbsp;&nbsp; 420618 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Financial Services** | **$** **826140** |

---

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

22Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Security — 0.3%** |  |
| 360091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proofpoint, Inc., 2024 Refinancing First Lien Term Loan, 7.327% (Term SOFR + 300 bps), 8/31/28 | $360513 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Security** | **$** **360513** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Management & Advisory Services — 2.6%** |  |
| 642934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Buyer LLC, 2024 Specified Refinancing Term Loan, 7.313% (Term SOFR + 300 bps), 11/1/30 | $644702 |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPI Holdco B LLC, First Amendment Incremental Term Loan, 6.577% (Term SOFR + 225 bps), 5/17/31 | &nbsp;&nbsp; 320100 |
| 582060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edelman Financial Engines Center LLC, 2024-2 Refinancing Term Loan, 7.327% (Term SOFR + 300 bps), 4/7/28 | &nbsp;&nbsp; 582423 |
| 548,313(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Focus Financial Partners LLC, Tranche B Incremental Term Loan, 7.077% (Term SOFR + 250 bps), 9/15/31 | &nbsp;&nbsp; 546013 |
| 189525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTCR Everest Borrower LLC, Initial Term Loan, 7.049% (Term SOFR + 275 bps), 9/5/31 | &nbsp;&nbsp; 189474 |
| 1040455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell Investments US Institutional Holdco, Inc., 2027 Term Loan, 10.78% (Term SOFR + 650 bps), 5/30/27 | &nbsp;&nbsp; 974776 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Management & Advisory Services** | **$** **3257488** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lasers-System & Components — 0.6%** |  |
| 737888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp., Term B-2 Loan, 6.327% (Term SOFR + 200 bps), 7/2/29 | $741347 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lasers-System & Components** | **$** **741347** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lottery Services — 0.9%** |  |
| 1,109,060(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games Holdings LP, 2024 Refinancing Dollar Term Loan, 7.285% (Term SOFR + 300 bps), 4/4/29 | $1104093 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lottery Services** | **$** **1104093** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery-Electrical — 0.4%** |  |
| 487550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynamo Midco B.V., USD Facility B, 7.798% (Term SOFR + 350 bps), 9/30/31 | $488921 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery-Electrical** | **$** **488921** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Diagnostic Imaging — 0.9%** |  |
| 1066630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.), Amendment No. 3 Replacement Term Loan, 9.049% (Term SOFR + 475 bps), 12/15/27 | $1070363 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Diagnostic Imaging** | **$** **1070363** |

---

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

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2523

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Information Systems — 1.4%** |  |
| 782279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;athenahealth Group, Inc., Initial Term Loan, 7.327% (Term SOFR + 300 bps), 2/15/29 | $780128 |
| 962500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Call Corp., First Lien Term B Loan, 10.044% (Term SOFR + 550 bps), 4/22/27 | &nbsp;&nbsp; 948063 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Information Systems** | **$** **1728191** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Labs & Testing Services — 1.8%** |  |
| 710808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charlotte Buyer, Inc., First Lien Second Refinancing Term Loan, 8.583% (Term SOFR + 425 bps), 2/11/28 | $711307 |
| 983701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Guarantor, Inc., First Lien Tranche B-5 Term Loan, 6.827% (Term SOFR + 250 bps), 2/21/31 | &nbsp;&nbsp; 985750 |
| 492346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Anesthesia Partners, Inc., First Lien Initial Term Loan, 8.689% (Term SOFR + 425 bps), 10/1/28 | &nbsp;&nbsp; 484692 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Labs & Testing Services** | **$** **2181749** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Products — 0.8%** |  |
| 18967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanger, Inc., Delayed Draw Term Loan, 7.827% (Term SOFR + 350 bps), 10/23/31 | $18954 |
| 982116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanger, Inc., Initial Term Loan, 7.827% (Term SOFR + 350 bps), 10/23/31 | &nbsp;&nbsp; 981379 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Products** | **$** **1000333** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Drugs — 1.9%** |  |
| 572000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch Health Cos, Inc., Term Loan B, 10.587% (Term SOFR + 625 bps), 10/8/30 | $544115 |
| 497500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endo Finance Holdings, Inc., 2024 Refinancing Term Loan, 8.327% (Term SOFR + 400 bps), 4/23/31 | &nbsp;&nbsp; 487136 |
| 661914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals, Inc., Tranche B-2 Dollar Term Loan, 6.577% (Term SOFR + 225 bps), 5/5/28 | &nbsp;&nbsp; 662695 |
| 697747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Padagis LLC, Term B Loan, 9.271% (Term SOFR + 475 bps), 7/6/28 | &nbsp;&nbsp; 647160 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Drugs** | **$** **2341106** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Generic Drugs — 1.0%** |  |
| 896094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC, Initial Term Loan, 9.827% (Term SOFR + 550 bps), 5/4/28 | $913642 |
| 353398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perrigo Co., Plc, 2024 Refinancing Term B Loan, 6.327% (Term SOFR + 200 bps), 4/20/29 | &nbsp;&nbsp; 353840 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Generic Drugs** | **$** **1267482** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Hospitals — 1.2%** |  |
| 268891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EyeCare Partners LLC, Tranche B Term Loan, 5.227% (Term SOFR + 100 bps), 11/30/28 | $224524 |

---

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

24Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Hospitals — (continued)** |  |
| 967155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight Health Holdings LLC, Term B Loan, 9.691% (Term SOFR + 525 bps), 12/23/28 | $403788 |
| 890531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health, Inc., First Lien 2024-2 Refinancing Term Loan, 7.817% (Term SOFR + 350 bps), 5/19/31 | &nbsp;&nbsp; 878347 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Hospitals** | **$** **1506659** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Wholesale Drug Distribution — 1.6%** |  |
| 691,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVET Midco 2 LP, First Lien Initial Term Loan, 9.299% (Term SOFR + 500 bps), 10/13/29 | $624059 |
| 1471128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainwell Acquisition Corp., First Lien Term B Loan, 8.399% (Term SOFR + 400 bps), 10/1/27 | &nbsp;&nbsp; 1412897 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Wholesale Drug Distribution** | **$** **2036956** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metal Processors & Fabrication — 1.5%** |  |
| 1222329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grinding Media, Inc. (Molycop Ltd.), First Lien 2024 Incremental Term Loan, 7.83% (Term SOFR + 350 bps), 10/12/28 | $1185659 |
| 720576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WireCo WorldGroup, Inc., 2023 Refinancing Term Loan, 8.022% (Term SOFR + 375 bps), 11/13/28 | &nbsp;&nbsp; 680944 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metal Processors & Fabrication** | **$** **1866603** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metal-Aluminum — 1.1%** |  |
| 1423692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arsenal AIC Parent LLC, 2025 Refinancing Term B Loan, 7.077% (Term SOFR + 275 bps), 8/18/30 | $1420132 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metal-Aluminum** | **$** **1420132** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining Services — 0.1%** |  |
| 180288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flame NewCo LLC, First Lien New Money Exit Term Loan, 6.427% (Term SOFR + 200 bps), 6/30/28 | $172738 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mining Services** | **$** **172738** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Non-hazardous Waste Disposal — 0.4%** |  |
| 496000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidal Waste & Recycling Holdings LLC, Initial Term Loan, 7.799% (Term SOFR + 350 bps), 10/24/31 | $498996 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Non-hazardous Waste Disposal** | **$** **498996** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Office Automation & Equipment — 0.5%** |  |
| 622000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, Inc., Tranche B Term Loan, 8.077% (Term SOFR + 375 bps), 3/19/32 | $621222 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Office Automation & Equipment** | **$** **621222** |

---

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

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2525

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas Drilling — 0.5%** |  |
| 696500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WaterBridge Midstream Operating LLC, Term Loan B, 9.053% (Term SOFR + 475 bps), 6/27/29 | $672993 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas Drilling** | **$** **672993** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paper & Related Products — 0.3%** |  |
| 436,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ahlstrom-Munksjo Holding 3 Oy, Term Loan B, 5/22/30 | $429460 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Paper & Related Products** | **$** **429460** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pastoral & Agricultural — 0.5%** |  |
| 630500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alltech, Inc., Term B-2 Loan, 8.691% (Term SOFR + 425 bps), 8/13/30 | $627347 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pastoral & Agricultural** | **$** **627347** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmacy Services — 0.3%** |  |
| 338625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc., First Lien 2021 Refinancing Term Loan, 6.577% (Term SOFR + 225 bps), 10/27/28 | $340177 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmacy Services** | **$** **340177** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Physical Practice Management — 0.3%** |  |
| 425236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Inpatient Physicians, Inc., Tranche B Term Loan, 8.061% (Term SOFR + 350 bps), 6/28/28 | $403974 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Physical Practice Management** | **$** **403974** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Physical Therapy & Rehabilitation Centers — 1.9%** |  |
| 910093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Behavioral Healthcare LLC, First Lien Tranche B-1 Term Loan, 8.549% (Term SOFR + 425 bps), 11/24/28 | $705322 |
| 2140414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstream Newco, Inc., First Lien August 2021 Incremental Term Loan, 8.791% (Term SOFR + 425 bps), 11/20/26 | &nbsp;&nbsp; 1646336 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Physical Therapy & Rehabilitation Centers** | **$** **2351658** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 3.0%** |  |
| 1054531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazos Delaware II LLC, 2025 Refinancing Term Loan, 7.342% (Term SOFR + 300 bps), 2/11/30 | $1052335 |
| 645088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Partners LP, 2025 Tranche B-6 Term Loan, 6.077% (Term SOFR + 175 bps), 11/22/30 | &nbsp;&nbsp; 646196 |
| 351120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epic Crude Services LP, Term Loan , 7.256% (Term SOFR + 300 bps), 10/15/31 | &nbsp;&nbsp; 352254 |
| 187436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIP Pilot Acquisition Partners LP, Amendment No. 2 Refinancing Term Loan, 6.277% (Term SOFR + 200 bps), 10/4/30 | &nbsp;&nbsp; 187670 |

---

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

26Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — (continued)** |  |
| 490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M6 ETX Holdings II Midco LLC, Initial Term Loan, 7.327% (Term SOFR + 300 bps), 4/1/32 | $491899 |
| 942212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traverse Midstream Partners LLC, Advance, 7.28% (Term SOFR + 300 bps), 2/16/28 | &nbsp;&nbsp; 945745 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | **$** **3676099** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Printing-Commercial — 0.7%** |  |
| 381160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cimpress Plc, 2024-2 Refinancing Tranche B-1 Term Loan, 6.827% (Term SOFR + 250 bps), 5/17/28 | $381160 |
| 493000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verde Purchaser LLC, Initial Term Loan, 8.299% (Term SOFR + 400 bps), 11/30/30 | &nbsp;&nbsp; 493801 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Printing-Commercial** | **$** **874961** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Sports — 0.4%** |  |
| 350804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formula One Management Ltd., Facility B, 6.299% (Term SOFR + 200 bps), 9/30/31 | $351517 |
| 175,402(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formula One Management Ltd., Incremental Term Facility, 9/30/31 | &nbsp;&nbsp; 175758 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Professional Sports** | **$** **527275** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Property & Casualty Insurance — 2.5%** |  |
| 306969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, First Lien New B-12 Term Loan, 8.577% (Term SOFR + 425 bps), 9/19/30 | $304092 |
| 788537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, New B-10 Term Loan, 8.427% (Term SOFR + 400 bps), 8/19/28 | &nbsp;&nbsp; 785826 |
| 242461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, New B-11 Term Loan, 8.677% (Term SOFR + 425 bps), 8/19/28 | &nbsp;&nbsp; 242097 |
| 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, New B-9 Term Loan, 7.691% (Term SOFR + 325 bps), 7/31/27 | &nbsp;&nbsp; 477950 |
| 1341637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2024 Term Loan, 7.327% (Term SOFR + 300 bps), 7/31/31 | &nbsp;&nbsp; 1345550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Property & Casualty Insurance** | **$** **3155515** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Protection-Safety — 0.7%** |  |
| 855062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC, First Lien 2024-1 Refinancing Term B-1 Loan, 6.329% (Term SOFR + 200 bps), 10/13/30 | $855902 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Protection-Safety** | **$** **855902** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Publishing — 2.1%** |  |
| 843635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., 2024 Refinancing Term Loan, 7.825% (Term SOFR + 350 bps), 3/24/31 | $845745 |

---

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

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2527

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Publishing — (continued)** |  |
| 780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houghton Mifflin Harcourt Co., First Lien Term B Loan, 9.63% (Term SOFR + 525 bps), 4/9/29 | $777172 |
| 922205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc., 2025 Term Loan, 7.577% (Term SOFR + 325 bps), 8/6/31 | &nbsp;&nbsp; 925951 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Publishing** | **$** **2548868** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Publishing-Periodicals — 0.3%** |  |
| 363813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MJH Healthcare Holdings LLC, 2024 Refinancing Term B Loan, 7.677% (Term SOFR + 325 bps), 1/29/29 | $364268 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Publishing-Periodicals** | **$** **364268** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Radio — 0.4%** |  |
| 552000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Townsquare Media LLC, Initial Term Loan, 9.324% (Term SOFR + 500 bps), 2/19/30 | $507840 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Radio** | **$** **507840** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Recreational Centers — 2.1%** |  |
| 1095196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulldog Purchaser, Inc., First Lien 2024 New Term Loan, 8.035% (Term SOFR + 375 bps), 6/27/31 | $1097250 |
| 1367437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fitness International LLC, Term B Loan, 9.577% (Term SOFR + 525 bps), 2/12/29 | &nbsp;&nbsp; 1372849 |
| 174563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time, Inc., 2024 New Term Loan, 6.785% (Term SOFR + 250 bps), 11/5/31 | &nbsp;&nbsp; 174672 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Recreational Centers** | **$** **2644771** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITS-Storage — 0.2%** |  |
| 187625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain Information Management LLC, Amendment No.1 Incremental Term B Loan, 6.327% (Term SOFR + 200 bps), 1/31/31 | $187781 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITS-Storage** | **$** **187781** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rental Auto & Equipment — 0.7%** |  |
| 868374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 3 S.a.r.l., 2025 Amended U.S. Dollar Term Loan, 7.321% (Term SOFR + 300 bps), 8/16/29 | $871630 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rental Auto & Equipment** | **$** **871630** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 5.6%** |  |
| 682290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Outdoors Group LLC, Term B-3 Loan, 7.577% (Term SOFR + 325 bps), 1/23/32 | $677279 |
| 1,066,365(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harbor Freight Tools USA, Inc., Replacement Term Loan, 6.577% (Term SOFR + 225 bps), 6/11/31 | &nbsp;&nbsp; 1032375 |
| 992265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highline Aftermarket Acquisition LLC, First Lien 2025-1 Term Loan, 7.827% (Term SOFR + 350 bps), 2/19/30 | &nbsp;&nbsp; 990405 |
| 969333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak BP LLC, Initial Term Loan, 8.035% (Term SOFR + 375 bps), 12/4/31 | &nbsp;&nbsp; 921876 |

---

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

28Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — (continued)** |  |
| 969191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petco Health & Wellness Co., Inc., First Lien Initial Term Loan, 7.811% (Term SOFR + 325 bps), 3/3/28 | $900621 |
| 1010625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart LLC, Initial Term Loan, 8.177% (Term SOFR + 375 bps), 2/11/28 | &nbsp;&nbsp; 1008730 |
| 1212549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RVR Dealership Holdings LLC, Term Loan, 8.177% (1 Month Term SOFR + 375 bps), 2/8/28 | &nbsp;&nbsp; 1126913 |
| 248750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Supply Holdings LLC, Tranche C Term Loan, 7.577% (Term SOFR + 325 bps), 10/19/29 | &nbsp;&nbsp; 246716 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | **$** **6904915** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail-Catalog Shopping — 0.2%** |  |
| 485428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Solutions Holdings, Inc., First Lien Initial Term Loan, 7.88% (Term SOFR + 350 bps), 11/1/28 | $283976 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail-Catalog Shopping** | **$** **283976** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail-Restaurants — 0.6%** |  |
| 748,750(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raising Cane's Restaurants LLC, Initial Term Loan, 6.327% (Term SOFR + 200 bps), 9/18/31 | $751870 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail-Restaurants** | **$** **751870** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Security Services — 2.7%** |  |
| 1379310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC (f/k/a USAGM Holdco LLC), Initial U.S. Dollar Term Loan, 8.177% (Term SOFR + 375 bps), 5/12/28 | $1382844 |
| 1940110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., Twelfth Additional Term Loan, 7.333% (Term SOFR + 300 bps), 2/1/29 | &nbsp;&nbsp; 1937685 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Security Services** | **$** **3320529** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecom Services — 0.8%** |  |
| 1009000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstream Services LLC, 2024 Term Loan, 9.177% (Term SOFR + 475 bps), 10/1/31 | $1014045 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecom Services** | **$** **1014045** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telephone-Integrated — 0.3%** |  |
| 420,118(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., Term B-3 Refinancing Loan, 8.562% (Term SOFR + 425 bps), 3/27/32 | $423426 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telephone-Integrated** | **$** **423426** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Television — 0.2%** |  |
| 287825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Television, Inc., Term F Loan, 9.574% (Term SOFR + 525 bps), 6/4/29 | $287465 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Television** | **$** **287465** |

