As filed with the Securities and Exchange Commission on December 8, 2008

                                             SECURITIES AND EXCHANGE COMMISSION
                                                        WASHINGTON, D.C. 20549

                            RULE 23C-2 NOTICE OF INTENTION TO REDEEM SECURITIES
                                                                  of
                                                    PIONEER FLOATING RATE TRUST
                                                          60 State Street
                                                           Boston, MA 02109
                                                            (617) 742-7825

                                       Under the Investment Company Act of 1940
                                      Investment Company Act File No. 811-21654

         The undersigned registered closed-end investment company hereby
notifies the Securities and Exchange Commission (the "Commission") that it
intends to redeem securities of which it is the issuer, as set forth below and
in accordance with the requirements of Rule 23c-2 under the Investment Company
Act of 1940, as amended (the "1940 Act"), and states that, pursuant to no-action
relief granted by the Commission staff, it is filing this notice with the
Commission fewer than 30 days prior to the date set for the redemption.

(1) Titles of the classes of securities of Pioneer Floating Rate Trust (the
"Trust") to be redeemed:

         Auction Market Preferred Shares, Series M7
         Auction Market Preferred Shares, Series W7
         Auction Market Preferred Shares, Series Th7

(2) The date on which the securities are to be redeemed:

         Series                                               Date
         Auction Market Preferred Shares, Series M7: December 23, 2008
         Auction Market Preferred Shares, Series W7: December 26, 2008
         Auction Market Preferred Shares, Series Th7:         December 26, 2008

(3) Applicable provisions of the governing instrument pursuant to which the
securities are to be redeemed:

         The Auction Market Preferred Shares are to be redeemed pursuant to
         Section 9(a)(i) of Part I of the Statement of Preferences of Auction
         Market Preferred Shares.

(4) Number of shares and the basis upon which the securities to be redeemed are
to be selected:

         The Trust intends to redeem, by lot (as determined by The Depository
         Trust Company), the number of outstanding Auction Market Preferred
         Shares set forth below:

         Series                                               Number of Shares

         Auction Market Preferred Shares, Series M7:          134
         Auction Market Preferred Shares, Series W7:          133
         Auction Market Preferred Shares, Series Th7:                  133

                                                               SIGNATURE

Pursuant to the requirements of Rule 23c-2 under the 1940 Act, the registrant
has duly caused this Notice of Intention to Redeem Securities to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of Boston
and Commonwealth of Massachusetts on the 8th day of December, 2008.

                                                 PIONEER FLOATING RATE TRUST

                                                       /s/ Dorothy Bourassa
                                                 Name: Dorothy Bourassa
                                                 Title:    Secretary