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, 2015 through February 29, 2016
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 STOCKHOLDERS.
Pioneer Short Term
Income Fund
--------------------------------------------------------------------------------
Semiannual Report | February 29, 2016
--------------------------------------------------------------------------------
Ticker Symbols:
Class A STABX
Class C PSHCX
Class C2 STIIX
Class K STIKX
Class Y PSHYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 17
Schedule of Investments 19
Financial Statements 75
Notes to Financial Statements 84
Approval of Investment Advisory Agreement 93
Trustees, Officers and Service Providers 98
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 1
President's Letter
Dear Shareowner,
Over the past several years, many investors experienced positive returns across
most major asset classes. However, 2015 was a tale of two markets, with
favorable market conditions in the first half of the year, followed by an abrupt
slowdown and increased volatility beginning in August. The global markets were
challenged by significant economic cross-currents in different geographic
regions and industrial sectors. While the U.S. economy gradually improved,
growth slowed in China. Emerging markets struggled following a decline in
commodity prices, especially oil. While lower energy prices are good for the
consumer, there were ripple effects throughout the global economy.
Against this backdrop, the Standard & Poor's 500 Index rose by just 1.4% in
2015, international equity markets were essentially flat, and emerging market
equities fell sharply. Across U.S. fixed-income sectors, U.S. government and
investment-grade corporate bonds were fairly flat for the year, while high-yield
bonds, as measured by the Bank of America Merrill Lynch Master II High Yield
Index, posted a -4.9% total return.
Entering 2016, we see the U.S. economy growing modestly, against an overall
global economic backdrop that remains fragile and points towards structurally
lower growth. As always in a presidential election year, political rhetoric has
the potential to impact U.S. sectors such as health care in 2016. Economies
around the world in both developed and emerging markets are experiencing deep
structural change. Geopolitical instability on many fronts, the rising risk of
policy mistakes, and market liquidity issues all increase the possibility of
sharp swings in asset values. In this environment, financial markets remain
vulnerable to unusual levels of volatility. While divergences among regions and
industries is an important theme, we are generally optimistic about the outlook
for the U.S. economy, which we expect will see continued, positive growth led by
a strengthened consumer.
Throughout Pioneer's history, we have believed in the importance of active
management. In periods of market volatility, we believe that the value of active
management is even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using proprietary research,
careful risk management, and a long-term perspective. Our ongoing goal is to
produce compelling returns consistent with the stated objectives of our
investment products, and with our shareowners' expectations. We believe our
shareowners can benefit from the experience and tenure of our investment teams
as well as the insights generated from our extensive research process.
2 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
February 29, 2016
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 | Semiannual Report | 2/29/16 3
Portfolio Management Discussion | 2/29/16
In the following interview, portfolio managers Richard Schlanger and Charles
Melchreit discuss the factors that influenced Pioneer Short Term Income Fund's
performance for the six-month period ended February 29, 2016. Mr. Schlanger, a
vice president and portfolio manager at Pioneer, and Mr. Melchreit, Director of
Investment Grade, a senior vice president, and a portfolio manager at Pioneer,
were responsible for the day-today management of the Fund during the full
six-month period*.
Q How did the Fund perform during the six-month period ended February 29,
2016?
A Pioneer Short Term Income Fund's Class A shares returned 0.00% at net asset
value during the six-month period ended February 29, 2016, while the Fund's
benchmark, the Barclays One- to Three-Year Government/Credit Index (the
Barclays Index), returned 0.55%. During the same period, the average return
of the 320 mutual funds in Lipper's Short Investment-Grade Debt Funds
category was -0.13%, and the average return of the 585 mutual funds in
Morningstar's Short-Term Bond Funds category was -0.11%.
Q How would you describe the market environment for fixed-income investors
over the six-month period ended February 29, 2016?
A Entering the period, in the wake of the Chinese government's August 2015
devaluation of the yuan currency, investors were most concerned about the
potential effects that slowing economic growth in China would have on the
global economy. The Chinese government's devaluation action raised fears of
a global currency war, and the markets viewed it as a red flag with regard
to China's ability to rebalance its economy without taking a step back as a
source of incremental demand. On the domestic front, export-focused U.S.
firms continued to struggle due to weakened overseas demand and a strong
U.S. dollar. Against that backdrop, in September 2015, the U.S. Federal
Reserve (the Fed) opted not to initiate a rate-hiking cycle and kept the
Federal funds rate at near-zero, where it had been for several years.
As the period progressed, there were increasing signs that U.S. economic
momentum had become self-sustaining, as data reports showed strong jobs
growth and even the long-awaited upward pressure on wages. As a result,
* Note to shareholders: Effective March 18, 2016, Richard Schlanger retired
after 28 years with Pioneer Investments. On that date, Seth Roman, CFA,
became a portfolio manager on Pioneer Short Term Income Fund. Mr. Roman, a
vice president and portfolio manager at Pioneer, is responsible for the
day-to-day management of the Fund's portfolio, along with Charles
Melchreit.
4 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
the market came to view a December increase in the Fed's benchmark
short-term interest rate as likely, and, when the Fed finally did increase
rates by 0.25% that month, investors saw that as a positive sign with
respect to economic conditions.
However, things took a sharp turn for the worse at the outset of 2016.
Further declines in the prices of oil and other commodities raised alarms
about global economic growth and resulted in a flight-to-safety trend in
the markets, which pushed down yields on most fixed-income investments,
with the exception of the shortest-term Treasury obligations.
During the full six months between September 1, 2015, and February 29,
2016, the yield curve flattened as longer-term interest rates declined. To
illustrate, the two-year Treasury yield rose by 0.04% during the period,
from 0.74% to 0.78%, while the five-year Treasury yield declined by 0.34%,
going from 1.55% down to 1.21%, and the 10-year Treasury yield declined by
0.48%, from 2.22% to 1.74%. While the two-year yield finished the period
relatively unchanged, it experienced significant swings as investors'
expectations shifted with respect to global growth and Fed monetary policy.
The performance of credit-sensitive sectors relative to Treasuries was
mostly negative, as investors moved toward relatively safe assets in early
2016.
Q What were your principal investment strategies for the Fund during the
six-month period ended February 29, 2016, and how did they affect the
Fund's performance?
A We continued to maintain a conservative duration positioning in the Fund's
portfolio relative to the Barclays Index during the period, given the
potential for the Fed to raise short-term rates over the short-to-medium
term. (Duration is a measure of the sensitivity of the price - the value of
principal - of a fixed-income investment to a change in interest rates,
expressed as a number of years.) By taking the shorter-duration position,
we accepted the loss of some income-generation in exchange for improved
price stability in a rising-rate environment.
The duration stance was the main detractor from the Fund's benchmark-
relative performance during the period, as market concerns about global
economic growth suppressed interest-rate levels and pushed out expectations
regarding future Fed rate hikes (the Fed's December rate increase, to date,
has been its only move). In addition, the Fund's
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 5
out-of-benchmark allocation to syndicated bank loans detracted meaningfully
from relative returns during the period, as that market segment saw
valuations decline when investors became more risk-averse in early 2016.
On the positive side, the largest contributors to the Fund's relative
performance during the six-month period came from allocations to other
non-benchmark sectors such as insurance-linked securities ("catastrophe
bonds") and asset-backed securities (ABS). Catastrophe bonds are issued by
insurers in an effort to spread-out the risk of having to pay claims on a
major disaster, such as a flood or earthquake. The Fund's allocation to
catastrophe bonds benefited benchmark-relative returns during the period,
as investors became attracted to the bonds' yields as well as their lack of
performance correlation to traditional credit-sensitive investments. In
addition, the period saw little in the way of natural disasters and
associated claims payouts by insurers. The portfolio's allocation to ABS,
such as those backed by home equity loans, auto loans, and credit card
receivables also aided the Fund's benchmark-relative performance.
Fundamentals in the ABS sector have benefited from recent improvements in
consumer balance sheets, and the segment held up well over the six-month
period relative to most other credit-oriented areas of the market.
Over the period, we reduced the Fund's overall credit sensitivity via
modest trimming of the portfolio's exposures to non-agency mortgage-backed
securities (MBS), commercial MBS, and bank loans, along with a
corresponding increase in the allocation to U.S. Treasuries.
Q Can you discuss the factors that affected the Fund's income-generation (or
yield), either positively or negatively, during the six-month period ended
February 29, 2016?
A The Fund's distributions remained relatively stable during the period, with
different factors both aiding and holding back income-generation. As
described earlier, our decision to focus on securities with shorter
maturities in order to minimize the portfolio's exposure to any future rise
in rates acted as a constraint on the Fund's income-generation during the
period. In addition, the increased allocation to U.S. Treasury issues put
some downward pressure on the Fund's income. Conversely, yields on
6 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
many floating-rate issues held by the Fund were reset higher during the
period in the wake of the Fed's rate hike in December, and that provided an
income boost.
