PHD Pioneer Floating Rate Fund Inc

N-CSR

Pioneer Floating
Rate Fund, Inc.

Semiannual Report  |  May 31, 2024 

Ticker Symbol: PHD

Table of Contents

Portfolio Management Discussion	2
Portfolio Summary	10
Prices and Distributions	11
Performance Update	12
Schedule of Investments	13
Financial Statements	40
Notes to Financial Statements	46
Additional Information	65
Directors, Officers and Service Providers	68

1

Portfolio Management Discussion  |  5/31/24

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, 2024. Mr. Sharkey, a senior vice president and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), 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, 2024?
A	Pioneer Floating Rate Fund, Inc. returned 8.77% at net asset value (NAV) and 15.25% at market price during the six-month period ended May 31, 2024, while the Fund’s benchmark, the Morningstar Loan Syndications & Trading Association Leveraged Loan Index (the Morningstar/LSTA Index), returned 5.95% at NAV. 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 70 closed end funds in Morningstar’s Bank Loan Closed End Funds category (which may or may not be leveraged) was 8.45%, while the same closed end fund Morningstar category’s average return at market price was 15.32%.
	The shares of the Fund were selling at a 5.60% discount to NAV on May 31, 2024. Comparatively, the Fund’s shares were selling at a discount to NAV of 10.90% on November 30, 2023.
	On May 31, 2024, the standardized 30-day SEC yield of the Fund’s shares was 6.73%*.
Q	Which of the Fund’s investment strategies contributed positively to the Fund’s benchmark-relative performance during the six-month period?
A	The Fund is leveraged, which proved additive to benchmark relative returns during the six-month period, particularly given the market’s positive performance during the period.

*	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. |  | 

	The broadly syndicated loan market experienced strong performance over the past six months, driven by strong collateralized loan obligation (CLO) creation in the first half of 2024. The overall loan market has shrunk, with some borrowers refinancing loans into corporate high yield bonds. Due to higher interest costs, the net new loan issue market has remained slow, as less merger and acquisition and leveraged buyout activity has occurred compared to previous years. A combination of strong demand and lower interest rate risk has allowed the loan asset class to outperform both high yield and investment grade corporate securities during the period.
	The Fund’s allocation across loan rating categories, which tilted toward higher quality, added to performance relative to the benchmark as well. While the Fund was underweight lower-quality loans, selection within the B- ratings category contributed to relative performance. A market weight allocation to the CCC category did not have a material impact on performance, but loan selection within the category had a positive impact on the Fund's return. The Fund was underweight the low single B rating category, which experienced positive returns during the period due to a strong rally during the period. Despite being underweight to the low single B rating category, loan selection was strong and overall low single B rated loans added to the Fund's benchmark-relative performance.
	In sector terms, loan selection in, and a large portfolio overweight to, the health care sector helped the Fund's performance relative to its benchmark, along with credit selection within both the machinery and the media sectors. Health care loans, such as loans to Team Health, exhibited significant improvement in the current year, having rebounded from negative performance the prior year caused by firms managing higher inflationary costs in materials and labor. Within the machinery sector, Novae was a top performing loan. The company is one of North America’s largest trailer manufacturers. The media sector benefited from loans to Clear Channel Outdoor.
	Out-of-benchmark exposure to residential mortgage-backed securities and high yield corporate bonds also contributed to the Fund's benchmark-relative performance during the period. The Fund has maintained a modest out-of-benchmark exposure to

3

	high yield corporate bonds, in an effort to earn attractive book yields to support stockholder income and to hold securities with shorter settlement periods for portfolio flexibility. High yield corporate bonds benefited from a positive rally at the end of 2023.
Q	Which investment strategies detracted from the Fund’s benchmark-relative performance results during the six-month period ended May 31, 2024?
A	On the downside, the Fund's allocations to the software, telecommunications and pharmaceuticals sectors detracted from the Fund's benchmark-relative performance during the period. Within the software sector, loans originated by Loyalty Ventures were a drag on Fund performance as the firm, which manages loyalty points programs for clients, defaulted on bond covenants following government rulings that customer points lost during COVID must be reinstated. Loans to Xplornet Communications also detracted from the Fund's benchmark-relative performance, as the firm experienced cashflow issues due to a delay in the launch of communication satellites and a resulting capital structure reorganization.
	The Fund's allocation to insurance-linked securities also detracted from benchmark-relative performance, despite positive returns, as the risk premium within the asset class reduced returns compared to bank loans and corporate high yield.
Q	Did the Fund’s distributions ** to stockholders change during the six-month period ended May 31, 2024?
A	The Fund maintained a consistent monthly distribution rate of $0.0925 per share/per month throughout the entire six-month 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.

**	Distributions are not guaranteed.

Pioneer Floating Rate Fund, Inc. |  | 

Q	How did the level of leverage in the Fund change during the six-month period ended May 31, 2024?
A	The Fund employs leverage through a credit agreement. As of May 31, 2024, 31.9% of the Fund’s total managed assets were financed by leverage, or borrowed funds, compared with 32.9% of the Fund’s total managed assets financed by leverage at the start of the six-month period on December 1, 2023. During the six-month period, the Fund decreased the absolute amount of funds borrowed by a total of $1.2 million, to $60 million as of May 31, 2024. Nevertheless, the percentage of the Fund's managed assets financed by leverage decreased during the six-month period due to an increase in total managed assets of the Fund. The interest rate on the Fund's leverage increased by 8 basis points from December 1, 2023 to May 31, 2024.
Q	Did the Fund have any exposure to derivatives during the six-month period ended May 31, 2024?
A	The Fund had exposure to forward foreign currency exchange contracts during the period, which had a negligible effect on performance. The Fund invests in forward foreign currency exchange contracts in an effort to mitigate currency risk in credit exposures that are not denominated in USD, such as the Mexican Peso.
Q	What is your investment outlook, and how is the Fund positioned heading into its new fiscal year?
A	The default rate on loans (defined here as missed interest payments) for the six months ended May 31, 2024 was 1.08% by loan volume versus 1.58% for the period ended November 30, 2023. The default rate by number of issuers for the trailing six-month period ended May 31, 2024 was 1.83% versus the default rate by number of issuers for the trailing period ended November 30, 2023 of 1.60%. However, the default rate , including distressed exchanges, for the six months ended May 31, 2024 was 3.28%. The default rate including distressed exchanges is slightly above the 25-year long-term average of 3.0%. We do not anticipate a material improvement for the remainder of 2024. Recovery values have improved over 2023, but also remain below average, yet they are still higher than high yield corporate recoveries.

5

	While the US economy has held up better than we expected, we still have concerns. The main driver of growth has been continued good employment conditions, fiscal easing and strong immigration. Despite that, company results have deteriorated, particularly for the small and medium-size companies that are typical of the high yield market. Economy wide, profits are down about 10% year over year.
	Over the near-term, we believe loans could continue to provide attractive yields relative to many other fixed income assets under the “higher for longer” theme with respect to interest rates. Earnings for loan borrowers continue to grow, albeit at a lower rate than earnings growth six months ago. That, with the combination of significant repricings in the loan market that have reduced some borrowers' credit spreads between 35-50 basis points on average, has allowed interest coverage ratio covenants to be reduced. The maturity wall has been pushed out during the refinancing wave we have seen starting at the end of 2023 and into the first half of 2024. We still remain cautious on the low single B rated segment of the loan market which has the least amount of flexibility if a recession does occur in the second half of 2024 or the first half of 2025. Low single B rated loans have lower interest rate coverage ratios and are not favored by CLOs, which makes for poor market demand.
	The Federal Reserve Board has held rates steady since last July, but indications from money supply, the yield curve and banks’ not willing to lend, all point to continued tightness in monetary conditions. Market conditions have offset this to a certain extent, although the cost of funding for companies continues to rise. With less fiscal support going forward, we believe this should start to degrade credit quality. High quality bank loans have strong interest rate coverage ratios. It is the B3 rating category and below that has lower interest coverage which could pose a concern if we do enter a recession or interest rates stay higher for a longer period of time and economic conditions deteriorate.
	Bank loan spreads have tightened inside of historical averages with current yields pricing in defaults falling back to non-recessionary levels (2-3%) versus the above average levels we are currently experiencing. We have sought to reduce the Fund’s risk profile relative to recent periods. This may allow us to add risk to

Pioneer Floating Rate Fund, Inc. |  | 

	the Fund’s portfolio if the market sells off to levels that price in some margin of error.
	The Fund’s allocation to the CLO sector relies on a security-specific selection process versus allocation decisions, but has remained relatively steady over the last couple of years.
	The Fund also invests in insurance-linked securities in an effort to improve the Fund’s risk/reward profile, as performance for insurance-linked securities has typically not been correlated to underlying economic fundamentals and the asset class has historically had lower default rates than loans.

7

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

Pioneer Floating Rate Fund, Inc. |  | 

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, which could increase volatility. These risks are magnified in emerging markets.

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.

9

Portfolio Summary  |  5/31/24 

Portfolio Diversification

(As a percentage of total investments)*

10 Largest Holdings

(As a percentage of total investments)*
1.	U.S. Treasury Bills, 6/4/24	5.36%
2.	Upstream Newco, Inc., First Lien August 2021 Incremental Term Loan, Term Loan, 9.841% (Term SOFR + 425 bps), 11/20/26	1.07
3.	Garda World Security Corp., Fourth Additional Term Loan, 9.583% (Term SOFR + 425 bps), 2/1/29	1.06
4.	IXS Holdings, Inc., Initial Term Loan, 9.697% (Term SOFR + 425 bps), 3/5/27	1.02
5.	First Brands Group LLC, First Lien 2021 Term Loan, Term Loan, 10.591% (Term SOFR + 500 bps), 3/30/27	0.97
6.	Chobani LLC, 2020 New Term Loan, Term Loan, 8.694% (Term SOFR + 325 bps), 10/25/27	0.91
7.	U.S. Renal Care, Inc., Closing Date Term Loan, 10.444% (Term SOFR + 500 bps), 6/20/28	0.81
8.	Arsenal AIC Parent LLC, 2024 Term B Loan, 9.079% (Term SOFR + 375 bps), 8/18/30	0.78
9.	Century Casinos, Inc., Term B Facility Loan, 11.413% (Term SOFR + 600 bps), 4/2/29	0.78
10.	Altice France S.A., USD TLB-[14] Loan, 10.829% (Term SOFR + 550 bps), 8/15/28	0.77

*  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.

