OMB APPROVAL
OMB Number: 3235-0570
Expires: August 31, 2013
Estimated average burden
hours per response.....18.9
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21558
Pioneer Short Term Income Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: August 31
Date of reporting period: September 1, 2011 through August 31, 2012
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Short Term
Income Fund
--------------------------------------------------------------------------------
Annual Report | August 31, 2012
--------------------------------------------------------------------------------
Ticker Symbols:
Class A STABX
Class B STBBX
Class C PSHCX
Class Y PSHYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 44
Notes to Financial Statements 52
Report of Independent Registered Public Accounting Firm 62
Trustees, Officers and Service Providers 64
Pioneer Short Term Income Fund | Annual Report | 8/31/12 1
President's Letter
Dear Shareowner,
The U.S. economy showed signs of an economic slowdown in the second quarter,
reflecting higher savings by consumers and reduced spending by corporations, in
large part due to concerns about both the U.S. outlook and the deteriorating
situation in Europe. Some 40% - 45% of U.S. corporate earnings come from
overseas, with a large portion of that from Europe. While large U.S.
corporations generally remain in excellent financial health - cash, borrowing
capacity, and margins are all strong - they are holding back on hiring and
investments due to concerns about Europe, China, and U.S. regulations, fiscal
policies, taxes, and politics. Many investors share those concerns, and are
maintaining a cautious approach to the markets.
Despite this tough backdrop, the markets had a surprisingly strong first half of
2012. The Standard & Poor's 500 Index returned 9.5% over the six months ended
June 30, 2012. In the U.S. bond markets, interest rates generally declined, with
riskier sectors faring the best. The broad bond market, as measured by the
Barclays Capital Aggregate Bond Index, returned 2.4% during the same six-month
period, while the high-yield bond market, as measured by the Bank of America
Merrill Lynch High Yield Master II Index, returned 7.1%.
Given the major macroeconomic and political issues facing the markets in the
second half of the year, we certainly expect continuing volatility. But we also
see some positive economic data that give us hope for better news in the second
half of 2012. While the unemployment rate remains unacceptably high at over 8%,
employment and incomes continue to trend upward. Lower oil prices have acted
like an effective tax cut for consumers. Home construction, sales, and
refinancings have increased, and auto sales are holding up as well.
At Pioneer, we have long advocated the benefits of staying diversified* and
investing for the long term. The strategy has generally performed well for many
investors. Our advice, as always, is to work closely with a trusted financial
advisor to discuss your goals and work together to develop an investment
strategy that meets your individual needs. There is no single best strategy that
works for every investor.
* Diversification does not assure a profit or protect against loss in a
declining market.
2 Pioneer Short Term Income Fund | Annual Report | 8/31/12
Pioneer's investment professionals focus on finding good opportunities in both
equity and bond markets using the same disciplined investment approach we have
used since 1928. Our strategy is to identify undervalued individual securities
with the greatest potential for success, carefully weighing risk against reward.
Our teams of investment professionals continually monitor and analyze the
relative valuations of different sectors and securities globally to help build
portfolios that we believe can help you achieve your investment goals.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 3
Portfolio Management Discussion | 8/31/12
In the following interview, Richard Schlanger and Charles Melchreit, portfolio
managers of Pioneer Short Term Income Fund, discuss the factors that influenced
the Fund's performance over the 12-month period ended August 31, 2012. Mr.
Schlanger, vice president and portfolio manager at Pioneer, and Mr. Melchreit,
vice president and portfolio manager at Pioneer, are responsible for the
day-to-day management of the Fund.
Q How would you describe the market environment for fixed-income investors over
the 12-month period ended August 31, 2012?
A As the period opened in September 2011, credit markets were focused on
headlines coming out of Europe with respect to the region's sovereign-debt
crisis. There was concern that the problems would spread from Ireland and
Greece to other nations, including Spain, Portugal and Italy, with
potentially vast repercussions to the European banking system. Investors also
were monitoring worrisome signs of slowing economic growth in the United
States, adding to the uneasy environment in late 2011. Despite the political
brinksmanship surrounding the debate over raising the U.S. debt ceiling in
August 2011, and a subsequent downgrade of U.S. debt by Standard & Poor's,
U.S. Treasury securities were the principal beneficiary of the uncertain
economic backdrop, as investors continued to view them as the safest
alternative to riskier assets.
As 2011 drew to a close, however, investors became more confident that the
United States was not on the verge of heading back into recession. The U.S.
Federal Reserve (the Fed) was partly responsible for the improved sentiment,
as the central bank in September had initiated bond purchases aimed at
keeping longer-term interest rates low. Employment and household income data
strengthened late in 2011, suggesting that the foundation was being built for
sustained economic growth. Further spurring confidence in business
conditions, the Fed announced in late January 2012 that it intended to keep
short-term rates anchored near zero through late 2014. The net result of all
the developments was strong outperformance from credit-sensitive sectors over
the first few months of 2012, as investors' fears of a return to recession
largely dissipated.
The demand trend for credit sectors wavered in the spring of 2012, however,
as softening economic data suggested that some of the winter's strong numbers
had been the result of economic activity that was pulled forward due to
unseasonably mild weather. That said, credit spreads still generally
continued to narrow throughout the remainder of the Fund's fiscal year ended
August 31, 2012, a trend supported in part by extraordinarily low
4 Pioneer Short Term Income Fund | Annual Report | 8/31/12
Treasury yields and investors' reluctance to commit to equities. (Credit
spreads are typically defined as the differences in yield between Treasuries
and other types of fixed-income securities with similar maturities.) As
overall yield levels continued to decline, investors migrated toward
securities with shorter maturities in order to reduce exposure to any
eventual rise in interest rates. Shorter maturities further benefited from
investors' risk aversion, as the market began increasingly to focus on
uncertainties generated by political conditions that could disrupt the
economic and credit outlook, including the upcoming November elections and
the potential for a year-end standoff in Washington over fiscal issues.
With short-term interest rates anchored near zero and the Fed engaging in
bond purchases farther out on the yield curve, rates fell throughout the
12-month period from already very low levels on securities with maturities
longer than two years. For example, while the two-year Treasury yield rose by
two basis points (0.02%), from 0.20% to 0.22%, during the 12-month period,
the five-year yield fell by 37 basis points (0.37%), from 0.96% to 0.59%, and
the 10-year yield fell 66 basis points (0.66%), from 2.23% to 1.57%.
Q How did the Fund perform in that environment during the 12 months ended
August 31, 2012?
A Pioneer Short Term Income Fund's Class A shares returned 4.00% at net asset
value during the 12 months ended August 31, 2012, while the Fund's benchmark,
the Barclays Capital One-to-Three-Year Government/Credit Index (the Barclays
Index), returned 1.06%. During the same period, the average return of the 253
mutual funds in Lipper's Short Investment-Grade Debt Funds category was
2.75%.
Q How did you manage the Fund in the prevailing environment during the 12
months ended August 31, 2012, and how did your investment strategies affect
the Fund's benchmark-relative performance?
A Early in the period, we sharply reduced the Fund's exposure to U.S. Treasury
issues, reflecting our view that Treasuries, given their negative real, or
after-inflation, yields, have not been attractively valued compared with
credit-sensitive sectors. The decision helped the Fund's returns relative to
the Barclays Index benchmark, as credit-sensitive sectors outperformed during
the 12-month period.
In broad terms, the largest contributor to Fund's benchmark-relative returns
was the substantial weighting of more than half of the portfolio's assets to
sectors not included in the Barclays Index benchmark. The non-benchmark
allocations included holdings in a variety of pass-through sectors, such as
residential and commercial mortgage-backed securities, as well as asset-
backed securities, such as those backed by home equity loans, auto loans
Pioneer Short Term Income Fund | Annual Report | 8/31/12 5
and credit card receivables. The Fund's second-largest exposure during the
12-months ended August 31, 2012, was to corporate issues, which also
outperformed Treasuries during the period. Within corporates, the Fund's
overall emphasis on lower-rated securities, especially among industrial
issuers, aided performance. A portfolio overweight to financial issues also
helped returns.
With respect to the Fund's yield-curve positioning, we maintained a somewhat
"barbelled" posture during the period, with very short-term holdings balanced
by exposure to securities with maturities in the five-year range. The
yield-curve positioning worked well for the Fund during the period as
interest rates fell and bond prices rose farther out on the curve.
The Fund's overall duration (a standard measure of price sensitivity to
changes in market interest rates) at the end of August was 1.12 years,
compared with 1.89 years for the Barclays Index. The Fund maintained a
below-market overall duration and corresponding interest-rate sensitivity
throughout the 12-month period. The low-duration positioning was a slight
constraint on the Fund's overall returns as interest rates declined during
the full 12-month period.
Q What is your assessment of the current climate for fixed-income investing?
A While the United States appears to be in the best economic condition among
developed economies, we believe the outlook here for both economic growth and
interest rates remains uncertain. With Europe in recession and growth in
China easing, there is not much reason to expect a boost from abroad. Even
absent factors that would lead to dramatic interest-rate increases, however,
we believe there clearly is more room for interest rates to rise from current
levels than for them to decline further. Therefore, we are comfortable with
maintaining an overall portfolio duration and interest-rate sensitivity that
is below that of the Barclays Index benchmark.
We continue to view sectors that trade at a yield spread over Treasuries as
attractive on a relative value basis. While continuing to underweight
Treasuries, given the risks to credit sentiment from economies abroad and
political/fiscal developments at home, we have trimmed the Fund's holdings of
mortgage-backed and asset-backed securities and added modestly to the
portfolio's Treasury position. We view current fundamentals as continuing to
be supportive of corporate issues, especially given the high levels of cash
on corporate balance sheets and a favorable financing environment. With
credit spreads having narrowed closer to historical norms, however, we view
corporate bond valuations as a neutral factor overall, and we are being
selective in adding to the portfolio's credit-sensitive exposure.
6 Pioneer Short Term Income Fund | Annual Report | 8/31/12
The Fed has made clear its intention to maintain very low short rates for the
foreseeable future. As a short-term fund, we typically focus the portfolio's
holdings on issues with maturities ranging from overnight commercial paper to
five years. With the yield curve in the zero to five-year area still
relatively steep, we expect to maintain the Fund's somewhat barbelled
positioning, with substantial exposure to five-year issues balanced by
positions in short-term, floating-rate paper. We believe the barbell posture
allows the Fund to garner the incremental income that is available out on the
yield curve, while maintaining an overall duration and interest-rate
sensitivity consistent with the Fund's guidelines.
We will continue to monitor macroeconomic factors that have the potential to
affect the markets, while remaining principally focused on adding value to
the portfolio at the individual security level. As always, we will manage the
portfolio with the goal of seeking to provide a high level of current income,
while reducing the impact of interest-rate changes on the Fund's share price.
Please refer to the Schedule of Investments on pages 17-43 for a full listing of
Fund securities.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of the issuers of the underlying securities and their inability to meet
their debt obligations.
Prepayment risk is the chance that mortgage-backed bonds will be paid off early
if falling interest rates prompt homeowners to refinance their mortgages. Forced
to reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation associated with falling interest rates.
The securities issued by U.S. government sponsored entities (i.e. Fannie Mae,
Freddie Mac) are neither guaranteed nor issued by the U.S. government.
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to pre-payments.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 7
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Past performance is not a guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder 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. These statements should not
be relied upon for any other purposes.
8 Pioneer Short Term Income Fund | Annual Report | 8/31/12
Portfolio Summary | 8/31/12
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Collateralized Mortgage Obligations 31.6%
U.S. Corporate Bonds 22.5%
U.S. Government Securities 16.3%
Asset Backed Securities 14.0%
International Corporate Bonds 8.4%
Municipal Bonds 3.6%
Senior Secured Loans 1.8%
Temporary Cash Investments 1.8%
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio; based on S&P ratings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 44.1%
BBB 18.8%
A 15.4%
AA 9.6%
BB 4.8%
B 1.7%
CCC 1.3%
Cash and equivalents 1.8%
Not Rated 2.5%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total debt holdings)*
1. U.S. Treasury Notes, 0.125%, 9/30/13 10.97%
----------------------------------------------------------------------------------------------
2. Fannie Mae Grantor Trust, Floating Rate Note, 10/25/40 2.04
----------------------------------------------------------------------------------------------
3. State of California, 2.5%, 6/20/13 0.97
----------------------------------------------------------------------------------------------
4. Residential Asset Securitization Trust, Floating Rate Note, 5/25/33 0.87
----------------------------------------------------------------------------------------------
5. Thornburg Mortgage Securities Trust, Floating Rate Note, 9/25/44 0.74
----------------------------------------------------------------------------------------------
6. Impac CMB Trust, Floating Rate Note, 9/25/34 0.74
----------------------------------------------------------------------------------------------
7. Banc of America Mortgage Securities, Inc., Floating Rate Note, 9/25/33 0.72
----------------------------------------------------------------------------------------------
8. New Jersey Economic Development Authority, Floating Rate Note, 6/15/13 0.72
----------------------------------------------------------------------------------------------
9. Lehman ABS Manufactured Housing Contract Trust, Floating Rate Note, 6/15/33 0.71
----------------------------------------------------------------------------------------------
10. Carrington Mortgage Loan Trust, Floating Rate Note, 2/25/36 0.69
----------------------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 9
Prices and Distributions | 8/31/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 8/31/12 8/31/11
--------------------------------------------------------------------------------
A $9.72 $9.64
--------------------------------------------------------------------------------
B $9.71 $9.63
--------------------------------------------------------------------------------
C $9.70 $9.62
--------------------------------------------------------------------------------
Y $9.70 $9.63
--------------------------------------------------------------------------------
Distributions per Share: 9/1/11-8/31/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2988 $ -- $ --
--------------------------------------------------------------------------------
B $0.2123 $ -- $ --
--------------------------------------------------------------------------------
C $0.2216 $ -- $ --
--------------------------------------------------------------------------------
Y $0.3308 $ -- $ --
--------------------------------------------------------------------------------
The Barclays Capital One- to Three-Year Government/Credit Index measures the
performance of the short-term (1 to 3 years) government and investment-grade
corporate bond markets. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-14.
10 Pioneer Short Term Income Fund | Annual Report | 8/31/12
Performance Update | 8/31/12 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Short Term Income Fund, at public offering price,
compared to that of the Barclays Capital One- to Three-Year Government/Credit
Index.