Q What role did derivatives play in the Fund's investment process and
performance results during the six-month period ended February 29, 2016?
A The Fund did not use derivatives during the six-month period.
Q What is your assessment of the current climate for fixed-income investing?
A We continue to view the U.S. economic backdrop as supportive of
credit-market fundamentals. Consumers have been largely successful in
deleveraging. Moreover, they are now receiving support from higher home
valuations, lower energy costs, and improved employment growth. In
addition, state and local governments have gradually been returning to
hiring levels that are more in line with historical norms.
After recent price weakness, we have begun to see attractive valuations
emerge in some credit-sensitive areas of the market such as investment-
grade corporate bonds, and we are actively evaluating opportunities to add
to the Fund's credit exposure.
The Fund's overall duration at the end of February 2016 was 0.72 years,
compared with 1.89 years for the Barclays Index, and we remain comfortable
with maintaining an overall portfolio duration below that of the benchmark.
While the Fed is no doubt closely monitoring areas of concern, including
the Chinese economy and struggling commodity prices, we believe it is
possible that the market is overestimating the degree to which those issues
are likely to slow the pace of future Fed rate increases. Therefore, we are
maintaining a significant portion of the Fund's invested assets in
floating-rate securities as a measure of protection in the event the Fed
boosts short-term rates again -- sooner than the market is currently
forecasting.
We will continue to monitor macroeconomic factors that have the potential
to affect the markets, while remaining principally focused on adding value
to the Fund's performance at the level of individual security selection. As
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 7
always, we will seek to provide the Fund's shareholders a high level of
current income, while attempting to limit the impact of interest-rate
changes on the Fund's share price.
Please refer to the Schedule of Investments on pages 19-74 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
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 an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. 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.
Investments in high-yield or lower-rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
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.
8 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
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.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
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. Past performance is not a
guarantee of future results.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 9
Portfolio Summary | 2/29/16
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 31.5%
U.S. Corporate Bonds 22.8%
Asset Backed Securities 14.0%
U.S. Government Securities 13.7%
International Corporate Bonds 9.7%
Senior Secured Loans 6.8%
Temporary Cash Investments 1.1%
Municipal Bonds 0.4%
* Includes investments in insurance-linked securities totaling 6.0% of total
investment portfolio.
10 Largest Holdings**
--------------------------------------------------------------------------------
1. U.S. Treasury Notes, 0.5%, 8/31/16 3.76%
--------------------------------------------------------------------------------
2. U.S. Treasury Notes, 0.5%, 7/31/16 2.37
--------------------------------------------------------------------------------
3. U.S. Treasury Notes, 0.625%, 6/30/17 1.79
--------------------------------------------------------------------------------
4. U.S. Treasury Note, Floating Rate Note, 10/31/17 1.63
--------------------------------------------------------------------------------
5. Toyota Motor Credit Corp., 0.75%, 3/3/17 0.51
--------------------------------------------------------------------------------
6. U.S. Treasury Bills, 8/18/16 0.49
--------------------------------------------------------------------------------
7. Fannie Mae, 3.0%, 6/25/22 0.44
--------------------------------------------------------------------------------
8. Verizon Communications, Inc., Floating Rate Note, 9/15/16 0.41
--------------------------------------------------------------------------------
9. U.S. Treasury Notes, 0.875%, 1/15/18 0.41
--------------------------------------------------------------------------------
10. Government National Mortgage Association REMICS, 2.0%, 1/16/46 0.38
--------------------------------------------------------------------------------
** This list excludes temporary cash investments and derivative instruments.
The Fund is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
10 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
Prices and Distributions | 2/29/16
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 2/29/16 8/31/15
--------------------------------------------------------------------------------
A $9.49 $9.57
--------------------------------------------------------------------------------
C $9.47 $9.55
--------------------------------------------------------------------------------
C2 $9.47 $9.56
--------------------------------------------------------------------------------
K $9.49 $9.58
--------------------------------------------------------------------------------
Y $9.46 $9.55
--------------------------------------------------------------------------------
Distributions per Share: 9/1/15-2/29/16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0804 $ -- $ --
--------------------------------------------------------------------------------
C $0.0692 $ -- $ --
--------------------------------------------------------------------------------
C2 $0.0699 $ -- $ --
--------------------------------------------------------------------------------
K $0.0960 $ -- $ --
--------------------------------------------------------------------------------
Y $0.0907 $ -- $ --
--------------------------------------------------------------------------------
The Barclays One- to Three-Year Government/Credit Index is an unmanaged measure
of 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 12-16.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 11
Performance Update | 2/29/16 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Short Term Income Fund at public
offering price during the periods shown, compared to that of the Barclays One-
to Three-Year Government/Credit Index.
Average Annual Total Returns
(As of February 29, 2016)
--------------------------------------------------------------------------------
Barclays
One- to
Net Public Three-Year
Asset Offering Government
Value Price Credit
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 2.93% 2.67% 2.77%
5 Years 1.69 1.17 1.07
1 Year 0.34 -2.21 0.91
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.82%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Short Barclays One- to Three-Year
Term Income Fund Government/Credit Index
2/06 $ 9,750 $10,000
2/07 $10,190 $10,501
2/08 $10,701 $11,397
2/09 $10,255 $11,666
2/10 $11,495 $12,222
2/11 $11,973 $12,464
2/12 $12,254 $12,683
2/13 $12,685 $12,817
2/14 $12,856 $12,922
2/15 $12,975 $13,025
2/16 $13,019 $13,144
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 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.
12 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
Performance Update | 2/29/16 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of February 29, 2016)
--------------------------------------------------------------------------------
Barclays
One- to
Three-Year
Government
If If Credit
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 2.26% 2.26% 2.77%
5 Years 1.18 1.18 1.07
1 Year 0.00 0.00 0.91
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.06%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Short Barclays One- to Three-Year
Term Income Fund Government/Credit Index
2/06 $10,000 $10,000
2/07 $10,372 $10,501
2/08 $10,801 $11,397
2/09 $10,266 $11,666
2/10 $11,412 $12,222
2/11 $11,795 $12,464
2/12 $11,970 $12,683
2/13 $12,305 $12,817
2/14 $12,413 $12,922
2/15 $12,509 $13,025
2/16 $12,508 $13,144
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 were subject to a 1% contingent
deferred sales charge (CDSC) through July 31, 2013. The CDSC for Class C shares
was eliminated effective August 1, 2013. "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 | Semiannual Report | 2/29/16 13
Performance Update | 2/29/16 Class C2 Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C2 shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of February 29, 2016)
--------------------------------------------------------------------------------
Barclays
One- to
Three-Year
Government
If If Credit
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 2.27% 2.27% 2.77%
5 Years 1.20 1.20 1.07
1 Year 0.01 0.01 0.91
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.04%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Short Barclays One- to Three-Year
Term Income Fund Government/Credit Index
2/06 $10,000 $10,000
2/07 $10,372 $10,501
2/08 $10,801 $11,397
2/09 $10,266 $11,666
2/10 $11,412 $12,222
2/11 $11,795 $12,464
2/12 $11,970 $12,683
2/13 $12,305 $12,817
2/14 $12,431 $12,922
2/15 $12,518 $13,025
2/16 $12,519 $13,144
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.
The performance shown for periods prior to the inception of Class C2 shares on
August 1, 2013 is the net asset value performance of the Fund's Class C shares,
which has not been restated to reflect any differences in expenses.
Class C2 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.
14 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
Performance Update | 2/29/16 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class K shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of February 29, 2016)
--------------------------------------------------------------------------------
Barclays
One- to
Net Three-Year
Asset Government
Value Credit
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 2.98% 2.77%
5 Years 1.77 1.07
1 Year 0.67 0.91
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.50%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Short Barclays One- to Three-Year
Term Income Fund Government/Credit Index
2/06 $10,000 $10,000
2/07 $10,452 $10,501
2/08 $10,975 $11,397
2/09 $10,518 $11,666
2/10 $11,790 $12,222
2/11 $12,281 $12,464
2/12 $12,569 $12,683
2/13 $13,010 $12,817
2/14 $13,186 $12,922
2/15 $13,319 $13,025
2/16 $13,408 $13,144
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.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 1, 2014, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. For the period
beginning December 1, 2014, the actual performance of Class K shares is
reflected. Class K 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.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 15
Performance Update | 2/29/16 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of February 29, 2016)
--------------------------------------------------------------------------------
Barclays
One- to
Net Three-Year
Asset Government
Value Credit
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 3.23% 2.77%
5 Years 1.94 1.07
1 Year 0.45 0.91
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.60%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Short Barclays One- to Three-Year
Term Income Fund Government/Credit Index
2/06 $5,000,000 $5,000,000
2/07 $5,250,432 $5,250,733
2/08 $5,528,299 $5,698,663
2/09 $5,305,630 $5,833,244
2/10 $5,971,251 $6,110,904
2/11 $6,241,332 $6,232,048
2/12 $6,404,658 $6,341,295
2/13 $6,651,190 $6,408,745
2/14 $6,760,679 $6,460,953
2/15 $6,839,351 $6,512,682
2/16 $6,869,900 $6,571,900
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.