Pioneer Floating Rate Fund, Inc. |  | 

11

Performance Update  |  5/31/24

Investment Returns

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 Leveraged Loan Index, which provides broad and comprehensive total return metrics of the U.S. universe of syndicated term loans.

Average Annual Total Return (As of May 31, 2024)
Period	Net Asset Value (NAV)	Market Price	Morningstar/ LSTA Leveraged Loan Index
10 Years	5.32%	5.23%	4.62%
5 Years	5.81	7.85	5.50
1 Year	19.54	30.97	13.23

Value of $10,000 Investment

Pioneer Floating Rate Fund, Inc. |  | 

Schedule of Investments  |  5/31/24

(unaudited) 

Principal Amount USD ($)						Value
	UNAFFILIATED ISSUERS — 149.5%
	Senior Secured Floating Rate Loan Interests — 122.5% of Net Assets*(a)
	Advanced Materials — 1.7%
862,524	Gemini HDPE LLC, 2027 Advance, 8.591% (Term SOFR + 300 bps), 12/31/27					$     867,645
1,342,590	Groupe Solmax, Inc., Initial Term Loan, 10.314% (Term SOFR + 475 bps), 5/29/28					1,309,585
	Total Advanced Materials					$ 2,177,230
	Advertising Sales — 0.4%
522,568	Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 9.444% (Term SOFR + 400 bps), 8/21/28					$     525,997
	Total Advertising Sales					$ 525,997
	Advertising Services — 1.5%
984,949	Dotdash Meredith, Inc., Term B Loan, 9.413% (Term SOFR + 400 bps), 12/1/28					$     988,643
975,056	Summer (BC) Bidco B LLC, Extended Facility B, 10.569% (Term SOFR + 500 bps), 2/15/29					979,931
	Total Advertising Services					$ 1,968,574
	Aerospace & Defense — 0.6%
807,500	ADS Tactical, Inc., Initial Term Loan, 11.194% (Term SOFR + 575 bps), 3/19/26					$     813,556
	Total Aerospace & Defense					$ 813,556
	Airlines — 1.8%
822,222	AAdvantage Loyality IP, Ltd. (American Airlines, Inc.), Initial Term Loan, 10.336% (Term SOFR + 475 bps), 4/20/28					$     855,111
500,000	American Airlines, Inc., Seventh Amendment Extended Term Loan, 8.181% (Term SOFR + 275 bps), 2/15/28					501,181
812,500	Mileage Plus Holdings LLC (Mileage Plus Intellectual Property Assets, Ltd.), Initial Term Loan, 10.733% (Term SOFR + 525 bps), 6/21/27					832,508
145,954	SkyMiles IP, Ltd. (Delta Air Lines, Inc.), Initial Term Loan, 9.075% (Term SOFR + 375 bps), 10/20/27					150,545
	Total Airlines					$ 2,339,345

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

13

Principal Amount USD ($)						Value
	Apparel Manufacturers — 0.7%
956,544	Hanesbrands Inc., Initial Tranche B Term Loan, 9.079% (Term SOFR + 375 bps), 3/8/30					$     959,334
	Total Apparel Manufacturers					$ 959,334
	Appliances — 0.7%
925,000	Osmosis Buyer Ltd., 2023 Incremental Delayed Draw Term Loan, 9.57% (Term SOFR + 425 bps), 7/31/28					$     931,070
	Total Appliances					$ 931,070
	Applications Software — 2.7%
828,738	Central Parent LLC, 2024 Refinancing Term Loan (First Lien), 8.577% (Term SOFR + 325 bps), 7/6/29					$     836,507
541,970	EP Purchaser LLC, First Lien Closing Date Term Loan, 9.071% (Term SOFR + 350 bps), 11/6/28					544,951
872,276(b)	Loyalty Ventures, Inc., Term B Loan, 11.944% (LIBOR + 650 bps), 11/3/27					8,723
1,456,106(c)	RealPage, Inc., First Lien Initial Term Loan, 8.444% (Term SOFR + 300 bps), 4/24/28					1,434,174
675,000	SS&C Technologies Holdings, Inc., Term B-8 Loan, 7.32% (Term SOFR + 200 bps), 5/9/31					678,516
	Total Applications Software					$ 3,502,871
	Athletic Equipment — 0.5%
250,000	Amer Sports Co., Initial USD Term Loan, 8.577% (Term SOFR + 325 bps), 2/17/31					$     252,188
405,000	Recess Holdings, Inc., First Lien Amendment No. 3 Term Loan, 9.829% (Term SOFR + 450 bps), 2/20/30					408,037
	Total Athletic Equipment					$ 660,225
	Auction House & Art Dealer — 0.4%
486,250	Sotheby's, 2021 Second Refinancing Term Loan, 10.09% (Term SOFR + 450 bps), 1/15/27					$     459,101
	Total Auction House & Art Dealer					$ 459,101
	Auto Parts & Equipment — 3.7%
412,750	Adient US LLC, Term B-2 Loan, 8.079% (Term SOFR + 275 bps), 1/31/31					$     416,490
636,734	American Axle & Manufacturing, Inc., New Tranche B Term Loan, 8.32% (Term SOFR + 300 bps), 12/13/29					640,515
1,829,443	First Brands Group LLC, First Lien 2021 Term Loan, 10.591% (Term SOFR + 500 bps), 3/30/27					1,813,816
1,994,622	IXS Holdings, Inc., Initial Term Loan, 9.697% (Term SOFR + 425 bps), 3/5/27					1,897,384
	Total Auto Parts & Equipment					$ 4,768,205

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

Pioneer Floating Rate Fund, Inc. |  | 

Schedule of Investments  |  5/31/24

(unaudited) (continued)

Principal Amount USD ($)						Value
	Auto Repair Centers — 1.0%
1,265,000	Champions Holdco, Inc., Intial Term Loan, 10.079% (Term SOFR + 475 bps), 2/23/29					$  1,274,290
	Total Auto Repair Centers					$ 1,274,290
	Auto-Truck Trailers — 0.8%
980,000	Novae LLC, Tranche B Term Loan, 10.479% (Term SOFR + 500 bps), 12/22/28					$     979,540
	Total Auto-Truck Trailers					$ 979,540
	Beverages — 1.1%
163,750	Naked Juice LLC, First Lien Initial Term Loan, 8.659% (Term SOFR + 325 bps), 1/24/29					$     156,206
493,763	Pegasus BidCo B.V., 2024-1 Term Dollar Loan, 9.072% (Term SOFR + 375 bps), 7/12/29					497,466
774,312	Triton Water Holdings, Inc., 2024 First Lien Incremental Term Loan, 9.302% (Term SOFR + 400 bps), 3/31/28					775,159
	Total Beverages					$ 1,428,831
	Broadcast Service & Programing — 0.4%
469,671	Univision Communications, Inc., First Lien Initial Term Loan, 8.694% (Term SOFR + 325 bps), 1/31/29					$     467,909
	Total Broadcast Service & Programing					$ 467,909
	Building & Construction — 1.1%
500,000	DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 12.194% (Term SOFR + 675 bps), 3/30/29					$     488,281
971,433	Service Logic Acquisition, Inc., First Lien Closing Date Initial Term Loan, 9.591% (Term SOFR + 400 bps), 10/29/27					981,148
	Total Building & Construction					$ 1,469,429
	Building & Construction Products — 1.7%
1,436,536	Cornerstone Building Brands, Inc., Tranche B Term Loan, 8.767% (Term SOFR + 325 bps), 4/12/28					$  1,418,322
558,852	CP Atlas Buyer, Inc., Term B Loan, 9.179% (Term SOFR + 375 bps), 11/23/27					555,533
150,000	MI Windows and Doors LLC, 2024 Incremental Term Loan, 8.829% (Term SOFR + 350 bps), 3/28/31					151,294
	Total Building & Construction Products					$ 2,125,149

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

15

Principal Amount USD ($)						Value
	Building & Construction Products — 0.4%
489,920	LHS Borrower LLC, Initial Term Loan, 10.08% (Term SOFR + 475 bps), 2/16/29					$     471,548
	Total Building & Construction Products					$ 471,548
	Building Production — 0.8%
488,750	Chariot Buyer LLC, First Lien Initial Term Loan, 8.679% (Term SOFR + 325 bps), 11/3/28					$     489,705
444,318	Jeld-Wen, Inc., Replacement 2023 Term B Loan, 7.444% (Term SOFR + 200 bps), 7/28/28					446,053
132,000	Summit Materials LLC, Term B-2 Loan, 7.799% (Term SOFR + 250 bps), 1/12/29					133,131
	Total Building Production					$ 1,068,889
	Building Production — 0.8%
744,384	Koppers Inc., Incremental Term B-1 Loan, 8.33% (Term SOFR + 300 bps), 4/10/30					$     750,898
250,000	Potters Industries LLC, 2024 Incremental Term Loan, 9.047% (Term SOFR + 375 bps), 12/14/27					252,031
	Total Building Production					$ 1,002,929
	Building-Air & Heating — 0.2%
222,461	EMRLD Borrower LP, Initial Term B Loan, 7.829% (Term SOFR + 250 bps), 5/31/30					$     224,149
	Total Building-Air & Heating					$ 224,149
	Building-Heavy Construction — 0.6%
736,776	Osmose Utilities Services, Inc., First Lien Initial Term Loan, 8.694% (Term SOFR + 325 bps), 6/23/28					$     734,934
	Total Building-Heavy Construction					$ 734,934
	Building-Maintenance & Service — 0.7%
930,230	ArchKey Holdings, Inc., First Lien Initial Term Loan, 10.694% (Term SOFR + 525 bps), 6/29/28					$     936,916
	Total Building-Maintenance & Service					$ 936,916
	Cable & Satellite Television — 3.7%
1,912,483	Altice France S.A., USD TLB-[14] Loan, 10.829% (Term SOFR + 550 bps), 8/15/28					$  1,440,737
966,783	CSC Holdings LLC, 2022 Refinancing Term Loan, 9.817% (Term SOFR + 450 bps), 1/18/28					932,773
1,013,234(c)	DIRECTV Financing LLC, 2024 Refinancing Term B Loan, 10.694% (Term SOFR + 525 bps), 8/2/29					1,018,405