Average Annual Total Returns
(As of August 31, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(7/8/04) 3.41% 3.09%
5 Years 3.77 3.25
1 Year 4.00 1.37
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.99% 0.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Short-Term One- to Three-Year
Income Fund Government/Credit Index
7/31/2004 $ 9,750 $ 10,000
8/31/2004 $ 9,805 $ 10,078
8/31/2005 $ 9,933 $ 10,218
8/31/2006 $ 10,170 $ 10,534
8/31/2007 $ 10,645 $ 11,104
8/31/2008 $ 10,877 $ 11,754
8/31/2009 $ 11,301 $ 12,361
8/31/2010 $ 12,114 $ 12,781
8/31/2011 $ 12,318 $ 13,003
8/31/2012 $ 12,811 $ 13,141
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
POP returns reflect deduction of maximum 2.50% sales charge. NAV results
represent the percent change in net asset value per share. Returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through January 1, 2014, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitations beyond such time. Please see
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 11
Performance Update | 8/31/12 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Short Term Income Fund, compared to that of the
Barclays Capital One- to Three-Year Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(7/8/04) 2.50% 2.50%
5 Years 2.85 2.85
1 Year 3.08 1.08
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.87% 1.80%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Short-Term One- to Three-Year
Income Fund Government/Credit Index
7/31/2004 $ 10,000 $ 10,000
8/31/2004 $ 10,052 $ 10,078
8/31/2005 $ 10,108 $ 10,218
8/31/2006 $ 10,265 $ 10,534
8/31/2007 $ 10,639 $ 11,104
8/31/2008 $ 10,762 $ 11,754
8/31/2009 $ 11,092 $ 12,361
8/31/2010 $ 11,796 $ 12,781
8/31/2011 $ 11,875 $ 13,003
8/31/2012 $ 12,241 $ 13,141
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Redeemed" results reflect the deduction of the maximum applicable contingent
deferred sales charge (CDSC). The maximum CDSC is 2% and declines over three
years.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through January 1, 2014, for Class B shares. There can be no assurance
that Pioneer will extend the expense limitations beyond such time. Please see
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
12 Pioneer Short Term Income Fund | Annual Report | 8/31/12
Performance Update | 8/31/12 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Short Term Income Fund, compared to that of the
Barclays Capital One- to Three-Year Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(7/8/04) 2.58% 2.58%
5 Years 2.95 2.95
1 Year 3.18 3.18
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.67%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Short-Term One- to Three-Year
Income Fund Government/Credit Index
7/31/2004 $ 10,000 $ 10,000
8/31/2004 $ 10,052 $ 10,078
8/31/2005 $ 10,111 $ 10,218
8/31/2006 $ 10,260 $ 10,534
8/31/2007 $ 10,648 $ 11,104
8/31/2008 $ 10,781 $ 11,754
8/31/2009 $ 11,121 $ 12,361
8/31/2010 $ 11,823 $ 12,781
8/31/2011 $ 11,933 $ 13,003
8/31/2012 $ 12,312 $ 13,141
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 13
Performance Update | 8/31/12 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Short Term Income Fund, compared to that of the
Barclays Capital One- to Three-Year Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(7/8/04) 3.75% 3.75%
5 Years 4.09 4.09
1 Year 4.24 4.24
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.54%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Barclays Capital
Pioneer Short-Term One- to Three-Year
Income Fund Government/Credit Index
7/31/2004 $ 5,000,000 $ 5,000,000
8/31/2004 $ 5,031,883 $ 5,039,143
8/31/2005 $ 5,125,561 $ 5,109,065
8/31/2006 $ 5,265,685 $ 5,266,787
8/31/2007 $ 5,527,035 $ 5,552,160
8/31/2008 $ 5,662,589 $ 5,876,896
8/31/2009 $ 5,895,518 $ 6,180,639
8/31/2010 $ 6,345,978 $ 6,390,515
8/31/2011 $ 6,477,120 $ 6,501,494
8/31/2012 $ 6,751,978 $ 6,570,323
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Short Term Income Fund | Annual Report | 8/31/12
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Short Term Income Fund
Based on actual returns from March 1, 2012, through August 31, 2012.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/12
--------------------------------------------------------------------------------
Ending Account $1,020.71 $1,016.17 $1,017.45 $1,022.26
Value (after expenses)
on 8/31/12
--------------------------------------------------------------------------------
Expenses Paid $4.57 $9.12 $8.67 $3.10
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.90%, 1.80%,
1.71%, and 0.61% for Class A, Class B, Class C and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/366 (to reflect the one-half year period).
Pioneer Short Term Income Fund | Annual Report | 8/31/12 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Short Term Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from March 1, 2012, through August 31, 2012.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/12
--------------------------------------------------------------------------------
Ending Account $1,020.61 $1,016.09 $1,016.54 $1,022.07
Value (after expenses)
on 8/31/12
--------------------------------------------------------------------------------
Expenses Paid $4.57 $9.12 $8.67 $3.10
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.90%, 1.80%,
1.71%, and 0.61% for Class A, Class B, Class C and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/366 (to reflect the one-half year period).
16 Pioneer Short Term Income Fund | Annual Report | 8/31/12
Schedule of Investments | 8/31/12
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 13.9%
MATERIALS -- 0.5%
Steel -- 0.5%
500,000 1.09 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 5/15/19 (144A) $ 498,720
200,000 0.99 AAA/Aaa Penarth Master Issuer Plc, Floating Rate
Note, 12/18/14 (144A) 200,304
261,632 0.47 AA+/A1 Specialty Underwriting & Residential
Finance, Floating Rate Note, 9/25/36 259,585
-------------
$ 958,609
-------------
Total Materials $ 958,609
-------------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.5%
Auto Parts & Equipment -- 0.5%
CAD 1,000,000 AAA/NR Ford Auto Securitization Trust, 2.431%,
11/15/14 (144A) $ 1,028,842
-------------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.0%
100,000 NR/Aa3 AmeriCredit Automobile Receivables
Trust, 4.04%, 7/10/17 $ 106,154
567,000 AA-/Aa2 AmeriCredit Automobile Receivables
Trust, 6.24%, 6/8/16 614,181
90,118 AA+/Aaa AmeriCredit Automobile Receivables
Trust, 9.79%, 4/15/14 93,106
81,275 A/NR Santander Drive Auto Receivables
Trust, 1.89%, 5/15/17 (144A) 80,773
285,000 NR/Aa1 Santander Drive Auto Receivables
Trust, 2.66%, 1/15/16 289,642
125,000 A/A1 Santander Drive Auto Receivables
Trust, 2.7%, 8/15/18 125,427
326,070 BBB/NR Santander Drive Auto Receivables
Trust, 3.35%, 6/15/17 (144A) 326,689
500,000 A/A1 Santander Drive Auto Receivables
Trust, 3.78%, 11/15/17 516,598
-------------
$ 2,152,570
-------------
Total Automobiles & Components $ 3,181,412
-------------------------------------------------------------------------------------------------------------------
BANKS -- 8.3%
Diversified Banks -- 0.1%
137,726 0.62 AAA/NR Wells Fargo Home Equity Trust, Floating
Rate Note, 12/25/35 (144A) $ 133,065
102,205 0.33 NR/Aa1 Wells Fargo Home Equity Trust, Floating
Rate Note, 4/25/37 99,830
-------------
$ 232,895
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 17
Schedule of Investments | 8/31/12 (continued)
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 8.2%
152,515 0.42 AA/B3 ACE Securities Corp., Floating Rate
Note, 3/25/36 $ 139,920
398,417 0.54 AAA/Aa1 Ameriquest Mortgage Securities, Inc.,
Floating Rate Note, 11/25/34 380,092
131,169 0.44 AAA/Aaa Ameriquest Mortgage Securities, Inc.,
Floating Rate Note, 8/25/35 126,970
432,604 0.79 AAA/NR ARI Fleet Lease Trust 2010-A, Floating
Rate Note, 3/15/20 (144A) 432,604
409,005 4.91 AA+/NR Bayview Financial Acquisition Trust,
Floating Rate Note, 2/25/33 (144A) 416,948
430,342 0.87 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 5/28/44 419,633
370,931 0.82 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 8/28/44 359,955
300,000 1.29 BB/A2 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 10/25/34 241,649
72,470 0.35 BB+/Baa1 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 12/25/36 71,859
318,471 0.72 AA/Aa2 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 6/25/35 301,144
387,092 4.69 AAA/Baa2 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 6/25/43 380,256
349,145 NR/A1 Bombardier Capital Mortgage Securitization
Corp., 6.65%, 4/15/28 366,557
347,758 AA/NR CarNow Auto Receivables Trust, 2.09%,
1/15/15 (144A) 347,856
1,535,379 0.42 AA/Ba3 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/36 1,447,125
746,576 0.65 AA+/Aa1 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 7/25/35 746,185
278,748 1.14 A-/Baa1 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 7/25/37 275,647
260,187 0.64 AAA/Aa3 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 8/25/35 259,714
178,868 0.61 AAA/A2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/36 171,703
91,616 5.68 BB/B2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 10/25/46 91,645
356,734 5.07 AAA/B2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 2/25/36 336,391
301,302 0.78 CCC/Caa2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 4/25/32 166,578
311,687 0.35 BBB-/Ba3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 5/25/37 309,420
101,412 0.42 BBB-/B2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/36 94,919
The accompanying notes are an integral part of these financial statements.
18 Pioneer Short Term Income Fund | Annual Report | 8/31/12
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
963,093 0.68 AA/A2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 7/25/35 $ 954,622
49,876 0.29 A/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 7/25/37 49,729
281,926 0.59 A/Ba2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 8/25/47 278,789
215,509 0.59 BBB/Baa3 Countrywide Home Equity Loan Trust,
Floating Rate Note, 11/15/28 209,370
200,000 AAA/NR First Investors Auto Owner Trust, 1.47%,
5/15/18 (144A) 200,338
1,050,000 0.64 AAA/Aa2 First NLC Trust, Floating Rate
Note, 9/25/35 976,299
37,218 NR/Aa2 Greenpoint Manufactured Housing,
7.59%, 11/15/28 37,229
9,011 0.46 AA+/A1 GSAA Trust, Floating Rate Note, 6/25/35 8,986
62,076 0.88 A/A2 GSAMP Trust, Floating Rate
Note, 3/25/35 59,186
661 0.61 AAA/Aaa GSAMP Trust, Floating Rate Note,
7/25/45 660
315,599 A+/B1 Home Equity Mortgage Trust, 5.821%,
4/25/35 (Step) 309,264
95,063 0.58 BB/A2 IXIS Real Estate Capital Trust, Floating
Rate Note, 2/25/36 85,934
48,562 AAA/NR Leaf II Receivables Funding LLC, 3.45%,
6/20/16 (144A) 48,508
1,554,114 0.69 AA+/A2 Lehman ABS Manufactured Housing Contract
Trust, Floating Rate Note, 6/15/33 1,478,459
459,784 CCC+/Caa3 Local Insight Media Finance LLC, 5.88%,
10/23/37 (144A) 183,914
550,000 2.49 BBB+/Baa3 Madison Avenue Manufactured Housing
Contract, Floating Rate Note, 3/25/32 508,110
421,324 0.44 BBB-/Baa1 Morgan Stanley ABS Capital I, Floating
Rate Note, 12/25/35 411,433
138,199 0.56 AAA/B1 Morgan Stanley Home Equity Loan Trust,
Floating Rate Note, 9/25/35 121,238
222,984 0.50 AAA/Aa3 Option One Mortgage Loan Trust, Floating
Rate Note, 11/25/35 214,333
126,556 0.36 BBB/Aa3 Option One Mortgage Loan Trust, Floating
Rate Note, 2/25/38 125,590
547,000 1.44 AAA/Aaa PFS Financing Corp., Floating Rate Note,
2/15/16 (144A) 548,885
761,886 AA/Ba1 Popular ABS Mortgage Pass-Through
Trust, 5.181%, 9/25/34 (Step) 535,448
195,242 0.68 AA+/A1 RASC Trust, Floating Rate Note, 8/25/35 187,691
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 19
Schedule of Investments | 8/31/12 (continued)
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
96,488 1.21 BBB-/B3 Saxon Asset Securities Trust, Floating
Rate Note, 1/25/32 $ 68,878
1,121,830 AA/NR SNAAC Auto Receivables Trust, 1.78%,
6/15/16 (144A) 1,123,574
221,706 1.02 AA/A3 Soundview Home Equity Loan Trust,
Floating Rate Note, 6/25/35 210,419
248,700 B+/A2 Structured Asset Securities Corp.,
4.44%, 2/25/35 (Step) 249,094
54,935 0.32 AA/Aaa Structured Asset Securities Corp.,
Floating Rate Note, 1/25/37 54,855
84,191 0.29 BBB/Aa1 Structured Asset Securities Corp.,
Floating Rate Note, 2/25/37 82,439
371,813 0.61 AAA/A2 Wachovia Mortgage Loan Trust LLC,
Floating Rate Note, 10/25/35 355,228
-------------
$ 17,563,272
-------------
Total Banks $ 17,796,167
-------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.6%
Other Diversified Financial Services -- 0.9%
73,825 0.68 AA/Aa2 Asset Backed Securities Corp., Home
Equity, Floating Rate Note, 4/25/35 $ 72,533
197,460 A/NR DT Auto Owner Trust, 3.46%, 1/15/14
(144A) 197,644
325,000 BBB/NR DT Auto Owner Trust, 4.89%, 1/17/17
(144A) 327,924
29,349 NR/NR DT Auto Owner Trust, 5.92%, 10/15/15
(144A) 29,538
313,212 0.65 AAA/Aaa Home Equity Asset Trust, Floating Rate
Note, 11/25/35 308,655
169,080 0.42 AAA/A1 Home Equity Asset Trust, Floating Rate
Note, 7/25/36 167,535
144,533 0.68 AA/A1 Home Equity Asset Trust, Floating
Rate Note, 8/25/35 140,043
45,007 B/Ba1 JP Morgan Mortgage Acquisition Corp.,
5.453%, 11/25/36 (Step) 44,897
428,890 1.24 A+/Baa3 Sierra Receivables Funding Co., LLC,
Floating Rate Note, 9/20/19 (144A) 423,085
283,730 AAA/Aaa SVO VOI Mortgage Corp., 5.25%,
2/20/21 (144A) 286,257
-------------
$ 1,998,111
-------------------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.6%
433,649 0.51 AA/Baa3 Aegis Asset Backed Securities Trust,
Floating Rate Note, 12/25/35 $ 379,841
642,597 0.60 AAA/Aaa Aegis Asset Backed Securities Trust,
Floating Rate Note, 9/25/34 588,015
The accompanying notes are an integral part of these financial statements.