---

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

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2529

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Theaters — 1.5%** |  |
| 1184165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirque du Soleil Canada, Inc., Refinancing Term Loan, 8.049% (Term SOFR + 375 bps), 3/8/30 | $1146420 |
| 673313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., Initial Term Loan, 9.579% (Term SOFR + 525 bps), 12/2/31 | &nbsp;&nbsp; 674786 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Theaters** | **$** **1821206** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transport-Air Freight — 0.3%** |  |
| 367000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC, Initial Term Loan, 6.98% (Term SOFR + 275 bps), 4/9/32 | $366656 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transport-Air Freight** | **$** **366656** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation Services — 1.7%** |  |
| 1003027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carriage Purchaser, Inc., Term B Loan, 8.327% (Term SOFR + 400 bps), 10/2/28 | $1005744 |
| 532107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Student Bidco, Inc., Initial Term B Loan, 6.799% (Term SOFR + 250 bps), 7/21/28 | &nbsp;&nbsp; 532994 |
| 162725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Student Bidco, Inc., Initial Term C Loan, 6.799% (Term SOFR + 250 bps), 7/21/28 | &nbsp;&nbsp; 162996 |
| 368322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Student Bidco, Inc., TLB-2 Loan, 6.799% (Term SOFR + 250 bps), 7/21/28 | &nbsp;&nbsp; 368974 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation Services** | **$** **2070708** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transport-Rail — 0.3%** |  |
| 330340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesee & Wyoming, Inc., Initial Term Loan, 6.049% (Term SOFR + 175 bps), 4/10/31 | $328963 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transport-Rail** | **$** **328963** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Veterinary Diagnostics — 0.7%** |  |
| 337289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc., Term Loan, 6.174% (1 Month Term SOFR + 175 bps), 8/1/27 | $337254 |
| 534569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners LLC, First Lien 2024-3 New Term Loan, 7.527% (Term SOFR + 325 bps), 12/4/31 | &nbsp;&nbsp; 535613 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Veterinary Diagnostics** | **$** **872867** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Floating Rate Loan Interests<br>(Cost $154,201,532)** | **$150609932** |

---

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

30Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 0.6% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering — 0.1%** |  |
| 9,729(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LB New Holdco | $55942 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction & Engineering** | **$** **55942** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 0.0%†** |  |
| 2,625(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flame Co. | $10500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metals & Mining** | **$** **10500** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Passenger Airlines — 0.5%** |  |
| 40,684(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico SAB de CV | $668592 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Passenger Airlines** | **$** **668592** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br>(Cost $385,644)** | **$** **735034** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — 1.1% of Net Assets** |  |
| 314,612(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assurant CLO IV, Ltd., Series 2019-4A, Class E, 11.531% (3 Month Term SOFR + 726 bps), 4/20/30 (144A) | $313414 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN, Series 2021-3, Class G, 9.812%, 2/26/29 (144A) | &nbsp;&nbsp; 1001977 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities<br>(Cost $1,314,298)** | **$** **1315391** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br>Obligations—2.1% of Net Assets** |  |
| 370,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, 10.322% (SOFR30A + 600 bps), 10/25/41 (144A) | $386093 |
| 230,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA7, Class B2, 12.122% (SOFR30A + 780 bps), 11/25/41 (144A) | &nbsp;&nbsp; 246430 |
| 490,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-HQA3, Class B2, 10.572% (SOFR30A + 625 bps), 9/25/41 (144A) | &nbsp;&nbsp; 511698 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA1, Class B2, 11.422% (SOFR30A + 710 bps), 1/25/42 (144A) | &nbsp;&nbsp; 267188 |

---

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

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2531

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br>Obligations—(continued)** |  |
| 320,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA2, Class B2, 12.822% (SOFR30A + 850 bps), 2/25/42 (144A) | $349620 |
| 710,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STACR Trust, Series 2018-HRP2, Class B2, 14.936% (SOFR30A + 1,061 bps), 2/25/47 (144A) | &nbsp;&nbsp; 881440 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations<br>(Cost $2,455,378)** | **$** **2642469** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br>Securities—1.0% of Net Assets** |  |
| 420,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2022-PSB, Class F, 11.662% (1 Month Term SOFR + 733 bps), 8/15/39 (144A) | $418584 |
| 37,118(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2020-KF74, Class C, 10.715% (SOFR30A + 636 bps), 1/25/27 (144A) | &nbsp;&nbsp; 34529 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class E, 3.00%, 5/15/48 (144A) | &nbsp;&nbsp; 791370 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities<br>(Cost $1,268,555)** | **$** **1244483** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Convertible Corporate Bonds — 0.0%† of<br>Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 0.0%†** |  |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc., 2.875%, 1/15/30 (144A) | $21030 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | **$** **21030** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Convertible Corporate Bonds<br>(Cost $20,000)** | **$** **21030** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 13.3% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising — 0.8%** |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 7.875%, 4/1/30 (144A) | $557227 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global LLC, 5.625%, 8/15/29 (144A) | &nbsp;&nbsp; 470119 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising** | **$** **1027346** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.4%** |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco LLC, 6.75%, 2/1/32 (144A) | $498073 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | **$** **498073** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.4%** |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSky Flight LLC, 8.875%, 12/15/29 (144A) | $504117 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | **$** **504117** |

---

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

32Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.2%** |  |
| 255,000(e)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV, 4.25% (5 Year CMT Index + 286 bps) | $213101 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | **$** **213101** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 1.1%** |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc., 3.875%, 9/1/28 (144A) | $240037 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., 7.00%, 12/1/31 (144A) | &nbsp;&nbsp; 522915 |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIL IV LLC/SCIL USA Holdings LLC, 5.375%, 11/1/26 (144A) | &nbsp;&nbsp; 298481 |
| 390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tronox, Inc., 4.625%, 3/15/29 (144A) | &nbsp;&nbsp; 326062 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | **$** **1387495** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 1.6%** |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 6.00%, 6/1/29 (144A) | $475545 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NESCO Holdings II, Inc., 5.50%, 4/15/29 (144A) | &nbsp;&nbsp; 471042 |
| 1,000,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/32 (144A) | &nbsp;&nbsp; 1020297 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | **$** **1966884** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — 1.1%** |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC, 6.75%, 10/15/32 (144A) | $509785 |
| 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy Operating LLC, 3.75%, 2/15/31 (144A) | &nbsp;&nbsp; 586623 |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 4.375%, 5/1/29 (144A) | &nbsp;&nbsp; 290017 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric** | **$** **1386425** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 0.4%** |  |
| 460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Acute Care Solutions LLC, 9.75%, 5/15/29 (144A) | $467539 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Services** | **$** **467539** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet — 0.4%** |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuris Finance US, Inc./Acuris Finance S.a.r.l., 9.00%, 8/1/29 (144A) | $509500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet** | **$** **509500** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iron & Steel — 0.3%** |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metinvest BV, 7.75%, 10/17/29 (144A) | $395094 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Iron & Steel** | **$** **395094** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lodging — 0.8%** |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melco Resorts Finance, Ltd., 5.375%, 12/4/29 (144A) | $458194 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Station Casinos LLC, 4.50%, 2/15/28 (144A) | &nbsp;&nbsp; 484926 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lodging** | **$** **943120** |

---

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

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2533

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 1.2%** |  |
| 490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 2/1/32 (144A) | $453603 |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital, 2.25%, 1/15/29 | &nbsp;&nbsp; 274288 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC, 11.75%, 1/31/29 (144A) | &nbsp;&nbsp; 187489 |
| 510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc., 8.00%, 8/1/29 (144A) | &nbsp;&nbsp; 511312 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media** | **$** **1426692** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining — 1.1%** |  |
| 925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd., 8.625%, 6/1/31 (144A) | $940020 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis Corp., 3.875%, 8/15/31 (144A) | &nbsp;&nbsp; 444517 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mining** | **$** **1384537** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — 0.8%** |  |
| 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 6.875%, 5/15/34 (144A) | $543536 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29 (144A) | &nbsp;&nbsp; 483601 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas** | **$** **1027137** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 0.2%** |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29 (144A) | $278804 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | **$** **278804** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate — 0.3%** |  |
| 390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kennedy-Wilson, Inc., 5.00%, 3/1/31 | $338120 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Real Estate** | **$** **338120** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITS — 0.7%** |  |
| 390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc., 7.25%, 4/1/29 (144A) | $405434 |
| 478000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 2/15/28 (144A) | &nbsp;&nbsp; 507100 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITS** | **$** **912534** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.8%** |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Parent, Inc./CDK Global, Inc., 7.25%, 6/15/29 (144A) | $441512 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., 6.50%, 3/31/29 (144A) | &nbsp;&nbsp; 499438 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | **$** **940950** |

---

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

34Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — 0.7%** |  |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., 10.50%, 5/15/30 (144A) | $300781 |
| 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/1/31 (144A) | &nbsp;&nbsp; 551596 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** | **$** **852377** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br>(Cost $16,537,509)** | **$** **16459845** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities — 2.0% of Net<br>Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Event Linked Bonds — 2.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 1.2%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonanza Re, 8.083%, (3 Month U.S. Treasury Bill + 375 bps), 12/19/27 (144A) | $246400 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 9.583%, (3 Month U.S. Treasury Bill + 525 bps), 12/6/28 (144A) | &nbsp;&nbsp; 250025 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 10.383%, (3 Month U.S. Treasury Bill + 605 bps), 12/6/25 (144A) | &nbsp;&nbsp; 243850 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 8.333%, (3 Month U.S. Treasury Bill + 400 bps), 4/7/29 (144A) | &nbsp;&nbsp; 245325 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 9.583%, (3 Month U.S. Treasury Bill + 525 bps), 4/7/29 (144A) | &nbsp;&nbsp; 248800 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re III, 7.743%, (3 Month U.S. Treasury Bill + 341 bps), 4/7/26 (144A) | &nbsp;&nbsp; 245825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1480225 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida — 0.2%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 11.823%, (3 Month U.S. Treasury Bill + 749 bps), 7/7/25 (144A) | $250750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Texas — 0.4%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Re, 11.855%, (1 Month U.S. Treasury Bill + 752 bps), 6/7/25 (144A) | $249750 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 11.863%, (3 Month U.S. Treasury Bill + 753 bps), 7/7/25 (144A) | &nbsp;&nbsp; 250750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Regional — 0.2%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Re, 8.096%, (3 Month U.S. Treasury Bill + 376 bps), 7/8/25 (144A) | $249875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Event Linked Bonds** | **$2481350** |

---

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

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2535

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br>Amount<br>USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Sidecars — 0.0%†** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.0%†** |  |
| 250,000(d)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harambee Re 2018, 12/31/25 | $250 |
| 250,000(d)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harambee Re 2019, 12/31/25 | &nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.0%†** |  |
| 12,278(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alturas Re 2022-2, 12/31/27 | $599 |
| 199,590(d)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lorenz Re 2019, 6/30/25 | &nbsp;&nbsp; 1717 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2316 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Reinsurance Sidecars** | **$** **2566** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br>(Cost $2,541,708)** | **$** **2483916** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Company — 2.5% of Net Assets** |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Senior Loan ETF | $3129000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Company<br>(Cost $3,120,750)** | **$3129000** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 7.0% of Net<br>Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 7.0%** |  |
| 8,619,715(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br>Institutional Shares, 4.19% | $8619715 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$8619715 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br>(Cost $8,619,715)** | **$** **8619715** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 150.9%<br>(Cost $190,465,089)** | **$187260815** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (50.9)%** | $(63134317) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$124126498** |

---

---

| | |
|:---|:---|
| bps | &nbsp;&nbsp;Basis Points. |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury. |
| FREMF | &nbsp;&nbsp;Freddie Mac Multifamily Fixed-Rate Mortgage Loans. |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate. |
| REIT | &nbsp;&nbsp;Real Estate Investment Trust. |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate. |

---

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

36Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

---

| | |
|:---|:---|
| SOFR30A | &nbsp;&nbsp;Secured Overnight Financing Rate 30 Day Average. |
| (144A) | &nbsp;&nbsp;The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At May 31, 2025, the value of these securities amounted to $23,339,059, or 18.8% of net assets. |

---

---

| | |
|:---|:---|
| (a) | &nbsp;&nbsp;Floating rate note. Coupon rate, reference index and spread shown at May 31, 2025. |
| (b) | &nbsp;&nbsp;All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion. |
| (c) | &nbsp;&nbsp;Security is in default. |
| (d) | &nbsp;&nbsp;Non-income producing security. |
| (e) | &nbsp;&nbsp;Security is perpetual in nature and has no stated maturity date. |
| (f) | &nbsp;&nbsp;The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at May 31, 2025. |
| (g) | &nbsp;&nbsp;Issued as preference shares. |
| (h) | &nbsp;&nbsp;Rate periodically changes. Rate disclosed is the 7-day yield at May 31, 2025. |
| \* | &nbsp;&nbsp;Senior secured ﬂoating rate loan interests in which the Fund invests generally pay interest at rates that are periodically re-determined 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 or SOFR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certiﬁcate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at May 31, 2025. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| † | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| # | &nbsp;&nbsp;Securities are restricted as to resale. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Alamo Re | 2/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$254688 | &nbsp;&nbsp;&nbsp;&nbsp;$249750 |
| &nbsp;&nbsp;Alturas Re 2022-2 | 4/11/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 |
| &nbsp;&nbsp;Bonanza Re | 12/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246400 |
| &nbsp;&nbsp;Commonwealth Re | 6/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249875 |
| &nbsp;&nbsp;Harambee Re 2018 | 12/19/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| &nbsp;&nbsp;Harambee Re 2019 | 12/20/2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Lorenz Re 2019 | 6/26/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717 |
| &nbsp;&nbsp;Merna Re II | 4/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250750 |
| &nbsp;&nbsp;Merna Re II | 4/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250750 |
| &nbsp;&nbsp;Residential Re | 10/28/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243850 |
| &nbsp;&nbsp;Residential Re | 11/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250025 |
| &nbsp;&nbsp;Sanders Re | 12/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245325 |

---

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

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2537

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Sanders Re | 12/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;&nbsp;&nbsp;$248800 |
| &nbsp;&nbsp;Sanders Re III | 3/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245825 |
| &nbsp;&nbsp;**Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2483916 |
| &nbsp;&nbsp;**% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0% |

---

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **In<br>Exchange for** | **Currency<br>Sold** | **Deliver** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>(Depreciation)** |
| USD | 899143 | MXN | 18229675 | State Street Bank & Trust Co. | 6/27/25 | $(37480) |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **$(37480)** |

---

Principal amounts are denominated in U.S. dollars ("USD") unless otherwise noted.

MXN — Mexican Peso <br> USD — United States Dollar

Purchases and sales of securities (excluding short-term investments and all derivative contracts except for options purchased) for the six months ended May 31, 2025, aggregated $76,818,827 and $78,755,803, respectively.