16 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
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 September 1, 2015, through February 29, 2016.
-------------------------------------------------------------------------------------------------------
Share Class A C C2 K Y
-------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 9/1/15
-------------------------------------------------------------------------------------------------------
Ending Account $1,000.00 $ 998.80 $ 997.90 $1,000.60 $1,000.10
Value (after expenses)
on 2/29/16
-------------------------------------------------------------------------------------------------------
Expenses Paid $ 3.78 $ 5.12 $ 4.92 $ 2.44 $ 2.88
During Period*
-------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.76%,
1.03%, 0.99%, 0.49%, and 0.58% for Class A, Class C, Class C2, Class K, and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 182/366 (to reflect the one-half year period).
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 17
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 September 1, 2015, through February 29, 2016.
-------------------------------------------------------------------------------------------------------
Share Class A C C2 K Y
-------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 9/1/15
-------------------------------------------------------------------------------------------------------
Ending Account $1,021.08 $1,019.74 $1,019.94 $1,022.43 $1,021.98
Value (after expenses)
on 2/29/16
-------------------------------------------------------------------------------------------------------
Expenses Paid $ 3.82 $ 5.17 $ 4.97 $ 2.46 $ 2.92
During Period*
-------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.76%,
1.03%, 0.99%, 0.49%, and 0.58% for Class A, Class C, Class C2, Class K, and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 182/366 (to reflect the one-half year period).
18 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
Schedule of Investments | 2/29/16 (unaudited)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 14.3%
ENERGY -- 0.2%
Oil & Gas Exploration & Production -- 0.2%
217,947 1.18 Equity One Mortgage Pass-Through Trust 2003-1,
Floating Rate Note, 8/25/33 $ 215,433
750,000 1.93 NCF Dealer Floorplan Master Trust, Floating Rate
Note, 10/20/20 (144A) 750,000
201,208 Oscar US Funding Trust 2014-1, 1.0%,
8/15/17 (144A) 201,005
234,793 Westlake Automobile Receivables Trust 2014-1,
1.24%, 11/15/19 (144A) 234,706
---------------
$ 1,401,144
---------------
Total Energy $ 1,401,144
--------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Trucking -- 0.1%
600,000 2.43 Hertz Fleet Lease Funding LP, Floating Rate Note,
12/10/27 (144A) $ 596,365
179,931 0.83 Hertz Fleet Lease Funding LP, Floating Rate Note,
4/10/28 (144A) 179,460
---------------
$ 775,825
--------------------------------------------------------------------------------------------------
Marine Ports & Services -- 0.1%
214,696 Global Container Assets 2013-1, Ltd., 2.2%,
11/6/28 (144A) $ 214,331
---------------
Total Transportation $ 990,156
--------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Hotels, Resorts & Cruise Lines -- 0.2%
427,634 Westgate Resorts 2012-A LLC, 2.25%,
8/20/25 (144A) $ 427,684
115,662 Westgate Resorts 2012-A LLC, 3.75%,
8/20/25 (144A) 115,598
627,257 Westgate Resorts 2014-1 LLC, 2.15%,
12/20/26 (144A) 619,416
32,144 Westgate Resorts LLC, 2.5%, 3/20/25 (144A) 32,120
---------------
$ 1,194,818
---------------
Total Consumer Services $ 1,194,818
--------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.0%+
Health Care Distributors -- 0.0%+
300,000 OneMain Financial Issuance Trust 2015-1,
3.19%, 3/18/26 (144A) $ 294,808
---------------
Total Health Care Equipment & Services $ 294,808
--------------------------------------------------------------------------------------------------
BANKS -- 10.6%
Thrifts & Mortgage Finance -- 10.6%
144,530 0.85 ACAS CLO 2007-1, Ltd., Floating Rate Note,
4/20/21 (144A) $ 143,059
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 19
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
300,373 Access Point Funding I 2015-A LLC, 2.61%,
4/15/20 (144A) $ 299,810
142,486 0.84 Accredited Mortgage Loan Trust 2005-2,
Floating Rate Note, 7/25/35 141,196
280,419 1.16 Aegis Asset Backed Securities Trust Mortgage
Pass- Through Ctfs Series 2004-3, Floating
Rate Note, 9/25/34 279,060
91,301 1.54 Aegis Asset Backed Securities Trust Mortgage
Pass- Through Ctfs Series 2004-3, Floating
Rate Note, 9/25/34 90,257
80,038 0.81 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Ctfs Ser 2005-4, Floating
Rate Note, 10/25/35 78,731
665,000 1.78 American Homes 4 Rent 2014-SFR1, Floating
Rate Note, 6/17/31 636,727
451,398 0.77 Ameriquest Mortgage Securities, Inc., Asset
Backed Pass-Through Ctfs Series 2005-R11,
Floating Rate Note, 1/25/36 442,479
37,548 4.19 Ameriquest Mortgage Securities, Inc., Asset-
Backed Pass-Through Ctfs Series 03-AR3,
Floating Rate Note, 6/25/33 37,471
157,517 1.10 Ameriquest Mortgage Securities, Inc., Asset-
Backed Pass-Through Ctfs Series 2005-R1,
Floating Rate Note, 3/25/35 157,207
120,977 0.99 AMRESCO Residential Securities Corp Mortgage
Loan Trust 1997-3, Floating Rate Note, 9/25/27 117,012
510,000 Ascentium Equipment Receivables 2015-1 LLC,
3.24%, 1/10/22 (144A) 517,313
393,170 3.95 Asset Backed Securities Corp Home Equity
Loan Trust Series 2003-HE1, Floating Rate
Note, 1/15/33 398,301
387,961 1.16 Asset Backed Securities Corp Home Equity
Loan Trust Series 2004-HE6, Floating Rate
Note, 9/25/34 383,312
47,701 1.14 Asset Backed Securities Corp Home Equity
Loan Trust Series 2005-HE3, Floating Rate
Note, 4/25/35 47,354
41,002 0.64 Asset Backed Securities Corp Home Equity
Loan Trust Series AEG 2006-HE1, Floating Rate
Note, 1/25/36 39,851
299,996 Axis Equipment Finance Receivables III LLC,
3.41%, 4/20/20 (144A) 301,438
500,000 0.77 Barclays Dryrock Issuance Trust, Floating Rate
Note, 3/16/20 499,513
138,938 4.91 Bayview Financial Asset Trust 2003-A, Floating
Rate Note, 2/25/33 (144A) 139,618
879,069 0.94 Bayview Financial Mortgage Pass-Through Trust
2005-C, Floating Rate Note, 6/28/44 872,835
The accompanying notes are an integral part of these financial statements.