20 Pioneer Short Term Income Fund | Annual Report | 8/31/12
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
Specialized Finance -- (continued)
614,112 AAA/Aaa Conseco Finance, 7.55%, 4/15/32
(Step) $ 638,799
105,076 6.69 AAA/Aaa Conseco Finance, Floating
Rate Note, 11/15/32 105,781
340,754 NR/Baa1 Irwin Home Equity Corp., 5.32%,
6/25/35 (Step) 330,864
13,811 0.67 AA+/Aa1 Mastr Asset Backed Securities Trust,
Floating Rate Note, 5/25/35 13,748
162,497 0.59 AAA/Aaa New Century Home Equity Loan Trust,
Floating Rate Note, 3/25/35 152,659
1,298,761 0.54 AAA/Aa1 New Century Home Equity Loan Trust,
Floating Rate Note, 6/25/35 1,280,908
-------------
$ 3,490,615
-------------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.9%
247,917 A/NR Global SC Finance SRL, 4.11%,
7/19/27 (144A) $ 255,220
350,000 0.30 AAA/Aaa MBNA Credit Card Master Note Trust,
Floating Rate Note, 10/15/15 350,000
800,000 2.74 NR/A2 Navistar Financial Dealer Note Master Trust,
Floating Rate Note, 10/25/16 (144A) 800,002
178,284 AA/Baa1 Residential Funding Mortgage
Securities II Home Loan Trust, 5.27%,
4/25/28 (Step) 167,444
380,000 1.20 AAA/Aaa SLM Student Loan Trust, Floating
Rate Note, 4/27/26 (144A) 376,667
-------------
$ 1,949,333
-------------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.2%
488,499 0.64 B/B3 Southern Pacific Secured Asset Corp.,
Floating Rate Note, 3/25/28 $ 338,835
-------------
Total Diversified Financials $ 7,776,894
-------------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $30,337,751) $ 29,713,082
-------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 31.3%
BANKS -- 17.9%
Thrifts & Mortgage Finance -- 17.9%
390,000 5.75 NR/NR American General Mortgage Loan Trust,
Floating Rate Note, 9/25/48 (144A) $ 391,368
302,814 NR/B2 Banc of America Alternative Loan Trust,
5.25%, 5/25/34 308,339
405,286 0.69 NR/A1 Banc of America Alternative Loan Trust,
Floating Rate Note, 12/25/33 387,941
120,742 CC/B1 Banc of America Funding Corp.,
5.75%, 10/25/35 123,501
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 21
Schedule of Investments | 8/31/12 (continued)
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,004,359 NR/Caa2 Bayview Commercial Asset Trust, 3.89%,
9/25/37 (Step) (144A) $ 185,403
60,169 2.24 D/Ba1 Bayview Commercial Asset Trust, Floating
Rate Note, 4/25/38 (144A) 61,088
2,798,565 4.70 NR/Caa2 Bayview Commercial Asset Trust, Floating
Rate Note, 7/25/37 (144A) 171,832
133,223 3.30 AAA/Ba1 Bear Stearns Adjustable Rate Mortgage
Trust, Floating Rate Note, 11/25/34 134,312
708,238 NR/NR Cendant Mortgage Corp., 6.25%,
3/25/32 (144A) 675,793
26,657 0.38 A+/Aaa Citigroup Commercial Mortgage Trust,
Floating Rate Note, 4/15/22 (144A) 26,143
522,521 0.45 BBB-/Aa2 Citigroup Commercial Mortgage Trust,
Floating Rate Note, 4/15/22 (144A) 496,771
281,105 NR/Aa2 Citigroup Mortgage Loan Trust, Inc.,
7.0%, 9/25/33 291,642
273,362 5.50 CC/NR Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 11/25/35 36,339
253,836 2.84 CC/NR Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 4/25/35 167,377
66,164 1.19 NR/WR Collateralized Mortgage Obligation Trust,
Floating Rate Note, 7/1/18 66,984
383,343 0.34 AAA/Aaa Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
12/15/20 (144A) 372,886
100,000 0.37 AA-/A1 Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
12/15/20 (144A) 91,272
335,788 0.42 A+/A1 Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
6/15/22 (144A) 319,808
504,192 AAA/B2 Countrywide Alternative Loan Trust,
4.75%, 10/25/33 513,317
308,067 0.69 B-/NR Countrywide Alternative Loan Trust,
Floating Rate Note, 8/25/18 288,139
309,182 0.69 AAA/Ba1 Countrywide Alternative Loan Trust,
Floating Rate Note, 9/25/34 298,719
1,073,577 BB/NR Countrywide Home Loan Mortgage Pass
Through Trust, 5.5%, 10/25/32 1,110,387
216,295 1.48 AAA/NR Deutsche Mortgage Securities, Inc.,
Floating Rate Note, 6/28/47 (144A) 216,430
154,361 0.61 AAA/Aa3 Downey Savings & Loan Association
Mortgage Loan Trust, Floating Rate
Note, 7/19/44 132,382
693,503 AAA/Aaa Extended Stay America Trust, 2.951%,
11/5/27 (144A) 699,352
The accompanying notes are an integral part of these financial statements.
22 Pioneer Short Term Income Fund | Annual Report | 8/31/12
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
23,000,000 1.37 BBB/A2 Extended Stay America Trust, Floating
Rate Note, 1/5/16 (144A) $ 70,288
121,361 CCC/NR First Horizon Asset Securities, Inc.,
6.0%, 5/25/36 122,377
65,025 2.59 AAA/A1 First Horizon Asset Securities, Inc.,
Floating Rate Note, 2/25/34 61,477
145,039 AAA/Aaa First Union-Lehman Brothers-Bank of
America, 6.778%, 11/18/35 145,670
167,738 0.67 AA+/Aa2 GE Business Loan Trust, Floating Rate
Note, 4/15/31 (144A) 157,839
302,098 0.53 AA/Aa2 GE Business Loan Trust, Floating Rate
Note, 5/15/32 (144A) 280,049
445,000 5.65 NR/Aa3 GE Capital Commercial Mortgage Corp.,
Floating Rate Note, 7/10/37 (144A) 458,119
250,000 5.31 BBB+/Baa2 GMAC Commercial Mortgage Securities, Inc.,
Floating Rate Note, 5/10/36 (144A) 249,588
150,000 5.66 B+/NR GMAC Commercial Mortgage Securities, Inc.,
Floating Rate Note, 5/10/40 (144A) 145,140
350,000 NR/NR GS Mortgage Securities Corp., II, 4.209%,
2/10/21 (144A) 352,415
500,000 1.26 AAA/Aaa GS Mortgage Securities Corp., II, Floating
Rate Note, 3/6/20 (144A) 498,436
100,000 2.20 AA/NR GS Mortgage Securities Corp., II, Floating
Rate Note, 3/6/20 (144A) 99,062
93,625 NR/Aa3 GSR Mortgage Loan Trust, 5.5%,
3/25/35 93,446
287,303 3.06 AAA/B1 GSR Mortgage Loan Trust, Floating Rate
Note, 6/25/34 288,850
263,593 5.25 BB+/NR GSR Mortgage Loan Trust, Floating
Rate Note, 7/25/35 259,586
407,167 2.82 AAA/NR GSR Mortgage Loan Trust, Floating
Rate Note, 8/25/33 409,401
764,734 2.65 AAA/NR GSR Mortgage Loan Trust, Floating
Rate Note, 9/25/35 765,632
284,343 0.59 AAA/Aa3 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 6/25/34 281,599
60,043 2.04 CCC/C Impac CMB Trust, Floating Rate Note,
11/25/34 20,250
1,731,400 0.88 AAA/Ba3 Impac CMB Trust, Floating Rate Note,
9/25/34 1,540,878
399,636 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., 5.45%, 12/12/43 400,761
701,629 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., 5.819%, 6/12/43 718,572
214,290 0.60 NR/Ba1 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
11/ 15/18 (144A) 180,864
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 23
Schedule of Investments | 8/31/12 (continued)
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
475,000 5.92 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
2/12/49 $ 501,502
250,000 0.39 A-/Aa3 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
5/15/47 236,026
102,973 NR/B2 JP Morgan Mortgage Trust, 6.0%,
8/25/36 8,624
589,760 2.37 AAA/Baa1 JP Morgan Mortgage Trust, Floating Rate
Note, 10/25/33 611,045
356,942 2.49 AAA/Baa3 JP Morgan Mortgage Trust, Floating Rate
Note, 2/25/34 365,343
16,061 4.43 AAA/A3 JP Morgan Mortgage Trust, Floating Rate
Note, 2/25/35 16,225
156,229 AAA/Aaa LB-UBS Commercial Mortgage Trust,
4.664%, 7/15/30 157,569
650,000 5.62 BBB+/NR LB-UBS Commercial Mortgage Trust,
Floating Rate Note, 10/15/35 (144A) 647,256
198,017 6.33 AAA/Aaa LB-UBS Commercial Mortgage Trust,
Floating Rate Note, 4/15/41 215,825
939,326 0.41 AA+/Aaa Lehman Brothers Floating Rate Commercial
Mortgage Trust, Floating Rate Note,
9/15/21 (144A) 915,843
339,476 0.76 BB/B2 Lehman Brothers Small Balance Commercial,
Floating Rate Note, 9/25/30 (144A) 100,478
71,645 A-/NR MASTR Alternative Loans Trust, 4.5%,
1/25/15 71,864
259,178 6.74 A-/NR MASTR Seasoned Securities Trust, Floating
Rate Note, 9/25/32 272,376
32,602 AAA/Aaa Merrill Lynch Mortgage Trust, 4.556%,
6/12/43 32,685
281,908 0.70 AAA/A3 MLCC Mortgage Investors, Inc., Floating
Rate Note, 4/25/29 269,836
700,000 NR/NR Morgan Stanley Reremic Trust, 5.0%,
11/26/36 (144A) 682,500
248,838 NR/Aa3 PHH Mortgage Capital LLC, 6.6%,
12/25/27 (Step) (144A) 242,753
295,000 A+/NR Prudential Commercial Mortgage Trust,
4.706%, 2/11/36 292,116
791,941 B+/B2 RAAC Series, 6.0%, 1/25/32 807,894
325,150 6.24 A/NR RAMP Trust, Floating Rate Note, 5/25/18 332,715
443,250 CCC/NR Residential Asset Securitization Trust,
5.5%, 7/25/35 428,575
522,018 B+/NR Residential Asset Securitization Trust,
5.75%, 12/25/34 535,444
2,020,864 0.64 AAA/NR Residential Asset Securitization Trust,
Floating Rate Note, 5/25/33 1,823,153
The accompanying notes are an integral part of these financial statements.
24 Pioneer Short Term Income Fund | Annual Report | 8/31/12
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
86,795 0.74 AAA/NR Residential Asset Securitization Trust,
Floating Rate Note, 7/25/33 $ 86,294
547,791 7.37 NR/Aaa Salomon Brothers Mortgage Securities VII,
Inc., Floating Rate Note, 5/18/32
(144A) 560,549
880,897 0.51 AAA/Baa1 Sequoia Mortgage Trust, Floating Rate
Note, 1/20/35 756,565
322,532 1.02 AAA/A3 Sequoia Mortgage Trust, Floating Rate
Note, 1/20/35 288,764
223,934 0.56 AAA/Baa3 Sequoia Mortgage Trust, Floating Rate
Note, 11/20/34 212,125
569,743 0.98 AAA/B1 Sequoia Mortgage Trust, Floating Rate
Note, 2/20/35 525,240
400,982 2.10 AAA/Baa3 Sequoia Mortgage Trust, Floating Rate
Note, 8/20/34 403,945
287,687 0.86 AAA/Baa3 Sequoia Mortgage Trust, Floating Rate
Note, 9/20/33 264,000
416,663 2.22 AAA/NR Springleaf Mortgage Loan Trust, Floating
Rate Note, 10/25/57 (144A) 417,444
717,264 3.86 CCC/Caa3 Structured Asset Mortgage Investments,
Inc., Floating Rate Note, 5/25/45 474,374
907,744 0.75 AA+/Aaa Structured Asset Mortgage Investments,
Inc., Floating Rate Note, 8/26/35 902,000
290,811 2.88 AAA/Baa3 Structured Asset Securities Corp., Floating
Rate Note, 10/25/33 291,461
311,344 0.89 NR/NR Structured Asset Securities Corp., Floating
Rate Note, 10/25/37 (144A) 300,446
424,436 0.74 AAA/Baa3 Structured Asset Securities Corp., Floating
Rate Note, 12/25/33 410,387
1,260,959 2.78 AAA/Baa3 Structured Asset Securities Corp., Floating
Rate Note, 7/25/33 1,230,360
144,614 1.87 AAA/A1 Thornburg Mortgage Securities Trust,
Floating Rate Note, 3/25/44 145,705
340,275 1.91 AAA/Ba1 Thornburg Mortgage Securities Trust,
Floating Rate Note, 3/25/44 334,572
274,411 4.11 AAA/Ba1 Thornburg Mortgage Securities Trust,
Floating Rate Note, 3/25/44 279,772
1,592,975 0.98 AAA/Baa3 Thornburg Mortgage Securities Trust,
Floating Rate Note, 9/25/44 1,540,977
500,000 5.61 AA-/NR Wachovia Bank Commercial Mortgage
Trust, Floating Rate Note, 4/15/35
(144A) 500,498
81,407,537 0.14 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, Floating Rate Note, 6/15/45 31,830
385,859 0.33 AA+/Aaa Wachovia Bank Commercial Mortgage
Trust, Floating Rate Note, 9/15/21
(144A) 381,939
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 25
Schedule of Investments | 8/31/12 (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
650,000 5.30 BBB/NR WAMU Commercial Mortgage Securities Trust,
Floating Rate Note, 5/25/36 (144A) $ 673,124
310,083 AAA/Baa3 Wells Fargo Mortgage Backed Securities
Trust, 4.75%, 12/25/18 321,055
98,573 AAA/A1 Wells Fargo Mortgage Backed Securities
Trust, 5.0%, 11/25/36 102,547
700,100 NR/Caa1 Wells Fargo Mortgage Backed Securities
Trust, 5.75%, 3/25/36 693,691
940,855 2.64 BBB-/Ba2 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 3/25/35 931,368
562,704 5.02 NR/Ba2 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 4/25/35 573,528
------------
$ 38,370,031
------------
Total Banks $ 38,370,031
------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.7%
Other Diversified Financial Services -- 3.9%
210,000 A+/Baa2 American Tower Trust, 5.957%, 4/15/37
(144A) $ 219,560
304,716 3.13 AAA/NR Banc of America Mortgage Securities, Inc.,
Floating Rate Note, 7/25/33 306,740
1,501,378 3.01 NR/Baa3 Banc of America Mortgage Securities, Inc.,
Floating Rate Note, 9/25/33 1,500,342
149,853 0.98 A+/Baa1 Bear Stearns Alt-A Trust, Floating Rate
Note, 11/25/34 137,371
312,697 NR/Aaa Credit Suisse Mortgage Capital Certificates,
5.268%, 2/15/40 312,618
335,251 0.36 BBB+/Aaa Credit Suisse Mortgage Capital Certificates,
Floating Rate Note, 2/15/22 (144A) 325,600
600,000 4.25 NR/NR Credit Suisse Mortgage Capital Certificates,
Floating Rate Note, 6/25/50 (144A) 575,884
332,911 2.53 B-/NR Merrill Lynch Mortgage Investors, Inc.,
Floating Rate Note, 2/25/35 336,295
250,000 0.94 BBB+/A3 Morgan Stanley Capital I, Inc., Floating
Rate Note, 12/15/20 (144A) 229,822
950,000 AAA/Baa3 RALI Trust, 4.0%, 7/25/33 940,333
1,208,734 AAA/Ba1 RALI Trust, 4.25%, 1/25/34 1,227,706
244,964 AAA/Ba3 RALI Trust, 4.75%, 4/25/34 245,672
79,521 NR/Ba1 RALI Trust, 5.0%, 7/25/18 81,368
344,256 NR/B3 RALI Trust, 5.5%, 12/25/34 340,784
250,000 AAA/Ba3 RALI Trust, 5.5%, 8/25/33 259,688
325,000 AAA/Baa3 RALI Trust, 5.5%, 9/25/33 335,446
142,767 AAA/Aa1 RALI Trust, 5.75%, 10/25/33 142,845
256,470 0.79 AAA/Ba1 RALI Trust, Floating Rate Note, 1/25/34 244,602
529,598 0.79 NR/Baa1 RALI Trust, Floating Rate Note, 10/25/17 498,474
The accompanying notes are an integral part of these financial statements.