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

Pioneer Floating Rate Fund, Inc. |  | 

Schedule of Investments  |  5/31/24

(unaudited) (continued)

Principal Amount USD ($)						Value
	Cable & Satellite Television — (continued)
1,026,497	Radiate Holdco LLC, Amendment No. 6 Term B Loan, 8.694% (Term SOFR + 325 bps), 9/25/26					$     812,216
500,000	Virgin Media Bristol LLC, Facility Q, 8.681% (Term SOFR + 325 bps), 1/31/29					490,250
	Total Cable & Satellite Television					$ 4,694,381
	Casino Hotels — 1.4%
1,487,436	Century Casinos, Inc., Term B Facility Loan, 11.413% (Term SOFR + 600 bps), 4/2/29					$  1,451,489
398,982	Fertitta Entertainment LLC, Initial B Term Loan, 9.071% (Term SOFR + 375 bps), 1/27/29					400,641
	Total Casino Hotels					$ 1,852,130
	Casino Services — 0.8%
266,000	Caesars Entertainment, Inc., Incremental Term B1 Loan, 8.097% (Term SOFR + 275 bps), 2/6/31					$     267,211
730,317(c)	Everi Holdings, Inc., Term B Loan, 7.944% (Term SOFR + 250 bps), 8/3/28					733,827
33,788	Lucky Bucks LLC, Priority First Out Exit Term Loan, 12.973% (Term SOFR + 750 bps), 10/2/28					31,085
67,777	Lucky Bucks LLC, Priority Second Out Term Loan, 12.973% (Term SOFR + 750 bps), 10/2/29					51,510
	Total Casino Services					$ 1,083,633
	Cellular Telecom — 0.5%
537,531	CCI Buyer, Inc., First Lien Initial Term Loan, 9.302% (Term SOFR + 400 bps), 12/17/27					$     540,622
731,250(b)	Xplore Inc., First Lien Refinancing Term Loan, 9.571% (Term SOFR + 400 bps), 10/2/28					132,996
350,000(b)	Xplore, Inc., Second Lien Initial Term Loan, 12.564% (Term SOFR + 700 bps), 10/1/29					25,200
	Total Cellular Telecom					$ 698,818
	Chemicals-Diversified — 2.7%
1,000,000	ARC Falcon I, Inc., Second Lien Initial Term Loan, 12.43% (Term SOFR + 700 bps), 9/30/29					$     908,750
195,000	Geon Performance Solutions LLC (Fka. Echo US Holdings LLC), 2024 Refinancing Term Loan, 9.571% (Term SOFR + 425 bps), 8/18/28					195,975
450,000	Ineos Quattro Holdings UK Ltd., 2029 Tranche B Dollar Term Loan, 9.679% (Term SOFR + 425 bps), 4/2/29					451,125
297,750	Ineos Quattro Holdings UK Ltd., 2030 Tranche B Dollar Term Loan, 9.179% (Term SOFR + 375 bps), 3/14/30					298,619
297,750	Ineos US Finance LLC, 2030 Dollar Term Loan, 8.929% (Term SOFR + 350 bps), 2/18/30					298,587

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

17

Principal Amount USD ($)						Value
	Chemicals-Diversified — (continued)
808,023	LSF11 A5 Holdco LLC, Fourth Amendment Incremental Term Loan, 9.679% (Term SOFR + 425 bps), 10/15/28					$     810,649
493,703	LSF11 A5 HoldCo LLC, Term Loan, 8.944% (Term SOFR + 350 bps), 10/15/28					495,307
	Total Chemicals-Diversified					$ 3,459,012
	Chemicals-Plastics — 0.3%
398,985	Bakelite US Holdco, Inc., New Term Loan, 8.827% (Term SOFR + 350 bps), 5/29/29					$     402,351
	Total Chemicals-Plastics					$ 402,351
	Chemicals-Specialty — 2.6%
349,256	Avient Corporation, Term B-8 Loan, 7.293% (Term SOFR + 200 bps), 8/29/29					$     351,352
248,125	H.B. Fuller Company, 2024 Amendment Refinancing Term B Loan, 7.329% (Term SOFR + 200 bps), 2/15/30					249,753
770,015	Mativ Holdings, Inc., Term B Loan, 9.194% (Term SOFR + 375 bps), 4/20/28					769,775
446,625	Nouryon Finance B.V., 2024 B-1 Dollar Term Loan, 8.826% (Term SOFR + 350 bps), 4/3/28					450,533
397,000	Nouryon Finance B.V., 2024 B-2 Dollar Term Loan, 8.82% (Term SOFR + 350 bps), 4/3/28					400,226
645,088	Olympus Water US Holding Corp., Initial Dollar Term Loan, 9.321% (Term SOFR + 375 bps), 11/9/28					648,672
398,003	Olympus Water US Holding Corp., Term B-4 Loan, 9.576% (Term SOFR + 425 bps), 11/9/28					401,087
	Total Chemicals-Specialty					$ 3,271,398
	Commercial Services — 2.1%
496,218	AEA International Holdings (Luxembourg) S.a.r.l, New Term Loan, 8.809% (Term SOFR + 350 bps), 9/7/28					$     499,940
1,000,000	DS Parent, Inc., Term Loan B, 10.798% (Term SOFR + 550 bps), 1/31/31					1,005,000
600,000	PG Polaris Bidco S.a.r.l., Initial Term Loan, 8.812% (Term SOFR + 350 bps), 3/26/31					604,969
226,076	Pre-Paid Legal Services, Inc., First Lien Initial Term Loan, 9.194% (Term SOFR + 375 bps), 12/15/28					226,217
400,000(c)	Vestis Corp., Term B-1 Loan, 2/22/31					399,250
	Total Commercial Services					$ 2,735,376

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

Pioneer Floating Rate Fund, Inc. |  | 

Schedule of Investments  |  5/31/24

(unaudited) (continued)

Principal Amount USD ($)						Value
	Computer Data Security — 0.6%
806,714	Precisely Software, Inc., First Lien Third Amendment Term Loan, 11.75% (Term SOFR + 425 bps), 4/24/28					$     802,882
	Total Computer Data Security					$ 802,882
	Computer Services — 3.0%
280,000	Ahead DB Holdings LLC, 2024 First Lien Incremental Term Loan, 9.559% (Term SOFR + 425 bps), 2/1/31					$     282,450
1,103,788	Ahead DB Holdings LLC, First Lien Term B Loan, 9.159% (Term SOFR + 375 bps), 2/1/31					1,111,928
889,000(c)	Fortress Intermediate 3, Inc., Term Loan, 5/9/31					892,889
707,885	MAG DS Corp., Initial Term Loan, 10.902% (Term SOFR + 550 bps), 4/1/27					651,255
949,345	Peraton Corp., First Lien Term B Loan, 9.179% (Term SOFR + 375 bps), 2/1/28					951,389
	Total Computer Services					$ 3,889,911
	Computer Software — 1.6%
1,225,000	Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 9.194% (Term SOFR + 375 bps), 10/16/28					$  1,188,250
983,395	Help/Systems Holdings, Inc., Term Loan, 9.429% (Term SOFR + 400 bps), 11/19/26					920,949
	Total Computer Software					$ 2,109,199
	Computers-Integrated Systems — 1.3%
669,501	Atlas CC Acquisition Corp., First Lien Term B Loan, 9.859% (Term SOFR + 425 bps), 5/25/28					$     586,371
136,169	Atlas CC Acquisition Corp., First Lien Term C Loan, 9.859% (Term SOFR + 425 bps), 5/25/28					119,261
916,780	NCR Atleos LLC, Term Loan B, 10.18% (Term SOFR + 475 bps), 3/27/29					928,469
	Total Computers-Integrated Systems					$ 1,634,101
	Consulting Services — 1.2%
1,024,116	Ankura Consulting Group LLC, 2024 Repricing Term Loan, 9.564% (Term SOFR + 425 bps), 3/17/28					$  1,030,730
500,000	First Advantage Holdings LLC, First Lien Term B-1 Loan, 8.194% (Term SOFR + 275 bps), 1/31/27					501,250
	Total Consulting Services					$ 1,531,980
	Containers-Paper & Plastic — 1.5%
769,231	Pregis TopCo LLC, First Lien Initial Term Loan, 9.079% (Term SOFR + 375 bps), 7/31/26					$     772,940