20 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
133,311 0.74 Bayview Financial Mortgage Pass-Through
Trust 2006-B, Floating Rate Note, 4/28/36 $ 131,503
18,680 0.71 Bayview Financial Mortgage Pass-Through
Trust 2006-B, Floating Rate Note, 4/28/36 18,424
355,194 0.89 Bayview Financial Mortgage Pass-Through
Trust Series 2005-B, Floating Rate
Note, 4/28/39 353,203
185,235 3.72 Bayview Opportunity Master Fund IIA Trust
2012-4NPL Series III, Floating Rate Note,
2/28/35 (144A) 185,156
185,780 Bayview Opportunity Master Fund IIa Trust
2014-20NPL, 3.721%, 8/28/44
(Step) (144A) (f) 185,718
347,544 0.94 Bear Stearns Asset Backed Securities I Trust
2005-FR1, Floating Rate Note, 6/25/35 344,964
32,080 1.64 Bear Stearns Asset Backed Securities Trust
2004-2, Floating Rate Note, 8/25/34 32,089
149,281 0.93 Bear Stearns Asset Backed Securities Trust
2006-SD2, Floating Rate Note, 6/25/36 145,939
166,132 1.44 Bear Stearns Structured Products Trust
2007-EMX1, Floating Rate Note, 3/25/37 (144A) 163,901
540,000 CarMax Auto Owner Trust 2013-3, 2.15%, 5/15/19 543,621
769,488 0.62 Carrington Mortgage Loan Trust Series 2006-OPT1,
Floating Rate Note, 12/25/35 747,444
356,078 1.06 CDC Mortgage Capital Trust 2002-HE1,
Floating Rate Note, 1/25/33 331,475
62,928 0.98 Chase Funding Trust Series 2003-3,
Floating Rate Note, 4/25/33 54,515
186,013 Chase Funding Trust Series 2003-6, 4.277%,
11/27/34 (Step) 189,384
600,000 Citibank Credit Card Issuance Trust, 1.02%, 2/22/19 599,944
700,000 Citibank Credit Card Issuance Trust, 1.32%, 9/7/18 701,456
500,000 1.58 Citibank Credit Card Issuance Trust, Floating
Rate Note, 1/23/20 507,233
352,254 0.64 Citigroup Mortgage Loan Trust 2006-SHL1,
Floating Rate Note, 11/27/45 (144A) 340,586
52,589 1.46 Citigroup Mortgage Loan Trust, Inc., Floating
Rate Note, 11/25/34 49,128
296,290 1.18 Citigroup Mortgage Loan Trust, Inc., Floating
Rate Note, 5/25/35 (144A) 294,948
170,000 CNH Equipment Trust 2013-B, 0.99%, 11/15/18 169,169
700,000 2.28 Colony American Homes 2014-1, Floating
Rate Note, 5/19/31 (144A) 666,754
683,443 1.93 Conseco Finance Home Equity Loan Trust
2002-C, Floating Rate Note, 4/15/32 668,101
309,623 Consumer Credit Origination Loan Trust
2015-1, 2.82%, 3/15/21 (144A) 309,706
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 21
Schedule of Investments | 2/29/16 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
129,395 0.62 Countrywide Asset-Backed Certificates, Floating
Rate Note, 10/25/34 $ 126,313
48,661 1.03 Countrywide Asset-Backed Certificates, Floating
Rate Note, 11/25/35 48,230
346,796 4.79 Countrywide Asset-Backed Certificates, Floating
Rate Note, 12/25/35 352,413
384,528 1.34 Countrywide Asset-Backed Certificates, Floating
Rate Note, 3/25/35 381,525
461,887 1.54 Countrywide Asset-Backed Certificates, Floating
Rate Note, 9/25/34 (144A) 441,059
123,451 0.71 Credit Suisse Mortgage Capital Certificates,
Floating Rate Note, 10/27/36 (144A) 121,549
500,000 CRG Issuer 2015-1, 4.07%, 7/11/22 (144A) 496,250
245,457 Diamond Resorts Owner Trust 2014-1, 2.54%,
5/20/27 (144A) 246,363
750,000 Direct Capital Funding V LLC, 4.83%,
11/20/20 (144A) 756,829
520,947 3.47 Drug Royalty II LP 2, Floating Rate Note,
7/15/23 (144A) 527,040
29,496 DT Auto Owner Trust 2014-1, 2.64%,
10/15/19 (144A) 29,481
225,895 1.34 Ellington Loan Acquisition Trust 2007-1,
Floating Rate Note, 5/26/37 (144A) 223,714
357,860 4.14 Equity One Mortgage Pass-Through Trust 2004-1,
Floating Rate Note, 4/25/34 360,247
486,710 4.62 Equity One Mortgage Pass-Through Trust 2004-2,
Floating Rate Note, 7/25/34 491,772
67,875 Exeter Automobile Receivables Trust 2014-2,
1.06%, 8/15/18 (144A) 67,725
173,439 0.74 FHLMC Structured Pass Through Securities,
Floating Rate Note, 12/25/29 169,963
36,645 1.52 Fieldstone Mortgage Investment Trust Series
2005-1, Floating Rate Note, 3/25/35 36,649
184,075 1.94 First Franklin Mortgage Loan Trust 2002-FFA,
Floating Rate Note, 9/25/32 182,448
332,954 1.74 First Franklin Mortgage Loan Trust 2003-FFC,
Floating Rate Note, 11/25/32 320,047
268,360 0.95 First Franklin Mortgage Loan Trust 2005-FFH3,
Floating Rate Note, 9/25/35 267,071
55,000 First Investors Auto Owner Trust 2013-1, 1.81%,
10/15/18 (144A) 54,975
300,000 First Investors Auto Owner Trust 2013-3, 2.32%,
10/15/19 (144A) 300,142
700,000 Flagship Credit Auto Trust 2013-1, 5.38%,
7/15/20 (144A) 689,776
29,657 0.86 Foothill CLO, Ltd., Floating Rate Note, 2/22/21 (144A) 29,542
100,000 Ford Credit Auto Owner Trust 2013-D, 1.54%, 3/15/19 100,144
The accompanying notes are an integral part of these financial statements.
22 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,065,000 Ford Credit Floorplan Master Owner Trust A,
1.92%, 1/15/19 $ 1,069,460
553,000 2.47 Four Corners CLO II, Ltd., Floating Rate Note,
1/26/20 (144A) 515,824
198,965 0.86 Gale Force 3 CLO, Ltd., Floating Rate Note,
4/19/21 (144A) 194,678
218,139 GCAT 2015-1 LLC, 3.625%, 5/26/20 (Step) (144A) 215,866
358,231 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 351,066
702,589 GMAT 2013-1 Trust, 3.9669%, 8/25/53 (Step) 701,506
905,919 GMAT 2015-1 Trust, 4.25%, 9/25/20 (Step) (144A) 900,936
620,173 GO Financial Auto Securitization Trust 2015-2,
3.27%, 11/15/18 (144A) 616,280
300,000 Green Tree Agency Advance Funding Trust I
Series 2015-T1, 2.3019%, 10/15/46 (144A) 299,532
53,730 1.22 GSAA Trust, Floating Rate Note, 6/25/35 53,645
265,838 0.87 GSAA Trust, Floating Rate Note, 6/25/35 247,950
91,217 1.19 GSAMP Trust 2005-HE1, Floating Rate
Note, 12/25/34 89,988
202,433 0.74 GSAMP Trust 2006-SEA1, Floating Rate Note,
5/25/36 (144A) 200,815
203,972 1.79 GSRPM Mortgage Loan Trust 2003-2, Floating
Rate Note, 6/25/33 195,750
133,148 0.74 GSRPM Mortgage Loan Trust 2006-1, Floating
Rate Note, 3/25/35 (144A) 130,450
123,565 0.74 GSRPM Mortgage Loan Trust 2006-2, Floating
Rate Note, 9/25/36 (144A) 117,166
36,226 0.61 Home Equity Asset Trust 2006-4, Floating Rate
Note, 8/25/36 35,654
190,210 0.55 Home Equity Asset Trust 2006-8, Floating Rate
Note, 3/25/37 188,789
194,487 Home Equity Mortgage Trust, 5.821%,
4/25/35 (Step) 197,690
56,224 Home Loan Trust 2003-HI1, 5.77%, 4/25/28 (Step) 57,154
590,941 1.17 HomeBanc Mortgage Trust 2004-2, Floating
Rate Note, 12/25/34 550,669
45,229 1.36 Homestar Mortgage Acceptance Corp., Floating
Rate Note, 1/25/35 45,186
786,088 0.67 HSBC Home Equity Loan Trust USA 2006-3,
Floating Rate Note, 3/20/36 779,198
500,000 Hyundai Auto Receivables Trust 2014-B,
2.1%, 11/15/19 497,025
866,799 1.30 Impac Secured Assets CMN Owner Trust, Floating
Rate Note, 2/25/35 845,586
750,000 2.28 Invitation Homes 2013-SFR1 Trust, Floating Rate
Note, 12/19/30 (144A) 703,941
600,000 2.03 Invitation Homes 2014-SFR2 Trust, Floating Rate
Note, 9/18/31 (144A) 576,772
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 23
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
171,290 0.85 Inwood Park CDO, Ltd., Floating Rate Note,
1/20/21 (144A) $ 170,785
30,691 Irwin Home Equity Loan Trust 2005-1, 5.32%,
6/25/35 (Step) 30,459
357,176 1.94 Irwin Whole Loan Home Equity Trust 2003-C, Floating
Rate Note, 6/25/28 352,345
190,267 3.44 Irwin Whole Loan Home Equity Trust 2003-C, Floating
Rate Note, 6/25/28 190,040
113,882 4.94 Irwin Whole Loan Home Equity Trust 2003-D, Floating
Rate Note, 11/25/28 113,407
617,296 1.13 Irwin Whole Loan Home Equity Trust 2005-B, Floating
Rate Note, 12/25/29 601,718
21,870 1.12 IXIS Real Estate Capital Trust 2005-HE4, Floating
Rate Note, 2/25/36 21,608
97,289 0.59 JP Morgan Mortgage Acquisition Trust 2006-ACC1,
Floating Rate Note, 5/25/36 96,835
375,000 2.07 KKR Financial CLO 2007-1, Ltd., Floating Rate Note,
5/15/21 (144A) 371,950
196,963 Leaf Receivables Funding 8 LLC, 2.67%,
9/15/20 (144A) 197,111
585,009 0.88 Lehman ABS Manufactured Housing Contract Trust
2002-A, Floating Rate Note, 6/15/33 571,583
312,791 Marriott Vacation Club Owner Trust 2012-1, 3.5%,
5/20/30 (144A) 318,795
174,128 1.36 Morgan Stanley ABS Capital I Inc Trust 2004-SD3,
Floating Rate Note, 6/25/34 (144A) 174,249
228,817 1.06 Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2,
Floating Rate Note, 3/25/35 227,469
512,893 1.08 Morgan Stanley Home Equity Loan Trust 2005-4,
Floating Rate Note, 9/25/35 502,740
528,517 MVW Owner Trust 2014-1, 2.7%, 9/22/31 (144A) 529,312
474,507 Nations Equipment Finance Funding II LLC, 3.276%,
1/22/19 (144A) 469,073
500,000 Nations Equipment Finance Funding III LLC, 3.61%,
2/20/21 (144A) 499,414
500,000 Navitas Equipment Receivables LLC 2015-1, 3.4%,
11/15/18 (144A) 498,190
334,713 1.13 New Century Home Equity Loan Trust 2005-1,
Floating Rate Note, 3/25/35 332,323
130,281 4.56 New Century Home Equity Loan Trust, Floating
Rate Note, 8/25/34 131,978
560,000 2.01 NovaStar Mortgage Funding Trust Series 2004-3,
Floating Rate Note, 12/25/34 528,360
1,457,000 2.09 NovaStar Mortgage Funding Trust Series 2004-4,
Floating Rate Note, 3/25/35 1,438,472
5,753 1.52 NovaStar Mortgage Funding Trust Series 2004-4,
Floating Rate Note, 3/25/35 5,754
The accompanying notes are an integral part of these financial statements.