26 Pioneer Short Term Income Fund | Annual Report | 8/31/12
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
152,169 0.98 AAA/Aa1 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 1/25/35 $ 150,989
20,865 5.93 NR/NR Vericrest Opportunity Loan Transferee,
Floating Rate Note, 12/26/50 (144A) 20,867
-------------
$ 8,433,006
-------------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
104,217 0.34 A/Aaa Indymac Index Mortgage Loan Trust,
Floating Rate Note, 2/25/37 $ 103,212
700,000 1.86 AAA/Aaa Permanent Master Issuer Plc, Floating
Rate Note, 7/15/42 (144A) 708,629
-------------
$ 811,841
-------------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
244,231 4.57 AAA/A2 GMAC Mortgage Corp., Loan Trust,
Floating Rate Note, 10/19/33 $ 253,626
-------------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.1%
139,370 2.83 NR/NR Jefferies & Co., Inc., Floating Rate Note,
5/26/37 (144A) $ 138,886
-------------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
460,000 NR/A3 Morgan Stanley Dean Witter Capital I,
6.79%, 7/15/33 $ 475,934
-------------
Total Diversified Financials $ 10,113,293
-------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.7%
Mortgage REIT's -- 1.7%
851,880 AAA/Aaa American Home Mortgage Investment
Trust, 5.01%, 10/25/34 (Step) $ 867,690
319,254 2.71 AAA/Ba1 American Home Mortgage Investment Trust,
Floating Rate Note, 6/25/45 307,660
143,031 BBB/NR Credit Suisse First Boston Mortgage
Securities Corp., 5.25%, 10/25/19 145,310
82,802 AAA/NR Credit Suisse First Boston Mortgage
Securities Corp., 5.5%, 6/25/33 82,619
1,097,290 NR/Aaa Credit Suisse First Boston Mortgage
Securities Corp., 7.13%, 11/15/30 1,126,130
368,099 AAA/Baa3 Credit Suisse First Boston Mortgage
Securities Corp., 7.5%, 5/25/32 381,031
189,425 1.59 AA+/Aa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/25/33 180,027
196,432 1.74 AA+/WR Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
8/25/33 184,245
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 27
Schedule of Investments | 8/31/12 (continued)
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
Mortgage REIT's -- (continued)
750,000 6.45 D/Caa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
9/15/34 (144A) $ 353,325
-------------
$ 3,628,037
-------------
Total Real Estate $ 3,628,037
-------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 7.0%
166,783 NR/NR Fannie Mae Benchmark REMIC,
5.45%, 12/25/20 $ 171,052
4,433,679 3.71 NR/Aa1 Fannie Mae Grantor Trust, Floating
Rate Note, 10/25/40 4,273,150
1,197,889 3.34 NR/NR Fannie Mae Grantor Trust, Floating
Rate Note, 7/25/43 1,293,261
456,288 NR/NR Fannie Mae REMICS, 3.0%, 1/25/21 475,131
70,200 NR/NR Fannie Mae REMICS, 5.69%, 1/25/32 71,817
447,814 NR/NR Fannie Mae REMICS, 6.0%, 3/25/35 475,789
219,690 NR/NR Fannie Mae REMICS, 6.0%, 6/25/29 246,229
253,670 0.54 NR/NR Fannie Mae REMICS, Floating
Rate Note, 7/25/35 253,907
307,427 2.74 NR/NR Fannie Mae Whole Loan, Floating
Rate Note, 4/25/45 309,728
296,339 2.26 NR/NR Fannie Mae Whole Loan, Floating
Rate Note, 6/25/35 318,858
1,153,021 2.75 NR/NR Fannie Mae Whole Loan, Floating
Rate Note, 7/25/42 1,147,929
43,964 NR/Aa1 Freddie Mac REMICS, 3.25%, 6/15/17 44,148
560,142 NR/Aa1 Freddie Mac REMICS, 4.0%, 6/15/22 570,301
70,887 NR/NR Freddie Mac REMICS, 4.5%, 8/15/17 71,640
332,255 NR/NR Freddie Mac REMICS, 5.5%, 10/15/35 348,934
57,519 NR/NR Freddie Mac REMICS, 5.5%, 3/15/32 58,884
412,806 NR/Aa1 Government National Mortgage Association,
4.009%, 5/16/37 424,135
350,000 NR/Aa1 Government National Mortgage Association,
4.549%, 6/16/28 363,588
1,285,214 NR/NR Government National Mortgage Association,
5.0%, 1/20/16 1,371,541
3,392,004 1.74 NR/NR Government National Mortgage Association,
Floating Rate Note, 10/16/43 253,780
17,540,764 0.68 NR/NR Government National Mortgage Association,
Floating Rate Note, 11/16/51 758,042
16,457,241 1.44 AAA/Aa1 Government National Mortgage Association,
Floating Rate Note, 2/16/52 959,079
1,991,992 1.03 NR/NR Government National Mortgage Association,
Floating Rate Note, 2/16/53 176,640
The accompanying notes are an integral part of these financial statements.
28 Pioneer Short Term Income Fund | Annual Report | 8/31/12
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
4,210,009 1.26 NR/NR Government National Mortgage Association,
Floating Rate Note, 3/16/51 $ 208,404
1,196,711 1.05 NR/NR Government National Mortgage Association,
Floating Rate Note, 3/16/53 102,136
1,986,727 1.10 NR/NR Government National Mortgage Association,
Floating Rate Note, 8/16/52 158,312
1,797,057 1.07 NR/NR Government National Mortgage Association,
Floating Rate Note, 9/16/52 162,889
-------------
$ 15,069,304
-------------
Total Government $ 15,069,304
-------------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $69,001,309) $ 67,180,665
-------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 30.7%
ENERGY -- 1.3%
Oil & Gas Equipment & Services -- 0.3%
739,000 BBB/Baa2 Weatherford International, Ltd., Bermuda,
5.15%, 3/15/13 $ 754,670
-------------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.5%
250,000 A/Aa3 Ras Laffan Liquefied Natural Gas Co.,
Ltd., III, 5.5%, 9/30/14 (144A) $ 269,375
250,000 A/Aa3 Ras Laffan Liquefied Natural Gas Co.,
Ltd., III, 4.5%, 9/30/12 (144A) 250,000
500,000 BBB-/Baa2 TNK-BP Finance SA, 7.5%, 3/13/13
(144A) 515,625
-------------
$ 1,035,000
-------------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.5%
250,000 BBB/Baa2 Plains All American Pipeline LP, 4.25%,
9/1/12 $ 250,000
750,000 BBB/Baa2 Williams Partners LP, 3.8%, 2/15/15 795,976
-------------
$ 1,045,976
-------------
Total Energy $ 2,835,646
-------------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.9%
Industrial Gases -- 0.2%
500,000 BBB/Baa2 Airgas, Inc., 2.85%, 10/1/13 $ 510,470
-------------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.3%
536,000 BBB/Baa2 Cytec Industries, Inc., 4.6%, 7/1/13 $ 548,446
-------------------------------------------------------------------------------------------------------------------
Construction Materials -- 0.2%
360,000 BBB+/Baa2 CRH America, Inc., 5.3%, 10/15/13 $ 374,772
-------------------------------------------------------------------------------------------------------------------
Gold -- 0.2%
500,000 BBB+/Baa1 Barrick Gold Corp., 1.75%, 5/30/14 $ 508,088
-------------
Total Materials $ 1,941,776
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 29
Schedule of Investments | 8/31/12 (continued)
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.9%
Aerospace & Defense -- 0.2%
500,000 A/A2 United Technologies Corp., 1.2%,
6/1/15 $ 508,772
-------------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.7%
440,000 BBB/Baa2 GATX Corp., 4.75%, 10/1/12 $ 441,212
1,000,000 BBB/Baa2 Glencore Funding LLC, 6.0%, 4/15/14
(144A) 1,053,542
-------------
$ 1,494,754
-------------
Total Capital Goods $ 2,003,526
-------------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.9%
Auto Parts & Equipment -- 0.3%
725,000 0.85 BBB+/Baa1 Johnson Controls, Inc., Floating Rate
Note, 2/4/14 $ 727,273
-------------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.6%
1,000,000 BBB+/Baa2 Hyundai Motor Manufacturing Czech sro,
4.5%, 4/15/15 (144A) $ 1,062,800
100,000 BBB+/A3 Nissan Motor Acceptance Corp., 4.5%,
1/30/15 (144A) 107,012
-------------
$ 1,169,812
-------------
Total Automobiles & Components $ 1,897,085
-------------------------------------------------------------------------------------------------------------------
MEDIA -- 0.4%
Broadcasting -- 0.4%
750,000 BBB/Baa2 Discovery Communications LLC,
3.7%, 6/1/15 $ 804,028
-------------
Total Media $ 804,028
-------------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Brewers -- 0.3%
500,000 BBB+/Baa1 SABMiller Holdings, Inc., 1.85%,
1/15/15 (144A) $ 512,262
-------------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
250,000 0.74 BBB+/A2 Campbell Soup Co., Floating Rate
Note, 8/1/14 $ 251,194
-------------
Total Food, Beverage & Tobacco $ 763,456
-------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.0%
Health Care Equipment -- 0.2%
510,000 A/Baa1 St Jude Medical, Inc., 2.5%, 1/15/16 $ 532,201
-------------------------------------------------------------------------------------------------------------------
Health Care Distributors -- 0.3%
500,000 A-/Baa2 Cardinal Health, Inc., 4.0%, 6/15/15 $ 539,045
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Short Term Income Fund | Annual Report | 8/31/12
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.5%
1,000,000 BBB+/Baa3 Express Scripts Holding Co., 3.125%,
5/15/16 $ 1,063,104
-------------
Total Health Care Equipment
& Services $ 2,134,350
-------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.9%
Life Sciences Tools & Services -- 0.9%
500,000 BBB+/Baa2 Agilent Technologies, Inc., 2.5%,
7/15/13 $ 506,542
620,000 BBB+/NR Agilent Technologies, Inc., 5.5%,
9/14/15 694,317
750,000 BBB/Baa3 Life Technologies Corp., 3.375%, 3/1/13 757,193
-------------
$ 1,958,052
-------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 1,958,052
-------------------------------------------------------------------------------------------------------------------
BANKS -- 4.6%
Diversified Banks -- 3.0%
500,000 1.82 A/NR Abbey National Treasury Services Plc
London, Floating Rate Note, 6/10/13 $ 493,050
750,000 A+/A2 Barclays Bank Plc, 2.5%, 1/23/13 754,946
500,000 BBB+/Baa3 BBVA US Senior SAU, 3.25%, 5/16/14 495,607
1,200,000 1.26 AA-/Aa3 HSBC Bank Plc, Floating Rate Note,
1/17/14 (144A) 1,202,498
1,000,000 1.09 AA-/Aa3 HSBC Bank Plc, Floating Rate Note,
8/12/13 (144A) 1,000,912
500,000 A-/Baa2 Santander US Debt SAU, 2.485%,
1/18/13 (144A) 494,570
500,000 A+/A2 Standard Chartered Plc, 3.85%,
4/27/15 (144A) 522,750
250,000 A/Aa3 The Korea Development Bank, 5.3%,
1/17/13 253,495
820,000 A/A3 Wachovia Corp., 5.25%, 8/1/14 882,152
350,000 2.21 A+/A2 Wachovia Corp., Floating Rate Note,
5/1/13 353,962
-------------
$ 6,453,942
-------------------------------------------------------------------------------------------------------------------
Regional Banks -- 1.2%
103,000 A-/A2 BB&T Corp., 1.6%, 8/15/17 $ 104,615
500,000 A-/A2 BB&T Corp., 5.7%, 4/30/14 540,436
275,000 BBB+/Baa1 KeyBank NA Cleveland Ohio, 5.8%,
7/1/14 294,708
500,000 BBB+/Baa1 KeyCorp, 3.75%, 8/13/15 538,432
215,000 BBB+/Baa1 KeyCorp, 6.5%, 5/14/13 223,500
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 31
Schedule of Investments | 8/31/12 (continued)
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
275,000 8.25 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note, 5/29/49
(Perpetual) $ 282,400
500,000 BBB/Baa1 SunTrust Banks, Inc., 3.5%, 1/20/17 530,550
-------------
$ 2,514,641
-------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.4%
325,000 BBB-/Baa2 Astoria Financial Corp., 5.0%, 6/19/17 $ 332,831
500,000 0.91 AAA/Aaa Swedbank Hypotek AB, Floating Rate
Note, 3/28/14 (144A) 499,259
-------------
$ 832,090
-------------
Total Banks $ 9,800,673
-------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 9.4%
Other Diversified Financial Services -- 4.9%
500,000 A-/Baa2 Bank of America Corp., 3.7%, 9/1/15 $ 522,106
250,000 6.50 BB+/NR Caelus Re II, Ltd., Floating Rate Note,
5/24/13 (Cat Bond) (144A) 253,000
1,000,000 BBB+/Baa3 Citigroup, Inc., 5.0%, 9/15/14 1,046,069
350,000 A-/Baa2 Citigroup, Inc., 5.5%, 4/11/13 359,505
375,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 382,688
1,000,000 AA+/A1 General Electric Capital Corp., 1.875%,
9/16/13 1,014,026
1,000,000 1.30 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 12/20/13 1,000,499
500,000 1.15 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 4/24/14 502,634
500,000 1.09 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 4/7/14 501,915
500,000 1.38 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 8/1/17 496,576
500,000 4.00 A/A2 JPMorgan Chase & Co., Floating Rate
Note, 2/25/21 495,268
500,000 1.08 A/A2 JPMorgan Chase & Co., Floating Rate
Note, 2/26/13 501,571
500,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 496,600
500,000 6.25 BB/NR Lodestone Re, Ltd., Floating Rate Note,
5/17/13 (Cat Bond) (144A) 500,350
250,000 9.97 BB-/NR Loma Reinsurance, Ltd., Floating Rate
Note, 12/21/12 (Cat Bond) (144A) 250,075
250,000 7.50 BB-/NR Queen Street II Capital, Ltd., Floating Rate
Note, 4/9/14 (Cat Bond) (144A) 247,850
250,000 6.25 BB/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (Cat Bond)
(144A) 252,300
The accompanying notes are an integral part of these financial statements.