At May 31, 2025, the net unrealized depreciation on investments based on cost for federal tax purposes of $190,676,720 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1843781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5297166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3453385) |

---

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – unadjusted quoted prices in active markets for identical securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements — Note 1A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A. |

---

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

38Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Senior Secured Floating Rate Loan Interests | $— | &nbsp;&nbsp;$150609932 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$150609932 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735034 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315391 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2642469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2642469 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244483 |
| Convertible Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21030 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16459845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16459845 |
| Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance Sidecars |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiperil – U.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiperil – Worldwide | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316 |
| &nbsp;&nbsp;&nbsp;All Other Insurance-Linked Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481350 |
| Investment Company | &nbsp;&nbsp;&nbsp;&nbsp;3129000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129000 |
| Open-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;8619715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8619715 |
| **Total Investments in Securities** | **$11748715** | &nbsp;&nbsp;**$175509534** | &nbsp;&nbsp;**$2566** | &nbsp;&nbsp;**$187260815** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Agreement<sup>(a)</sup> | $— | &nbsp;&nbsp;$(60000000) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(60000000) |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37480) |
| **Total Other Financial Instruments** | **$—** | &nbsp;&nbsp;**$(60037480)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(60037480)** |

---

(a) The Fund may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes.

During the period ended May 31, 2025, there were no transfers in or out of Level 3 during the period.

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

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2539

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

### Statement of Assets and Liabilities \| 5/31/25
(unaudited)

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value (cost $190,465,089) | $187260815 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79597 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on unfunded loan commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 |
| &nbsp;&nbsp;&nbsp;Receivables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230886 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | **$190961330** |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Overdraft due to custodian | $22 |
| &nbsp;&nbsp;&nbsp;Payables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit agreement | &nbsp;&nbsp;&nbsp;&nbsp;60000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6254237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292000 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37480 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109138 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20124 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **$66834832** |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $207765166 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(83638668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | **$124126498** |
| **NET ASSET VALUE PER SHARE:** |  |
| &nbsp;&nbsp;&nbsp;Based on $124,126,498/12,374,933 shares | $10.03 |

---

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

40Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

### Statement of Operations (unaudited)

#### FOR THE SIX MONTHS ENDED 5/31/25

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | $7657347 |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180223 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income |  | &nbsp;&nbsp;&nbsp;&nbsp;**$7837570** |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | $647828 |  |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35566 |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6940 |  |
| &nbsp;&nbsp;&nbsp;Stockholder communications expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13050 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8326 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68581 |  |
| &nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4528 |  |
| &nbsp;&nbsp;&nbsp;Officers' and Directors' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3734 |  |
| &nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612 |  |
| &nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;1672038 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;$2516276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;**$5321294** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $(1262360) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13202) | &nbsp;&nbsp;&nbsp;&nbsp;$(1238484) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $(2033872) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93574) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unfunded loan commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1431) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;$(2128854) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(3367338)** |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1953956** |

---

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

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2541

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> 5/31/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 11/30/24** |
| **FROM OPERATIONS:** |  |  |
| Net investment income (loss) | $5321294 | &nbsp;&nbsp;&nbsp;&nbsp;$12445348 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(1238484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2849664) |
| Change in net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(2128854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7051645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | **$1953956** | &nbsp;&nbsp;&nbsp;&nbsp;**$16647329** |
| **DISTRIBUTIONS TO COMMON STOCKHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($0.46 and $1.10 per share, respectively) | $(5692469) | &nbsp;&nbsp;&nbsp;&nbsp;$(13643364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to common stockholders | $(5692469) | &nbsp;&nbsp;&nbsp;&nbsp;$(13643364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets** | **$(3738513)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3003965** |
| **NET ASSETS:** |  |  |
| Beginning of period | $127865011 | &nbsp;&nbsp;&nbsp;&nbsp;$124861046 |
| End of period | **$124126498** | &nbsp;&nbsp;&nbsp;&nbsp;**$127865011** |

---

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

42Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

------

[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

### Statement of Cash Flows (unaudited)

#### FOR THE SIX MONTHS ENDED 5/31/25

---

| | |
|:---|:---|
| **Cash Flows From Operating Activities** |  |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $1953956 |
| **Adjustments to reconcile net increase in net assets resulting from operations to net cash:** |  |
| &nbsp;&nbsp;&nbsp;Purchases of investment securities | $(83435637) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposition and maturity of investment securities | &nbsp;&nbsp;&nbsp;&nbsp;82293301 |
| &nbsp;&nbsp;&nbsp;Net purchases of short term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734548 |
| &nbsp;&nbsp;&nbsp;Net accretion and amortization of discount/premium on investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257200) |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments in unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262360 |
| &nbsp;&nbsp;&nbsp;Change in unrealized depreciation on investments in unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033872 |
| &nbsp;&nbsp;&nbsp;Change in unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93574 |
| &nbsp;&nbsp;&nbsp;Change in unrealized depreciation on unfunded loan commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation on other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |
| &nbsp;&nbsp;&nbsp;Decrease in dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12469 |
| &nbsp;&nbsp;&nbsp;Increase in interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99880) |
| &nbsp;&nbsp;&nbsp;Decrease in distributions paid in advance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051869 |
| &nbsp;&nbsp;&nbsp;Decrease in other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 |
| &nbsp;&nbsp;&nbsp;Increase in management fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91187 |
| &nbsp;&nbsp;&nbsp;Decrease in directors' fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428) |
| &nbsp;&nbsp;&nbsp;Increase in administrative expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4895 |
| &nbsp;&nbsp;&nbsp;Decrease in accrued expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from operating activities | $6676745 |
| **Cash Flows Used In Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;Foreign currency due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1712) |
| &nbsp;&nbsp;&nbsp;Decrease in interest expense payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10100) |
| &nbsp;&nbsp;&nbsp;Distributions to stockholders | &nbsp;&nbsp;&nbsp;&nbsp;(6744338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows used in financing activities | $(6756150) |
| **Cash Impact From Foreign Exchange Fluctuations** |  |
| &nbsp;&nbsp;&nbsp;Cash impact from foreign exchange fluctuations | $23 |
| **NET INCREASE (DECREASE) IN CASH** | $(79382) |
| **Cash:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period\* | $158979 |
| &nbsp;&nbsp;&nbsp;End of period | $79597 |
| **Cash Flow Information:** |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $1682138 |

---

\* The following table provides a reconciliation of cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statement of Cash Flows:

---

| | | |
|:---|:---|:---|
| | **Six Months<br> Ended<br> 5/31/25** | &nbsp;&nbsp;&nbsp;**Year Ended<br> 11/30/24** |
| Cash | $79597 | &nbsp;&nbsp;&nbsp;$158979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total cash shown in the Statement of Cash Flows** | **$79597** | &nbsp;&nbsp;&nbsp;**$158979** |

---

The accompanying notes are an integral part of these financial statements

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Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 5/31/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 11/30/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 11/30/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 11/30/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 11/30/21** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 11/30/20** |
| &nbsp;&nbsp;**Per Share Operating Performance** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $10.33 | &nbsp;&nbsp;&nbsp;&nbsp;$10.09 | &nbsp;&nbsp;&nbsp;&nbsp;$9.89 | &nbsp;&nbsp;&nbsp;&nbsp;$11.58 | &nbsp;&nbsp;&nbsp;&nbsp;$11.17 | &nbsp;&nbsp;&nbsp;&nbsp;$11.83 |
| &nbsp;&nbsp;Increase (decrease) from investment operations:(a) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $0.43 | &nbsp;&nbsp;&nbsp;&nbsp;$1.01 | &nbsp;&nbsp;&nbsp;&nbsp;$1.13 | &nbsp;&nbsp;&nbsp;&nbsp;$0.83 | &nbsp;&nbsp;&nbsp;&nbsp;$0.73 | &nbsp;&nbsp;&nbsp;&nbsp;$0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$0.16** | &nbsp;&nbsp;&nbsp;&nbsp;**$1.34** | &nbsp;&nbsp;&nbsp;&nbsp;**$1.27** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.94)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.97** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.08** |
| &nbsp;&nbsp;Accretion to net asset value due to tender offer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Distributions to stockholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income and previously undistributed net investment income | $(0.46)(c) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.10)(c) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.74)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total distributions** | **$(0.46)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.10)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.07)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.75)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.73)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.74)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$(0.30)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.20** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.69)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.41** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.66)** |
| &nbsp;&nbsp;Net asset value, end of period | $10.03 | &nbsp;&nbsp;&nbsp;&nbsp;$10.33 | &nbsp;&nbsp;&nbsp;&nbsp;$10.09 | &nbsp;&nbsp;&nbsp;&nbsp;$9.89 | &nbsp;&nbsp;&nbsp;&nbsp;$11.58 | &nbsp;&nbsp;&nbsp;&nbsp;$11.17 |
| &nbsp;&nbsp;Market value, end of period | $9.75 | &nbsp;&nbsp;&nbsp;&nbsp;$9.87 | &nbsp;&nbsp;&nbsp;&nbsp;$8.99 | &nbsp;&nbsp;&nbsp;&nbsp;$8.99 | &nbsp;&nbsp;&nbsp;&nbsp;$11.90 | &nbsp;&nbsp;&nbsp;&nbsp;$10.73 |
| &nbsp;&nbsp;**Total return at net asset value(d)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.82%(e)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.59%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.06%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.72)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.54%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.89%** |
| &nbsp;&nbsp;**Total return at market value(d)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.59%(e)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.88%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.79%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(18.38)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.25%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.96%** |
| &nbsp;&nbsp;Ratios to average net assets of stockholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;Total expenses plus interest expense(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;Net investment income available to stockholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $124126 | &nbsp;&nbsp;&nbsp;&nbsp;$127865 | &nbsp;&nbsp;&nbsp;&nbsp;$124861 | &nbsp;&nbsp;&nbsp;&nbsp;$122371 | &nbsp;&nbsp;&nbsp;&nbsp;$143233 | &nbsp;&nbsp;&nbsp;&nbsp;$276234 |
| &nbsp;&nbsp;Total amount of debt outstanding (in thousands) | $60000 | &nbsp;&nbsp;&nbsp;&nbsp;$60000 | &nbsp;&nbsp;&nbsp;&nbsp;$61200 | &nbsp;&nbsp;&nbsp;&nbsp;$58700 | &nbsp;&nbsp;&nbsp;&nbsp;$69450 | &nbsp;&nbsp;&nbsp;&nbsp;$105450 |
| &nbsp;&nbsp;Asset coverage per $1,000 of indebtedness | $3069 | &nbsp;&nbsp;&nbsp;&nbsp;$3131 | &nbsp;&nbsp;&nbsp;&nbsp;$3040 | &nbsp;&nbsp;&nbsp;&nbsp;$3085 | &nbsp;&nbsp;&nbsp;&nbsp;$3062 | &nbsp;&nbsp;&nbsp;&nbsp;$3620 |

---

(a) The common share data presented above is based on the average shares outstanding for the period presented.

(b) See Notes to the Financial Statements Note 10. for additional information.

(c) The amount of distributions made to stockholders during the year were in excess of the net investment income earned by the Fund during the year. The Fund has accumulated undistributed net investment income which is part of the Fund's net asset value ("NAV"). A portion of the accumulated net investment income was distributed to stockholders during the year.

(d) Total investment return is calculated assuming a purchase of common shares at the current net asset value or market value on the first day and a sale at the current net asset value or market value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total investment return does not reflect brokerage commissions. Past performance is not a guarantee of future results.

(e) Not annualized.

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

44Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

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(f) Includes interest expense of 2.67%, 3.08%, 2.85%, 1.11%, 0.47% and 0.70%, respectively.

(g) Annualized.

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

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[**Table of Contents**](#JOB_Amund_bd6e7191-181e-4eca-bbc8-303f4c5a97ec_TOC)

### Notes to Financial Statements \| 5/31/25
(unaudited)

1. Organization and Signiﬁcant Accounting Policies

Pioneer Floating Rate Fund, Inc. (the "Fund") is organized as a Maryland corporation. Prior to April 21, 2021, the Fund was organized as a Delaware statutory trust. On April 21, 2021, the Fund redomiciled to a Maryland corporation through a statutory merger of the predecessor Delaware statutory trust with and into a newly-established Maryland corporation formed for the purpose of effecting the redomiciling. The Fund was originally organized on October 6, 2004. Prior to commencing operations on December 28, 2004, the Fund had no operations other than matters relating to its organization and registration as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The investment objective of the Fund is to seek a high level of current income and the Fund may, as a secondary objective, also seek capital appreciation to the extent that it is consistent with its investment objective.

Until April 1, 2025, Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., served as the Fund's investment adviser ("Amundi US"). Effective April 1, 2025, Victory Capital Management Inc. ("Victory Capital") serves as the Fund's investment adviser (the "Adviser"). See Note 11.

The Fund is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Rule 18f-4 requires a Fund to establish and maintain a comprehensive derivatives risk management program, appoint a derivatives risk manager and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"), unless the fund uses derivatives in only a limited manner (a "limited derivatives user"). The Fund is currently a limited derivatives user for purposes of Rule 18f-4.

The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07) during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. The management committee of the Adviser acts as the Fund's Chief Operations

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Decision Maker (CODM) who assesses performance and allocates resources with respect to the Fund. The Fund's operations constitute a single operating segment and therefore, a single reportable segment, because the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM manages the business activities using information of the Fund as a whole, and assesses performance of the Fund. The financial information provided to and reviewed by the CODM is the same as that presented within the Fund's financial statements.

The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the ﬁnancial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.

The following is a summary of signiﬁcant accounting policies followed by the Fund in the preparation of its ﬁnancial statements:

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The net asset value of the Fund 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. |
|  | Loan interests are valued at the mean between the last available bid and asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent third party pricing service. If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information will be obtained from an alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited. |
|  | Fixed income securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed income securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent |

---

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---

| |
|:---|
| third party pricing service. When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. |
| Event-linked bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including reinsurance sidecars, collateralized reinsurance and industry loss warranties) may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing matrix, insurance valuation models, or other fair value methods or techniques to provide an estimated value of the instrument. |
| Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods. |
| Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions, the spot currency rate and the forward points on a daily basis, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation. |
| Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds' net asset value. Shares of exchange-listed closed-end funds are valued by using the last sale price on the principal exchange where they are traded. |
| Securities or loan interests for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser. The adviser is designated as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser fair valuation team is responsible for monitoring developments that may impact fair valued securities. |

---

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---

| | |
|:---|:---|
|  | Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Adviser 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 Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity, tariffs or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices, and such differences could be material. |
| **B.** | **Investment Income and Transactions** |
|  | Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence. |
|  | Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities. |
|  | Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. |
|  | Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income. |
|  | Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. |
| **C.** | **Foreign Currency Translation** |
|  | The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates. |

---

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---

| | |
|:---|:---|
|  | Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments. |
| **D.** | **Federal Income Taxes** |
|  | It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its stockholders. Therefore, no provision for federal income taxes is required. As of May 31, 2025, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. |
|  | The amount and character of income and capital gain distributions to stockholders are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. |
|  | The tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended November 30, 2024 was as follows: |

---

---

| | |
|:---|:---|
|  | **2024** |
| &nbsp;&nbsp;**Distributions paid from:** |  |
| &nbsp;&nbsp;Ordinary income | $13643364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$13643364** |

---

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The following shows the components of distributable earnings (losses) on a federal income tax basis at November 30, 2024:

---

| | |
|:---|:---|
|  | **2024** |
| &nbsp;&nbsp;**Distributable earnings/(losses):** |  |
| &nbsp;&nbsp;Undistributed ordinary income | $1071587 |
| &nbsp;&nbsp;Capital loss carryforward | &nbsp;&nbsp;(78540300) |
| &nbsp;&nbsp;Other book/tax temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;(1051869) |
| &nbsp;&nbsp;Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1379573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(79900155)** |

---

The difference between book-basis and tax-basis net unrealized depreciation is attributable to the tax deferral of losses on wash sales, adjustments relating to passive foreign investment companies, cost basis adjustments on defaulted securities, book tax differences on amortization and accretion, and the mark to market of foreign currency contracts.

