EXHIBIT (p)

                        INITIAL SHARE PURCHASE AGREEMENT

      This Agreement is made as of the ____ day of December 2004 between Pioneer
Funds Distributor, Inc. ("PFD"), a Massachusetts corporation, and Pioneer
Floating Rate Trust, a Delaware statutory trust (the "Trust").

      WHEREAS, the Trust wishes to sell to PFD, and PFD wishes to purchase from
the Trust, $100,000 of common shares of beneficial interest of the Trust (5,245
shares at a purchase price of $19.065 per share (collectively, the "Shares"));
and

      WHEREAS, PFD is purchasing the Shares for the purpose of providing the
initial capitalization of the Trust as required by the Investment Company Act of
1940, as amended;

      NOW, THEREFORE, the parties hereto agree as follows:

      1. Simultaneously with the execution of this Agreement, PFD is delivering
to the Trust a check in the amount of $100,000 in full payment for the Shares.

      2. PFD agrees that it is purchasing the Shares for investment and has no
present intention of redeeming or reselling the Shares.



      Executed as of the date first set forth above.

                                              Pioneer Funds Distributor, Inc.

                                              __________________________________
                                              Name: Dorothy E. Bourassa
                                              Title:  Clerk

                                              PIONEER FLOATING RATE TRUST

                                              __________________________________
                                              Name:  Dorothy E. Bourassa
                                              Title:  Secretary