32 Pioneer Short Term Income Fund | Annual Report | 8/31/12
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
250,000 0.00 BB/NR Residential Reinsurance 2010, Ltd., Floating
Rate Note, 6/6/13 (Cat Bond) (144A) $ 252,925
250,000 9.00 BB-/NR Residential Reinsurance 2011, Ltd., Floating
Rate Note, 6/6/15 (Cat Bond) (144A) 250,650
250,000 8.00 BB-/NR Residential Reinsurance 2012, Ltd., Floating
Rate Note, 6/6/16 (Cat Bond) (144A) 251,000
250,000 3.33 BBB-/NR Vita Capital IV, Ltd., Floating Rate Note,
1/15/16 (Cat Bond) (144A) 251,000
750,000 3.12 BBB-/NR Vita Capital V, Ltd., Floating Rate Note,
1/15/17 (Cat Bond) (144A) 749,850
-------------
$ 10,578,457
-------------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
500,000 BBB-/Baa3 Banque PSA Finance SA, 3.375%, 4/4/14
(144A) $ 495,046
175,000 BBB+/Baa1 Harley-Davidson Financial Services, Inc.,
3.875%, 3/15/16 (144A) 185,893
500,000 A/A2 National Rural Utilities Cooperative
Finance Corp., 5.4%, 10/15/13 521,802
-------------
$ 1,202,741
-------------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.5%
500,000 A+/A1 American Honda Finance Corp., 2.375%,
3/18/13 (144A) $ 504,960
380,000 A+/A1 American Honda Finance Corp., 6.7%,
10/1/13 (144A) 404,553
200,000 BB+/Baa3 Ford Motor Credit Co., LLC, 3.875%,
1/15/15 208,108
-------------
$ 1,117,621
-------------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.1%
300,000 AA-/A1 Franklin Resources, Inc., 3.125%,
5/20/15 $ 316,370
-------------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 3.3%
500,000 A-/Baa2 Merrill Lynch & Co., Inc., 6.15%,
4/25/13 $ 515,890
500,000 A-/Baa2 Merrill Lynch & Co., Inc., 5.0%, 2/3/14 521,658
898,000 A-/Baa2 Merrill Lynch & Co., Inc., 5.45%, 2/5/13 914,565
1,000,000 A-/Baa1 Morgan Stanley, Inc., 4.0%, 9/22/20
(Step) 994,715
500,000 A-/Baa1 Morgan Stanley, Inc., 5.0%, 8/31/25
(Step) 498,284
275,000 3.10 A-/Baa1 Morgan Stanley, Inc., Floating Rate Note,
11/9/18 252,644
750,000 2.94 A-/Baa1 Morgan Stanley, Inc., Floating Rate Note,
5/14/13 755,163
250,000 4.75 B+/NR Queen Street III Capital, Ltd., Floating Rate
Note, 7/28/14 (Cat Bond) (144A) 249,000
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 33
Schedule of Investments | 8/31/12 (continued)
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- (continued)
500,000 A/Baa1 TD Ameritrade Holding Corp., 2.95%,
12/1/12 $ 502,377
340,000 A-/A3 The Goldman Sachs Group, Inc., 3.7%,
8/1/15 356,187
1,000,000 1.44 A-/A3 The Goldman Sachs Group, Inc., Floating
Rate Note, 2/7/14 995,277
475,000 0.92 A-/A3 The Goldman Sachs Group, Inc., Floating
Rate Note, 3/22/16 446,942
-------------
$ 7,002,702
-------------
Total Diversified Financials $ 20,217,891
-------------------------------------------------------------------------------------------------------------------
INSURANCE -- 4.6%
Life & Health Insurance -- 1.1%
50,000 A+/A1 Allstate Life Global Funding Trusts,
5.375%, 4/30/13 $ 51,620
500,000 A-/NR Jefferson-Pilot Corp., 4.75%, 1/30/14 522,224
250,000 A-/Baa2 Lincoln National Corp., 4.3%, 6/15/15 266,536
500,000 BBB+/A3 Principal Financial Group, Inc., 7.875%,
5/15/14 558,156
500,000 A/NR Prudential Covered Trust 2012-1, 2.997%,
9/30/15 (144A) 517,881
500,000 A/Baa2 Prudential Financial, Inc., 2.75%,
1/14/13 503,843
-------------
$ 2,420,260
-------------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.9%
500,000 BBB/Baa3 Genworth Financial, Inc., 5.75%,
6/15/14 $ 513,922
410,000 BBB-/Baa2 Liberty Mutual Group, Inc., 7.3%,
6/15/14
(144A) 446,726
550,000 AA-/Aa3 Metropolitan Life Global Funding I, 2.5%,
1/11/13 (144A) 553,686
250,000 A/A2 Metropolitan Life Insurance Co., 7.7%,
11/1/15 (144A) 286,356
-------------
$ 1,800,690
-------------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.6%
1,291,000 BBB/Baa2 OneBeacon US Holdings, Inc., 5.875%,
5/15/13 $ 1,325,348
500,000 BBB/Baa3 Sirius International Group, Ltd., 6.375%,
3/20/17 (144A) 529,968
980,000 BBB+/Baa2 WR Berkley Corp., 5.875%, 2/15/13 1,001,012
500,000 BBB+/Baa2 XL Group Plc, 5.25%, 9/15/14 531,390
-------------
$ 3,387,718
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Short Term Income Fund | Annual Report | 8/31/12
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
Reinsurance -- 1.0%
250,000 4.50 NR/Baa1 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) $ 255,725
250,000 5.00 BB+/NR Foundation Re III, Ltd., Floating Rate Note,
2/25/15 (Cat Bond) 250,250
250,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate Note,
2/3/14 (Cat Bond) (144A) 248,975
250,000 9.71 NR/B3 GlobeCat, Ltd., Floating Rate Note,
1/2/13 (Cat Bond) (144A) 242,425
250,000 6.00 BB+/NR Longpoint Re, Ltd., Floating Rate Note,
6/12/15 (Cat Bond) (144A) 259,350
250,000 8.41 NR/Ba3 Mythen, Ltd., Floating Rate Note, 5/7/15
(Cat Bond) (144A) 262,850
350,000 13.17 B-/NR Successor X, Ltd., Floating Rate Note,
1/7/14 (Cat Bond) (144A) 351,260
300,000 9.66 B/NR Successor X, Ltd., Floating Rate Note,
2/25/14 (Cat Bond) (144A) 296,070
-------------
$ 2,166,905
-------------
Total Insurance $ 9,775,573
-------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.6%
Diversified REIT's -- 0.2%
350,000 BBB/Baa2 Digital Realty Trust LP, 4.5%, 7/15/15 $ 370,746
-------------------------------------------------------------------------------------------------------------------
Office REIT's -- 0.2%
385,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 2/15/14 $ 402,975
-------------------------------------------------------------------------------------------------------------------
Specialized REIT's -- 1.1%
1,000,000 BBB/Baa2 HCP, Inc., 2.7%, 2/1/14 $ 1,020,404
525,000 BBB-/Baa2 Hospitality Properties Trust, 6.75%,
2/15/13 525,284
780,000 BBB-/Baa2 Hospitality Properties Trust, 7.875%,
8/15/14 844,460
-------------
$ 2,390,148
-------------------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.1%
350,000 A-/A2 WCI Finance LLC, 5.4%, 10/1/12 (144A) $ 351,084
-------------
Total Real Estate $ 3,514,953
-------------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.5%
Computer Hardware -- 0.5%
500,000 BBB+/A3 Hewlett-Packard Co., 2.35%, 3/15/15 $ 507,464
470,000 BBB+/A3 Hewlett-Packard Co., 2.625%, 12/9/14 480,869
-------------
$ 988,333
-------------
Total Technology Hardware
& Equipment $ 988,333
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 35
Schedule of Investments | 8/31/12 (continued)
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.4%
Semiconductors -- 0.4%
750,000 BBB+/Baa1 Maxim Integrated Products, Inc., 3.45%,
6/14/13 $ 766,004
-------------
Total Semiconductors & Semiconductor
Equipment $ 766,004
-------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.8%
Integrated Telecommunication Services -- 1.6%
490,000 BBB/Baa2 British Telecommunications Plc, 5.15%,
1/15/13 $ 498,036
500,000 NR/A2 GTP Acquisition Partners I LLC, 4.347%,
6/15/16 (144A) 527,650
550,000 NR/A2 GTP Towers Issuer LLC, 4.436%, 2/15/15
(144A) 565,746
750,000 BBB/Baa2 Telecom Italia Capital SA, 4.95%,
9/30/14 761,250
500,000 BBB/Baa2 Telefonica Emisiones SAU, 3.992%,
2/16/16 481,250
590,000 A-/WR Verizon Virginia, Inc., 4.625%, 3/15/13 602,700
-------------
$ 3,436,632
-------------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
500,000 NR/A2 Crown Castle Towers LLC, 3.214%,
8/15/15 (144A) $ 515,253
-------------
Total Telecommunication Services $ 3,951,885
-------------------------------------------------------------------------------------------------------------------
UTILITIES -- 1.1%
Electric Utilities -- 0.9%
1,000,000 BBB+/Baa1 Iberdrola Finance Ireland, Ltd., 3.8%,
9/11/14 (144A) $ 997,320
500,000 BBB+/Baa1 NextEra Energy Capital Holdings, Inc.,
2.55%, 11/15/13 509,706
380,000 BBB+/Baa2 Northeast Utilities, 5.65%, 6/1/13 393,739
-------------
$ 1,900,765
-------------------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.2%
500,000 BBB/Baa1 PSEG Power LLC, 2.75%, 9/15/16 $ 521,610
-------------
Total Utilities $ 2,422,375
-------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $64,797,875) $ 65,775,606
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Short Term Income Fund | Annual Report | 8/31/12
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- 16.1%
101,095 AAA/Aaa Fannie Mae, 5.0%, 7/1/15 $ 109,714
217,033 AAA/Aaa Fannie Mae, 5.5%, 12/1/35 239,470
328,813 AAA/Aaa Fannie Mae, 6.0%, 2/1/34-4/1/38 367,121
525,579 AAA/Aaa Fannie Mae, 6.5%, 8/1/13-7/1/32 603,732
524,811 AAA/Aaa Fannie Mae, 7.0%, 8/1/14-1/1/36 590,069
35,949 AAA/Aaa Fannie Mae, 8.0%, 4/1/14 36,563
66,561 2.97 AAA/Aaa Fannie Mae, Floating Rate Note, 1/1/25 67,390
94,596 2.28 AAA/Aaa Fannie Mae, Floating Rate Note,
10/1/29 98,901
229,018 2.57 AAA/Aaa Fannie Mae, Floating Rate Note,
10/1/29 245,264
333,983 4.14 AAA/Aaa Fannie Mae, Floating Rate Note,
10/1/36 353,667
103,954 2.92 AAA/Aaa Fannie Mae, Floating Rate Note,
11/1/24 105,624
5,129 2.24 AAA/Aaa Fannie Mae, Floating Rate Note,
11/1/25 5,454
124,769 1.55 AAA/Aaa Fannie Mae, Floating Rate Note,
11/1/40 128,467
86,102 2.44 AAA/Aaa Fannie Mae, Floating Rate Note,
12/1/28 92,342
396,563 4.50 AAA/Aaa Fannie Mae, Floating Rate Note,
12/1/36 420,415
21,127 2.82 AAA/Aaa Fannie Mae, Floating Rate Note, 2/1/27 21,448
2,086 3.27 AAA/Aaa Fannie Mae, Floating Rate Note, 2/1/33 2,229
3,714 2.59 AAA/Aaa Fannie Mae, Floating Rate Note, 4/1/28 3,981
3,197 2.36 AAA/Aaa Fannie Mae, Floating Rate Note, 4/1/29 3,418
93,898 2.95 AAA/Aaa Fannie Mae, Floating Rate Note, 7/1/36 101,219
639,706 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.0%, 5/1/24 681,750
1,589,265 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.5%, 9/1/12-7/1/19 1,718,679
173,786 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 2/1/21 188,627
140,433 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.5%, 8/1/23 153,437
34,680 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 7/1/16-6/1/17 37,277
4,322 2.48 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 1/1/28 4,645
476,272 2.71 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 10/1/31 482,128
8,505 2.38 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 11/1/31 8,914
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 37
Schedule of Investments | 8/31/12 (continued)
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
U.S. Government and Agency Obligations -- (continued)
294,087 2.78 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 12/1/31 $ 299,077
30,804 2.94 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 4/1/25 31,177
2,114 2.74 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 4/1/29 2,128
8,594 2.16 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 5/1/25 8,647
7,588 2.35 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 7/1/18 7,910
1,622 2.38 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 8/1/31 1,629
162,625 2.96 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 8/1/31 167,618
528,473 AAA/Aaa Government National Mortgage Association I,
5.0%, 8/15/19 587,071
1,023,082 AAA/Aaa Government National Mortgage Association I,
6.0%, 3/15/17-11/15/36 1,137,973
162,550 AAA/Aaa Government National Mortgage Association I,
6.5%, 5/15/31-10/15/37 188,517
4,814 AAA/Aaa Government National Mortgage Association I,
7.0%, 11/15/13 4,966
111,927 AAA/Aaa Government National Mortgage Association I,
7.5%, 6/15/14-10/15/36 134,591
2,050,709 AAA/Aaa Government National Mortgage Association II,
6.0%, 5/20/13-11/20/22 2,240,790
22,950,000 AA+/Aaa U.S. Treasury Notes, 0.125%, 9/30/13 22,932,981
-------------
$ 34,617,020
-------------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $34,125,343) $ 34,617,020
-------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 3.6%
Municipal Airport -- 0.4%
300,000 BBB/A2 Massachusetts Port Authority, 5.0%,
7/1/14 $ 311,238
475,000 BBB/A2 Massachusetts Port Authority, 5.0%,
7/1/16 507,452
-------------
$ 818,690
-------------------------------------------------------------------------------------------------------------------
Municipal Development -- 0.1%
250,000 3.00 AA-/Aa2 Massachusetts Development Finance
Agency, Floating Rate Note, 2/15/36 $ 269,362
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Short Term Income Fund | Annual Report | 8/31/12
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
Municipal General -- 1.9%
1,500,000 1.47 A+/A1 New Jersey Economic Development
Authority, Floating Rate Note, 6/15/13 $ 1,504,680
2,000,000 NR/NR State of California, 2.5%, 6/20/13 2,034,020
500,000 AA/Aa1 State of Ohio, 3.0%, 6/15/15 526,965
-------------
$ 4,065,665
-------------------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 0.4%
690,000 2.70 NR/A2 Massachusetts Health & Educational
Facilities Authority, Floating Rate Note,
10/1/37 $ 709,789
200,000 AA-/Aa2 New York State Dormitory Authority,
3.0%, 7/1/13 204,432
-------------
$ 914,221
-------------------------------------------------------------------------------------------------------------------
Municipal Housing -- 0.1%
200,000 NR/Aa3 State of Oregon Housing & Community
Services Department, 1.15%, 1/1/13 $ 200,438
-------------------------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.5%
1,000,000 BBB+/Baa1 County of Power Idaho, 5.625%,
10/1/14 $ 1,000,870
-------------------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.2%
500,000 NR/NR North Texas Tollway Authority, 2.441%,
9/1/13 $ 507,920
-------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $7,704,747) $ 7,777,166
-------------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN INTERESTS** -- 1.9%
MATERIALS -- 0.1%
Metal & Glass Containers -- 0.1%
192,534 4.25 B/Ba3 BWAY Holding Co., Replacement B Term
Loan, 2/23/18 $ 193,075
19,404 4.25 B/Ba3 ICL Industrial Containers ULC,
Replacement C Term Loan, 2/23/18 19,458
-------------
$ 212,533
-------------
Total Materials $ 212,533
-------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.2%
Aerospace & Defense -- 0.1%
249,375 3.75 BBB-/Ba1 Spirit Aerosystems, Inc., Term B Loan,
4/18/19 $ 250,466
-------------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.1%
148,875 5.50 BB/Ba2 Terex Corp., U.S. Term Loan, 4/28/17 $ 150,271
-------------
Total Capital Goods $ 400,737
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral par t of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 39
Schedule of Investments | 8/31/12 (continued)
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Environmental & Facilities Services -- 0.1%
171,799 2.24 CCC/Caa2 Synagro Technologies, Inc., Term Loan
(First Lien), 4/2/14 $ 151,552
-------------
Total Commercial Services & Supplies $ 151,552
-------------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.6%
Auto Parts & Equipment -- 0.1%
284,789 3.50 BBB/Baa2 Delphi Automotive LLP, Tranche B Term
Loan, 3/31/17 $ 285,678
-------------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.5%
920,700 6.00 BB/Ba2 Chrysler Group LLC, Tranche B Term
Loan, 5/24/17 $ 938,078
-------------
Total Automobiles & Components $ 1,223,756
-------------------------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Movies & Entertainment -- 0.2%
304,814 5.25 NR/Ba1 Cinedigm Digital Funding I LLC, Term
Loan, 4/29/16 $ 306,338
195,500 4.50 BB-/Ba2 Live Nation Entertainment, Inc., Term B
Loan, 11/7/16 195,989
-------------
$ 502,327
-------------
Total Media $ 502,327
-------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.2%
Health Care Facilities -- 0.2%
367,918 3.92 BB/Ba3 Community Health Systems, Inc.,
Extended Term Loan, 1/25/17 $ 368,975
-------------
Total Health Care Equipment & Services$ 368,975
-------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Investment Banking & Brokerage -- 0.1%
149,625 4.00 NR/Ba2 LPL Holdings, Inc., Initial Tranche B Term
Loan, 3/29/19 $ 149,874
-------------
Total Diversified Financials $ 149,874
-------------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Internet Software & Services -- 0.1%
246,875 4.00 BB+/Ba3 Autotrader.com, Inc., Tranche B-1 Term
Loan, 12/15/16 $ 247,184
-------------------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.1%
271,555 3.99 BB/NR SunGard Data Systems, Inc., Tranche C
Term Loan, 2/28/17 $ 271,895
-------------
Total Software & Services $ 519,079
-------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Short Term Income Fund | Annual Report | 8/31/12
-------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Independent Power Producers & Energy Traders -- 0.2%