24 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
800,000 Ocwen Master Advance Receivables Trust, 2.532%,
11/15/46 (144A) $ 798,125
272,257 0.70 Option One Mortgage Loan Trust 2005-4 Asset-
Backed Certificates Series 2005-4, Floating Rate
Note, 11/25/35 270,088
103,851 1.56 Option One Woodbridge Loan Trust 2002-1, Floating
Rate Note, 3/25/32 (144A) 103,145
182,112 Orange Lake Timeshare Trust 2012-A, 4.87%,
3/10/27 (144A) 187,403
543,892 1.56 Park Place Securities Inc Asset-Backed Pass-
Through Certificates Series 2004-MHQ, Floating
Rate Note, 12/25/34 542,888
308,427 0.81 Park Place Securities, Inc. Asset-Backed Pass-
Through Certificates Series 2005-WHQ4, Floating
Rate Note, 9/25/35 306,813
575,000 1.03 PFS Financing Corp., Floating Rate Note,
2/15/19 (144A) 571,959
750,000 2.18 PFS Financing Corp., Floating Rate Note,
2/18/20 (144A) 750,000
387,522 Popular ABS Mortgage Pass-Through Trust
2004-4, 4.70838%, 9/25/34 (Step) 363,934
750,000 Pretium Mortgage Credit Partners LLC, 4.375%,
2/27/31 (Step) (144A) 750,000
1,370,000 Progreso Receivables Funding II LLC, 3.5%,
7/8/19 (144A) 1,371,939
350,000 Progreso Receivables Funding IV LLC, 3.0%,
7/8/20 (144A) 347,780
1,000,000 2.68 Progress Residential 2014-SFR1 Trust, Floating
Rate Note, 10/17/31 (144A) 953,841
652,014 PURCHASING POWER FUNDING 2015-A LLC,
3.5%, 12/15/19 (144A) 652,014
657,596 1.10 Quest Trust REMICS, Floating Rate Note,
3/25/34 (144A) 638,804
148,207 1.39 RAAC Series 2005-RP1 Trust, Floating Rate
Note, 7/25/37 (144A) 146,992
264,052 0.69 RAAC Series 2006-RP2 Trust, Floating Rate
Note, 2/25/37 (144A) 260,556
183,409 5.06 RAMP Series 2003-RS9 Trust, Floating Rate
Note, 10/25/33 180,343
174,848 1.36 RAMP Series 2004-RS11 Trust, Floating Rate
Note, 11/25/34 173,216
30,239 0.94 RAMP Series 2005-RS6 Trust, Floating Rate
Note, 6/25/35 30,171
325,414 RBSHD 2013-1 Trust, 4.6853%,
10/25/47 (Step) (144A) 325,509
89,435 2.68 RFSC Series 2004-RP1 Trust, Floating Rate
Note, 11/25/42 88,242
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 25
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
251,030 1.25 SASCO Mortgage Loan Trust 2005-GEL1, Floating
Rate Note, 12/25/34 $ 244,666
24,767 0.99 SASCO Mortgage Loan Trust 2005-GEL2, Floating
Rate Note, 4/25/35 24,707
287,330 0.90 Saxon Asset Securities Trust 2005-3, Floating
Rate Note, 11/25/35 283,064
227,978 0.67 Saxon Asset Securities Trust 2005-4, Floating Rate
Note, 11/25/37 227,057
750,000 2.48 Silver Bay Realty 2014-1 Trust, Floating Rate
Note, 9/18/31 (144A) 711,181
447,036 Skopos Auto Receivables Trust 2015-2, 3.55%,
2/17/20 (144A) 446,517
450,000 SNAAC Auto Receivables Trust 2013-1, 4.56%,
4/15/20 (144A) 451,703
153,120 0.70 Soundview Home Loan Trust 2005-OPT4, Floating
Rate Note, 12/25/35 150,304
790,207 0.74 Specialty Underwriting & Residential Finance Trust
Series 2006-BC1, Floating Rate Note, 12/25/36 764,557
566,328 SpringCastle America Funding LLC, 2.7%,
5/25/23 (144A) 563,937
1,000,000 Springleaf Funding Trust 2014-A, 2.41%,
12/15/22 (144A) 998,362
326,604 STORE Master Funding LLC, 5.77%, 8/20/42 (144A) 343,460
420,433 1.15 Structured Asset Investment Loan Trust 2005-6,
Floating Rate Note, 7/25/35 419,158
404,155 Sunset Mortgage Loan Co 2014-NPL2 LLC, 3.721%,
11/16/44 (Step) (144A) 401,972
576,090 SVO 2012-A VOI Mortgage LLC, 2.0%, 9/20/29 (144A) 569,754
693,910 1.73 SWAY Residential 2014-1 Trust, Floating Rate Note,
1/20/32 (144A) 675,046
163,213 1.38 Terwin Mortgage Trust Series TMTS 2003-8HE,
Floating Rate Note, 12/25/34 158,500
76,444 0.89 Terwin Mortgage Trust Series TMTS 2005-10HE,
Floating Rate Note, 6/25/36 76,206
96,810 Terwin Mortgage Trust Series TMTS 2005-14HE,
4.8492%, 8/25/36 (Step) 99,122
300,000 Tidewater Auto Receivables Trust 2016-A, 2.3%,
9/15/19 (144A) 299,978
623,283 Toyota Auto Receivables 2014-A Owner Trust,
0.67%, 12/15/17 622,630
250,000 1.68 Trade MAPS 1, Ltd., Floating Rate Note,
12/10/18 (144A) 247,068
400,000 1.38 Trafigura Securitisation Finance Plc. 2014-1,
Floating Rate Note, 4/16/18 (144A) 394,518
748,725 U.S. Residential Opportunity Fund IV Trust 2015-1,
3.7213%, 2/27/35 (144A) 745,386
The accompanying notes are an integral part of these financial statements.