---

| | |
|:---|:---|
| **E.** | **Risks** |
|  | The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, armed conflict such as between Russia and Ukraine or in the Middle East, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Inflation and interest rates may increase. These circumstances could adversely affect the value and liquidity of the Fund's investments and negatively impact the Fund's performance. |
|  | Some sectors of the economy and individual issuers have experienced or may experience particularly large losses. Periods of extreme volatility in the financial markets, reduced liquidity of many instruments, increased government debt, inflation, and disruptions to supply chains, consumer demand and employee availability, may continue for some time. Following Russia's invasion of Ukraine, Russian securities lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical or other events or conditions. |
|  | Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local |

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| and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. |
| The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China enters into military conflict with Taiwan, the Philippines or another neighbor, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down. |
| At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. |
| The market prices of the Fund's fixed income securities may fluctuate significantly when interest rates change. The value of your investment will generally go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. For example, if interest rates increase by 1%, the value of a Fund's portfolio with a portfolio duration of ten years would be expected to decrease by 10%, all other things being equal. A general rise in interest rates could adversely affect the price and liquidity of fixed income securities. The maturity of a security may be significantly longer than its effective duration. A security's maturity and other features may be more relevant than its effective duration in determining the security's sensitivity to other factors affecting the issuer or markets generally, such as changes in credit quality or in the yield premium that the market may establish for certain types of securities (sometimes called "credit spread"). In general, the longer its maturity the more a security may be susceptible to these factors. When the credit spread for a fixed income security goes up, or "widens", the value of the security will generally go down. |

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| If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults on its obligation to pay principal and/or interest, has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines, the value of your investment will typically decline. Changes in actual or perceived creditworthiness may occur quickly. The Fund could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. |
| The Fund's investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law or currency exchange restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Fund's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security. |
| Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia's military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other |

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| countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. |
| The Fund invests primarily in floating rate loans and other floating rate investments. Floating rate loans typically are rated below investment grade. Debt securities rated below-investment-grade are commonly referred to as "junk bonds" and are considered speculative with respect to the issuer's capacity to pay interest and repay principal. Below investment grade securities, including floating rate loans, involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities. |
| Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its assets (net assets plus borrowings for investment purposes) in senior floating rate loans. For purposes of the Fund's investment policies, senior floating rate loans include funds that invest primarily in senior floating rate loans. Floating rate loans and similar investments may be illiquid or less liquid than other investments and difficult to value. Market quotations for these securities may be volatile and/or subject to large spreads between bid and ask prices. |
| Certain securities in which the Fund invests, including floating rate loans, once sold, may not settle for an extended period (for example, several weeks or even longer). The Fund will not receive its sale proceeds until that time, which may constrain the Fund's ability to meet its obligations. The Fund may invest in securities of issuers that are in default or that are in bankruptcy. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. No active trading market may exist for many floating rate loans, and many loans are subject to restrictions on resale. Any secondary market may be subject to irregular trading activity and extended settlement periods. There is less readily available, reliable information about most floating rate loans than is the case for many other types of securities. Normally, the Adviser will seek to avoid receiving material, nonpublic information about the issuer of a loan either held by, or considered for investment by, the Fund, and this decision could adversely affect the Fund's investment performance. Loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections afforded by federal securities laws. |
| The Fund's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered |

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| Rate) or SOFR (Secured Overnight Financing Rate). ICE Benchmark Administration, the administrator of LIBOR, has ceased publication of most LIBOR settings on a representative basis. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. In the U.S., a common benchmark replacement is based on the SOFR published by the Federal Reserve Bank of New York, including certain spread adjustments and benchmark replacement conforming changes, although other benchmark replacements (without or without spread adjustments) may be used in certain transactions. The impact of the transition from LIBOR on the Fund's transactions and financial markets generally cannot yet be determined. The transition away from LIBOR may lead to increased volatility and illiquidity in markets for instruments that have relied on LIBOR and may adversely affect the Fund's performance. |
| The Fund is not limited in the percentage of its assets that may be invested in illiquid securities. Illiquid securities are securities that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the securities. |
| With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as the Fund's custodian and accounting agent, and the Fund's transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Fund's service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its net asset value, impediments to trading, the inability of Fund stockholders to effect share purchases or sales or receive distributions, loss of or unauthorized access to private stockholder information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any |

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|  | insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. |
| **F.** | **Restricted Securities** |
|  | Restricted Securities are subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. Private placement securities are generally considered to be restricted except for those securities traded between qualiﬁed institutional investors under the provisions of Rule 144A of the Securities Act of 1933. |
|  | Disposal of restricted investments may involve negotiations and expenses, and prompt sale at an acceptable price may be difﬁcult to achieve. Restricted investments held by the Fund at May 31, 2025 are listed in the Schedule of Investments. |
| **G.** | **Insurance-Linked Securities ("ILS")** |
|  | The Fund invests in ILS. The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as deﬁned within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events of a speciﬁc size or magnitude that occur in a designated geographic region during a speciﬁed time period, and/or that involve losses or other metrics that exceed a speciﬁc amount. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry signiﬁcant risk. The Fund is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude speciﬁed by the instrument. In addition to the speciﬁed trigger events, ILS may expose the Fund to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences. |
|  | The Fund's investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles ("SPVs") or similar instruments structured to comprise a portion of a reinsurer's catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to speciﬁc risks to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments also may include industry loss warranties ("ILWs"). A traditional ILW takes the form of a bilateral reinsurance contract, but |

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|  | there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments. |
|  | Where the ILS are based on the performance of underlying reinsurance contracts, the Fund has limited transparency into the individual underlying contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for the Adviser to fully evaluate the underlying risk profile of the Fund's structured reinsurance investments, and therefore the Fund's assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance instruments generally will be considered illiquid securities by the Fund. These securities may be difficult to purchase, sell or unwind. Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid asset, the Fund may be forced to sell at a loss. |
| **H.** | **Automatic Dividend Reinvestment Plan** |
|  | All stockholders whose shares are registered in their own names automatically participate in the Automatic Dividend Reinvestment Plan (the "Plan"), under which participants receive all dividends and capital gain distributions (collectively, dividends) in full and fractional shares of the Fund in lieu of cash. Stockholders may elect not to participate in the Plan. Stockholders 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 Equiniti Trust Company, LLC, formerly known as American Stock Transfer & Trust Company, the agent for stockholders in administering the Plan (the "Plan Agent"), in writing prior to any dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. |
|  | If a stockholder's shares are held in the name of a brokerage firm, bank or other nominee, the stockholder can ask the firm or nominee to participate in the Plan on the stockholder's behalf. If the firm or nominee does not offer the Plan, dividends will be paid in cash to the stockholder of record. A firm or nominee may reinvest a stockholder's cash dividends in shares of the Fund on terms that differ from the terms of the Plan. |
|  | Whenever the Fund declares a dividend on shares payable in cash, participants in the Plan will receive the equivalent in shares acquired by the Plan Agent either (i) through receipt of additional unissued but authorized shares from the Fund or (ii) by purchase of outstanding shares on the NYSE or elsewhere. If, on the payment date for any |

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|  | dividend, the net asset value per share is equal to or less than the market price per share plus estimated brokerage trading fees (market premium), the Plan Agent will invest the dividend amount in newly issued shares. The number of newly issued shares to be credited to each account will be determined by dividing the dollar amount of the dividend by the net asset value per share on the date the shares are issued, provided that the maximum discount from the then current market price per share on the date of issuance does not exceed 5%. If, on the payment date for any dividend, the net asset value per share is greater than the market value (market discount), the Plan Agent will invest the dividend amount in shares acquired in open-market purchases. There are no brokerage charges with respect to newly issued shares. However, each participant will pay a pro rata share of brokerage trading fees incurred with respect to the Plan Agent's open-market purchases. Participating in the Plan does not relieve stockholders from any federal, state or local taxes which may be due on dividends paid in any taxable year. Stockholders holding Plan shares in a brokerage account may be able to transfer the shares to another broker and continue to participate in the Plan. |
| **I.** | **Statement of Cash Flows** |
|  | Information on financial transactions which have been settled through the receipt or disbursement of cash or restricted cash is presented in the Statement of Cash Flows. Cash as presented in the Fund's Statement of Assets and Liabilities includes cash on hand at the Fund's custodian bank and does not include any short-term investments. For the six months ended May 31, 2025, the Fund had no restricted cash presented on the Statement of Assets and Liabilities. |
| **J.** | **Forward Foreign Currency Exchange Contracts** |
|  | The Fund may enter into forward foreign currency exchange contracts ("contracts") for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked-to-market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation is recorded in the Fund's financial statements. The Fund records realized gains and losses at the time a contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar (see Note 6). |

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| During the six months ended May 31, 2025, the Fund had entered into various forward foreign currency exchange contracts that obligated the Fund to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency exchange contract, the Fund may close out such contract by entering into an offsetting contract. |
| The average market value of forward foreign currency exchange contracts open during the six months ended May 31, 2025 was $199,551 and $1,103,959 for buys and sells, respectively. Open forward foreign currency exchange contracts outstanding at May 31, 2025 are listed in the Schedule of Investments. |

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2. Investment Advisory Agreement

The Adviser manages the Fund's portfolio. Until April 1, 2025, Amundi US served as the Fund's investment adviser. Management fees payable under the Fund's Investment Management Agreement with Amundi US were calculated daily and paid monthly at the annual rate of 0.70% of the Fund's average daily managed assets. "Managed assets" means (a) the total assets of the Fund, including any form of investment leverage, minus (b) all accrued liabilities incurred in the normal course of operations, which shall not include any liabilities or obligations attributable to investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of debt securities), (ii) the issuance of preferred stock or other similar preference securities, and/or (iii) any other means. For the six months ended May 31, 2025, the management fee was 0.70% (annualized) of the Fund's average daily managed assets, which was equivalent to 1.03% (annualized) of the Fund's average daily net assets.

Effective April 1, 2025, Victory Capital serves as the Fund's investment adviser under an interim investment advisory agreement (the "Interim Advisory Agreement") (see note 11). The Interim Advisory Agreement will be in effect until the earlier of (i) stockholder approval of a new investment advisory agreement with Victory Capital or (ii) 150 days after April 1, 2025 (August 29, 2025). The terms of the Interim Advisory Agreement (including fees) are substantially the same as the terms of the Fund's investment advisory agreement with Amundi US. Investment advisory fees payable under the Interim Advisory Agreement will be held in escrow during the term of the Interim Advisory Agreement. Victory Capital will be paid the lesser of (a) its costs incurred in performing its services under the Interim Investment Advisory Agreement and (b) the total amount of the escrow account, plus interest earned, if stockholders of the Fund do not approve a new investment advisory agreement with Victory Capital.

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Effective April 1, 2025 the Adviser has contractually agreed to reimburse expenses so that total annual fund operating expenses (excluding certain items such as interest, taxes, brokerage commissions) do not exceed 4.58%.

In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Reflected on the Statement of Assets and Liabilities is $109,138 in management fees payable to the Adviser at May 31, 2025.

3. Compensation of Officers and Directors

The Fund pays an annual fee to its Directors. The Adviser reimburses the Fund for fees paid to the Interested Directors. Except for the chief compliance officer, the Fund does not pay any salary or other compensation to its officers. The Fund pays a portion of the chief compliance officer's compensation for his services as the Fund's chief compliance officer. Amundi US pays the remaining portion of the chief compliance officer's compensation. For the six months ended May 31, 2025, the Fund paid $3,734 in Officers' and Directors' compensation, which is reflected on the Statement of Operations as Officers' and Directors' fees. At May 31, 2025, on its Statement of Assets and Liabilities, the Fund had a payable for Directors' fees of $1,251 and a payable for administrative expenses of $20,124, which includes the payable for Officers' compensation.

4. Transfer Agent

Equiniti Trust Company, LLC ("EQ"), serves as the transfer agent with respect to the Fund's common shares. The Fund pays EQ an annual fee as is agreed to from time to time by the Fund and EQ for providing such services.

In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to stockholder communications activities such as proxy and statement mailings and outgoing phone calls.

5. Master Netting Agreements

The Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all of its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs the trading of certain Over the Counter ("OTC") derivatives and typically contains, among other things, close-out and set- off provisions which apply upon the occurrence of an event of default and/or a termination event as deﬁned under the relevant ISDA Master

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Agreement. The ISDA Master Agreement may also give a party the right to terminate all transactions traded under such agreement if, among other things, there is deterioration in the credit quality of the other party.

Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close-out all transactions under such agreement and to net amounts owed under each transaction to determine one net amount payable by one party to the other. The right to close out and net payments across all transactions under the ISDA Master Agreement could result in a reduction of the Fund's credit risk to its counterparty equal to any amounts payable by the Fund under the applicable transactions, if any. However, the Fund's right to set-off may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which each speciﬁc ISDA Master Agreement of each counterparty is subject.

The collateral requirements for derivatives transactions under an ISDA Master Agreement are governed by a credit support annex to the ISDA Master Agreement. Collateral requirements are generally determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to threshold (a "minimum transfer amount") before a transfer is required, which may vary by counterparty. Collateral pledged for the beneﬁt of the Fund and/or counterparty is held in segregated accounts by the Fund's custodian and cannot be sold, re- pledged, assigned or otherwise used while pledged. Cash that has been segregated to cover the Fund's collateral obligations, if any, will be reported separately on the Statement of Assets and Liabilities as "Swaps collateral". Securities pledged by the Fund as collateral, if any, are identiﬁed as such in the Schedule of Investments.

Financial instruments subject to an enforceable master netting agreement, such as an ISDA Master Agreement, have been offset on the Statement of Assets and Liabilities. The following charts show gross liabilities of the Fund as of May 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Counterparty** | **Derivative<br>Liabilities<br>Subject to<br>Master Netting<br>Agreement** | **Derivatives<br>Available for<br>Offset** | **Non-Cash<br>Collateral<br>Pledged(a)** | **Cash<br>Collateral<br>Pledged(a)** | **Net Amount<br>of Derivative<br>Liabilities(b)** |
| &nbsp;&nbsp;State Street Bank<br>& Trust Co. | $$37480 | $— | $— | $— | $$37480 |
| &nbsp;&nbsp;**Total** | **$37480** | **$—** | **$—** | **$—** | **$37480** |

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(a) The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities cannot be less than $0.

(b) Represents the net amount payable to the counterparty in the event of default.

6. Additional Disclosures about Derivative Instruments and Hedging Activities

The Fund's use of derivatives may enhance or mitigate the Fund's exposure to the following risks:

Interest rate risk relates to the ﬂuctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Credit risk relates to the ability of the issuer of a ﬁnancial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

Foreign exchange rate risk relates to ﬂuctuations in the value of an asset or liability due to changes in currency exchange rates.

Equity risk relates to the ﬂuctuations in the value of ﬁnancial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange rate risk), whether caused by factors speciﬁc to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Commodity risk relates to the risk that the value of a commodity or commodity index will ﬂuctuate based on increases or decreases in the commodities market and factors speciﬁc to a particular industry or commodity.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at May 31, 2025, was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Statement of Assets<br>and Liabilities** | **Interest<br>Rate Risk** | **Credit<br>Risk** | **Foreign<br>Exchange<br>Rate Risk** | **Equity<br>Risk** | &nbsp;&nbsp;**Commodity<br>Risk** |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | $— | $— | $37480 | $— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | **$—** | **$—** | **$37480** | **$—** | &nbsp;&nbsp;**$—** |

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The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at May 31, 2025 was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Statement of Operations /<br>Statement of Cash Flows** | **Interest<br>Rate Risk** | **Credit<br>Risk** | **Foreign<br>Exchange<br>Rate Risk** | **Equity<br>Risk** | **Commodity<br>Risk** |
| &nbsp;&nbsp;**Net Realized Gain (Loss) on** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $— | $— | $37078 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | **$—** | **$—** | **$37078** | **$—** | **$—** |
| &nbsp;&nbsp;**Change in Net Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $— | $— | $(93574) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | **$—** | **$—** | **$(93574)** | **$—** | **$—** |

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7. Unfunded Loan Commitments

The Fund may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. A fee is earned by the Fund on the unfunded loan commitment and is recorded as interest income on the Statement of Operations. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Note 1A and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities.

As of May 31, 2025, the Fund had the following unfunded loan commitments outstanding:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Cost** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., First Lien 2025 Incremental Delayed Draw Term B Loan | &nbsp;&nbsp;$8650 | &nbsp;&nbsp;$8628 | &nbsp;&nbsp;$8594 | &nbsp;&nbsp;$(34) |
| &nbsp;&nbsp;Hanger, Inc., Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;107485 | &nbsp;&nbsp;&nbsp;&nbsp;107331 | &nbsp;&nbsp;&nbsp;&nbsp;107404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;Jupiter Buyer, Inc., Initial Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 |
| &nbsp;&nbsp;Savor Acquisition, Inc., Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
| &nbsp;&nbsp;**Total Value** | &nbsp;&nbsp;**$242207** | &nbsp;&nbsp;**$241507** | &nbsp;&nbsp;**$242560** | &nbsp;&nbsp;**$1053** |

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8. Fund Shares

There are 1,000,000,000 shares of common stock of the Fund ("common shares"), $0.001 par value per share authorized.