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

19

Principal Amount USD ($)						Value
	Containers-Paper & Plastic — (continued)
400,000	SupplyOne, Inc., Term B Loan, 9.58% (Term SOFR + 425 bps), 4/19/31					$     404,400
682,980	Trident TPI Holdings, Inc., Tranche B-3 Initial Term Loan, 9.571% (Term SOFR + 400 bps), 9/15/28					685,754
	Total Containers-Paper & Plastic					$ 1,863,094
	Cruise Lines — 1.0%
888,943	Carnival Corporation, 2024 Repricing Advance (Term Loan), 8.075% (Term SOFR + 275 bps), 8/8/27					$     895,887
390,000	LC Ahab US Bidco LLC, Initial Term Loan, 8.829% (Term SOFR + 350 bps), 5/1/31					392,925
	Total Cruise Lines					$ 1,288,812
	Data Processing & Management — 0.1%
189,525	Iron Mountain Information Management LLC, Amendment No.1 Incremental Term B Loan, 7.579% (Term SOFR + 225 bps), 1/31/31					$     190,236
	Total Data Processing & Management					$ 190,236
	Diagnostic Equipment — 0.4%
492,405	Curia Global, Inc., First Lien 2021 Term Loan, 9.179% (Term SOFR + 375 bps), 8/30/26					$     465,400
	Total Diagnostic Equipment					$ 465,400
	Dialysis Centers — 1.2%
1,706,556	U.S. Renal Care, Inc., Closing Date Term Loan, 10.444% (Term SOFR + 500 bps), 6/20/28					$  1,501,769
	Total Dialysis Centers					$ 1,501,769
	Direct Marketing — 0.5%
670,487(c)	Red Ventures LLC (New Imagitas, Inc.), First Lien Term B-4 Loan, 8.329% (Term SOFR + 300 bps), 3/3/30					$     665,878
	Total Direct Marketing					$ 665,878
	Disposable Medical Products — 0.6%
451,981	Medline Borrower LP, Refinancing Term Loan, 8.079% (Term SOFR + 275 bps), 10/23/28					$     455,328
369,471(c)	Sotera Health Holdings, LLC, Term B Loan, 5/23/31					368,778
	Total Disposable Medical Products					$ 824,106
	Distribution & Wholesale — 2.5%
497,500	AIP RD Buyer Corp., 2023 First Lien Incremental Term Loan, 9.83% (Term SOFR + 450 bps), 12/22/28					$     502,009
588,000	AIP RD Buyer Corp., First Lien Term Loan B, 9.579% (Term SOFR + 425 bps), 12/22/28					592,410

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

Pioneer Floating Rate Fund, Inc. |  | 

Schedule of Investments  |  5/31/24

(unaudited) (continued)

Principal Amount USD ($)						Value
	Distribution & Wholesale — (continued)
810,000(c)	Barentz International B.V., Term Loan, 3/1/31					$     818,100
855,230	Patriot Container Corp. (aka Wastequip), First Lien Closing Date Term Loan, 9.179% (Term SOFR + 375 bps), 3/20/25					826,900
404,221	Windsor Holdings III LLC, 2024 Dollar Refinancing Term B Loan, 9.32% (Term SOFR + 400 bps), 8/1/30					409,116
	Total Distribution & Wholesale					$ 3,148,535
	E-Commerce — 0.4%
492,478	TouchTunes Music Group LLC, , First Lien Initial Term Loan, 10.552% (Term SOFR + 525 bps), 4/2/29					$     493,710
	Total E-Commerce					$ 493,710
	E-Commerce — 0.2%
200,000	Stubhub Holdco Sub LLC, Extended USD Term B Loan, 10.079% (Term SOFR + 475 bps), 3/15/30					$     200,667
	Total E-Commerce					$ 200,667
	Electric-Generation — 3.1%
828,711	Compass Power Generation LLC, Tranche B-2 Term Loan, 9.693% (Term SOFR + 425 bps), 4/14/29					$     835,329
966,655	Eastern Power LLC (Eastern Covert Midco LLC), Term Loan, 9.194% (Term SOFR + 375 bps), 10/2/25					966,923
323,110	Generation Bridge Northeast LLC, Term Loan B, 8.829% (Term SOFR + 350 bps), 8/22/29					326,442
387,500(c)	Hamilton Projects Acquiror, LLC, Term Loan (First Lien), 5/22/31					390,455
500,000	Vistra Operations Company LLC, 2018 Incremental Term Loan, 7.329% (Term SOFR + 200 bps), 12/20/30					502,344
910,000	Vistra Zero Operating Company LLC, Initial Term Loan, 8.075% (Term SOFR + 275 bps), 4/30/31					916,825
	Total Electric-Generation					$ 3,938,318
	Electric-Integrated — 1.1%
1,050,244	Constellation Renewables LLC, Loan, 8.109% (Term SOFR + 250 bps), 12/15/27					$  1,054,346
261,122	Talen Energy Supply, LLC, Initial Term B Loan, 8.826% (Term SOFR + 350 bps), 5/17/30					262,754
111,905	Talen Energy Supply, LLC, Initial Term C Loan, 8.827% (Term SOFR + 350 bps), 5/17/30					112,604
	Total Electric-Integrated					$ 1,429,704

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

21

Principal Amount USD ($)						Value
	Electronic Composition — 1.1%
1,013,137	Natel Engineering Co., Inc., Initial Term Loan, 11.694% (Term SOFR + 625 bps), 4/30/26					$     891,561
497,449	Synaptics, Inc., First Amendment Incremental Term Loan, 7.835% (Term SOFR + 225 bps), 12/2/28					498,847
	Total Electronic Composition					$ 1,390,408
	Engines — 1.5%
249,361	Arcline FM Holdings LLC, First Lien Initial Term Loan, 10.321% (Term SOFR + 475 bps), 6/23/28					$     251,504
667,057	Arcline FM Holdings LLC, Second Lien Initial Term Loan, 13.821% (Term SOFR + 825 bps), 6/25/29					665,389
1,018,447	LSF12 Badger Bidco LLC, Initial Term Loan, 11.329% (Term SOFR + 600 bps), 8/30/30					1,016,538
	Total Engines					$ 1,933,431
	Enterprise Software & Services — 1.7%
900,000(c)	Cloud Software Group, Inc., Third Amendment Term Loan (First Lien), 9.929% (Term SOFR + 450 bps), 3/21/31					$     905,906
178,811	Open Text Corporation, 2023 Replacement Term Loan, 7.579% (Term SOFR + 225 bps), 1/31/30					179,985
635,000	Project Alpha Intermediate Holding, Inc., 2024 Refinancing Term Loan, 9.072% (Term SOFR + 375 bps), 10/28/30					639,631
398,000	Quartz Acquireco LLC, Term Loan, 8.809% (Term SOFR + 350 bps), 6/28/30					400,363
	Total Enterprise Software & Services					$ 2,125,885
	Finance-Investment Banker — 0.5%
689,841	Hudson River Trading LLC, Term Loan, 8.442% (Term SOFR + 300 bps), 3/20/28					$     691,512
	Total Finance-Investment Banker					$ 691,512
	Finance-Leasing Company — 0.7%
413,101	Castlelake Aviation One Designated Activity Co., 2023 Incremental Term Loan, 8.079% (Term SOFR + 275 bps), 10/22/27					$     415,382
483,432	Fly Funding II S.a r.l., Replacement Loan, 7.33% (LIBOR + 175 bps), 8/11/25					471,691
	Total Finance-Leasing Company					$ 887,073

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

Pioneer Floating Rate Fund, Inc. |  | 

Schedule of Investments  |  5/31/24

(unaudited) (continued)

Principal Amount USD ($)						Value
	Food-Confectionery — 0.3%
400,000	Fiesta Purchaser, Inc., Initial Term Loan, 9.329% (Term SOFR + 400 bps), 2/12/31					$     404,281
	Total Food-Confectionery					$ 404,281
	Food-Dairy Products — 1.3%
1,688,750	Chobani LLC, 2020 New Term Loan, 8.694% (Term SOFR + 325 bps), 10/25/27					$  1,699,305
	Total Food-Dairy Products					$ 1,699,305
	Food-Misc/Diversified — 0.3%
390,000(c)	Simply Good Foods USA, Inc., 3/17/27					$     391,463
	Total Food-Misc/Diversified					$ 391,463
	Footwear & Related Apparel — 0.2%
292,500	Crocs, Inc., 2024 Refinancing Term Loan, 7.552% (Term SOFR + 225 bps), 2/20/29					$     294,888
	Total Footwear & Related Apparel					$ 294,888
	Gambling (Non-Hotel) — 1.3%
998,724	Bally's Corp., Term B Facility Loan, 8.836% (Term SOFR + 325 bps), 10/2/28					$     960,523
224,438	Flutter Entertainment Plc, Term B Loan, 7.559% (Term SOFR + 225 bps), 11/25/30					225,560
493,734	Light and Wonder International, Inc., Term B-1 Loan, 8.07% (Term SOFR + 275 bps), 4/14/29					496,032
	Total Gambling (Non-Hotel)					$ 1,682,115
	Gas-Distribution — 0.7%
925,000	NGL Energy Operating LLC, Initial Term Loan, 9.829% (Term SOFR + 450 bps), 2/3/31					$     933,209
	Total Gas-Distribution					$ 933,209
	Golf — 0.5%
665,000	Topgolf Callaway Brands Corp., Intial Term Loan, 8.329% (Term SOFR + 300 bps), 3/15/30					$     669,453
	Total Golf					$ 669,453
	Hazardous Waste Disposal — 0.6%
753,200	JFL-Tiger Acquisition Co., Inc., Initial Term Loan, 9.829% (Term SOFR + 450 bps), 10/17/30					$     755,554
	Total Hazardous Waste Disposal					$ 755,554

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

23

Principal Amount USD ($)						Value
	Hotels & Motels — 1.1%
924,314(c)	Playa Resorts Holding B.V., 2022 Term Loan, 8.572% (Term SOFR + 325 bps), 1/5/29					$    930,300
495,009	Travel + Leisure Co., 2023 Incremental Term Loan, 8.671% (Term SOFR + 325 bps), 12/14/29					498,568
	Total Hotels & Motels					$ 1,428,868
	Human Resources — 0.7%
970,000	Ingenovis Health, Inc., First Lien Initial Term Loan, 9.694% (Term SOFR + 425 bps), 3/6/28					$    865,725
	Total Human Resources					$ 865,725
	Independent Power Producer — 0.4%
468,598	EFS Cogen Holdings I LLC, Term B Advance, 9.08% (Term SOFR + 350 bps), 10/1/27					$    471,193
	Total Independent Power Producer					$ 471,193
	Insurance Brokers — 0.8%
637,500	HIG Finance 2 Ltd., 2024 Dollar Term Loan, 8.829% (Term SOFR + 350 bps), 2/15/31					$    642,100
378,100	USI, Inc., TL, 8.079% (Term SOFR + 275 bps), 9/27/30					379,045
	Total Insurance Brokers					$ 1,021,145
	Internet Content — 0.7%
869,246	MH Sub I LLC (Micro Holding Corp.), 2023 May Incremental First Lien Term Loan, 9.579% (Term SOFR + 425 bps), 5/3/28					$    871,690
	Total Internet Content					$ 871,690
	Investment Management & Advisory Services — 1.7%
646,231	Allspring Buyer LLC, Initial Term Loan, 8.824% (Term SOFR + 325 bps), 11/1/28					$    645,962
584,981	Edelman Financial Engines Center LLC, First Lien 2021 Initial Term Loan, 8.944% (Term SOFR + 350 bps), 4/7/28					586,275
1,032,512	Russell Investments US Institutional Holdco, Inc., 2027 Term Loan, 10.33% (Term SOFR + 500 bps), 5/30/27					940,231
	Total Investment Management & Advisory Services					$ 2,172,468
	Lasers-System & Components — 0.6%
819,573	Coherent Corp., Term B1 Loan, 7.829% (Term SOFR + 250 bps), 7/2/29					$    823,158
	Total Lasers-Syst/Components					$ 823,158