26 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
500,000 United Auto Credit Securitization Trust 2016-1,
3.55%, 8/15/19 (144A) $ 498,205
505,581 US Residential Opportunity Fund III Trust 2015-1,
3.7213%, 1/29/35 (144A) 501,621
297,016 VOLT XIX LLC, 3.875%, 4/26/55 (Step) 297,153
341,672 VOLT XXV LLC, 3.5%, 6/26/45 (Step) (144A) 336,204
574,708 VOLT XXXIII LLC, 3.5%, 3/25/55 (Step) (144A) 564,740
1,264,208 VOLT XXXIX LLC, 4.125%, 10/25/45 (Step) (144A) 1,257,980
434,501 VOLT XXXVI LLC, 3.625%, 7/25/45 (Step) (144A) 429,339
371,478 VOLT XXXVII LLC, 3.625%, 7/25/45 (Step) (144A) 367,317
1,053,345 VOLT XXXVIII LLC, 3.875%, 9/25/45 (Step) (144A) 1,040,085
4,461 1.17 Wachovia Mortgage Loan Trust Series 2005-WMC1,
Floating Rate Note, 10/25/35 4,459
20,312 0.82 Wells Fargo Home Equity Asset-Backed Securities
2005-3 Trust, Floating Rate Note, 12/25/35 20,212
600,000 Westlake Automobile Receivables Trust 2016-1,
3.29%, 9/15/21 (144A) 599,880
---------------
$ 64,580,528
---------------
Total Banks $ 64,580,528
--------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.7%
Other Diversified Financial Services -- 1.4%
534,396 0.63 321 Henderson Receivables I LLC, Floating Rate
Note, 6/15/41 (144A) $ 516,586
700,000 American Credit Acceptance Receivables Trust
2014-1, 5.2%, 4/12/21 (144A) 704,827
750,000 American Credit Acceptance Receivables Trust
2014-2, 4.96%, 5/10/21 (144A) 756,709
1,683 Ascentium Equipment Receivables 2014-1 LLC,
1.04%, 1/10/17 (144A) 1,683
700,000 Ascentium Equipment Receivables 2014-1 LLC,
3.1%, 6/10/21 (144A) 699,549
399,955 AXIS Equipment Finance Receivables II LLC,
3.81%, 12/20/16 402,773
699,922 AXIS Equipment Finance Receivables II LLC,
4.94%, 7/20/18 (144A) 711,204
37,501 CNH Equipment Trust 2013-A, 0.69%, 6/15/18 37,482
525,000 1.03 CNH Wholesale Master Note Trust, Floating Rate
Note, 8/15/19 (144A) 524,468
600,000 2.33 Colony American Homes 2014-2, Floating Rate
Note, 7/19/31 (144A) 568,455
262,087 Diamond Resorts Owner Trust 2013-2, 2.62%,
5/20/26 (144A) 260,894
640,159 FNA 2015-1 Trust, 3.24%, 12/10/23 (144A) 639,082
1,029 1.11 Mastr Asset Backed Securities Trust 2005-WMC1,
Floating Rate Note, 3/25/35 1,029
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 27
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
403,488 0.67 Mastr Asset Backed Securities Trust 2006-AB1 REMICS,
Floating Rate Note, 2/25/36 $ 400,347
30,658 0.63 Mastr Asset Backed Securities Trust 2006-NC1,
Floating Rate Note, 1/25/36 30,561
229,736 0.74 Mastr Specialized Loan Trust, Floating Rate Note,
1/25/36 (144A) 222,902
650,000 Navitas Equipment Receivables LLC 2013-1,
3.63%, 2/15/17 650,619
264,692 PFS Tax Lien Trust 2014-1, 1.44%, 5/15/29 263,732
239,198 Sierra Timeshare 2012-2 Receivables Funding LLC,
2.38%, 3/20/29 (144A) 239,437
278,564 Sierra Timeshare 2012-3 Receivables Funding LLC,
1.87%, 8/20/29 (144A) 277,419
107,334 Sierra Timeshare 2013-1 Receivables Funding LLC,
2.39%, 11/20/29 (144A) 106,894
95,058 Sierra Timeshare 2013-2 Receivables Funding LLC,
2.92%, 11/20/25 (144A) 95,461
213,880 Sierra Timeshare 2013-2 Receivables Funding LLC,
4.75%, 11/20/25 (144A) 214,847
221,331 TAL Advantage V LLC, 1.7%, 5/20/39 (144A) 218,401
---------------
$ 8,545,361
--------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
206,071 Alterna Funding I LLC, 1.639%, 2/15/21 (144A) $ 204,140
--------------------------------------------------------------------------------------------------
Consumer Finance -- 1.0%
21,134 American Credit Acceptance Receivables Trust
2014-3, 0.99%, 8/10/18 (144A) $ 21,131
760,000 1.23 American Express Credit Account Secured Note Trust
2012-4, Floating Rate Note, 5/15/20 (144A) 758,970
500,000 AmeriCredit Automobile Receivables Trust 2012-4,
3.82%, 2/10/20 (144A) 506,112
550,000 AmeriCredit Automobile Receivables Trust 2013-4,
3.31%, 10/8/19 561,073
12,837 0.71 AmeriCredit Automobile Receivables Trust 2014-2,
Floating Rate Note, 10/10/17 12,835
125,000 Capital Auto Receivables Asset Trust 2013-1,
2.19%, 9/20/21 124,939
300,000 0.61 Capital One Multi-Asset Execution Trust, Floating
Rate Note, 2/15/19 300,009
207,495 CPS Auto Receivables Trust 2013-A, 1.89%,
6/15/20 (144A) 205,706
54,749 CPS Auto Receivables Trust 2013-B, 1.82%,
9/15/20 (144A) 54,629
53,843 CPS Auto Receivables Trust 2014-A, 1.21%,
8/15/18 (144A) 53,634
578,967 Credit Acceptance Auto Loan Trust 2013-2, 1.5%,
4/15/21 (144A) 578,479
The accompanying notes are an integral part of these financial statements.
28 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
1,000,000 Credit Acceptance Auto Loan Trust 2014-2, 2.67%,
9/15/22 (144A) $ 1,002,283
750,000 Dell Equipment Finance Trust 2014-1, 2.68%,
6/22/20 (144A) 747,250
200,000 First Investors Auto Owner Trust 2013-1, 2.02%,
1/15/19 (144A) 198,894
147,987 First Investors Auto Owner Trust 2013-2, 1.23%,
3/15/19 (144A) 147,801
32,439 Honda Auto Receivables 2013-2 Owner Trust,
0.53%, 2/16/17 32,425
75,288 Santander Drive Auto Receivables Trust 2012-5,
2.7%, 8/15/18 75,595
700,000 United Auto Credit Securitization Trust 2014-1,
2.38%, 10/15/18 (144A) 694,526
---------------
$ 6,076,291
--------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.2%
60,879 Horizon Funding Trust 2013-1, 3.0%, 5/15/18 (144A) $ 60,650
810,754 Newstar Commercial Lease Funding 2015-1 LLC,
3.27%, 4/15/19 (144A) 807,326
---------------
$ 867,976
--------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
462,731 0.85 Chesapeake Funding LLC, Floating Rate Note, 3/7/26 $ 461,310
25,050 0.88 Chesapeake Funding LLC, Floating Rate Note,
5/7/24 (144A) 25,048
250,000 2.28 Chesapeake Funding LLC, Floating Rate Note,
5/7/24 (144A) 250,008
---------------
$ 736,366
---------------
Total Diversified Financials $ 16,430,134
--------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Specialized REIT -- 0.1%
475,063 Hilton Grand Vacations Trust 2014-A, 2.07%,
11/25/26 (144A) $ 467,519
--------------------------------------------------------------------------------------------------
Real Estate Services -- 0.1%
400,000 3.72 Home Partners of America 2016-1 Trust, Floating
Rate Note, 3/18/33 (144A) $ 398,412
82,007 0.63 HSI Asset Securitization Corp. Trust 2006-OPT1,
Floating Rate Note, 12/25/35 80,658
---------------
$ 479,070
---------------
Total Real Estate $ 946,589
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 29
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
UTILITIES -- 0.0%+
Independent Power Producers & Energy
Traders -- 0.0%
273,670 Centerpoint Energy Transition Bond Co. II LLC,
5.17%, 8/1/19 $ 281,939
---------------
Total Utilities $ 281,939
--------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.2%
Government -- 0.2%
684,816 2.44 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 10/25/23 $ 688,620
183,317 Federal Home Loan Banks, 2.9%, 4/20/17 186,586
382,077 1.88 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 11/25/23 381,182
---------------
$ 1,256,388
---------------
Total Government $ 1,256,388
--------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $87,778,096) $ 87,376,504
--------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 31.3%
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
421,240 Welk Resorts 2013-A LLC, 3.1%, 3/15/29 (144A) $ 423,011
---------------
Total Consumer Services $ 423,011
--------------------------------------------------------------------------------------------------
BANKS -- 19.7%
Thrifts & Mortgage Finance -- 19.7%
46,431 A10 Securitization 2013-1 LLC, 2.4%,
11/17/25 (144A) $ 46,434
515,952 A10 Term Asset Financing 2013-2 LLC, 2.62%,
11/15/27 (144A) 504,371
630,297 1.27 Aberdeen Loan Funding, Ltd., Floating Rate Note,
11/1/18 (144A) 623,541
700,000 1.88 ACRE Commercial Mortgage Trust 2014-FL2, Floating
Rate Note, 8/15/31 (144A) 685,103
220,009 0.72 Adjustable Rate Mortgage Trust 2005-5, Floating
Rate Note, 9/25/35 204,197
83,992 0.89 Alternative Loan Trust 2003-14T1, Floating Rate
Note, 8/25/18 72,967
276,972 1.02 Alternative Loan Trust 2004-6CB, Floating Rate
Note, 4/25/34 264,774
500,000 2.18 Arbor Realty Collateralized Loan Obligation
2015-FL1, Ltd., Floating Rate Note, 3/17/25 (144A) 485,000
800,000 2.63 BAMLL Commercial Mortgage Securities Trust
2014-FL1, Floating Rate Note, 12/17/31 (144A) 779,432
580,000 1.53 BAMLL Commercial Mortgage Securities Trust
2014-ICTS, Floating Rate Note, 6/15/28 (144A) (f) 578,246
The accompanying notes are an integral part of these financial statements.