Transactions in common shares for the six months ended May 31, 2025 and the year ended November 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **5/31/25** | **11/30/24** |
| &nbsp;&nbsp;Shares outstanding at beginning of period | 12,374,933 | 12,374,933 |
| &nbsp;&nbsp;**Shares outstanding at end of period** | **12,374,933** | **12,374,933** |

---

9. Credit Agreement

From February 2, 2024 to May 31, 2025, the Fund was a party to a Credit Facility with TD Bank in the amount of $60,000,000 (the "TD Bank Credit Agreement").

Interest on borrowings was payable under the TD Bank Credit Agreement at Secured Overnight Financing Rate ("SOFR") plus 1.15% on an annualized basis.

At May 31, 2025, the Fund had borrowings outstanding under the TD Bank Credit Agreement totaling $60,000,000. The interest rate charged at May 31, 2025 was 5.48%. During the six months ended May 31, 2025, the average daily balance under the TD Bank Credit Agreement was $59,672,131 at an average interest rate of 5.59%. Interest expense of $1,672,038 in connection with the TD Bank Credit Agreement is included on the Statement of Operations.

The Fund is required to maintain 100% asset coverage with respect to amounts outstanding under the TD Bank Credit Agreement. Asset coverage is calculated by multiplying, for each eligible asset, the advance rate for such type of eligible asset, and the adjusted eligible asset value for such eligible asset, and dividing the product by the principal amount of the borrowing outstanding.

10. Tender Offer

The Fund announced a tender offer on August 31, 2020, and commenced the tender offer on November 23, 2020, pursuant to which the Fund offered to purchase up to 50% of the Fund's outstanding common shares (the "Shares") at a price per Share equal to 98.5% of the net asset value per Share as of the close of regular trading on the New York Stock Exchange ("NYSE") on the business day immediately following the expiration date of the tender offer. The tender offer expired on December 22, 2020. The tender

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offer was commenced pursuant to a settlement agreement made by the Board with Saba Capital Management, L.P. and certain associated parties.

The Fund accepted 12,369,087 duly tendered and not withdrawn Shares, representing approximately 50% of the Fund's outstanding Shares. The Shares accepted for tender were repurchased at a price of $11.0616, equal to 98.5% of the net asset value per Share of $11.23 as of the close of regular trading on the New York Stock Exchange on December 23, 2020, the pricing date stated in the Offer to Purchase. Because the total number of Shares tendered exceeded the number of Shares offered to purchase, all tendered Shares were subject to pro-ration in accordance with the terms of the Offer to Purchase. Under final pro-ration, 86.4% of the Shares tendered were accepted for payment, subject to adjustment for fractional shares. Payment for the accepted Shares was made on December 28, 2020. Following the purchase of the tendered Shares, the Fund had approximately 12,369,087 Shares outstanding.

11. Reorganization

Effective April 1, 2025, Amundi US, the Fund's former investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of Victory (the "Transaction"). All portfolio managers of Amundi US became employees of Victory Capital.

In connection with the Transaction, Fund stockholders were asked to approve a new investment advisory agreement with Victory Capital (the "New Advisory Agreement") at a special meeting originally scheduled for March 26, 2025 (the "Postponed Meeting"). The Fund postponed its meeting because it had not obtained a sufficient number of votes to approve the New Advisory Agreement.

Because stockholders did not approve the New Advisory Agreement prior to the closing of the Transaction, the Fund entered into an interim investment advisory agreement (the "Interim Advisory Agreement") with Victory Capital, which was approved by the Board and took effect upon the closing of the Transaction. The Interim Advisory Agreement allows Victory Capital to manage the Fund for up to 150 days following the closing of the Transaction (August 29, 2025). Please see Note 2. for additional information regarding the Interim Advisory Agreement.

After considering various options for the Fund, the Board has approved, and recommends that stockholders vote for, the liquidation of the Fund.

The Fund has filed a proxy statement with the U.S. Securities and Exchange Commission ("SEC") with respect to the proposal to liquidate the Fund. Copies of the Fund's proxy statement have been mailed to each stockholder of record of the Fund. Stockholders are advised to read the

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Fund's proxy statement because it contains important information. The proxy statement and other documents filed by the Fund are available free of charge on the SEC website, www.sec.gov.

In light of the Board's approval of a plan of liquidation for the Fund and its recommendation that stockholders of the Fund vote for liquidation pursuant to the plan, the Postponed Meeting will not be rescheduled.

On May 6, 2025, the Board of the Fund amended the Fund's bylaws to remove Article II, Section 13. That repealed Article II, Section 13 made the Fund subject to the Maryland Control Share Acquisition Act, which had the effect of limiting the voting rights in certain circumstances of a person who acquires more than a certain level of ownership of the Fund's common stock.

12. Subsequent Events

A monthly distribution was declared on June 4, 2025 of $0.0750 per share payable June 30, 2025 to stockholders of record on June 18, 2025.

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### Additional Information
Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may purchase, from time to time, its shares in the open market.

***Anti-takeover provisions. The Fund's Charter and Bylaws include provisions that are designed to limit the ability of other entities or persons to acquire control of the Fund for short-term objectives, including by converting the Fund to open-end status or changing the composition of the Board, that may be detrimental to the Fund's ability to achieve its primary investment objective of seeking to provide its common stockholders with a high level of current income exempt from regular federal income tax. These provisions include staggered terms of service for the Directors, advance notice requirements for stockholder proposals, and super-majority voting requirements for certain transactions with affiliates, open-ending the Fund or a merger, liquidation, asset sale or similar transaction.***

***Exclusive forum provisions. The Fund's Bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by the Fund's stockholders and provide that claims relating to causes of action under the United States federal securities laws may only be brought in the United States District Court for the District of Maryland, Northern Division, which could limit stockholders' ability to obtain a favorable judicial forum for disputes with the Fund or its directors, officers or the Fund's agents, if any, and could discourage lawsuits against the Fund and its directors, officers and agents, if any.***

The Fund's Bylaws provide that, unless the Fund consents in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division, will be the sole and exclusive forum for (a) any Internal Corporate Claim, as such term is defined in the MGCL, (b) any derivative action or proceeding brought on the Fund's behalf (other than actions arising under federal securities laws), (c) any action asserting a claim of breach of any duty owed by any of the Fund's directors, officers or other agents to the Fund or to the Fund's stockholders, (d) any action asserting a claim against the Fund or any of the Fund's directors, officers or other agents arising pursuant to any provision of the MGCL or the Fund's Charter or Bylaws or (e) any other action asserting a claim against the Fund or any of the Fund's directors, officers or other agents that is governed by the internal affairs doctrine. Furthermore, the Fund's Bylaws provide that, unless the Fund consents in writing to the selection of an alternative forum, the United States District

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Court for the District of Maryland, Northern Division shall, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any claim arising under the United States federal securities laws.

These exclusive forum provisions may limit the ability of the Fund's stockholders to bring a claim in a judicial forum that such stockholders find favorable for disputes with the Fund or the Fund's directors, officers, or agents, if any, which may discourage such lawsuits against the Fund and the Fund's directors, officers, and agents, if any. Alternatively, if a court were to find the choice of forum provisions contained in the Fund's Bylaws to be inapplicable or unenforceable in an action, the Fund may incur additional costs associated with resolving such action in other jurisdictions, which could materially adversely affect the Fund's business, financial condition, and operating results.

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### Approval of New Investment Advisory Agreement and Interim Investment Advisory Agreement with Victory Capital Management Inc.
Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Fund's previous investment adviser, has been contributed to Victory Capital Holdings, Inc. ("Victory Capital Holdings"), the parent company of Victory Capital Management Inc. ("Victory Capital") (the "Transaction"). As a result of the Transaction, the Fund's investment advisory agreement with Amundi US (the "Amundi US Investment Advisory Agreement") terminated automatically on April 1, 2025.

In connection with the Transaction, the Fund's Board of Directors (the "Board" or the "Directors") approved a new investment advisory agreement with Victory Capital (the "New Investment Advisory Agreement") at a Board meeting held on December 16, 2024, subject to approval by the Fund's stockholders. As of May 1, 2025, the Fund's stockholders had not approved the New Investment Advisory Agreement.

At the December 16, 2024 Board meeting, the Board also approved an interim investment advisory agreement with Victory Capital (the "Interim Investment Advisory Agreement") to take effect upon the closing of the Transaction in the event that additional time was needed to solicit stockholder approval of the New Investment Advisory Agreement.

The Board's considerations in approving the New Investment Advisory Agreement and the Interim Investment Advisory Agreement are discussed below.

#### Board Evaluation of the New Investment Advisory Agreement and Interim Investment Advisory Agreement
The Board evaluated the Transaction and the New Investment Advisory Agreement and Interim Investment Advisory Agreement for the Fund.

At in-person meetings held on May 14-15, 2024, July 22-23, 2024, September 16-17, 2024, November 12-13, 2024, and December 16, 2024, the Board met to consider the Transaction, including the plan to contribute Amundi US to Victory Capital Holdings in exchange for Amundi Asset Management S.A.S. ("Amundi") becoming a significant shareholder of Victory Capital Holdings, and to establish a long-term reciprocal distribution partnership between Amundi and Victory Capital. The Board was advised that the Transaction, if completed, would constitute a change

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of control under the 1940 Act that would result in the termination of the Amundi US Investment Advisory Agreement.

At these meetings, which included meetings of the full Board and separate meetings of the Independent Directors, and at video conferences of the Independent Directors held on May 23, 2024, June 24, 2024, August 19, 2024, October 29, 2024 and December 9, 2024, the Board or the Independent Directors, as the case may be, considered, among other things, whether it would be in the best interests of the Fund and its stockholders to approve the New Investment Advisory Agreement. To assist the Board in its consideration of the New Investment Advisory Agreement and the anticipated impacts of the Transaction on the Fund and its stockholders, Victory Capital provided materials and information about Victory Capital, including its financial condition and asset management capabilities and organization, and Victory Capital and Amundi provided materials and information about the proposed Transaction between Victory Capital and Amundi.

To assist the Board in its consideration of the New Investment Advisory Agreement, Victory Capital provided extensive information to the Board regarding the Transaction and the investment advisory services to be provided by Victory Capital under the New Investment Advisory Agreement. Before and during the December 16, 2024 meeting, the Board sought additional information as it deemed necessary and appropriate. In connection with their consideration of the New Investment Advisory Agreement, the Independent Directors worked with their independent legal counsel to prepare requests for additional information that were submitted to Victory Capital and Amundi US. The Board's requests for information sought information relevant to the Board's consideration of the New Investment Advisory Agreement and other anticipated impacts of the Transaction on the Fund and its stockholders. In addition, the Board formed a Transaction Sub-Committee, comprised solely of Independent Directors, to assist the Board in its consideration of the New Investment Advisory Agreement and the Transaction. The Board and the Transaction Sub-Committee met with senior management representatives of Victory Capital and Amundi US on numerous occasions to discuss various aspects of the Transaction, to review information provided to assist the Board in its consideration of the New Investment Advisory Agreement and the Transaction, and to make supplemental due diligence requests for additional information from Victory Capital and Amundi US with respect to the New Investment Advisory Agreement and the Transaction. Victory Capital and Amundi US provided documents and information in response to the requests from the Board and the Transaction Sub-Committee, as well as

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made presentations to, and responded to questions from, the Board and the Transaction Sub-Committee at various meetings.

Prior to voting on the New Investment Advisory Agreement, the Independent Directors reviewed the Transaction and the New Investment Advisory Agreement with representatives of Amundi US and Victory Capital, counsel to the Fund and counsel to the Independent Directors. The Independent Directors also reviewed the Transaction and the New Investment Advisory Agreement with their counsel in private sessions at which no representatives of Amundi US, Victory Capital or counsel to the Fund were present.

The Board's evaluation of the New Investment Advisory Agreement reflected the information provided specifically in connection with its review of the New Investment Advisory Agreement, as well as, where relevant, information that was previously furnished to the Board in connection with the renewal of the Amundi US Investment Advisory Agreement at in-person meetings held on September 17, 2024 and at other Board meetings throughout the prior year.

Among other things, the Directors considered:

(i) that, in the Transaction, Amundi US would be contributed to Victory Capital in exchange for shares of Victory Capital Holdings issued to Amundi without Amundi becoming a controlling stockholder of Victory Capital Holdings, and that Victory Capital and Amundi would establish a long-term reciprocal distribution partnership;

(ii) representations by Victory Capital regarding the reputation, experience, financial strength and resources of Victory Capital and its investment franchises;

(iii) that Victory Capital has informed the Board that the Transaction was not expected to have a material adverse impact on the nature, scope and overall quality of services provided to the Fund and its stockholders, including investment management, risk management, administrative, compliance, legal and other services;

(iv) that Victory Capital informed the Board that the portfolio managers of the Fund were expected to continue to act as portfolio managers of the Fund following the consummation of the Transaction as members of Pioneer Investments, a planned Victory Capital investment franchise, managing the Fund using the same investment approach under which the Fund was previously managed, and the Board considered the historical investment performance record of the Fund under such investment approach;

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(v) the non-investment resources, infrastructure and personnel of Victory Capital that would be involved in Victory Capital's services to the Fund, including Victory Capital's legal and operational structure, risk management, administrative, legal, compliance and cybersecurity functions;

(vi) that the Fund's contractual advisory fee rate would remain the same and would not increase by virtue of the New Investment Advisory Agreement;

(vii) the terms and conditions of the New Investment Advisory Agreement, including that the New Investment Advisory Agreement was substantially identical to the Amundi US Investment Advisory Agreement;

(viii) the terms of the Interim Investment Advisory Agreement (including fees) also are substantially the same as the terms of the Amundi US Investment Advisory Agreement, that the Interim Investment Agreement allows Victory Capital to manage each Fund for up to 150 days following the closing of the Transaction, and that investment advisory fees payable under the Interim Investment Advisory Agreement will be held in escrow during the term of the Interim Investment Advisory Agreement;

(ix) that the Directors had recently approved the continuance of the Amundi US Investment Advisory Agreement with Amundi US at an in-person meeting held on September 17, 2024 and, in connection with the Directors' review of the Amundi US Investment Advisory Agreement, received and considered full comparative fee and expense data;

(x) Victory Capital's plans to propose to transition from certain of the Fund's current service providers, including fund administration, to the Victory Funds' service providers following the consummation of the Transaction

(xi) that Victory Capital had agreed with the Board that, for at least three years after the Transaction closes, Victory Capital would waive fees and/or reimburse expenses so that the Fund's total net annual operating expenses (excluding certain customary items) does not exceed the lower of (i) the total net annual operating expenses associated with investing in the Fund after application of expense limitation arrangements currently in effect for the Fund, if any, or (ii) the total net annual operating expenses of the Fund as of the end of the Fund's most recent fiscal year at the time of the Transaction close, and that the contractual expense limitation agreement permits Victory Capital to recoup advisory fees waived and expenses reimbursed for up to two years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating

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expense limitation in effect at the time of: (1) the original waiver or expense reimbursement; or (2) recoupment, after giving effect to the recoupment amount;

(xii) that Victory Capital did not expect to propose any changes to the investment objective(s) of the Fund or any changes to the principal investment strategies of the Fund as a result of the Transaction;

(xiii) that Victory Capital had acquired and integrated several investment management companies;

(xiv) the potential benefits to the stockholders of the Fund, including continuity of portfolio management and operating efficiencies due to the greater scale of Victory Capital that may be achieved from the Transaction;

(xv) that Victory Capital and Amundi would each derive benefits from the Transaction and that, as a result, they had a financial interest in the matters that were being considered;

(xvi) that Victory Capital and Amundi had agreed to conduct, and use reasonable best efforts to cause their affiliates to conduct, their respective businesses in compliance with Section 15(f) of the 1940 Act so as not to impose an "unfair burden" on the Fund; and

(xvii) that the Fund would not bear the costs of obtaining stockholder approval of the New Investment Advisory Agreement, including proxy solicitation costs, legal fees and the costs of printing and mailing the proxy statement, regardless of whether the Transaction is consummated.

Certain of these considerations are discussed in more detail below.