429,563 4.25 BB+/Ba1 The AES Corp., Initial Term Loan,
6/1/18 $ 431,889
-------------
Total Utilities $ 431,889
-------------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $3,885,948) $ 3,960,722
-------------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.5%
CERTIFICATE OF DEPOSIT -- 0.2%
500,000 BBB+/Baa2 Intesa Sanpaolo S.p.A. New York NY,
2.375%, 12/21/12 $ 492,070
-------------------------------------------------------------------------------------------------------------------
Total Certificate of Deposit
(Cost $494,950) $ 492,070
-------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 1.3%
2,645,000 NR/Aaa JPMorgan, Inc., 0.19%, dated 8/31/12,
repurchase price of $2,645,000 plus
accrued interest on 9/4/12 collateralized
by $2,799,534 Federal National
Mortgage Association, 3.0-5.0%,
12/1/21-7/1/42 $ 2,645,000
-------------------------------------------------------------------------------------------------------------------
Total Repurchase Agreement
(Cost $2,645,000) $ 2,645,000
-------------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $3,139,950) $ 3,137,070
-------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.0%
(Cost $212,992,923) (a) $ 212,161,331
-------------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.0% $ 2,219,790
===================================================================================================================
TOTAL NET ASSETS -- 100.0% $ 214,381,121
===================================================================================================================
NR Not rated by either S&P or Moody's.
WR Rating withdrawn by either S&P or Moody's.
(Perpetual) Security with no stated maturity date.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
REIT's Real Estate Investment Trust.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At August 31, 2012, the value of these securities
amounted to $43,139,376 or 20.1% of total net assets.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 41
Schedule of Investments | 8/31/12 (continued)
** Senior floating rate loan interests in which the Fund invests generally
pay interest at rates that are periodically redetermined by reference to a
base lending rate plus a premium. These base lending rates are generally
(i) the lending rate offered by one or more major European banks, such as
LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one
or more major United States banks, (iii) the certificate of deposit or
(iv) other base lending rates used by commercial lenders. The rate shown
is the coupon rate at period end.
(a) At August 31, 2012, the net unrealized loss on investments based on cost
for federal income tax purposes of $213,411,829 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 3,035,985
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (4,286,483)
------------
Net unrealized loss $(1,250,498)
============
(b) Debt obligation with a variable interest rate. Rate shown is rate at end
of period.
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
denoted:
CAD Canadian Dollar
Purchases and sales of securities (excluding temporary cash investments) for the
year ended August 31, 2012 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ 38,796,232 $ 75,982,551
Other Long-Term Securities $ 46,184,671 $ 82,911,304
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) are categorized as
Level 3. See Notes to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Short Term Income Fund | Annual Report | 8/31/12
The following is a summary of the inputs used as of August 31, 2012, in valuing
the Fund's assets:
------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 29,713,082 $ -- $ 29,713,082
Collateralized Mortgage Obligations -- 67,180,665 -- 67,180,665
Corporate Bonds -- 65,775,606 -- 65,775,606
U.S. Government Agency Obligations -- 34,617,020 -- 34,617,020
Municipal Bonds -- 7,777,166 -- 7,777,166
Senior Floating Rate Loan Interests -- 3,960,722 -- 3,960,722
Certificate of Deposit -- 492,070 -- 492,070
Repurchase Agreement -- 2,645,000 -- 2,645,000
------------------------------------------------------------------------------------------------
Total $ -- $212,161,331 $ -- $212,161,331
================================================================================================
Other Financial Instruments* $ (24,375) $ (6,621) $ -- $ (30,996)
================================================================================================
* Other financial instruments include futures and foreign exchange contracts
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
--------------------------------------------------------------------------------
Collateralized
Mortgage
Obligations
--------------------------------------------------------------------------------
Balance as of 8/31/11 $ 11,893
Realized gain (loss)(1) --
Change in unrealized appreciation (depreciation)(2) 971
Net purchases (sales) --
Paydown (12,864)
Transfers in and out of Level 3 (3) --
--------------------------------------------------------------------------------
Balance as of 8/31/12 $ --
================================================================================
1 Realized gain (loss) on these securities is included in the net realized gain
(loss) from investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in the
change in unrealized gain (loss) on investments in the Statement of
Operations.
3 Transfers are calculated on the beginning of period values.
During the year ended August 31, 2012, there were no transfers between levels.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 43
Statement of Assets and Liabilities | 8/31/12
ASSETS:
Investment in securities (cost $212,992,923) $ 212,161,331
Cash 972,105
Futures collateral 26,000
Foreign currencies, at value (cost $250,160) 257,007
Receivables --
Investment securities sold 7,181
Fund shares sold 1,012,039
Interest 1,064,327
Due from Pioneer Investment Management, Inc. 28,684
Other 35,893
------------------------------------------------------------------------------------------
Total assets $ 215,564,567
------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 200,374
Fund shares repurchased 444,967
Dividends 339,814
Variation margin 12,812
Forward foreign currency portfolio hedge contracts, open-net 6,621
Due to affiliates 67,328
Accrued expenses 111,530
------------------------------------------------------------------------------------------
Total liabilities $ 1,183,446
------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $ 223,607,689
Distributions in excess of net investment income (56,943)
Accumulated net realized loss on investments and foreign currency
transactions (8,312,408)
Net unrealized loss on investments (831,592)
Net unrealized loss on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (1,250)
Net unrealized loss on futures contracts (24,375)
------------------------------------------------------------------------------------------
Total net assets $ 214,381,121
==========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, Unlimited number of shares authorized)
Class A (based on $55,211,532/5,681,980 shares) $ 9.72
Class B (based on $1,694,940/174,486 shares) $ 9.71
Class C (based on $24,830,048/2,560,867 shares) $ 9.70
Class Y (based on $132,644,601/13,672,076 shares) $ 9.70
MAXIMUM OFFERING PRICE:
Class A (9.72 (divided by) 97.5%) $ 9.97
==========================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Short Term Income Fund | Annual Report | 8/31/12
Statement of Operations
For the Year Ended 8/31/12
INVESTMENT INCOME:
Interest $ 7,742,017
Income from securities loaned, net 4,564
--------------------------------------------------------------------------------------------
Total investment income $ 7,746,581
--------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 816,069
Transfer agent fees and expenses
Class A 85,403
Class B 7,694
Class C 14,565
Class Y 2,010
Distribution fees
Class A 137,721
Class B 24,582
Class C 238,337
Shareholder communications expense 211,036
Administrative reimbursements 58,875
Custodian fees 21,769
Registration fees 106,703
Professional fees 67,347
Printing expense 49,825
Fees and expenses of nonaffiliated trustees 8,251
Miscellaneous 66,024
--------------------------------------------------------------------------------------------
Total expenses $ 1,916,211
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (226,623)
--------------------------------------------------------------------------------------------
Net expenses $ 1,689,588
--------------------------------------------------------------------------------------------
Net investment income $ 6,056,993
============================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FOREIGN CURRENCY TRANSACTIONS, AND FUTURES CONTRACTS:
Net realized gain (loss) on:
Investments $ 343,388
Futures contracts (330,490)
Class actions 7,500
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 15,127 $ 35,525
--------------------------------------------------------------------------------------------
Change in net unrealized loss on:
Investments $ 1,548,207
Futures contracts 191,625
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 8,197 $ 1,748,029
--------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 1,783,554
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 7,840,547
============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 45
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
8/31/12 8/31/11
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 6,056,993 $ 7,088,982
Net realized gain on investments, futures contracts
and foreign currency transactions 35,525 87,545
Change in net unrealized gain (loss) on investments,
futures contracts and foreign currency transactions 1,748,029 (2,439,237)
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 7,840,547 $ 4,737,290
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.30 and $0.27 per share, respectively) $ (1,713,026) $ (3,827,795)
Class B ($0.21 and $0.19 per share, respectively) (54,200) (74,048)
Class C ($0.22 and $0.20 per share, respectively) (549,094) (426,011)
Class Y ($0.33 and $0.31 per share, respectively) (4,204,921) (3,782,100)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (6,521,241) $ (8,109,954)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 89,439,000 $ 153,559,108
Reinvestment of distributions 2,553,715 4,247,668
Cost of shares repurchased (138,523,080) (165,847,870)
--------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (46,530,365) $ (8,041,094)
--------------------------------------------------------------------------------------------------
Net decrease in net assets $ (45,211,059) $ (11,413,758)
NET ASSETS:
Beginning of year 259,592,180 271,005,938
--------------------------------------------------------------------------------------------------
End of year $ 214,381,121 $ 259,592,180
==================================================================================================
Distributions in excess of net investment income $ (56,943) $ (109,372)
==================================================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Short Term Income Fund | Annual Report | 8/31/12
-----------------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
-----------------------------------------------------------------------------------------------
CLASS A
Shares sold 3,998,534 $ 38,870,067 10,891,548 $ 105,896,019
Reinvestment of distributions 156,155 1,504,946 370,009 3,597,147
Less shares repurchased (10,306,515) (99,329,477) (12,813,982) (124,286,825)
-----------------------------------------------------------------------------------------------
Net decrease (6,151,826) $(58,954,464) (1,552,425) $ (14,793,659)
===============================================================================================
CLASS B
Shares sold or exchanged 106,867 $ 1,028,704 137,813 $ 1,340,132
Reinvestment of distributions 5,256 50,606 6,848 66,599
Less shares repurchased (214,898) (2,067,368) (361,999) (3,517,699)
-----------------------------------------------------------------------------------------------
Net decrease (102,775) $ (988,058) (217,338) $ (2,110,968)
===============================================================================================
CLASS C
Shares sold 1,089,706 $ 10,473,902 1,567,864 $ 15,197,252
Reinvestment of distributions 48,157 463,195 35,685 346,249
Less shares repurchased (1,016,608) (9,776,637) (1,271,046) (12,337,637)
-----------------------------------------------------------------------------------------------
Net increase 121,255 $ 1,160,460 332,503 $ 3,205,864
===============================================================================================
CLASS Y
Shares sold 4,058,961 $ 39,066,327 3,205,058 $ 31,125,705
Reinvestment of distributions 55,564 534,968 24,505 237,673
Less shares repurchased (2,843,245) (27,349,598) (2,651,263) (25,705,709)
-----------------------------------------------------------------------------------------------
Net increase 1,271,280 $ 12,251,697 578,300 $ 5,657,669
===============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 47
Financial Highlights
-------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/12 8/31/11 8/31/10 8/31/09 8/31/08
-------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.64 $ 9.75 $ 9.40 $ 9.52 $ 9.76
-------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.28 $ 0.23 $ 0.31 $ 0.37 $ 0.45
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 0.10 (0.07) 0.36 (0.03) (0.24)
-------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.38 $ 0.16 $ 0.67 $ 0.34 $ 0.21
-------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.30) (0.27) (0.32) (0.46) (0.45)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.08 $ (0.11) $ 0.35 $ (0.12) $ (0.24)
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.72 $ 9.64 $ 9.75 $ 9.40 $ 9.52
=========================================================================================================================
Total return* 4.00% 1.69% 7.19% 3.90% 2.18%
Ratio of net expenses to average net assets+ 0.90% 0.90% 0.90% 0.90% 0.91%
Ratio of net investment income to average net assets+ 2.94% 2.48% 2.78% 3.59% 4.60%
Portfolio turnover rate 43% 54% 42% 43% 34%
Net assets, end of period (in thousands) $55,212 $114,080 $130,524 $19,544 $12,499
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.30% 0.99% 1.06% 1.15% 1.00%
Net investment income 2.54% 2.39% 2.61% 3.35% 4.51%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.90% 0.90% 0.90% 0.90% 0.90%
Net investment income 2.94% 2.48% 2.78% 3.59% 4.61%
=========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Short Term Income Fund | Annual Report | 8/31/12
------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/12 8/31/11 8/31/10 8/31/09 8/31/08
------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.63 $ 9.75 $ 9.39 $ 9.50 $ 9.75
------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.20 $ 0.14 $ 0.22 $ 0.28 $ 0.36
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 0.09 (0.07) 0.37 (0.01) (0.25)
------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.29 $ 0.07 $ 0.59 $ 0.27 $ 0.11
------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.21) (0.19) (0.23) (0.38) (0.36)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.08 $ (0.12) $ 0.36 $ (0.11) $ (0.25)
------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.71 $ 9.63 $ 9.75 $ 9.39 $ 9.50
========================================================================================================================
Total return* 3.08% 0.68% 6.35% 3.06% 1.16%
Ratio of net expenses to average net assets+ 1.80% 1.80% 1.80% 1.80% 1.80%
Ratio of net investment income to average net assets+ 2.10% 1.64% 2.37% 3.15% 3.72%
Portfolio turnover rate 43% 54% 42% 43% 34%
Net assets, end of period (in thousands) $1,695 $ 2,671 $4,822 $ 6,582 $ 6,798
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.99% 1.87% 1.88% 1.95% 1.85%
Net investment income 1.90% 1.57% 2.29% 3.00% 3.67%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.80% 1.80% 1.80% 1.80% 1.80%
Net investment income 2.10% 1.64% 2.37% 3.15% 3.72%
========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 49