30 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
930,000 3.03 BAMLL Commercial Mortgage Securities Trust
2014-INLD REMICS, Floating Rate Note,
12/17/29 (144A) $ 899,413
775,000 2.95 BAMLL Commercial Mortgage Securities Trust
2014-INLD, Floating Rate Note, 12/17/29 (144A) 687,478
800,000 5.37 BAMLL Re-REMIC Trust 2014-FRR5, Floating Rate
Note, 3/29/45 (144A) 772,462
950,000 2.68 BAMLL Re-REMIC Trust 2014-FRR7, Floating Rate
Note, 10/26/44 (144A) 926,829
24,470 0.89 Banc of America Alternative Loan Trust 2003-10,
Floating Rate Note, 12/25/33 24,382
448,787 5.46 Banc of America Commercial Mortgage Trust 2006-1,
Floating Rate Note, 9/10/45 448,671
381,164 0.74 Banc of America Funding 2005-A Trust, Floating
Rate Note, 2/20/35 364,962
221,368 2.75 Banc of America Mortgage 2003-F Trust, Floating
Rate Note, 7/25/33 220,828
366,341 2.72 Banc of America Mortgage 2004-D Trust, Floating
Rate Note, 5/25/34 362,495
529,052 2.03 BBCMS Trust 2014-BXO REMICS, Floating Rate
Note, 8/16/27 (144A) 528,266
750,000 2.43 BBCMS Trust 2015-SLP, Floating Rate Note,
2/15/28 (144A) 714,143
393,839 2.98 BCAP LLC 2009-RR13-I Trust, Floating Rate Note,
9/26/35 (144A) 396,999
288,095 2.60 BCAP LLC 2013-RR3 Trust, Floating Rate Note,
5/28/36 (144A) 288,194
249,398 3.12 BCAP LLC 2013-RR7 Trust, Floating Rate Note,
12/27/34 (144A) 254,777
271,902 1.28 Bear Stearns ALT-A Trust 2004-11, Floating Rate
Note, 11/25/34 262,920
805,736 1.14 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 776,060
286,951 1.28 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 268,400
827,342 1.28 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 776,578
485,818 1.14 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 474,544
98,606 1.18 Bear Stearns ALT-A Trust 2004-13, Floating Rate
Note, 11/25/34 95,924
649,915 1.04 Bear Stearns ALT-A Trust 2004-4, Floating Rate
Note, 6/25/34 614,413
195,348 0.94 Bear Stearns ALT-A Trust 2005-2, Floating Rate
Note, 3/25/35 189,463
225,544 2.66 Bear Stearns ARM Trust 2003-3, Floating Rate
Note, 5/25/33 223,995
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 31
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
78,020 2.98 Bear Stearns ARM Trust 2004-10 REMICS,
Floating Rate Note, 1/25/35 $ 75,811
62,183 2.94 Bear Stearns ARM Trust 2004-3, Floating Rate
Note, 7/25/34 59,797
531,725 5.21 Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR7, Floating Rate Note, 2/11/41 531,492
100,417 4.99 Bear Stearns Commercial Mortgage Securities Trust
2005-PWR9, Floating Rate Note, 9/11/42 100,546
362,263 5.74 Bear Stearns Commercial Mortgage Securities Trust
2006-PWR12, Floating Rate Note, 9/11/38 362,507
84,035 2.78 Bear Stearns Mortgage Securities, Inc., Floating
Rate Note, 6/25/30 84,743
256,443 1.13 Bella Vista Mortgage Trust 2004-1, Floating Rate
Note, 11/20/34 225,081
900,000 2.38 BHMS 2014-ATLS Mortgage Trust REMICS, Floating
Rate Note, 7/8/33 (144A) 877,542
1,610,000 1.78 BLCP Hotel Trust, Floating Rate Note, 8/15/29 (144A) 1,546,855
1,100,000 2.18 Boca Hotel Portfolio Trust 2013-BOCA, Floating
Rate Note, 8/17/26 (144A) 1,096,394
800,000 3.28 BXHTL 2015-JWRZ Mortgage Trust, Floating Rate
Note, 5/15/29 (144A) 766,314
500,000 3.01 Carefree Portfolio Trust 2014-CARE, Floating Rate
Note, 11/15/29 (144A) 467,638
1,340,000 2.93 CDGJ Commercial Mortgage Trust 2014-BXCH,
Floating Rate Note, 12/15/27 (144A) 1,297,290
348,140 Cendant Mortgage Corp., 6.25%, 3/25/32 (144A) 362,972
1,000,000 Cent CLO, 2.52%, 8/1/24 (144A) 1,002,957
800,000 2.58 CFCRE 2015-RUM Mortgage Trust, Floating
Rate Note, 7/15/30 (144A) 769,584
765,000 5.03 CFCRE 2015-RUM Mortgage Trust, Floating Rate
Note, 7/15/30 (144A) 725,630
310,000 1.63 CGBAM Commercial Mortgage Trust 2014-HD,
Floating Rate Note, 2/18/31 (144A) 304,912
100,000 1.38 CG-CCRE Commercial Mortgage Trust 2014-FL1,
Floating Rate Note, 6/16/31 (144A) 99,751
1,720,000 2.33 CGWF Commercial Mortgage Trust 2013-RKWH
REMICS, Floating Rate Note, 11/15/30 (144A) 1,717,162
511 Chase Mortgage Finance Trust Series 2005-S1,
5.5%, 5/25/35 511
163,854 2.58 CHL Mortgage Pass-Through Trust 2004-14, Floating
Rate Note, 8/25/34 157,194
53,781 Citicorp Mortgage Securities REMIC Pass-Through
Certificates Trust Series 2005-4, 5.0%, 7/25/20 55,271
241,051 Citicorp Mortgage Securities REMIC Pass-Through
Certificates Trust Series 2005-7, 5.0%, 10/25/35 243,808
300,000 3.73 Citigroup Commercial Mortgage Trust 2015-SHP2,
Floating Rate Note, 7/15/27 (144A) 287,456
The accompanying notes are an integral part of these financial statements.