The Directors also requested, obtained and considered the following information in connection with their evaluation of the Transaction and the New Investment Advisory Agreement for the Fund: (i) memoranda provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Directors in their deliberations regarding the New Investment Advisory Agreement; and (ii) the Fund's advisory fees and total expense ratios, the financial statements of Victory Capital, a profitability analysis provided by Victory Capital, and an analysis from Victory Capital as to possible economies of scale. The Directors further considered, materials provided in connection with their review of the Amundi US Investment Advisory Agreement, including, for the Fund, information regarding the qualifications of the investment management teams for the Fund, as well as the level of investment by the Fund's portfolio managers in the Fund. In addition, the Directors considered the information provided at regularly scheduled meetings throughout the year regarding the Fund's performance and risk attributes,

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including through meetings with investment management personnel, and took into account other information related to the Fund provided to the Directors at regularly scheduled meetings.

At the December 16, 2024, meeting, based on their evaluation of the information provided by Victory Capital and Amundi US, the Directors including the Independent Directors voting separately, approved the New Investment Advisory Agreement and the Interim Investment Advisory Agreement for the Fund. In considering the New Investment Advisory Agreement for the Fund, the Directors considered various factors that they determined were relevant, including the factors described below. The Directors did not identify any single factor as the controlling factor in their determinations. The Directors considered the same factors with respect to the Interim Investment Advisory Agreement for the Fund.

#### Nature, Extent and Quality of Services
The Directors considered the nature, extent and quality of the services that had been provided by Amundi US to the Fund and that were expected to be provided by Victory Capital to the Fund following the consummation of the Transaction, taking into account the investment objective(s) and principal investment strategies of the Fund.

The Board considered information provided by Victory Capital regarding its business and operating structure, scale of operations, leadership and reputation. The Board also considered the capabilities, resources, and personnel of Victory Capital, in order to determine whether Victory Capital was capable of providing the same level of investment management services provided to the Fund by Amundi US. The Board received information regarding Victory Capital's plans to integrate Amundi US investment personnel into Victory Capital as members of Pioneer Investments, a Victory Capital investment franchise. The Board noted that it had considered the qualifications of the portfolio managers at Amundi US at its September 17, 2024 Meeting.

The Directors considered Victory Capital's representation that there would be no change to the investment approach under which the Fund would be managed under the New Investment Advisory Agreement.

The Board considered the non-investment resources, infrastructure and personnel of Victory Capital that would be involved in Victory Capital's services to the Fund, including Victory Capital's compliance, risk management, cybersecurity and legal resources and personnel. The Board also reviewed information provided by Victory Capital related to its business, legal, and regulatory affairs, including information regarding the resources available to Victory Capital to provide the services specified

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under the New Investment Advisory Agreement. The Board also considered Victory Capital's financial condition, and noted that Victory Capital was expected to be able to provide a high level of service to the Fund and continuously invest and re-invest in its investment management business.

The Directors considered that Amundi US previously supervised and monitored the performance of the Fund's service providers and provided the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund's business management and operations, and considered the personnel and resources that Victory Capital proposed to provide with respect to such services. The Directors also considered that, as administrator, Amundi US was responsible for the administration of the Fund's business and other affairs and that, post-Transaction, Victory Capital would be responsible for the administration of the Fund's business and other affairs. The Directors considered that the fees Victory Capital would charge for administration services are higher than the fees that Amundi US received as reimbursement for services rendered, and considered Victory Capital's explanation of the reasons for the differences in administration fees charged by Victory Capital and Amundi US as well as the expense limitation arrangements proposed to be implemented for the Fund for at least three years following the completion of the Transaction.

The Directors considered that the terms and conditions of the New Investment Advisory Agreement were substantially similar to the terms and conditions of the Amundi US Investment Advisory Agreement, except for different execution dates, effective dates and termination dates. The Directors considered that the terms of the Interim Investment Advisory Agreement (including fees) also are substantially the same as the terms of the Amundi US Investment Advisory Agreement, that the Interim Investment Agreement allows Victory Capital to manage each Fund for up to 150 days following the closing of the Transaction, and that investment advisory fees payable under the Interim Investment Advisory Agreement will be held in escrow during the term of the Interim Investment Advisory Agreement.

The Directors received and considered information regarding the Victory Funds' key service providers, including custody, transfer agency and administration service providers, the fees charged by such service providers as compared to the fees charged by the Fund's current service providers, and Victory Capital's plans to propose the transition from certain of the Fund's current service providers to the Victory Funds' service providers following the consummation of the Transaction.

The Directors considered that Victory Capital had advised the Board that, notwithstanding the above, the Transaction was not expected to have a

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material adverse impact on the nature, scope and overall quality of services provided to the Fund and its stockholders, including investment advisory, risk management, administrative, compliance, legal and other services, as a result of the Transaction. In that regard, the Directors considered the statements by representatives of Victory Capital that they did not foresee major changes in the day-to-day investment management operations of the Fund as a direct result of the Transaction, and also considered the risk management, legal and compliance services that Victory Capital would provide with respect to the Fund.

Based on these considerations, the Directors concluded that the nature, extent and quality of services that are proposed to be provided by Victory Capital to the Fund would be satisfactory and consistent with the terms of the Investment Advisory Agreement.

#### Performance of the Trust
In considering the Fund's performance, the Directors regularly reviewed and discussed throughout the year data prepared by Amundi US and information comparing the Fund's performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Fund's benchmark index. The Directors also regularly considered the Fund's returns at market value relative to its peers, as well as the discount at which the Fund's shares may trade on the New York Stock Exchange compared to its net asset value per share. They also discussed the Fund's performance with Amundi US on a regular basis. The Directors' regular reviews and discussions factored into the Directors' deliberations concerning the approval of the New Investment Advisory Agreement.

In addition, the Board considered that the Fund's portfolio managers were expected to continue to act as portfolio managers of the Fund following the consummation of the Transaction as members of Pioneer Investments, a Victory Capital investment franchise. The Board also considered that no changes were proposed to the Fund's investment objective(s) or principal investment strategies in connection with the Transaction and the New Investment Advisory Agreement.

#### Advisory Fee and Expenses
The Directors noted that the advisory fee rate payable by the Fund was identical under the Amundi US Investment Advisory Agreement and the New Investment Advisory Agreement. The Directors considered information received in connection with the Directors' consideration of the renewal of the Amundi US Investment Advisory Agreement at in-person meetings held on September 17, 2024 showing the fees and expenses of the

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Fund in comparison to the advisory fees and expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Directors for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are organized in quintiles. Each quintile represents one-fifth of the peer group. In all peer group comparisons referred to below, first quintile is most favorable to the Fund's shareowners.

The Directors considered that the Fund's advisory fee (based on managed assets) for the Fund's fiscal year ended November 30, 2023 was in the first quintile relative to the advisory fees paid by other funds in its Strategic Insight peer group for the comparable period. The Directors considered that the expense ratio (based on managed assets) of the Fund's common stock for the most recent fiscal year was in the second quintile (including investment-related expenses) and in the second quintile (excluding investment-related expenses), in each case relative to its Strategic Insight peer group for the comparable period.

The Directors also considered Victory Capital's contractual commitment under the expense limitation agreement to waive fees and/or reimburse expenses for at least three years after the closing of the Transaction, so that the Fund's total net annual operating expenses (excluding certain customary items) does not exceed the lower of (i) the total net annual operating expenses associated with investing in the Fund after application of expense limitation arrangements currently in effect for the Fund, if any, or (ii) the total net annual operating expenses of the Fund as of the end of the Fund's most recent fiscal year, at the time the Transaction closes. The Directors considered that the expense limitation agreement permits Victory Capital to recoup advisory fees waived and expenses reimbursed for up to two years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limitation in effect at the time of: (1) the original waiver or expense reimbursement; or (2) recoupment, after giving effect to the recoupment amount.

The Directors also considered that Victory Capital does not manage closed-end funds except for the Pioneer closed-end funds.

The Directors concluded that the advisory fee payable by the Fund to Victory Capital under the New Investment Advisory Agreement was reasonable in relation to the nature and quality of the services to be provided by Victory Capital.

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#### Profitability
The Directors considered information provided by Victory Capital regarding the estimated profitability of Victory Capital with respect to the advisory services proposed to be provided by Victory Capital to the Fund, including the methodology used by Victory Capital in allocating certain of its costs to the management of the Fund. The Directors also considered Victory Capital's profit margins in connection with the overall operation of the Fund. The Board considered the investments Victory Capital expected to make to support and grow the Pioneer funds brand and the costs to integrate the Amundi US/Pioneer Funds business into Victory Capital. The Board also considered information regarding Victory Capital's profit margins with respect to the funds it currently manages. The Board considered Victory Capital's representation that the fully integrated Amundi US/Pioneer Funds business, including investments to support ongoing growth, was expected to have a positive impact on Victory Capital's overall financial profitability. The Directors considered Victory Capital's profit margins 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 Directors concluded that Victory Capital's estimated profitability with respect to the management of the Fund was not unreasonable.

#### Economies of Scale
The Directors considered the extent to which Victory Capital may realize economies of scale or other efficiencies in managing and supporting the Fund. Since the Fund is a closed-end fund that has not raised additional capital, the Directors concluded that economies of scale were not a relevant consideration in the renewal of the investment advisory agreement.

#### Other Benefits
The Directors considered the other benefits that Victory Capital may enjoy from its relationship with the Fund. The Directors considered the character and amount of fees to be paid by the Fund, other than under the New Investment Advisory Agreement, for services to be provided by Victory Capital and its affiliates. The Directors further considered the revenues and profitability of Victory Capital's businesses other than the Fund business. To the extent applicable, the Directors also considered the potential benefits to the Fund and to Victory Capital and its affiliates from the use of "soft" commission dollars generated by the Fund to pay for research and brokerage services.

The Directors noted that the completion of the Transaction would result in a long-term reciprocal distribution partnership between Amundi and

78Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

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Victory Capital, and that Victory Capital may benefit from Amundi's ability to market the services of Victory Capital globally, including in an increase of the overall scale of Victory Capital. The Directors considered that the Transaction, if completed, would significantly increase Victory Capital's assets under management and expand Victory Capital's investment capabilities. The Directors considered that this increased size and diversification could facilitate Victory Capital's continued investment in its business and products, which Victory Capital would be able to leverage across a broader base of assets. The Directors considered that Victory Capital and the Fund are expected to receive reciprocal intangible benefits from the relationship, including mutual brand recognition. The Directors concluded that any such benefits received by Victory Capital as a result of its relationship with the Fund were reasonable.

#### Conclusion
After consideration of the factors described above as well as other factors, the Directors, including the Independent Directors, concluded that the New Investment Advisory Agreement and the Interim Investment Advisory Agreement for the Fund, including the fees payable thereunder, were fair and reasonable and voted to approve the New Investment Advisory Agreement and the Interim Investment Advisory Agreement.

Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/2579

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Directors, Officers and Service Providers

#### Directors
Thomas J. Perna, Chairman

John E. Baumgardner, Jr.

David C. Brown

Diane Durnin

Benjamin M. Friedman

Craig C. MacKay

Lorraine H. Monchak

Fred J. Ricciardi

#### Officers
Thomas Dusenberry,

President

Scott A. Stahorsky,

Vice President

Patricia McClain,

Secretary

Carol D. Trevino,

Treasurer

#### Investment Adviser and Administrator Victory Capital Management Inc.

#### Custodian and Sub-Administrator The Bank of New York Mellon Corporation

#### Independent Registered Public Accounting Firm Deloitte & Touche LLP

#### Legal Counsel Morgan, Lewis & Bockius LLP

#### Transfer Agent Equiniti Trust Company, LLC
**Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-710-0935). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to stockholders at www.pioneerinvestments.com. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov.**

80Pioneer Floating Rate Fund, Inc. \| Semi-Annual \| 5/31/25

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### How to Contact Victory Capital
We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.

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| | |
|:---|:---|
| **You can call Equiniti Trust Company, LLC (EQ) for:** | **You can call Equiniti Trust Company, LLC (EQ) for:** |
| **Account Information** | &nbsp;&nbsp;&nbsp;&nbsp;**1-800-710-0935** |

---

---

| | |
|:---|:---|
| **Or write to AST:** | **Or write to AST:** |
| **For** | &nbsp;&nbsp;&nbsp;&nbsp;**Write to** |
| General inquiries, lost dividend checks, change of address, lost stock certificates, Transfer & Trust stock transfer | &nbsp;&nbsp;&nbsp;&nbsp;Equiniti Trust<br>Company, LLC<br>Operations Center<br>6201 15th Ave.<br>Brooklyn, NY 11219 |
| Dividend reinvestment plan (DRIP) | &nbsp;&nbsp;&nbsp;&nbsp;Equiniti Trust<br>Company, LLC<br>Wall Street Station<br>P.O. Box 922<br>New York, NY 10269-0560 |
| **Website** | &nbsp;&nbsp;&nbsp;&nbsp;**https://equiniti.com/us** |

---

#### For additional information, please contact your investment adviser or visit our web site www.pioneerinvestments.com.
**The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Stockholders may view the filed Form N-PORT by visiting the Commission's web site at http://www.sec.gov.**

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![](g11125img32b67ce41.gif)

Victory Capital Management Inc.

60 State Street

Boston, MA 02109

#### vcm.com© 2025 Victory Capital Management Inc. 19389-SFR-0725

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 19(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.

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(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:

&nbsp;&nbsp;&nbsp;&nbsp;(1) File with the Commission, pursuant to Item 19(a)(1), a copy of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR (see attachment);

&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;(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 19(2)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant's Board of Directors has determined that the registrant either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Has at least one audit committee financial expert serving on its audit committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Does not have an audit committee financial expert serving on its audit committee.

The registrant's Board of Directors has determined that the registrant has at least one audit committee financial expert.

&nbsp;&nbsp;&nbsp;&nbsp; (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 Directors, or any other board committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Be an "interested person" of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Mr. Fred J. Ricciardi, an independent Director, is such an audit committee financial expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

N/A

(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

N/A

(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

N/A

(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

N/A

(e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

PIONEER FUNDS

APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES

PROVIDED BY THE INDEPENDENT AUDITOR

SECTION I - POLICY PURPOSE AND APPLICABILITY

The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Amundi Asset Management US, Inc., the audit committee and the independent auditors.

The Funds recognize that a Fund's independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund's independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence.

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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.

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| | | |
|:---|:---|:---|
| SECTION II - POLICY | SECTION II - POLICY | SECTION II - POLICY |
| SERVICE<br> CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED<br> SERVICE SUBCATEGORIES |
| I. AUDIT SERVICES | Services that are directly related to performing the independent audit of the Funds | • Accounting research assistance<br>• SEC consultation, registration statements, and reporting<br>• Tax accrual related matters<br>• Implementation of new accounting standards<br>• Compliance letters (e.g. rating agency letters)<br>• Regulatory reviews and assistance regarding financial matters<br>• Semi-annual reviews (if requested)<br>• Comfort letters for closed end offerings |
| II. AUDIT-RELATED SERVICES | Services which are not prohibited under Rule 210.2-01(C)(4) (the "Rule") and are related extensions of the audit services support the 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.) | • AICPA attest and agreed-upon procedures<br>• Technology control assessments<br>• Financial reporting control assessments<br>• Enterprise security architecture assessment |

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| | |
|:---|:---|
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| • "One-time" pre-approval for the audit period for all pre-approved specific service subcategories. Approval of the independent auditors as auditors for a Fund shall constitute pre approval for these services. | • A summary of all such services and related fees reported at each regularly scheduled Audit Committee meeting. |
| • "One-time" pre-approval for the fund fiscal year within a specified dollar limit for all pre-approved specific service subcategories | • A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |
| • 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) |  |
| • 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" |  |

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SECTION III - POLICY DETAIL, CONTINUED

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| | | |
|:---|:---|:---|
| SERVICE CATEGORY | SERVICE CATEGORY<br> DESCRIPTION | SPECIFIC PRE-APPROVED<br> SERVICE<br> SUBCATEGORIES |
| III. TAX SERVICES | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. | • Tax planning and support<br>• Tax controversy assistance<br>• Tax compliance, tax returns, excise tax returns and support<br>• Tax opinions |

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| | |
|:---|:---|
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| • "One-time" pre-approval for the fund fiscal year within a specified dollar limit | • A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |
| • 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) |  |
| • 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" |  |

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SECTION III - POLICY DETAIL, CONTINUED

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| | | |
|:---|:---|:---|
| SERVICE CATEGORY | SERVICE CATEGORY<br> DESCRIPTION | SPECIFIC PRE-APPROVED<br> SERVICE<br> SUBCATEGORIES |
| IV. OTHER SERVICES<br>A. SYNERGISTIC, UNIQUE QUALIFICATIONS | Services which are not prohibited by the Rule, if an officer of the Fund 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. | • Business Risk Management support<br>• Other control and regulatory compliance projects |

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| | |
|:---|:---|
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| • "One-time" pre-approval for the fund fiscal year within a specified dollar limit | • A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |
| • 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) |  |
| • 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" |  |

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SECTION III - POLICY DETAIL, CONTINUED

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| | | |
|:---|:---|:---|
| SERVICE CATEGORY | SERVICE CATEGORY<br> DESCRIPTION | SPECIFIC PROHIBITED<br> SERVICE<br> SUBCATEGORIES |
| PROHIBITED SERVICES | Services which result in the auditors losing independence status under the Rule. | 1. Bookkeeping or other services related to the accounting records or financial statements of the audit client\* |
|  |  | 2. Financial information systems design and implementation\* |
|  |  | 3. Appraisal or valuation services, fairness\* opinions, or contribution-in-kind reports |
|  |  | 4. Actuarial services (i.e., setting actuarial reserves versus actuarial audit work)\* |
|  |  | 5. Internal audit outsourcing services\* |
|  |  | 6. Management functions or human resources |
|  |  | 7. Broker or dealer, investment advisor, or investment banking services |
|  |  | 8. Legal services and expert services unrelated to the audit |
|  |  | 9. Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible |

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| | |
|:---|:---|
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| • These services are not to be performed with the exception of the(\*) services that may be permitted if they would not be subject to audit procedures at the audit client (as defined in rule 2-01(f)(4)) level the firm providing the service. | • A summary of all services and related fees reported at each regularly scheduled Audit Committee meeting will serve as continual confirmation that has not provided any restricted services. |

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GENERAL AUDIT COMMITTEE APPROVAL POLICY:

• 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.