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/12 8/31/11 8/31/10 8/31/09 8/31/08
------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.62 $ 9.73 $ 9.38 $ 9.49 $ 9.74
------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.20 $ 0.16 $ 0.23 $ 0.29 $ 0.37
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 0.10 (0.07) 0.36 (0.01) (0.25)
------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.30 $ 0.09 $ 0.59 $ 0.28 $ 0.12
------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.22) (0.20) (0.24) (0.39) (0.37)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.08 $ (0.11) $ 0.35 $ (0.11) $ (0.25)
------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.70 $ 9.62 $ 9.73 $ 9.38 $ 9.49
========================================================================================================================
Total return* 3.18% 0.93% 6.32% 3.14% 1.25%
Ratio of net expenses to average net assets+ 1.71% 1.67% 1.70% 1.79% 1.73%
Ratio of net investment income to average net assets+ 2.08% 1.61% 2.27% 2.74% 3.77%
Portfolio turnover rate 43% 54% 42% 43% 34%
Net assets, end of period (in thousands) $24,830 $23,464 $20,507 $ 8,549 $ 3,441
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.71% 1.67% 1.70% 1.79% 1.73%
Net investment income 2.08% 1.61% 2.27% 2.74% 3.77%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.71% 1.67% 1.70% 1.79% 1.73%
Net investment income 2.08% 1.61% 2.27% 2.74% 3.77%
========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
50 Pioneer Short Term Income Fund | Annual Report | 8/31/12
---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/12 8/31/11 8/31/10 8/31/09 8/31/08
---------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.63 $ 9.74 $ 9.38 $ 9.51 $ 9.76
---------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.31 $ 0.27 $ 0.34 $ 0.40 $ 0.48
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 0.09 (0.07) 0.37 (0.04) (0.24)
---------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.40 $ 0.20 $ 0.71 $ 0.36 $ 0.24
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.33) (0.31) (0.35) (0.49) (0.49)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.07 $ (0.11) $ 0.36 $ (0.13) $ (0.25)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.70 $ 9.63 $ 9.74 $ 9.38 $ 9.51
===========================================================================================================================
Total return* 4.24% 2.06% 7.64% 4.11% 2.45%
Ratio of net expenses to average net assets+ 0.61% 0.54% 0.57% 0.63% 0.55%
Ratio of net investment income to average net assets+ 3.18% 2.78% 3.52% 4.36% 4.98%
Portfolio turnover rate 43% 54% 42% 43% 34%
Net assets, end of period (in thousands) $132,645 $119,377 $115,153 $97,370 $130,475
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.61% 0.54% 0.57% 0.63% 0.55%
Net investment income 3.18% 2.78% 3.52% 4.36% 4.98%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.61% 0.54% 0.57% 0.63% 0.55%
Net investment income 3.18% 2.78% 3.52% 4.36% 4.98%
===========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 51
Notes to Financial Statements | 8/31/12
1. Organization and Significant Accounting Policies
Pioneer Short Term Income Fund (the Fund) is a Delaware statutory trust
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to seek a
high level of current income to the extent consistent with a relatively high
level of stability of principal.
The Fund offers four classes of shares designated as Class A, Class B, Class C,
and Class Y shares. Effective as of the close of business on December 31, 2009,
Class B shares are no longer offered to new or existing shareholders, except
that dividends and/or capital gain distributions may continue to be reinvested
in Class B shares, and shareholders may exchange their Class B shares for Class
B shares of other Pioneer funds, as permitted by existing exchange privileges.
Each class of shares represents an interest in the same portfolio of investments
of the Fund and has identical rights (based on relative net asset values) to
assets and liquidation proceeds. Share classes can bear different rates of
class- specific fees and expenses, such as transfer agent and distribution fees.
Differences in class-specific fees and expenses will result in differences in
net investment income and, therefore, the payment of different dividends from
net investment income earned by each class. The Amended and Restated Declaration
of Trust of the Fund gives the Board the flexibility to specify either per-share
voting or dollar-weighted voting when submitting matters for shareholder
approval. Under per-share voting, each share of a class of the Fund is entitled
to one vote. Under dollar-weighted voting, a shareholder's voting power is
determined not by the number of shares owned, but by the dollar value of the
shares on the record date. Each share class has exclusive voting rights with
respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class Y
shares. Class B shares convert to Class A shares approximately eight years after
the date of purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
52 Pioneer Short Term Income Fund | Annual Report | 8/31/12
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. 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. Senior
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the last
available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation. Senior loans for which no reliable
price quotes are available will be valued by Loan Pricing Corporation through
the use of pricing matrices to determine valuations. Fixed income securities
with remaining maturity of more than sixty days are valued at prices supplied
by independent pricing services, which consider such factors as market
prices, market events, quotations from one or more brokers, Treasury spreads,
yields, maturities and ratings. Valuations may be supplemented by dealers and
other sources, as required. Short-term fixed income securities with remaining
maturities of sixty days or less generally are valued at amortized cost.
Securities or senior loans for which independent pricing services 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 using fair value
methods pursuant to procedures adopted by the Board of Trustees. The Fund 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 or trading halts. Thus,
the valuation of the Fund's securities may differ from exchange prices.
At August 31, 2012, no securities were valued using fair value methods (other
than securities valued using prices supplied by independent pricing
services). 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.
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 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. Interest income,
Pioneer Short Term Income Fund | Annual Report | 8/31/12 53
including interest on income bearing cash accounts, is recorded on the
accrual basis, net of unrecoverable foreign taxes withheld at the applicable
country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the statement of operations from the
effects of changes in market price of those securities but are included with
the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency 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 gains or losses are recorded in
the Fund's financial statements. The Fund records realized gains and losses
at the time a portfolio hedge 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).
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 taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. As of
August 31, 2012, the Fund did not have any interest and penalties related to
unrecognized tax positions, which, if applicable, would be recorded as an
income tax expense in the Statement of Operations. Tax years for the prior
three fiscal years remain subject to examination by federal and state tax
authorities.
54 Pioneer Short Term Income Fund | Annual Report | 8/31/12
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal income
tax rules. Therefore, the sources of the Fund's distributions may be shown in
the accompanying financial statements as from or in excess of net investment
income or as from net realized gain on investment transactions, or as from
paid-in capital, depending on the type of book/tax differences that may
exist.
At August 31, 2012, the Fund reclassified $516,677 to decrease distributions
in excess of net investment income, $683,968 to decrease accumulated net
realized loss on investments and foreign currency transactions and $1,200,645
to decrease paid-in capital to reflect permanent book/tax differences. The
reclassification has no impact on the net asset value of the Fund and is
designed to present the Fund's capital accounts on a tax basis.
At August 31, 2012, the Fund was permitted to carry forward indefinitely
$472,757 of short term losses and $81,925 of long term losses under the
Regulated Investment Company Modernization Act of 2010 without limitation.
Additionally, at August 31, 2012, the Fund had a net capital loss
carryforward of $7,409,754, of which the following amounts will expire
between 2013 and 2019 if not utilized: $628,614 in 2013, $975,752 in 2014,
$2,520,831 in 2015, $667,204 in 2016, $566,527 in 2017, $1,062,928 in 2018
and $987,898 in 2019. Included in this amount is $6,944,867 of capital losses
which resulted from the reorganizations with Regions Morgan Keegan Select
Limited Maturity Fixed Income Fund on May 15, 2009 and may be subject to
limitations imposed by the Internal Revenue Code.
The tax character of distributions paid during the years ended August 31,
2012 and August 31, 2011 were as follows:
--------------------------------------------------------------------------------
2012 2011
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 6,521,241 $ 8,109,954
--------------------------------------------------------------------------------
Total $ 6,521,241 $ 8,109,954
================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at August 31, 2012:
--------------------------------------------------------------------------------
2012
--------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 328,180
Capital loss carryforward (7,964,436)
Current year dividend payable (339,814)
Unrealized depreciation (1,250,498)
--------------------------------------------------------------------------------
Total $(9,226,568)
================================================================================
Pioneer Short Term Income Fund | Annual Report | 8/31/12 55
The difference between book-basis and tax-basis net unrealized gain is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the tax treatment of premium and amortization
and, the mark to market of futures and forward contracts.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund
and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $7,987 in underwriting commissions on the sale of Class A shares
during the year ended August 31 2012. During the year ended August 31, 2012,
the Fund recognized gains of $7,500 in settlement of class action lawsuits
from several different companies, as reflected on the Statement of
Operations.
F. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning of
the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, and Class C shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time except that net investment
income dividends to Class A, Class B, Class C and Class Y shares can reflect
different transfer agent and distribution expense rates.
G. Risks
When interest rates rise, the prices of fixed-income securities in the Fund
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Fund will generally rise. Investments in the
Fund are subject to possible loss due to the financial failure of underlying
issuers and their inability to meet their debt obligations. The Fund's
prospectus contains unaudited information regarding the Fund's principal
risks. Please refer to that document when considering the Fund's principal
risks.
56 Pioneer Short Term Income Fund | Annual Report | 8/31/12
H. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices and currency exchange rates or to seek to
increase total return. Futures contracts are types of derivatives. All
futures contracts entered into by the Fund are traded on a futures exchange.
The amount of cash deposited with the broker as collateral at August 31,
2012 was $26,000. Upon entering into a futures contract, the Fund is required
to deposit with a broker an amount of cash or securities equal to the minimum
"initial margin" requirements of the associated futures exchange. Subsequent
payments for futures contracts ("variation margin") are paid or received by
the Fund, depending on the daily fluctuation in the value of the contracts,
and are recorded by the Fund as unrealized gains or losses. When the contract
is closed, the Fund realizes a gain or loss equal to the difference between
the opening and closing value of the contract as well as any fluctuation in
foreign currency exchange rates where applicable. The use of futures
contracts involves, to varying degrees, elements of market, interest rate,
currency exchange rate and counterparty risks, which may exceed the amounts
recognized by the Fund. Changes in value of the contracts may not directly
correlate to the changes in value of the underlying securities. These risks
may decrease the effectiveness of the Fund's hedging strategies and
potentially result in a loss. The average number of contracts open for the
year ended August 31, 2012 was 44.
At August 31, 2012, open futures contracts were as follows.
--------------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Long/(Short) Month Value Loss
--------------------------------------------------------------------------------
US 5 Yr Note (40) 12/12 $(4,986,562) $ (24,375)
--------------------------------------------------------------------------------
Total (40) $(4,986,562) $ (24,375)
================================================================================
I. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is responsible
for determining that the value of the collateral remains at least equal to
the repurchase price.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 57
J. Securities Lending
The Fund may lend securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a securities loan
transaction, the Fund typically receives cash collateral from the borrower
equal to at least the value of the securities loaned, which is invested in
temporary investments. Credit Suisse AG, New York Branch, as the Fund's
securities lending agent, manages the Fund's securities lending collateral.
The income earned on the investment of collateral is shared with the borrower
and the lending agent in payment of any rebate due to the borrower with
respect to the securities loan, and in compensation for the lending agent's
services to the Fund. The Fund also continues to receive payments in lieu of
dividends or interest on the securities loaned. Gain or loss on the value of
the loaned securities that may occur during the term of the loan will be for
the account of the Fund. The amount of the collateral is required to be
adjusted daily to reflect any price fluctuation in the value of the loaned
securities. If the required market value of the collateral is less than the
value of the loaned securities, the borrower is required to deliver
additional collateral for the account of the Fund prior to the close of
business on that day. The Fund has the right, under the lending agreement,
to terminate the loan and recover the securities from the borrower with
prior notice. The Fund is required to return the cash collateral to the
borrower and could suffer a loss if the value of the collateral, as invested,
has declined. At August 31, 2012, the Fund had no securities on loan.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.40% of
the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 0.90%, 1.80% and 1.80% of the average
daily net assets attributable to Class A, Class B and Class C shares,
respectively. Fees waived and expenses reimbursed during the year ended August
31, 2012 are reflected on the Statement of Operations. These expense limitations
are in effect through January 1, 2013 for Class A, Class B, and Class C shares.