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

Pioneer Floating Rate Fund, Inc. |  | 

Schedule of Investments  |  5/31/24

(unaudited) (continued)

Principal Amount USD ($)						Value
	Lottery Services — 0.6%
788,000	Scientific Games Holdings LP, First Lien Initial Dollar Term Loan, 8.556% (Term SOFR + 325 bps), 4/4/29					$     791,236
	Total Lottery Services					$ 791,236
	Medical Diagnostic Imaging — 0.8%
1,074,739	US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.), Closing Date Term Loan, 10.702% (Term SOFR + 525 bps), 12/15/27					$  1,079,978
	Total Medical Diagnostic Imaging					$ 1,079,978
	Medical Information Systems — 2.4%
788,297	athenahealth Group, Inc., Initial Term Loan, 8.579% (Term SOFR + 325 bps), 2/15/29					$     788,351
935,068	Gainwell Acquisition Corp., First Lien Term B Loan, 9.409% (Term SOFR + 400 bps), 10/1/27					911,458
972,500	One Call Corp., First Lien Term B Loan, 11.085% (Term SOFR + 550 bps), 4/22/27					915,973
475,000	Waystar Technologies, Inc., First Lien 2024 Initial Term Loan, 9.329% (Term SOFR + 400 bps), 10/22/29					477,138
	Total Medical Information Systems					$ 3,092,920
	Medical Labs & Testing Services — 3.6%
370,313	Charlotte Buyer, Inc., First Lien Initial Term Loan B, 10.571% (Term SOFR + 525 bps), 2/11/28					$     373,159
982,303	eResearchTechnology, Inc., Term Loan B (First Lien), 9.322% (Term SOFR + 400 bps), 2/4/27					987,214
1,436,737	FC Compassus LLC, Term B-1 Loan, 9.694% (Term SOFR + 425 bps), 12/31/26					1,413,391
993,612	Phoenix Guarantor Inc., First Lien Tranche B-4 Term Loan, 8.579% (Term SOFR + 325 bps), 2/21/31					995,372
486,250	Sound Inpatient Physicians, Inc., First Lien 2021 Incremental Term Loan, 8.591% (Term SOFR + 300 bps), 6/27/25					322,039
497,448	U.S. Anesthesia Partners, Inc., First Lien Initial Term Loan, 9.678% (Term SOFR + 425 bps), 10/1/28					485,090
	Total Medical Labs & Testing Services					$ 4,576,265
	Medical-Biomedical & Generation — 0.8%
973,551	ANI Pharmaceuticals, Inc., Initial Term Loan, 11.444% (Term SOFR + 600 bps), 11/19/27					$     979,635
	Total Medical-Biomedical & Generation					$ 979,635
	Medical-Drugs — 1.9%
250,000	Endo Finance Holdings, Inc., Initial Term Loan, 9.826% (Term SOFR + 450 bps), 4/23/31					$     250,234

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

25

Principal Amount USD ($)						Value
	Medical-Drugs — (continued)
822,092(b)	Endo Luxembourg Finance Company I S.a r.l., 2021 Term Loan, 14.50% (LIBOR + 400 bps), 3/27/28					$     534,360
530,000	Financiere Mendel, Facility B, 9.573% (Term SOFR + 425 bps), 11/12/30					534,140
437,863	Jazz Pharmaceuticals Public Ltd. Co., Additional Tranche B-1 Dollar Term Loan, 8.444% (Term SOFR + 300 bps), 5/5/28					442,105
705,882	Padagis LLC, Term B Loan, 10.313% (Term SOFR + 475 bps), 7/6/28					694,412
	Total Medical-Drugs					$ 2,455,251
	Medical-Generic Drugs — 1.1%
919,219	Amneal Pharmaceuticals LLC, Initial Term Loan, 10.829% (Term SOFR + 550 bps), 5/4/28					$     930,709
498,734	Perrigo Company Plc, Initial Term B Loan, 7.679% (Term SOFR + 225 bps), 4/20/29					498,485
	Total Medical-Generic Drugs					$ 1,429,194
	Medical-Hospitals — 0.8%
259,219	EyeCare Partners, LLC, Tranche B Term Loan, 10.037% (Term SOFR + 461 bps), 11/30/28					$     160,392
977,490	Knight Health Holdings LLC, Term B Loan, 10.694% (Term SOFR + 525 bps), 12/23/28					467,973
395,000	LifePoint Health, Inc. , Term Loan - Duplicate created by Merge/Move, 9.329% (Term SOFR + 400 bps), 5/17/31					397,098
	Total Medical-Hospitals					$ 1,025,463
	Medical-Wholesale Drug Distribution — 0.4%
445,500	CVET Midco 2 LP, First Lien Initial Term Loan, 10.309% (Term SOFR + 500 bps), 10/13/29					$     447,275
	Total Medical-Wholesale Drug Distribution					$ 447,275
	Metal Processors & Fabrication — 0.8%
337,174	Grinding Media, Inc. (Molycop, Ltd.), First Lien Initial Term Loan, 9.555% (Term SOFR + 400 bps), 10/12/28					$     331,274
727,873	WireCo WorldGroup, Inc., 2023 Refinancing Term Loan, 9.075% (Term SOFR + 375 bps), 11/13/28					729,692
	Total Metal Processors & Fabrication					$ 1,060,966
	Metal-Aluminum — 1.1%
1,438,036	Arsenal AIC Parent LLC, 2024 Term B Loan, 9.079% (Term SOFR + 375 bps), 8/18/30					$  1,453,315
	Total Metal-Aluminum					$ 1,453,315

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

Pioneer Floating Rate Fund, Inc. |  | 

Schedule of Investments  |  5/31/24

(unaudited) (continued)

Principal Amount USD ($)						Value
	Mining Services — 0.1%
174,819	Flame NewCo LLC, First Lien New Money Exit Term Loan, 7.429% (Term SOFR + 200 bps), 6/30/28					$     168,045
	Total Mining Services					$ 168,045
	Office Automation & Equipment — 0.7%
873,000	Pitney Bowes, Inc., Refinancing Tranche B Term Loan, 9.444% (Term SOFR + 400 bps), 3/17/28					$     874,091
	Total Office Automation & Equipment					$ 874,091
	Pastoral & Agricultural — 0.5%
635,375	Alltech, Inc., Term B Loan, 9.444% (Term SOFR + 400 bps), 10/13/28					$     632,992
	Total Pastoral & Agricultural					$ 632,992
	Pharmacy Services — 0.3%
342,125	Option Care Health, Inc., First Lien 2021 Refinancing Term Loan, 7.58% (Term SOFR + 225 bps), 10/27/28					$     345,047
	Total Pharmacy Services					$ 345,047
	Physical Therapy & Rehabilitation Centers — 2.3%
914,667	Summit Behavioral Healthcare LLC, First Lien Term Loan B-1, 9.597% (Term SOFR + 425 bps), 11/24/28					$     920,383
2,162,652	Upstream Newco, Inc., First Lien August 2021 Incremental Term Loan, 9.841% (Term SOFR + 425 bps), 11/20/26					2,000,453
	Total Physical Therapy & Rehabilitation Centers					$ 2,920,836
	Pipelines — 3.2%
1,062,500	Brazos Delaware II, LLC, Refinancing Term Loan, 8.822% (Term SOFR + 350 bps), 2/11/30					$  1,069,472
648,329	Buckeye Partners LP, Term Loan B2, 7.329% (Term SOFR + 200 bps), 11/22/30					650,089
644,661	GIP III Stetson I LP (GIP III Stetson II LP), 2023 Initial Term Loan, 9.679% (Term SOFR + 350 bps), 10/31/28					649,966
209,475	GIP Pilot Acquisition Partners, L.P., Amendment No. 1 Refinancing Term Loan, 7.827% (Term SOFR + 250 bps), 10/4/30					210,784
468,620	M6 ETX Holdings II MidCo LLC, Initial Term Loan, 9.93% (Term SOFR + 450 bps), 9/19/29					471,926
986,782	Traverse Midstream Partners LLC, Advance, 8.83% (Term SOFR + 350 bps), 2/16/28					994,800
	Total Pipelines					$ 4,047,037