• 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.

• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

N/A

(g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

N/A

(h) Disclose whether the registrants audit committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

The Fund's audit committee of the Board of Directors 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.

(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has

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determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.

N/A

(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:

(1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant;

N/A

(2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized;

N/A

(3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant;

N/A

(4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant;

N/A

(5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.

N/A

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ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire Board of Directors is acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

N/A

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.

N/A

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Included in Item 1

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

N/A

ITEM 9. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. (Unaudited)

N/A

Item 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. (Unaudited)

Each Board Member also serves as a Board Member of other Funds in the Pioneer Family of Funds complex. Annual retainer fees and attendance fees are allocated to each Fund based on net assets. Directors' fees paid by the Fund are within Item 1. Statement of Operations as Directors' fees and expenses.

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Item 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESMENT ADVISORY CONTRACT. (Unaudited)

#### Approval of New Investment Advisory Agreement and Interim Investment Advisory Agreement

#### with Victory Capital Management Inc.
Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Fund's previous investment adviser, has been contributed to Victory Capital Holdings, Inc. ("Victory Capital Holdings"), the parent company of Victory Capital Management Inc. ("Victory Capital") (the "Transaction"). As a result of the Transaction, the Fund's investment advisory agreement with Amundi US (the "Amundi US Investment Advisory Agreement") terminated automatically on April 1, 2025.

In connection with the Transaction, the Fund's Board of Directors (the "Board" or the "Directors") approved a new investment advisory agreement with Victory Capital (the "New Investment Advisory Agreement") at a Board meeting held on December 16, 2024, subject to approval by the Fund's stockholders. As of May 1, 2025, the Fund's stockholders had not approved the New Investment Advisory Agreement.

At the December 16, 2024 Board meeting, the Board also approved an interim investment advisory agreement with Victory Capital (the "Interim Investment Advisory Agreement") to take effect upon the closing of the Transaction in the event that additional time was needed to solicit stockholder approval of the New Investment Advisory Agreement.

The Board's considerations in approving the New Investment Advisory Agreement and the Interim Investment Advisory Agreement are discussed below.

#### Board Evaluation of the New Investment Advisory Agreement and Interim Investment Advisory Agreement
The Board evaluated the Transaction and the New Investment Advisory Agreement and Interim Investment Advisory Agreement for the Fund.

At in-person meetings held on May 14-15, 2024, July 22-23, 2024, September 16-17, 2024, November 12-13, 2024, and December 16, 2024, the Board met to consider the Transaction, including the plan to contribute Amundi US to Victory Capital Holdings in exchange for Amundi Asset Management S.A.S. ("Amundi") becoming a significant shareholder of Victory Capital Holdings, and to establish a long-term reciprocal distribution partnership between Amundi and Victory Capital. The Board was advised that the Transaction, if completed, would constitute a change of control under the 1940 Act that would result in the termination of the Amundi US Investment Advisory Agreement.

At these meetings, which included meetings of the full Board and separate meetings of the Independent Directors, and at video conferences of the Independent Directors held on May 23, 2024, June 24, 2024, August 19, 2024, October 29, 2024 and December 9, 2024, the Board or the Independent Directors, as the case may be, considered, among other things, whether it would be in the best interests of the Fund and its stockholders to approve the New Investment Advisory Agreement. To assist the Board in its consideration of the New Investment Advisory Agreement and the anticipated impacts of the Transaction on the Fund and its stockholders, Victory Capital provided materials and information about Victory Capital, including its financial condition and asset management capabilities and organization, and Victory Capital and Amundi provided materials and information about the proposed Transaction between Victory Capital and Amundi.

To assist the Board in its consideration of the New Investment Advisory Agreement, Victory Capital provided extensive information to the Board regarding the Transaction and the investment advisory services to be provided by Victory Capital under the New Investment Advisory Agreement. Before and during the December 16, 2024 meeting, the Board sought additional information as it deemed necessary and appropriate. In connection with their consideration of the New Investment Advisory

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Agreement, the Independent Directors worked with their independent legal counsel to prepare requests for additional information that were submitted to Victory Capital and Amundi US. The Board's requests for information sought information relevant to the Board's consideration of the New Investment Advisory Agreement and other anticipated impacts of the Transaction on the Fund and its stockholders. In addition, the Board formed a Transaction Sub-Committee, comprised solely of Independent Directors, to assist the Board in its consideration of the New Investment Advisory Agreement and the Transaction. The Board and the Transaction Sub-Committee met with senior management representatives of Victory Capital and Amundi US on numerous occasions to discuss various aspects of the Transaction, to review information provided to assist the Board in its consideration of the New Investment Advisory Agreement and the Transaction, and to make supplemental due diligence requests for additional information from Victory Capital and Amundi US with respect to the New Investment Advisory Agreement and the Transaction. Victory Capital and Amundi US provided documents and information in response to the requests from the Board and the Transaction Sub-Committee, as well as made presentations to, and responded to questions from, the Board and the Transaction Sub-Committee at various meetings.

Prior to voting on the New Investment Advisory Agreement, the Independent Directors reviewed the Transaction and the New Investment Advisory Agreement with representatives of Amundi US and Victory Capital, counsel to the Fund and counsel to the Independent Directors. The Independent Directors also reviewed the Transaction and the New Investment Advisory Agreement with their counsel in private sessions at which no representatives of Amundi US, Victory Capital or counsel to the Fund were present.

The Board's evaluation of the New Investment Advisory Agreement reflected the information provided specifically in connection with its review of the New Investment Advisory Agreement, as well as, where relevant, information that was previously furnished to the Board in connection with the renewal of the Amundi US Investment Advisory Agreement at in-person meetings held on September 17, 2024 and at other Board meetings throughout the prior year.

Among other things, the Directors considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that, in the Transaction, Amundi US would be contributed to Victory Capital in exchange for shares of Victory Capital Holdings issued to Amundi without Amundi becoming a controlling stockholder of Victory Capital Holdings, and that Victory Capital and Amundi would establish a long-term reciprocal distribution partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) representations by Victory Capital regarding the reputation, experience, financial strength and resources of Victory Capital and its investment franchises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that Victory Capital has informed the Board that the Transaction was not expected to have a material adverse impact on the nature, scope and overall quality of services provided to the Fund and its stockholders, including investment management, risk management, administrative, compliance, legal and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that Victory Capital informed the Board that the portfolio managers of the Fund were expected to continue to act as portfolio managers of the Fund following the consummation of the Transaction as members of Pioneer Investments, a planned Victory Capital investment franchise, managing the Fund using the same investment approach under which the Fund was previously managed, and the Board considered the historical investment performance record of the Fund under such investment approach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the non-investment resources, infrastructure and personnel of Victory Capital that would be involved in Victory Capital's services to the Fund, including Victory Capital's legal and operational structure, risk management, administrative, legal, compliance and cybersecurity functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) that the Fund's contractual advisory fee rate would remain the same and would not increase by virtue of the New Investment Advisory Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the terms and conditions of the New Investment Advisory Agreement, including that the New Investment Advisory Agreement was substantially identical to the Amundi US Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the terms of the Interim Investment Advisory Agreement (including fees) also are substantially the same as the terms of the Amundi US Investment Advisory Agreement, that the Interim Investment Agreement allows Victory Capital to manage each Fund for up to 150 days following the closing of the Transaction, and that investment advisory fees payable under the Interim Investment Advisory Agreement will be held in escrow during the term of the Interim Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) that the Directors had recently approved the continuance of the Amundi US Investment Advisory Agreement with Amundi US at an in-person meeting held on September 17, 2024 and, in connection with the Directors' review of the Amundi US Investment Advisory Agreement, received and considered full comparative fee and expense data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Victory Capital's plans to propose to transition from certain of the Fund's current service providers, including fund administration, to the Victory Funds' service providers following the consummation of the Transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) that Victory Capital had agreed with the Board that, for at least three years after the Transaction closes, Victory Capital would waive fees and/or reimburse expenses so that the Fund's total net annual operating expenses (excluding certain customary items) does not exceed the lower of (i) the total net annual operating expenses associated with investing in the Fund after application of expense limitation arrangements currently in effect for the Fund, if any, or (ii) the total net annual operating expenses of the Fund as of the end of the Fund's most recent fiscal year at the time of the Transaction close, and that the contractual expense limitation agreement permits Victory Capital to recoup advisory fees waived and expenses reimbursed for up to two years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limitation in effect at the time of: (1) the original waiver or expense reimbursement; or (2) recoupment, after giving effect to the recoupment amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) that Victory Capital did not expect to propose any changes to the investment objective(s) of the Fund or any changes to the principal investment strategies of the Fund as a result of the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) that Victory Capital had acquired and integrated several investment management companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the potential benefits to the stockholders of the Fund, including continuity of portfolio management and operating efficiencies due to the greater scale of Victory Capital that may be achieved from the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) that Victory Capital and Amundi would each derive benefits from the Transaction and that, as a result, they had a financial interest in the matters that were being considered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) that Victory Capital and Amundi had agreed to conduct, and use reasonable best efforts to cause their affiliates to conduct, their respective businesses in compliance with Section 15(f) of the 1940 Act so as not to impose an "unfair burden" on the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) that the Fund would not bear the costs of obtaining stockholder approval of the New Investment Advisory Agreement, including proxy solicitation costs, legal fees and the costs of printing and mailing the proxy statement, regardless of whether the Transaction is consummated.

Certain of these considerations are discussed in more detail below.

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The Directors also requested, obtained and considered the following information in connection with their evaluation of the Transaction and the New Investment Advisory Agreement for the Fund: (i) memoranda provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Directors in their deliberations regarding the New Investment Advisory Agreement; and (ii) the Fund's advisory fees and total expense ratios, the financial statements of Victory Capital, a profitability analysis provided by Victory Capital, and an analysis from Victory Capital as to possible economies of scale. The Directors further considered, materials provided in connection with their review of the Amundi US Investment Advisory Agreement, including, for the Fund, information regarding the qualifications of the investment management teams for the Fund, as well as the level of investment by the Fund's portfolio managers in the Fund. In addition, the Directors considered the information provided at regularly scheduled meetings throughout the year regarding the Fund's performance and risk attributes, including through meetings with investment management personnel, and took into account other information related to the Fund provided to the Directors at regularly scheduled meetings.

At the December 16, 2024, meeting, based on their evaluation of the information provided by Victory Capital and Amundi US, the Directors including the Independent Directors voting separately, approved the New Investment Advisory Agreement and the Interim Investment Advisory Agreement for the Fund. In considering the New Investment Advisory Agreement for the Fund, the Directors considered various factors that they determined were relevant, including the factors described below. The Directors did not identify any single factor as the controlling factor in their determinations. The Directors considered the same factors with respect to the Interim Investment Advisory Agreement for the Fund.

**Nature, Extent and Quality of Services.** The Directors considered the nature, extent and quality of the services that had been provided by Amundi US to the Fund and that were expected to be provided by Victory Capital to the Fund following the consummation of the Transaction, taking into account the investment objective(s) and principal investment strategies of the Fund.

The Board considered information provided by Victory Capital regarding its business and operating structure, scale of operations, leadership and reputation. The Board also considered the capabilities, resources, and personnel of Victory Capital, in order to determine whether Victory Capital was capable of providing the same level of investment management services provided to the Fund by Amundi US. The Board received information regarding Victory Capital's plans to integrate Amundi US investment personnel into Victory Capital as members of Pioneer Investments, a Victory Capital investment franchise. The Board noted that it had considered the qualifications of the portfolio managers at Amundi US at its September 17, 2024 Meeting.

The Directors considered Victory Capital's representation that there would be no change to the investment approach under which the Fund would be managed under the New Investment Advisory Agreement.

The Board considered the non-investment resources, infrastructure and personnel of Victory Capital that would be involved in Victory Capital's services to the Fund, including Victory Capital's compliance, risk management, cybersecurity and legal resources and personnel. The Board also reviewed information provided by Victory Capital related to its business, legal, and regulatory affairs, including information regarding the resources available to Victory Capital to provide the services specified under the New Investment Advisory Agreement. The Board also considered Victory Capital's financial condition, and noted that Victory Capital was expected to be able to provide a high level of service to the Fund and continuously invest and re-invest in its investment management business.

The Directors considered that Amundi US previously supervised and monitored the performance of the Fund's service providers and provided the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund's business management and operations, and considered the personnel and resources that Victory Capital proposed to provide with respect to such services. The Directors also considered that, as administrator, Amundi US was responsible for the administration of the Fund's business and other affairs and that, post-Transaction, Victory Capital would be responsible for the

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administration of the Fund's business and other affairs. The Directors considered that the fees Victory Capital would charge for administration services are higher than the fees that Amundi US received as reimbursement for services rendered, and considered Victory Capital's explanation of the reasons for the differences in administration fees charged by Victory Capital and Amundi US as well as the expense limitation arrangements proposed to be implemented for the Fund for at least three years following the completion of the Transaction.

The Directors considered that the terms and conditions of the New Investment Advisory Agreement were substantially similar to the terms and conditions of the Amundi US Investment Advisory Agreement, except for different execution dates, effective dates and termination dates. The Directors considered that the terms of the Interim Investment Advisory Agreement (including fees) also are substantially the same as the terms of the Amundi US Investment Advisory Agreement, that the Interim Investment Agreement allows Victory Capital to manage each Fund for up to 150 days following the closing of the Transaction, and that investment advisory fees payable under the Interim Investment Advisory Agreement will be held in escrow during the term of the Interim Investment Advisory Agreement.

The Directors received and considered information regarding the Victory Funds' key service providers, including custody, transfer agency and administration service providers, the fees charged by such service providers as compared to the fees charged by the Fund's current service providers, and Victory Capital's plans to propose the transition from certain of the Fund's current service providers to the Victory Funds' service providers following the consummation of the Transaction.

The Directors considered that Victory Capital had advised the Board that, notwithstanding the above, the Transaction was not expected to have a material adverse impact on the nature, scope and overall quality of services provided to the Fund and its stockholders, including investment advisory, risk management, administrative, compliance, legal and other services, as a result of the Transaction. In that regard, the Directors considered the statements by representatives of Victory Capital that they did not foresee major changes in the day-to-day investment management operations of the Fund as a direct result of the Transaction, and also considered the risk management, legal and compliance services that Victory Capital would provide with respect to the Fund.

Based on these considerations, the Directors concluded that the nature, extent and quality of services that are proposed to be provided by Victory Capital to the Fund would be satisfactory and consistent with the terms of the Investment Advisory Agreement.