The expense limit in effect through June 1, 2012 for Class Y shares was 0.79%.
There can be no assurance that PIM will extend the expense limitation agreement
for a class of shares beyond the dates referred to above.
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.
58 Pioneer Short Term Income Fund | Annual Report | 8/31/12
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $9,986 in management fees, administrative costs and certain other
reimbursements payable to PIM at August 31, 2012.
Effective March 5, 2012, PIM has retained Brown Brothers Harriman & Co. to
provide certain sub-administration and accounting services to the Fund.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended August 31, 2012, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 171,230
Class B 2,552
Class C 14,153
Class Y 23,101
--------------------------------------------------------------------------------
Total $ 211,036
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $55,153 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at August 31, 2012.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B and Class C
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class B and Class C shares. The fee for
Class B and Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class C
shares. Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $2,189 in distribution fees payable to PFD at August 31, 2012.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 59
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Class B shares that are redeemed within three
years of purchase are subject to a CDSC at declining rates beginning at 2.00%,
based on the lower of cost or market value of shares being redeemed. Redemptions
of Class C shares within one year of purchase are subject to a CDSC of 1.00%,
based on the lower of cost or market value of shares being redeemed. Shares
purchased as part of an exchange remain subject to any CDSC that applied to the
original purchase of those shares. There is no CDSC for Class Y shares. Proceeds
from the CDSCs are paid to PFD. For the year ended August 31 2012, CDSCs in the
amount of $21,196 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS, which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended August 31 2012, the Fund's expenses were
not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At August 31, 2012, the Fund had entered into various forward foreign currency
contracts that obligate 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 contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of contracts open during
the year ended August 31, 2012 was $263,038. There were no open settlement
hedges at August 31, 2012. Open portfolio hedges at August 31, 2012 were as
follows:
--------------------------------------------------------------------------------------------
Net In Net
Contracts Exchange Settlement Unrealized
Currency to Deliver for USD Date Value Gain (Loss)
--------------------------------------------------------------------------------------------
NOK (Norwegian Krone) (1,274,000) $(212,727) 10/24/12 $(219,348) $(219,348)
NOK (Norwegian Krone) 212,727 212,727 10/24/12 212,727 212,727
--------------------------------------------------------------------------------------------
Total $ (6,621)
============================================================================================
60 Pioneer Short Term Income Fund | Annual Report | 8/31/12
7. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of August 31, 2012 were as follows:
-----------------------------------------------------------------------------------------
Derivatives not
accounted for as
hedging instruments Asset Derivatives 2012 Liabilities Derivatives 2012
under Accounting ------------------------- -----------------------------
Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
-----------------------------------------------------------------------------------------
Forward Foreign
Currency Contracts Receivables $ -- Payables $ (6,621)
Futures Contracts Receivables $ -- Payables $(24,375)*
-----------------------------------------------------------------------------------------
Total $ -- $(30,996)
=========================================================================================
* Includes cumulative gain (loss) on futures as reported in the Notes to
Financial Statements. Only unsettled receivable/payable for variation
margin is included within the Statement of Assets and Liabilities.
The effect of derivative instruments on the Statement of Operations for the year
ended August 31, 2012 was as follows:
---------------------------------------------------------------------------------------------------
Derivatives Not Realized Change in
accounted for as Gain or Unrealized
hedging instruments (Loss) on Gain or (Loss)
under Accounting Location of Gain or (Loss) On Derivatives on Derivatives
Standards Codification Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
---------------------------------------------------------------------------------------------------
Forward Foreign
Currency Contracts Net realized gain on forward $ 1,339
foreign currency contracts and other
assets and liabilities denominated
in foreign currencies
Forward Foreign
Currency Contracts Change in unrealized loss on $ 3,037
forward foreign currency contracts
and other assets and liabilities
denominated in foreign currencies
Futures Contracts Net realized loss on $(330,490)
futures contracts
Futures Contracts Change in net realized loss $ 191,625
on futures contracts
Pioneer Short Term Income Fund | Annual Report | 8/31/12 61
Report of Independent Registered Public Accounting Firm
To the Trustees and Shareholders of
Pioneer Short Term Income Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities,
including the schedule of investments, of Pioneer Short Term Income Fund (the
Fund) as of August 31, 2012, and the related statement of operations for the
year then ended, the statements of changes in net assets for each of the two
years in the period then ended, and the financial highlights for each of the
five years in the period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
We were not engaged to perform an audit of the Fund's internal control over
financial reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of August 31, 2012 by correspondence with the custodian
and brokers. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Short Term Income Fund at August 31, 2012, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each of the five
years in the period then ended, in conformity with U.S. generally accepted
accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
October 24, 2012
62 Pioneer Short Term Income Fund | Annual Report | 8/31/12
ADDITIONAL INFORMATION (unaudited)
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 80.00%.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 63
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy voting policies and procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). 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 shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 56 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
64 Pioneer Short Term Income Fund | Annual Report | 8/31/12
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (61) Trustee since 2006. Chairman and Chief Executive Officer, Director, Broadridge Financial
Chairman of the Board Serves until a Quadriserv, Inc. (technology products for Solutions, Inc. (investor
and Trustee. successor trustee is securities lending industry) (2008 - communications and securities
elected or earlier present); private investor (2004 - 2008); and processing provider for
retirement or removal. Senior Executive Vice President, The Bank of financial services industry)
New York (financial and securities services) (2009 - present); Director,
(1986 - 2004) Quadriserv, Inc. (2005 -
present); and Commissioner,
New Jersey State Civil Service
Commission (2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (68) Trustee since 2005. Managing Partner, Federal City Capital Director of Enterprise
Trustee Serves until a Advisors (corporate advisory services Community Investment, Inc.
successor trustee is company), (1997 - 2004 and 2008 - present); (privately-held affordable
elected or earlier Interim Chief Executive Officer, Oxford housing finance company) (1985
retirement or removal. Analytica, Inc. (privately held research and - 2010); Director of Oxford
consulting company) (2010); Executive Vice Analytica, Inc. (2008 -
President and Chief Financial Officer, I-trax, present); Director of The
Inc. (publicly traded health care services Swiss Helvetia Fund, Inc.
company)(2004 - 2007); and Executive Vice (closed-end fund) (2010 -
President and Chief Financial Officer, present); and Director of New
Pedestal Inc. (internet-based mortgage York Mortgage Trust (publicly
trading company) (2000 - 2002) traded mortgage REIT) (2004 -
2009, 2012 - present)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Short Term Income Fund | Annual Report | 8/31/12 65
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (64) Trustee since 2004. Chairman, Bush International, LLC Director of Marriott
Trustee Serves until a (international financial advisory firm) (1991 International, Inc. (2008 -
successor trustee is - present); Senior Managing Director, Brock present); Director of
elected or earlier Capital Group, LLC (strategic business Discover Financial Services
retirement or removal. advisors) (2010 - present); Managing (credit card issuer and
Director, Federal Housing Finance Board electronic payment services)
(oversight of Federal Home Loan Bank system) (2007 - present); Former
(1989 - 1991); Vice President and Head of Director of Briggs & Stratton
International Finance, Federal National Co. (engine manufacturer)
Mortgage Association (1988 - 1989); U.S. (2004 - 2009); Former
Alternate Executive Director, International Director of UAL Corporation
Monetary Fund (1984 - 1988); Executive (airline holding company)
Assistant to Deputy Secretary of the U.S. (2006 - 2010); Director of
Treasury, U.S. Treasury Department (1982 - ManTech International
1984); and Vice President and Team Leader in Corporation (national
Corporate Banking, Bankers Trust Co. (1976 - security, defense, and
1982) intelligence technology firm)
(2006 - present); Member,
Board of Governors,
Investment Company Institute
(2007 - present); Member,
Board of Governors,
Independent Directors Council
(2007 - present); Former
Director of Brady Corporation
(2000 - 2007); Former
Director of Mortgage Guaranty
Insurance Corporation (1991 -
2006); Former Director of
Millennium Chemicals, Inc.
(commodity chemicals) (2002 -
2005); Former Director, R.J.
Reynolds Tobacco Holdings,
Inc. (tobacco) (1999-2005);
and Former Director of
Texaco, Inc. (1997 - 2001)
------------------------------------------------------------------------------------------------------------------------------------
66 Pioneer Short Term Income Fund | Annual Report | 8/31/12
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (67) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee is Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or removal. portfolios in fund complex)
(1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (65) Trustee since 2004. Founding Director, Vice President and None
Trustee Serves until a Corporate Secretary, The Winthrop Group,
successor trustee is Inc. (consulting firm) (1982-present);
elected or earlier Desautels Faculty of Management, McGill
retirement or removal. University (1999 - present); and Manager of
Research Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (64) Trustee since 2004. President and Chief Executive Officer, Director of New America High
Trustee Serves until a Newbury, Piret & Company, Inc. (investment Income Fund, Inc. (closed-end
successor trustee is banking firm) (1981 - present) investment company) (2004 -
elected or earlier present); and member, Board
retirement or removal. of Governors, Investment
Company Institute (2000 -
2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (83) Trustee since 2004. Senior Counsel, Sullivan & Cromwell LLP (law Director, The Swiss Helvetia
Trustee Serves until a firm) (1998 - present); and Partner, Sullivan Fund, Inc. (closed-end
successor trustee is & Cromwell LLP (prior to 1998) investment company); and
elected or earlier Director, Invesco, Ltd.
retirement or removal. (formerly AMVESCAP, PLC)
(investment manager)
(1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Short Term Income Fund | Annual Report | 8/31/12 67
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (86)* Trustee since 2004. Non-Executive Chairman and a director of None
Trustee, President and Serves until a Pioneer Investment Management USA Inc.
Chief Executive Officer successor trustee is ("PIM-USA"); Chairman and a director of
of the Funds elected or earlier Pioneer; Chairman and Director of Pioneer
retirement or removal. Institutional Asset Management, Inc. (since
2006); Director of Pioneer Alternative
Investment Management Limited (Dublin)
(until October 2011); President and a
director of Pioneer Alternative Investment
Management (Bermuda) Limited and affiliated
funds; Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A.
("PGAM") (until April 2010); Director of
Nano-C, Inc. (since 2003); Director of Cole
Management Inc. (2004 - 2011); Director of
Fiduciary Counseling, Inc. (until December
2011); President of all of the Pioneer
Funds; and Retired Partner, Wilmer Cutler
Pickering Hale and Dorr LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Trustee since 2007. Director, CEO and President of PIM-USA None
Trustee and Executive Serves until a (since February 2007); Director and
Vice President successor trustee is President of Pioneer and Pioneer
elected or earlier Institutional Asset Management, Inc. (since
retirement or removal. February 2007); Executive Vice President of
all of the Pioneer Funds (since March 2007);
Director of PGAM (2007 - 2010); Head of New
Europe Division, PGAM (2000 - 2005); Head of
New Markets Division, PGAM (2005 - 2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers
or directors of the Fund's investment adviser and certain of its affiliates.
68 Pioneer Short Term Income Fund | Annual Report | 8/31/12
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (47) Since 2010. Serves at Vice President and Associate General Counsel None
Secretary the discretion of the of Pioneer since January 2008 and Secretary
Board. of all of the Pioneer Funds since June 2010;
Assistant Secretary of all of the Pioneer
Funds from September 2003 to May 2010; and
Vice President and Senior Counsel of Pioneer
from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (51) Since 2010. Serves at Fund Governance Director of Pioneer since None
Assistant Secretary the discretion of the December 2006 and Assistant Secretary of all
Board. the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December
2003 to November 2006; and Senior Paralegal
of Pioneer from January 2000 to November
2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (49) Since 2010. Serves at Counsel of Pioneer since June 2007 and None
Assistant Secretary the discretion of the Assistant Secretary of all the Pioneer Funds
Board. since June 2010; and Vice President and
Counsel at State Street Bank from October
2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (52) Since 2008. Serves at Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief the discretion of the Treasurer of all of the Pioneer Funds since
Financial and Accounting Board. March 2008; Deputy Treasurer of Pioneer from
Officer of the Funds March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (47) Since 2004. Serves at Assistant Vice President - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of all of
Board. the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (54) Since 2004. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of all of
Board. the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Short Term Income Fund | Annual Report | 8/31/12 69
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (32) Since 2009. Serves at Fund Administration Manager - Fund Treasury None
Assistant Treasurer the discretion of the of Pioneer since November 2008; Assistant
Board. Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (59) Since 2010. Serves at Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer the discretion of the all the Pioneer Funds since March 2010;
Board. Director of Adviser and Portfolio Compliance
at Pioneer since October 2005; and Senior
Compliance Officer for Columbia Management
Advisers, Inc. from October 2003 to October
2005
------------------------------------------------------------------------------------------------------------------------------------
70 Pioneer Short Term Income Fund | Annual Report | 8/31/12
This page for your notes.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 71
This page for your notes.
72 Pioneer Short Term Income Fund | Annual Report | 8/31/12
This page for your notes.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 73
This page for your notes.
74 Pioneer Short Term Income Fund | Annual Report | 8/31/12
This page for your notes.
Pioneer Short Term Income Fund | Annual Report | 8/31/12 75
This page for your notes.
76 Pioneer Short Term Income Fund | Annual Report | 8/31/12
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(c) 2012 Pioneer Investments 19427-06-1012
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Audit Fees
Fees for audit services provided to the Fund, including fees
associated with the annual filing of its Form N-1A, totaled
approximately $38,676 in 2012 and $38,686 in 2011.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
Audit-Related Fees
There were no fees for audit-related services provided to
the Fund during the fiscal years ended August 31, 2012 and 2011.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
Tax Fees
Fees for tax compliance services, primarily for tax returns, totaled
approximately $8,290 and $8,290 in 2012 and 2011, respectively.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
Other Fees
There were no fees for other services provided to
the Fund during the fiscal years ended August 31, 2012 and 2011.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered into on or after
May 6, 2003, the effective date of the new SEC pre-approval rules,
the Fund's audit committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the services are
determined to have a direct impact on the operations or financial
reporting of the Fund. For the years ended August 31, 2012 and
2011, there were no services provided to an affiliate that required
the Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund and affiliates, as
previously defined, totaled approximately $8,290 in 2012 and
$8,290 in 2011.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
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 I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of 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.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
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 Short Term Income Fund
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date October 30, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date October 30, 2012
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date October 30, 2012
* Print the name and title of each signing officer under his or her signature.