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

27

Principal Amount USD ($)						Value
	Printing-Commercial — 0.3%
385,000	Cimpress plc, 2024 Refinancing Tranche B-1 Term Loan, 8.329% (Term SOFR + 300 bps), 5/17/28					$     385,000
	Total Printing-Commercial					$ 385,000
	Professional Sports — 0.4%
500,000	Formula One Management Ltd., First Lien Facility B Loan, 7.559% (Term SOFR + 225 bps), 1/15/30					$     503,203
	Total Professional Sports					$ 503,203
	Property & Casualty Insurance — 1.8%
221,625	Asurion LLC, New B-10 Term Loan, 9.429% (Term SOFR + 400 bps), 8/19/28					$     219,424
244,935	Asurion LLC, New B-11 Term Loan, 9.679% (Term SOFR + 425 bps), 8/19/28					243,527
485,000	Asurion LLC, New B-9 Term Loan, 8.694% (Term SOFR + 325 bps), 7/31/27					477,801
1,351,793	Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2023 Term Loan, 9.079% (Term SOFR + 375 bps), 2/24/28					1,360,429
	Total Property & Casualty Insurance					$ 2,301,181
	Protection-Safety — 0.5%
658,350	Prime Security Services Borrower LLC, 2024 First Lien Refinancing Term B-1 Loan, 7.579% (Term SOFR + 225 bps), 10/13/30					$     661,679
	Total Protection-Safety					$ 661,679
	Publishing — 2.0%
850,000	Cengage Learning, Inc., Term B Loan (First Lien), 9.538% (Term SOFR + 425 bps), 3/24/31					$     854,974
788,000	Houghton Mifflin Harcourt Co., First Lien Term B Loan, 10.697% (Term SOFR + 525 bps), 4/9/29					765,641
978,712	McGraw-Hill Education, Inc., Initial Term Loan, 10.194% (Term SOFR + 475 bps), 7/28/28					982,042
	Total Publishing					$ 2,602,657
	Publishing-Periodicals — 0.3%
367,500	MJH Healthcare Holdings LLC, Initial Term B Loan, 8.929% (Term SOFR + 350 bps), 1/28/29					$     368,648
	Total Publishing-Periodicals					$ 368,648

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

Pioneer Floating Rate Fund, Inc. |  | 

Schedule of Investments  |  5/31/24

(unaudited) (continued)

Principal Amount USD ($)						Value
	Recreational Centers — 1.0%
1,250,000	Fitness International LLC, Term B Loan, 10.58% (Term SOFR + 525 bps), 2/12/29					$  1,254,688
	Total Recreational Centers					$ 1,254,688
	Recycling — 0.6%
827,358	LTR Intermediate Holdings, Inc., Initial Term Loan, 9.944% (Term SOFR + 450 bps), 5/5/28					$     809,984
	Total Recycling					$ 809,984
	Rental Auto & Equipment — 0.7%
400,000	Avis Budget Car Rental LLC, New Tranche C Term Loan, 8.429% (Term SOFR + 300 bps), 3/16/29					$     400,950
417,933	Hertz Corp., Initial Term B Loan, 8.859% (Term SOFR + 325 bps), 6/30/28					385,021
80,991	Hertz Corp., Initial Term C Loan, 8.859% (Term SOFR + 325 bps), 6/30/28					74,512
	Total Rental Auto & Equipment					$ 860,483
	Retail — 6.5%
532,228	Great Outdoors Group LLC, Term B-2 Loan, 9.194% (Term SOFR + 375 bps), 3/6/28					$     533,725
975,228	Harbor Freight Tools USA, Inc., 2021 Initial Term Loan, 8.194% (Term SOFR + 275 bps), 10/19/27					976,853
1,002,333	Highline Aftermarket Acquisition LLC, First Lien Initial Term Loan, 9.929% (Term SOFR + 450 bps), 11/9/27					1,005,674
727,000	Kodiak BP LLC, 2024-1 Term Loan, 9.059% (Term SOFR + 375 bps), 3/12/28					733,058
1,021,125	Michaels Cos, Inc., Term Loan B, 9.821% (Term SOFR + 425 bps), 4/15/28					932,870
969,191	Petco Health & Wellness Co., Inc., First Lien Initial Term Loan, 8.821% (Term SOFR + 325 bps), 3/3/28					882,368
1,021,125	PetSmart LLC, Initial Term Loan, 9.179% (Term SOFR + 375 bps), 2/11/28					1,019,666
1,225,082	RVR Dealership Holdings LLC, Term Loan, 9.175% (Term SOFR + 375 bps), 2/8/28					1,142,389
437,500	Torrid LLC, Closing Date Term Loan, 11.112% (Term SOFR + 550 bps), 6/14/28					382,812
736,809	White Cap Supply Holdings LLC, Initial Closing Date Term Loan, 9.079% (Term SOFR + 375 bps), 10/19/27					740,993
	Total Retail					$ 8,350,408

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

29

Principal Amount USD ($)						Value
	Retail-Catalog Shopping — 0.3%
490,407	Medical Solutions Holdings, Inc., First Lien Initial Term Loan, 8.679% (Term SOFR + 325 bps), 11/1/28					$     402,134
	Total Retail-Catalog Shopping					$ 402,134
	Retail-Misc/Diversified — 0.3%
400,000	Peer Holding III B.V., Facility B4, 8.559% (Term SOFR + 325 bps), 10/28/30					$     402,250
	Total Retail-Misc/Diversified					$ 402,250
	Rubber & Plastic Products — 0.7%
431,922	Gates Global LLC, Initial B-3 Dollar Term Loan, 7.929% (Term SOFR + 250 bps), 3/31/27					$     433,542
431,922(c)	Gates Global LLC, Term Loan, 5/22/31					433,677
	Total Rubber & Plastic Products					$ 867,219
	Schools — 0.3%
423,715	Fugue Finance LLC, Existing Term Loan, 9.347% (Term SOFR + 400 bps), 1/31/28					$     427,378
	Total Schools					$ 427,378
	Security Services — 2.6%
1,393,603(c)	Allied Universal Holdco LLC (f/k/a USAGM Holdco LLC), Initial U.S. Dollar Term Loan, 9.179% (Term SOFR + 375 bps), 5/12/28					$  1,395,128
1,959,733	Garda World Security Corp., Fourth Additional Term Loan, 9.583% (Term SOFR + 425 bps), 2/1/29					1,981,045
	Total Security Services					$ 3,376,173
	Semiconductor Equipment — 0.9%
1,095,207	Ultra Clean Holdings, Inc., Sixth Amendment Term Loan, 8.829% (Term SOFR + 350 bps), 2/25/28					$  1,104,105
	Total Semiconductor Equipment					$ 1,104,105
	Telecom Services — 0.8%
1,011,332	Windstream Services LLC, Initial Term Loan, 11.679% (Term SOFR + 625 bps), 9/21/27					$  1,009,752
	Total Telecom Services					$ 1,009,752
	Telephone-Integrated — 0.8%
500,000	Level 3 Financing, Inc., Term B-1, 11.881% (Term SOFR + 656 bps), 4/15/29					$     486,380
500,000	Level 3 Financing, Inc., Term B-2, 11.881% (Term SOFR + 656 bps), 4/15/30					484,063
	Total Telephone-Integrated					$ 970,443

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

Pioneer Floating Rate Fund, Inc. |  | 

Schedule of Investments  |  5/31/24

(unaudited) (continued)

Principal Amount USD ($)						Value
	Television — 0.6%
459,526	Gray Television, Inc., Term E Loan, 7.928% (Term SOFR + 250 bps), 1/2/26					$     457,659
290,000(c)	Gray Television, Inc., Term Loan B, 5/23/29					277,494
	Total Television					$ 735,153
	Theaters — 1.2%
594,000	Cinemark USA, Inc., Term Loan, 9.052% (Term SOFR + 325 bps), 5/24/30					$     599,105
945,500	Cirque du Soleil Canada Inc., Initial Term Loan, 9.552% (Term SOFR + 425 bps), 3/8/30					947,864
	Total Theaters					$ 1,546,969
	Transportation - Trucks — 0.4%
487,500	Carriage Purchaser, Inc., Term B Loan, 9.694% (Term SOFR + 425 bps), 10/2/28					$     490,242
	Total Transportation - Trucks					$ 490,242
	Transportation Services — 1.8%
1,170,000	AIT Worldwide Logistics Holdings, Inc., First Lien Initial Term Loan, 10.171% (Term SOFR + 475 bps), 4/6/28					$  1,174,241
369,276	First Student Bidco Inc., 2022 Incremental Term B Loan, 9.402% (Term SOFR + 400 bps), 7/21/28					370,529
535,049	First Student Bidco, Inc., Initial Term B Loan, 8.564% (Term SOFR + 300 bps), 7/21/28					536,864
162,724	First Student Bidco, Inc., Initial Term C Loan, 8.564% (Term SOFR + 300 bps), 7/21/28					163,277
	Total Transportation Services					$ 2,244,911
	Transport-Rail — 0.3%
332,000	Genesee & Wyoming Inc., Initial Term Loan, 7.301% (Term SOFR + 200 bps), 4/10/31					$     333,075
	Total Transport-Rail					$ 333,075
	Veterinary Diagnostics — 0.6%
703,270	Southern Veterinary Partners, LLC, 2024-2 New Term Loan (First Lien), 9.08% (Term SOFR + 375 bps), 10/5/27					$     705,907
	Total Veterinary Diagnostics					$ 705,907
	Total Senior Secured Floating Rate Loan Interests (Cost $159,833,579)					$ 157,071,434

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

31

Shares						Value
	Common Stocks — 0.6% of Net Assets
	Construction & Engineering — 0.0% †
9,729(d)	LB New Holdco					$     38,916
	Total Construction & Engineering					$ 38,916
	Metals & Mining — 0.0% †
2,625(d)	Flame Co.					$     12,797
	Total Metals & Mining					$ 12,797
	Passenger Airlines — 0.6%
40,684(d)	Grupo Aeromexico SAB de CV					$    719,371
	Total Passenger Airlines					$ 719,371
	Total Common Stocks (Cost $621,279)					$ 771,084

Principal Amount USD ($)
	Asset Backed Securities — 2.3% of Net Assets
1,000,000(a)	Assurant CLO IV, Ltd., Series 2019-4A, Class E, 12.586% (3 Month Term SOFR + 726 bps), 4/20/30 (144A)					$     967,616
1,000,000	JPMorgan Chase Bank NA - CACLN, Series 2021-3, Class G, 9.812%, 2/26/29 (144A)					1,025,218
1,000,000(a)	Octagon Investment Partners XXI, Ltd., Series 2014-1A, Class DRR, 12.584% (3 Month Term SOFR + 726 bps), 2/14/31 (144A)					992,500
	Total Asset Backed Securities (Cost $2,998,651)					$ 2,985,334
	Collateralized Mortgage Obligations—2.0% of Net Assets
370,000(a)	Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, 11.324% (SOFR30A + 600 bps), 10/25/41 (144A)					$     391,267
230,000(a)	Freddie Mac STACR REMIC Trust, Series 2021-DNA7, Class B2, 13.124% (SOFR30A + 780 bps), 11/25/41 (144A)					251,038
490,000(a)	Freddie Mac STACR REMIC Trust, Series 2021-HQA3, Class B2, 11.574% (SOFR30A + 625 bps), 9/25/41 (144A)					512,610
250,000(a)	Freddie Mac STACR REMIC Trust, Series 2022-DNA1, Class B2, 12.424% (SOFR30A + 710 bps), 1/25/42 (144A)					269,292