**Performance of the Fund.** In considering the Fund's performance, the Directors regularly reviewed and discussed throughout the year data prepared by Amundi US and information comparing the Fund's performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Fund's benchmark index. The Directors also regularly considered the Fund's returns at market value relative to its peers, as well as the discount at which the Fund's shares may trade on the New York Stock Exchange compared to its net asset value per share. They also discussed the Fund's performance with Amundi US on a regular basis. The Directors' regular reviews and discussions factored into the Directors' deliberations concerning the approval of the New Investment Advisory Agreement.

In addition, the Board considered that the Fund's portfolio managers were expected to continue to act as portfolio managers of the Fund following the consummation of the Transaction as members of Pioneer Investments, a Victory Capital investment franchise. The Board also considered that no changes were proposed to the Fund's investment objective(s) or principal investment strategies in connection with the Transaction and the New Investment Advisory Agreement.

**Advisory Fee and Expenses.** The Directors noted that the advisory fee rate payable by the Fund was identical under the Amundi US Investment Advisory Agreement and the New Investment Advisory Agreement. The Directors considered information received in connection with the Directors' consideration of the renewal of the Amundi US Investment Advisory Agreement at in-person meetings held on September 17, 2024 showing the fees and expenses of the Fund in comparison to the advisory

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fees and expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Directors for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are organized in quintiles. Each quintile represents one-fifth of the peer group. In all peer group comparisons referred to below, first quintile is most favorable to the Fund's shareowners.

The Directors considered that the Fund's advisory fee (based on managed assets) for the Fund's fiscal year ended November 30, 2023 was in the first quintile relative to the advisory fees paid by other funds in its Strategic Insight peer group for the comparable period. The Directors considered that the expense ratio (based on managed assets) of the Fund's common stock for the most recent fiscal year was in the second quintile (including investment-related expenses) and in the second quintile (excluding investment-related expenses), in each case relative to its Strategic Insight peer group for the comparable period.

The Directors also considered Victory Capital's contractual commitment under the expense limitation agreement to waive fees and/or reimburse expenses for at least three years after the closing of the Transaction, so that the Fund's total net annual operating expenses (excluding certain customary items) does not exceed the lower of (i) the total net annual operating expenses associated with investing in the Fund after application of expense limitation arrangements currently in effect for the Fund, if any, or (ii) the total net annual operating expenses of the Fund as of the end of the Fund's most recent fiscal year, at the time the Transaction closes. The Directors considered that the expense limitation agreement permits Victory Capital to recoup advisory fees waived and expenses reimbursed for up to two years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limitation in effect at the time of: (1) the original waiver or expense reimbursement; or (2) recoupment, after giving effect to the recoupment amount.

The Directors also considered that Victory Capital does not manage closed-end funds except for the Pioneer closed-end funds.

The Directors concluded that the advisory fee payable by the Fund to Victory Capital under the New Investment Advisory Agreement was reasonable in relation to the nature and quality of the services to be provided by Victory Capital.

**Profitability.** The Directors considered information provided by Victory Capital regarding the estimated profitability of Victory Capital with respect to the advisory services proposed to be provided by Victory Capital to the Fund, including the methodology used by Victory Capital in allocating certain of its costs to the management of the Fund. The Directors also considered Victory Capital's profit margins in connection with the overall operation of the Fund. The Board considered the investments Victory Capital expected to make to support and grow the Pioneer funds brand and the costs to integrate the Amundi US/Pioneer Funds business into Victory Capital. The Board also considered information regarding Victory Capital's profit margins with respect to the funds it currently manages. The Board considered Victory Capital's representation that the fully integrated Amundi US/Pioneer Funds business, including investments to support ongoing growth, was expected to have a positive impact on Victory Capital's overall financial profitability. The Directors considered Victory Capital's profit margins 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 Directors concluded that Victory Capital's estimated profitability with respect to the management of the Fund was not unreasonable.

**Economies of Scale.** The Directors considered the extent to which Victory Capital may realize economies of scale or other efficiencies in managing and supporting the Fund. Since the Fund is a closed-end fund that has not raised additional capital, the Directors concluded that economies of scale were not a relevant consideration in the renewal of the investment advisory agreement.

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**Other Benefits.** The Directors considered the other benefits that Victory Capital may enjoy from its relationship with the Fund. The Directors considered the character and amount of fees to be paid by the Fund, other than under the New Investment Advisory Agreement, for services to be provided by Victory Capital and its affiliates. The Directors further considered the revenues and profitability of Victory Capital's businesses other than the Fund business. To the extent applicable, the Directors also considered the potential benefits to the Fund and to Victory Capital and its affiliates from the use of "soft" commission dollars generated by the Fund to pay for research and brokerage services.

The Directors noted that the completion of the Transaction would result in a long-term reciprocal distribution partnership between Amundi and Victory Capital, and that Victory Capital may benefit from Amundi's ability to market the services of Victory Capital globally, including in an increase of the overall scale of Victory Capital. The Directors considered that the Transaction, if completed, would significantly increase Victory Capital's assets under management and expand Victory Capital's investment capabilities. The Directors considered that this increased size and diversification could facilitate Victory Capital's continued investment in its business and products, which Victory Capital would be able to leverage across a broader base of assets. The Directors considered that Victory Capital and the Fund are expected to receive reciprocal intangible benefits from the relationship, including mutual brand recognition. The Directors concluded that any such benefits received by Victory Capital as a result of its relationship with the Fund were reasonable.

**Conclusion.** After consideration of the factors described above as well as other factors, the Directors, including the Independent Directors, concluded that the New Investment Advisory Agreement and the Interim Investment Advisory Agreement for the Fund, including the fees payable thereunder, were fair and reasonable and voted to approve the New Investment Advisory Agreement and the Interim Investment Advisory Agreement.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. (Unaudited)

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company's investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company's investment adviser, or any other third party, that the company uses, or that are used on the company's behalf, to determine how to vote proxies relating to portfolio securities.

N/A

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the following information:

(1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment adviser of the registrant who are primarily responsible for the day-to-day management of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio Manager's business experience during the past 5 years.

N/A

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ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any affiliated purchaser, as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

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 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's Board of Directors since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A) in its definitive proxy statement, or this item.

ITEM 16. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive and principal financials officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on the evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

There were no significant changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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Item 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) If the registrant is a closed-end management investment company, provide the following dollar amounts of income and compensation related to the securities lending activities of the registrant during its most recent fiscal year:

N/A

(1) Gross income from securities lending activities;

N/A

(2) All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) (revenue split); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees;

N/A

(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and

N/A

(4) Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)).

If a fee for a service is included in the revenue split, state that the fee is included in the revenue split.

N/A

(b) If the registrant is a closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the registrants most recent fiscal year.

N/A

Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

N/A

ITEM 19. EXHIBITS.

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

[(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.](d11125dex99codeeth.htm)

[(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) , exactly as set forth below:](d11125dex99cert.htm)

Filed herewith.

[(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d11125dex99906cert.htm)

(3) Not applicable.

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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 Fund, Inc.

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| |
|:---|
| By (Signature and Title)\* /s/ Thomas Dusenberry |
| Thomas Dusenberry, President and Principal Executive Officer |

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Date August 7, 2025

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.

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| |
|:---|
| By (Signature and Title)\* /s/ Thomas Dusenberry |
| Thomas Dusenberry, President and Principal Executive Officer |

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Date August 7, 2025

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| |
|:---|
| By (Signature and Title)\* /s/ Carol D. Trevino |
| Carol D. Trevino, Treasurer Principal Financial Officer |

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Date August 7, 2025

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

## Ex-99.Code

**VICTORY PORTFOLIOS IV** 

**VICTORY VARIABLE INSURANCE FUNDS II** 

**(together with their series portfolios, collectively, the "Open-End Funds")** 

**PIONEER FLOATING RATE FUND, INC.** 

**PIONEER HIGH INCOME FUND, INC.** 

**PIONEER DIVERSIFIED HIGH INCOME FUND, INC.** 

**PIONEER MUNICIPAL HIGH INCOME FUND, INC.** 

**PIONEER MUNICIPAL HIGH INCOME ADVANTAGE FUND, INC.** 

**PIONEER MUNICIPAL HIGH INCOME OPPORTUNITIES FUND, INC.** 

**PIONEER ILS INTERVAL FUND** 

**(COLLECTIVELY, THE "CLOSED-END FUNDS")** 

**(TOGETHER WITH THE OPEN-END FUNDS, COLLECTIVELY, THE "FUNDS")** 

**CODE OF CONDUCT** 

**FOR PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER** 

**I.** **Covered Officers/Purpose of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** This Code of Conduct (the "Code") applies to the Principal Executive Officer and Principal Financial Officer of the Funds, and the "Covered Officers", each of whom is set forth in Exhibit A, for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

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**II.** **Covered Officers Should Handle Ethically Any Actual or Apparent Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trusts. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his or her position with the Trusts.

Certain conflicts of interest that could arise out of the relationships between Covered Officers and the Trusts already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trusts because of their status as "affiliated persons" of the Trusts. The Trusts' and their investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise or result from the contractual relationship between the Trusts and the investment adviser and the administrator, whose officers or employees also serve as Covered Officers. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trusts or for the adviser or the administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser, the administrator and the Trusts. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the adviser, the administrator and the Trusts and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by each Trust's Board of Trustees (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act. Section C describes the types of conflicts of interest that are covered under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Obligations of Covered Officers.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Trusts whereby the Covered Officer would benefit personally to the detriment of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Not cause the Trusts to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Report at least annually outside business affiliations or other relationships (*e.g.,* officer, director,
governor, trustee, part-time employment) other than his or her relationship to the Trusts, the investment adviser and the administrator.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Conflicts of interest.** When a Covered Person becomes aware of a situation that could involve a conflict of interest, or that could reasonably be considered an appearance of a conflict of interest, the Covered Person should disclose this matter to the Chief Compliance Officer. For purposes of this Code, the Chief Compliance Officer shall be the Chief Compliance Officer of Victory Capital Management Inc. ("VCM"). Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Service as a director on the board of any public or private company; The receipt, as an officer of the Trusts,
of any gift in excess of $100;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The receipt of any entertainment from any company with which the Trusts have current or prospective business
dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any ownership interest in, or any consulting or employment relationship with, any of the Trusts' service
providers, other than their investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trusts for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Conflicts of interest not specifically enumerated.** It is impractical to attempt to list in this Code all possible situations that could result in a conflict of interest. If a proposed transaction, interest, personal activity, or investment raises any concerns, questions or doubts, a Covered Officer should consult with the Chief Compliance Officer before engaging in such transaction or investment or pursuing such interest or activity. The Chief Compliance Officer shall review the facts and circumstances of the actual or potential conflict of interest in accordance with Section IV of these Procedures.

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trusts to others, whether within or outside the Trusts, including to the Trusts' Trustees and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trusts, the adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Responsibilities and conduct.** Each Covered Officer must

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the appropriate Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually thereafter affirm to the appropriate Board that he or she has complied with the requirements of the
Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Not retaliate against any other Covered Officer or any employee of the Trusts or their affiliated persons for
reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Notify the Chief Compliance Officer promptly if he or she knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Chief Compliance Officer.** The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. Based on its review, the Chief Compliance Officer shall advise the Covered Officer that the proposed transaction, investment, interest or activity: (i) would not violate this Code; (ii) would not violate this Code only if conducted in a particular manner and/or subject to certain conditions or safeguards; or (iii) would violate the Code and is, therefore, prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Waivers.** A Covered Officer may request a waiver from a provision of this Code if there is a reasonable likelihood that a contemplated action would not involve an actual conflict of interest that this Code is designed to prevent. The Audit and Risk Oversight Committee of the Board (the "Committee") shall review and act upon any request for a waiver from any provision of the Code. The Committee shall disclose any waiver from a provision of the Code to the extent required by SEC rules or any other policy of the Trusts or VCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Enforcing the Code of Conduct.** The Trusts will adhere to the following procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Chief Compliance Officer will take all appropriate action to investigate any potential violations reported
to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If, after such investigation, the Chief Compliance Officer believes that no violation has occurred, no further
action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any matter that the Chief Compliance Officer believes is a violation shall be reported to the Committee; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If the Committee concurs that a violation has occurred, it will inform the Board and make a recommendation of
appropriate courses of action. The Board will consider and take appropriate action regarding the violation. The Board may among other things, notify VCM, the Trust's administrator, or their Boards of Directors; recommend the assessment of a
monetary penalty against the Covered Person; issue a formal written reprimand to, or recommend the dismissal of, the Covered Officer; require additional training by the violator; or recommend modifications to the Trust's policies and
procedures.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of conduct adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies relating to that section. Insofar as other policies or procedures of the Trusts, the Trusts' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Codes of Ethics under Rule 17j-1 under the Investment Company Act, and any insider trading policies are separate policies of the Trusts, VCM, any sub-adviser or the principal underwriter that apply to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act) (the "Independent Trustees"). Any changes to this Code will, to the extent required, will be disclosed as provided by SEC rules.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than officers and Trustees of the Trust, the Trusts' investment adviser, administrator or sub-administrator, counsel to the Trusts or counsel to the Independent Trustees.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Trusts and does not constitute an admission, by or on behalf of the Trusts, as to any fact, circumstance, or legal conclusion.

Adopted: December 30, 2024

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**Exhibit A** 

**<u>Persons Covered by this Code of Conduct</u>**

The Funds

Principal Executive Officer: Thomas Dusenberry, President

Principal Financial Officer: Carol D.Trevino, Treasurer

As of: April 1, 2025

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**Exhibit B** 

**<u>Acknowledgement</u>**

Pursuant to the requirements of the Code of Conduct adopted by the Funds, (the "Code"), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

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| |
|:---|
| Signature: |
| /s/ Thomas Dusenberry |
| Print Name: Thomas Dusenberry |
| Date: 05/05/2025 |

---

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**Exhibit B** 

**<u>Acknowledgement</u>**

Pursuant to the requirements of the Code of Conduct adopted by the Funds, (the "Code"), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

---

| |
|:---|
| Signature: |
| /s/ Carol D.Trevino |
| Print Name: Carol D.Trevino |
| Date: 05/05/2025 |

---

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**Exhibit C** 

**<u>Annual Certification</u>**

Pursuant to the requirements of the Code of Conduct adopted by the Funds, (the "Code"), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

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| |
|:---|
| Signature: |
| /s/ Carol D. Trevino |
| Print Name: Carol D. Trevino |
| Date: 05/05/2025 |

---

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**Exhibit C** 

**<u>Annual Certification</u>**

Pursuant to the requirements of the Code of Conduct adopted by the Funds, (the "Code"), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

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| |
|:---|
| Signature: |
| /s/ Thomas Dusenberry |
| Print Name: Thomas Dusenberry |
| Date: 05/05/2025 |

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## Ex-99.Cert

CERTIFICATION PURSUANT TO RULE 30a-2(a)

UNDER THE 1940 ACT AND SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Thomas Dusenberry, certify that:

1. I have reviewed this report on Form N-CSR of Pioneer Floating Rate Fund, Inc;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5. The registrants other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 7, 2025

---

| |
|:---|
| /s/ Thomas Dusenberry |
| Thomas Dusenberry |
| President and Principal Executive Officer |

---

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CERTIFICATION PURSUANT TO RULE 30a-2(a)

UNDER THE 1940 ACT AND SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Carol D. Trevino, certify that:

1. I have reviewed this report on Form N-CSR of Pioneer Floating Rate Fund, Inc;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5. The registrants other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 7, 2025

---

| |
|:---|
| /s/ Carol D. Trevino |
| Carol D. Trevino |
| Treasurer Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

I, Thomas Dusenberry, certify that, to the best of my knowledge:

1. The Form N-CSR (the Report) of Pioneer Floating Rate Fund, Inc. fully complies for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Fund.

Date: August 7, 2025

---

| |
|:---|
| /s/ Thomas Dusenberry |
| Thomas Dusenberry |
| President and Principal Executive Officer |

---

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities and Exchange Commission.

A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities Exchange Commission or its staff upon request.

------

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

I, Carol D. Trevino, certify that, to the best of my knowledge:

1. The Form N-CSR (the Report) of Pioneer Floating Rate Fund, Inc. fully complies for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Fund.

Date: August 7, 2025

---

| |
|:---|
| /s/ Carol D. Trevino |
| Carol D. Trevino |
| Treasurer Principal Financial Officer |

---

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities and Exchange Commission.

A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities Exchange Commission or its staff upon request.