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

Pioneer Floating Rate Fund, Inc. |  | 

Schedule of Investments  |  5/31/24

(unaudited) (continued)

Principal Amount USD ($)						Value
	Collateralized Mortgage Obligations— (continued)
320,000(a)	Freddie Mac STACR REMIC Trust, Series 2022-DNA2, Class B2, 13.824% (SOFR30A + 850 bps), 2/25/42 (144A)					$     355,532
710,000(a)	STACR Trust, Series 2018-HRP2, Class B2, 15.938% (SOFR30A + 1,061 bps), 2/25/47 (144A)					875,075
	Total Collateralized Mortgage Obligations (Cost $2,453,506)					$ 2,654,814
	Commercial Mortgage-Backed Securities—1.0% of Net Assets
478,794(a)	BX Trust, Series 2022-PSB, Class F, 12.65% (1 Month Term SOFR + 733 bps), 8/15/39 (144A)					$     476,077
37,119(a)	FREMF Mortgage Trust, Series 2020-KF74, Class C, 11.692% (SOFR30A + 636 bps), 1/25/27 (144A)					33,822
1,000,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class E, 3.00%, 5/15/48 (144A)					751,800
	Total Commercial Mortgage-Backed Securities (Cost $1,315,710)					$ 1,261,699
	Corporate Bonds — 7.8% of Net Assets
	Airlines — 1.7%
940,000	Grupo Aeromexico SAB de CV, 8.50%, 3/17/27 (144A)					$     938,251
1,500,000	VistaJet Malta Finance Plc/Vista Management Holding, Inc., 6.375%, 2/1/30 (144A)					1,204,460
	Total Airlines					$ 2,142,711
	Banks — 0.9%
1,000,000(e)(f)	Citigroup, Inc., 4.70% (SOFR + 323 bps)					$     978,684
255,000(e)(f)	ING Groep NV, 4.25% (5 Year CMT Index + 286 bps)					198,194
	Total Banks					$ 1,176,878
	Chemicals — 0.4%
250,000	Element Solutions, Inc., 3.875%, 9/1/28 (144A)					$     227,491
300,000	SCIL IV LLC/SCIL USA Holdings LLC, 5.375%, 11/1/26 (144A)					288,427
	Total Chemicals					$ 515,918
	Commercial Services — 0.3%
500,000	Garda World Security Corp., 6.00%, 6/1/29 (144A)					$     449,060
	Total Commercial Services					$ 449,060

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

33

Principal Amount USD ($)						Value
	Electric — 0.2%
300,000	Vistra Operations Co. LLC, 4.375%, 5/1/29 (144A)					$    277,691
	Total Electric					$ 277,691
	Iron & Steel — 0.3%
500,000	Metinvest BV, 7.75%, 10/17/29 (144A)					$    329,500
	Total Iron & Steel					$ 329,500
	Lodging — 0.4%
500,000	Station Casinos LLC, 4.50%, 2/15/28 (144A)					$    465,593
	Total Lodging					$ 465,593
	Media — 1.2%
300,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.25%, 1/15/29					$    254,881
200,000	CSC Holdings LLC, 11.75%, 1/31/29 (144A)					158,942
510,000	McGraw-Hill Education, Inc., 8.00%, 8/1/29 (144A)					475,462
1,000,000	Sinclair Television Group, Inc., 5.50%, 3/1/30 (144A)					660,610
	Total Media					$ 1,549,895
	Mining — 0.7%
925,000	First Quantum Minerals, Ltd., 8.625%, 6/1/31 (144A)					$    920,536
	Total Mining					$ 920,536
	Oil & Gas — 0.5%
668,000	MEG Energy Corp., 7.125%, 2/1/27 (144A)					$    676,198
	Total Oil & Gas					$ 676,198
	Pipelines — 0.2%
300,000	Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29 (144A)					$    270,182
	Total Pipelines					$ 270,182
	REITs — 0.4%
500,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 2/15/28 (144A)					$    500,081
	Total REITs					$ 500,081
	Telecommunications — 0.6%
275,000	Level 3 Financing, Inc., 10.50%, 5/15/30 (144A)					$    272,104
500,000	Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 8/15/28 (144A)					469,754
	Total Telecommunications					$ 741,858
	Total Corporate Bonds (Cost $10,538,461)					$ 10,016,101

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

Pioneer Floating Rate Fund, Inc. |  | 

Schedule of Investments  |  5/31/24

(unaudited) (continued)

Principal Amount USD ($)						Value
	Insurance-Linked Securities — 1.4% of Net Assets#
	Event Linked Bonds — 1.3%
	Multiperil – U.S. — 0.5%
250,000(a)	Matterhorn Re, 10.604%, (SOFR + 525 bps), 3/24/25 (144A)					$    239,200
250,000(a)	Residential Re, 10.652%, (3 Month U.S. Treasury Bill + 528 bps), 12/6/25 (144A)					232,550
250,000(a)	Sanders Re III, 8.99%, (3 Month U.S. Treasury Bill + 361 bps), 4/7/26 (144A)					240,550
						$ 712,300
	Windstorm – North Carolina — 0.2%
250,000(a)	Cape Lookout Re, 14.967%, (3 Month U.S. Treasury Bill + 959 bps), 3/28/25 (144A)					$    243,300
	Windstorm – Texas — 0.4%
500,000(a)	Alamo Re, 12.56%, (3 Month U.S. Treasury Bill + 718 bps), 6/7/28 (144A)					$    499,250
	Windstorm – U.S. Regional — 0.2%
250,000(a)	Commonwealth Re, 8.917%, (3 Month U.S. Treasury Bill + 354 bps), 7/8/25 (144A)					$    248,750
	Total Event Linked Bonds					$ 1,703,600

Face Amount USD ($)
	Collateralized Reinsurance — 0.0% †
	Windstorm – Florida — 0.0% †
250,000(d)(g) +	Formby Re 2018, 2/28/25					$          —
	Total Collateralized Reinsurance					$ —
	Reinsurance Sidecars — 0.1%
	Multiperil – U.S. — 0.0% †
250,000(d)(h) +	Harambee Re 2018, 12/31/24					$          —
250,000(d)(h) +	Harambee Re 2019, 12/31/24					475
						$ 475
	Multiperil – Worldwide — 0.1%
12,278(h) +	Alturas Re 2022-2, 12/31/27					$      1,415
199,590(d)(h) +	Lorenz Re 2019, 6/30/24					2,016

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

35

Face Amount USD ($)						Value
	Multiperil – Worldwide — (continued)
10,000(d)(g) +	Sector Re V, 12/1/24 (144A)					$     19,329
244,914(d)(g) +	Woburn Re 2019, 12/31/24					33,713
						$ 56,473
	Total Reinsurance Sidecars					$ 56,948
	Total Insurance-Linked Securities (Cost $1,820,736)					$ 1,760,548

Principal Amount USD ($)
	U.S. Government and Agency Obligations — 7.8% of Net Assets
10,000,000(i)	U.S. Treasury Bills, 6/4/24					$  9,998,543
	Total U.S. Government and Agency Obligations (Cost $9,995,607)					$ 9,998,543

Shares
	SHORT TERM INVESTMENTS — 4.1% of Net Assets
	Open-End Fund — 4.1%
5,249,308(j)	Dreyfus Government Cash Management, Institutional Shares, 5.19%					$  5,249,308
						$ 5,249,308
	TOTAL SHORT TERM INVESTMENTS (Cost $5,249,308)					$ 5,249,308
	TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 149.5% (Cost $194,826,837)					$191,768,865
	OTHER ASSETS AND LIABILITIES — (49.5)%					$ (63,526,788)
	net assets — 100.0%					$ 128,242,077

bps	Basis Points.
CMT	Constant Maturity Treasury Index.
FREMF	Freddie Mac Multifamily Fixed-Rate Mortgage Loans.
LIBOR	London Interbank Offered Rate.
REIT	Real Estate Investment Trust.

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

Pioneer Floating Rate Fund, Inc. |  | 

Schedule of Investments  |  5/31/24

(unaudited) (continued)

SOFR	Secured Overnight Financing Rate.
SOFR30A	Secured Overnight Financing Rate 30 Day Average.
(144A)	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, 2024, the value of these securities amounted to $17,209,118, or 13.4% of net assets.

(a)	Floating rate note. Coupon rate, reference index and spread shown at May 31, 2024.
(b)	Security is in default.
(c)	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.
(d)	Non-income producing security.
(e)	Security is perpetual in nature and has no stated maturity date.
(f)	The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at May 31, 2024.
(g)	Issued as participation notes.
(h)	Issued as preference shares.
(i)	Security issued with a zero coupon. Income is recognized through accretion of discount.
(j)	Rate periodically changes. Rate disclosed is the 7-day yield at May 31, 2024.
*	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, 2024.
+	Security is valued using significant unobservable inputs (Level 3).
†	Amount rounds to less than 0.1%.
#	Securities are restricted as to resale.

Restricted Securities	Acquisition date	Cost	Value
Alamo Re	11/16/2023	$503,750	$ 499,250
Alturas Re 2022-2	4/11/2023	—	1,415
Cape Lookout Re	3/16/2022	250,000	243,300
Commonwealth Re	6/15/2022	250,000	248,750
Formby Re 2018	7/9/2018	777	—
Harambee Re 2018	12/19/2017	5,311	—
Harambee Re 2019	12/20/2018	—	475
Lorenz Re 2019	6/26/2019	32,708	2,016
Matterhorn Re	3/10/2022	250,000	239,200
Residential Re	10/28/2021	250,000	232,550
Sanders Re III	3/22/2022	250,000	240,550

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

37

Restricted Securities	Acquisition date	Cost	Value
Sector Re V	1/1/2020	$ 168	$ 19,329
Woburn Re 2019	1/30/2019	28,022	33,713
Total Restricted Securities			$1,760,548
% of Net assets			1.4%

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Currency Purchased	In Exchange for	Currency Sold	Deliver	Counterparty	Settlement Date	Unrealized Appreciation
USD	546,145	MXN	9,164,481	State Street Bank & Trust Co.	6/27/24	$8,368
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS						$ 8,368

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

MXN	— Mexican Peso
USD	— United States Dollar

Purchases and sales of securities (excluding short-term investments) for the six months ended May 31, 2024, aggregated $58,724,287 and $64,513,390, respectively.

At May 31, 2024, the net unrealized depreciation on investments based on cost for federal tax purposes of $195,211,776 was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$ 2,722,907
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value	(6,157,450)
Net unrealized depreciation	$(3,434,543)

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

Pioneer Floating Rate Fund, Inc. |  | 

Schedule of Investments  |  5/31/24

(unaudited) (continued)

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

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

The following is a summary of the inputs used as of May 31, 2024 in valuing the Fund’s investments:

	Level 1	Level 2	Level 3	Total
Senior Secured Floating Rate Loan Interests	$ —	$157,071,434	$ —	$157,071,434
Common Stocks	—	771,084	—	771,084
Asset Backed Securities	—	2,985,334	—	2,985,334
Collateralized Mortgage Obligations	—	2,654,814	—	2,654,814
Commercial Mortgage-Backed Securities	—	1,261,699	—	1,261,699
Corporate Bonds	—	10,016,101	—	10,016,101
Insurance-Linked Securities
Collateralized Reinsurance
Windstorm – Florida	—	—	—*	—*
Reinsurance Sidecars
Multiperil – U.S.	—	—	475	475
Multiperil – Worldwide	—	—	56,473	56,473
All Other Insurance-Linked Securities	—	1,703,600	—	1,703,600
U.S. Government and Agency Obligations	—	9,998,543	—	9,998,543
Open-End Fund	5,249,308	—	—	5,249,308
Total Investments in Securities	$ 5,249,308	$ 186,462,609	$ 56,948	$ 191,768,865
Other Financial Instruments
Credit Agreement (a)	$ —	$ (60,000,000)	$ —	$ (60,000,000)
Net unrealized appreciation on forward foreign currency exchange contracts	—	8,368	—	8,368
Total Other Financial Instruments	$ —	$ (59,991,632)	$ —	$ (59,991,632)

(a)	The Fund may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes.
*	Securities valued at $0.

Transfers are calculated on the beginning of period values. During the period ended May 31, 2024 a security valued at $639,476 was transferred from Level 3 to Level 2, due to valuing the security using observable inputs. There were no other transfers in or out of Level 3 during the period.

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

39

Statement of Assets and Liabilities  |  5/31/24

(unaudited)

ASSETS:
Investments in unaffiliated issuers, at value (cost $194,826,837)	$191,768,865
Cash	103,387
Unrealized appreciation on forward foreign currency exchange contracts	8,368
Receivables —
Investment securities sold	2,680,998
Interest	1,187,027
Other assets	272
Total assets	$195,748,917
LIABILITIES:
Payables —
Credit agreement	$ 60,000,000
Investment securities purchased	7,016,918
Directors’ fees	1,475
Interest expense	323,480
Management fees	10,805
Administrative expenses	11,530
Accrued expenses	142,632
Total liabilities	$ 67,506,840
NET ASSETS:
Paid-in capital	$207,767,960
Distributable earnings (loss)	(79,525,883)
Net assets	$ 128,242,077
NET ASSET VALUE PER SHARE:
No par value
Based on $128,242,077/12,374,933 shares	$ 10.36

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

Pioneer Floating Rate Fund, Inc. |  | 

Statement of Operations

FOR THE SIX MONTHS ENDED 5/31/24

INVESTMENT INCOME:
Interest from unaffiliated issuers	$ 9,327,811
Dividends from unaffiliated issuers	154,783
Total Investment Income		$ 9,482,594
EXPENSES:
Management fees	$ 658,147
Administrative expenses	22,237
Transfer agent fees	8,505
Stockholder communications expense	12,690
Custodian fees	7,958
Professional fees	192,317
Officers’ and Directors’ fees	4,576
Interest expense	1,990,640
Miscellaneous	179,367
Total expenses		$ 3,076,437
Net investment income		$ 6,406,157
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers	$(1,233,653)
Forward foreign currency exchange contracts	(48,073)
Other assets and liabilities denominated in foreign currencies	10,799	$ (1,270,927)
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers	$ 5,085,198
Forward foreign currency exchange contracts	22,366
Unfunded loan commitments	6,325	$ 5,113,889
Net realized and unrealized gain (loss) on investments		$ 3,842,962
Net increase in net assets resulting from operations		$10,249,119

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

41

Statements of Changes in Net Assets

	Six Months Ended 5/31/24 (unaudited)	Year Ended 11/30/23
FROM OPERATIONS:
Net investment income (loss)	$ 6,406,157	$ 14,008,068
Net realized gain (loss) on investments	(1,270,927)	(7,583,525)
Change in net unrealized appreciation (depreciation) on investments	5,113,889	9,337,316
Net increase in net assets resulting from operations	$ 10,249,119	$ 15,761,859
DISTRIBUTIONS TO COMMON STOCKHOLDERS:
($0.56 and $1.07 per share, respectively)	$ (6,868,088)	$ (13,272,116)
Total distributions to common stockholders	$ (6,868,088)	$ (13,272,116)
Net increase in net assets	$ 3,381,031	$ 2,489,743
NET ASSETS:
Beginning of period	$124,861,046	$122,371,303
End of period	$ 128,242,077	$ 124,861,046

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

Pioneer Floating Rate Fund, Inc. |  | 

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Transactions in common shares for the six months ended May 31, 2024 and the year ended November 30, 2023, were as follows:

	5/31/24	11/30/23
Shares outstanding at beginning of period	12,374,933	12,374,933
Shares outstanding at end of period	12,374,933	12,374,933

9. Credit Agreement

Until February 2, 2024, the Fund was a party to a Revolving Credit Facility with the Bank of Nova Scotia in the amount of $75,000,000 (the "Bank of Nova Scotia Credit Agreement"). Effective February 2, 2024, the Fund is a party to a Credit Facility with TD Bank in the amount of $60,000,000 (the "TD Bank Credit Facility").

Interest on borrowings was payable under the Bank of Nova Scotia Credit Agreement at the Secured Overnight Financing Rate ("SOFR") plus 1.05% on an annualized basis.

Interest on borrowings is payable under the TD Bank Credit Agreement at SOFR plus 1.15% on an annualized basis.

At May 31, 2024, the Fund had borrowings outstanding under the TD Bank Credit Agreement totaling $60,000,000. The interest rate charged at May 31, 2024 was 6.36%. During the six months ended May 31, 2024, the average daily balance under the Credit Agreements was $60,419,672 at an average interest rate of 6.48%. Interest expense of $1,990,640 in connection with the Credit Agreements is included on the Statement of Operations.

The Fund was required to maintain 300% asset coverage with respect to amounts outstanding under the Bank of Nova Scotia Credit Agreement. 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

63

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. Subsequent Events

A monthly distribution was declared on June 4, 2024 of $0.0925 per share payable June 28, 2024 to stockholders of record on June 18, 2024.

The Adviser is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic stockholder of Victory Capital (the “Transaction”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.

The closing of the Transaction would cause the Fund’s current investment advisory agreement with the Adviser to terminate. Under the terms of the Transaction, the Fund’s Board of Directors will be asked to approve a new investment advisory agreement for the Fund with Victory Capital Management Inc., an affiliate of Victory Capital. If approved by the Board, the Fund’s new investment advisory agreement will be submitted to the stockholders of the Fund for their approval. There is no assurance that the Board or the stockholders of the Fund will approve the new investment advisory agreement.

Pioneer Floating Rate Fund, Inc. |  | 

Additional Information

On March 25, 2024, Ernst & Young LLP (the “Prior Auditor”) resigned as the independent registered public accounting firm of Pioneer Floating Rate Fund, Inc. (the “Fund”) due to the independence considerations resulting from a change of the independent registered public accounting firm of a related party. The Prior Auditor’s reports on the financial statements of the Fund for the past two fiscal years, the years ended November 30, 2023 and November 30, 2022, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.

During the last two fiscal year-ends and the subsequent interim period through March 25, 2024, there were no (1) disagreements with the Prior Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the Prior Auditor’s satisfaction, would have caused it to make reference to that matter in connection with its reports on the Fund’s financial statements for such periods; or (2) “reportable events” related to the Fund,  as that term is defined in Item 304 (a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.

On March 25, 2024, the Audit Committee of the Board approved, and on March 25, 2024, the Board approved, Deloitte & Touche LLP as the independent registered accounting firm of the Fund for fiscal periods ending after March 25, 2024.

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.

65

may limit the ability of stockholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. There can be no assurance, however, that such provisions will be sufficient to deter activist investors that seek to cause the Fund to take actions that may not be aligned with the interests of long-term stockholders. Furthermore, the law is uncertain on the use of control share provisions. Certain courts have found that control share provisions are unenforceable under the 1940 Act. Although the funds believe that these decisions are not binding on the funds, it is possible that a court could decide that the Fund’s decision to opt in to the MCSAA is not enforceable under the 1940 Act.

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 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

Pioneer Floating Rate Fund, Inc. |  | 

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.

67

Directors, Officers and Service Providers

Pioneer Floating Rate Fund, Inc. |  | 

How to Contact Amundi

We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.

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

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

For additional information, please contact your investment adviser or visit our web site www.amundi.com/us.

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.