32 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,500,000 2.53 Citigroup Commercial Mortgage Trust 2015-SSHP
REMICS, Floating Rate Note, 9/15/27 (144A) $ 1,458,129
360,148 Citigroup Mortgage Loan Trust 2010-4 REMICS,
5.0%, 10/25/35 (144A) 369,431
32,502 Citigroup Mortgage Loan Trust, Inc., 7.0%, 11/25/19 32,196
3,725 5.50 Citigroup Mortgage Loan Trust, Inc., Floating Rate
Note, 10/25/35 283
168,517 2.59 Citigroup Mortgage Loan Trust, Inc., Floating Rate
Note, 3/26/35 133,182
270,945 1.04 CNL Commercial Mortgage Loan Trust 2002-1,
Floating Rate Note, 10/25/28 (144A) 256,043
500,000 2.38 Colony Mortgage Capital Series 2015-FL3, Ltd.,
Floating Rate Note, 9/5/32 (144A) 499,350
1,410,000 2.58 COMM 2014-FL5 Mortgage Trust, Floating Rate
Note, 10/17/31 (144A) 1,394,462
1,630,000 2.07 COMM 2014-KYO Mortgage Trust, Floating Rate
Note, 6/11/27 (144A) 1,561,629
400,000 1.23 COMM 2014-PAT Mortgage Trust REMICS, Floating
Rate Note, 8/13/27 (144A) 387,996
820,000 2.02 COMM 2014-PAT Mortgage Trust, Floating Rate
Note, 8/13/27 (144A) 784,740
1,110,000 2.18 COMM 2014-SAVA Mortgage Trust, Floating Rate
Note, 6/15/34 (144A) 1,079,902
1,850,000 2.02 COMM 2014-TWC Mortgage Trust, Floating Rate
Note, 2/13/32 (144A) 1,794,230
950,000 6.01 Credit Suisse Commercial Mortgage Trust Series
2006-C3 REMICS, Floating Rate Note, 6/15/38 954,829
873,936 Credit Suisse Commercial Mortgage Trust Series
2007-C1, 5.361%, 2/15/40 889,986
172,838 Credit Suisse First Boston Mortgage Securities
Corp., 4.877%, 4/15/37 154,545
30,720 Credit Suisse First Boston Mortgage Securities
Corp., 5.5%, 6/25/33 31,062
243,952 Credit Suisse First Boston Mortgage Securities
Corp., 7.5%, 5/25/32 258,839
433,027 0.71 Credit Suisse First Boston Mortgage Securities,
05-6, Floating Rate Note, 7/25/35 420,950
260,776 2.88 Credit Suisse Mortgage Capital Certificates REMICS,
Floating Rate Note, 7/27/36 (144A) 260,804
31,136 CSFB Mortgage-Backed Trust Series 2004-7,
5.25%, 10/25/19 31,438
400,000 2.68 CSMC 2015-TWNI Trust, Floating Rate Note,
3/15/28 (144A) 382,534
900,000 2.28 CSMC Trust 2015-DEAL, Floating Rate Note,
4/16/29 (144A) 861,160
750,000 3.28 CSMC Trust 2015-SAND, Floating Rate Note,
8/15/30 (144A) 699,636
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 33
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,150,000 5.13 CSMC Trust 2015-SAND, Floating Rate Note,
8/15/30 (144A) $ 1,080,432
540,000 2.03 EQTY 2014-INNS Mortgage Trust REMICS, Floating
Rate Note, 5/8/31 (144A) 515,376
1,020,000 1.63 EQTY 2014-INNS Mortgage Trust, Floating Rate
Note, 5/8/31 (144A) 979,238
55,384 2.77 First Horizon Mortgage Pass-Through Trust 2004-AR1,
Floating Rate Note, 2/25/34 54,340
465,693 1.73 GAHR Commercial Mortgage Trust 2015-NRF, Floating
Rate Note, 12/15/16 (144A) 461,238
750,000 2.02 Gale Force 3 Clo, Ltd., Floating Rate Note,
4/19/21 (144A) 653,976
184,639 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 178,193
650,999 0.71 Global Mortgage Securitization, Ltd., Floating Rate
Note, 4/25/32 621,619
197,319 3.00 GMACM Mortgage Loan Trust 2004-AR1, Floating
Rate Note, 6/25/34 186,362
1,000,000 1.73 GP Portfolio Trust 2014-GGP, Floating Rate Note,
2/16/27 (144A) 974,117
880,054 5.99 GS Mortgage Securities Trust 2007-GG10 REMICS,
Floating Rate Note, 8/10/45 904,257
495,000 2.18 GS Mortgage Securities Trust 2014-GSFL, Floating
Rate Note, 7/15/31 (144A) 493,190
315,365 1.22 GSAA Home Equity Trust 2004-6, Floating Rate
Note, 6/25/34 302,526
150,441 2.80 HarborView Mortgage Loan Trust 2004-1, Floating
Rate Note, 4/19/34 148,554
250,000 2.82 Holmes Master Issuer Plc, Floating Rate Note,
10/15/54 (144A) 256,847
313,539 1.54 Homestar Mortgage Acceptance Corp. REMICS,
Floating Rate Note, 9/25/34 306,358
1,200,755 1.08 Homestar Mortgage Acceptance Corp., Floating
Rate Note, 3/25/34 1,136,769
211,704 1.14 Homestar Mortgage Acceptance Corp., Floating
Rate Note, 6/25/34 205,751
163,368 0.89 Homestar Mortgage Acceptance Corp., Floating
Rate Note, 7/25/34 160,110
1,195,615 1.08 Impac CMB Trust Series 2004-4, Floating Rate
Note, 9/25/34 1,127,686
533,577 1.06 Impac CMB Trust Series 2004-4, Floating Rate
Note, 9/25/34 503,417
105,180 1.24 Impac CMB Trust Series 2004-6, Floating Rate
Note, 10/25/34 95,609
64,081 3.05 Impac CMB Trust Series 2004-8, Floating Rate
Note, 8/25/34 61,543
714,394 1.08 Impac CMB Trust Series 2005-4, Floating Rate
Note, 5/25/35 615,180
The accompanying notes are an integral part of these financial statements.
34 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
474,024 0.64 Impac Secured Assets Trust 2006-5, Floating Rate
Note, 12/25/36 $ 439,759
112,495 2.86 IndyMac INDX Mortgage Loan Trust 2004-AR6,
Floating Rate Note, 10/25/34 106,805
69,648 4.84 JP Morgan Chase Commercial Mortgage Securities
Trust 2004-LN2, Floating Rate Note, 7/15/41 (144A) 69,342
500,000 5.56 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-LDP6, Floating Rate Note, 4/15/43 499,462
85,250 0.59 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-LDP9, Floating Rate Note, 5/15/47 84,663
719,426 JP Morgan Chase Commercial Mortgage Securities
Trust 2007-CIBC18, 5.44%, 6/12/47 733,986
1,200,000 JP Morgan Chase Commercial Mortgage Securities
Trust 2010-C2, 3.6159%, 11/15/43 (144A) 1,226,731
1,670,000 1.68 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-BXH, Floating Rate Note, 4/15/27 (144A) 1,631,574
700,000 2.38 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-CBM, Floating Rate Note,
10/15/29 (144A) 674,028
1,030,000 1.93 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FBLU REMICS, Floating Rate Note,
12/15/28 (144A) 1,018,469
945,000 2.43 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FBLU, Floating Rate Note, 12/15/28 (144A) 934,489
342,193 2.18 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL4, Floating Rate Note, 12/16/30 (144A) 338,963
650,000 2.53 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL5 REMICS, Floating Rate Note,
7/15/31 (144A) 624,684
490,000 1.78 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL5, Floating Rate Note, 7/15/31 (144A) 478,023
1,170,000 1.83 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL6, Floating Rate Note, 11/17/31 (144A) 1,163,194
900,000 1.35 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 886,376
650,000 2.13 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 640,104
1,100,000 2.03 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-PHH, Floating Rate Note, 8/16/27 (144A) 1,076,275
1,200,000 2.68 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-COSMO, Floating Rate Note,
1/15/32 (144A) 1,137,537
850,000 2.23 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-FL7, Floating Rate Note, 5/15/28 (144A) 817,348
500,000 3.18 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-SGP, Floating Rate Note, 7/15/36 (144A) 496,375
232,822 2.65 JP Morgan Mortgage Trust 2004-A1, Floating Rate
Note, 2/25/34 235,479
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 35
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
108,286 JP Morgan Mortgage Trust 2004-S1, 5.0%, 9/25/34 $ 111,016
432,642 2.23 JP Morgan Mortgage Trust 2005-A3, Floating Rate
Note, 6/25/35 420,428
6,485 JP Morgan Mortgage Trust 2006-S3, 6.0%, 8/25/36 110
1,307,439 0.94 JP Morgan Seasoned Mortgage Trust 2014-1,
Floating Rate Note, 5/25/33 (144A) 1,244,457
554,010 4.77 La Hipotecaria Panamanian Mortgage Trust 2007-1,
Floating Rate Note, 12/23/36 (144A) 542,930
198,480 1.12 Lanark Master Issuer Plc, Floating Rate Note,
12/22/54 (144A) 198,527
16,543 LB-UBS Commercial Mortgage Trust 2004-C1,
4.568%, 1/15/31 16,598
500,000 6.05 LB-UBS Commercial Mortgage Trust 2006-C4, Floating
Rate Note, 6/15/38 503,801
437,093 1.88 LCM X LP, Floating Rate Note, 4/15/22 (144A) 432,297
130,226 1.28 Lehman Brothers Small Balance Commercial Mortgage
Trust 2007-3 Class 1A4, Floating Rate Note,
10/25/37 (144A) 129,699
206,369 1.28 Lehman Brothers Small Balance Commercial
Mortgage Trust 2007-3, Floating Rate Note,
10/25/37 (144A) 205,588
304,491 0.65 Lehman Brothers Small Balance Commercial,
Floating Rate Note, 4/25/31 (144A) 286,145
365,304 0.66 Lehman Brothers Small Balance Commercial,
Floating Rate Note, 4/25/31 (144A) 344,430
1,336,557 2.42 LSTAR Securities Investment 2016-1, Floating
Rate Note, 1/1/21 (144A) 1,303,205
1,529,226 2.43 LSTAR Securities Investment Trust 2014-2, Floating
Rate Note, 11/1/19 (144A) 1,508,276
818,258 2.43 LSTAR Securities Investment Trust 2015-3, Floating
Rate Note, 3/2/20 (144A) 798,294
892,570 2.43 LSTAR Securities Investment Trust 2015-4, Floating
Rate Note, 4/1/20 (144A) 875,879
825,958 2.43 LSTAR Securities Investment Trust 2015-5, Floating
Rate Note, 4/1/20 (144A) 809,749
917,187 2.43 LSTAR Securities Investment Trust 2015-7, Floating
Rate Note, 7/1/17 (144A) 901,271
606,529 2.43 LSTAR Securities Investment Trust 2015-8, Floating
Rate Note, 8/3/20 (144A) 593,611
323,906 0.79 MASTR Alternative Loan Trust 2005-1, Floating Rate
Note, 2/25/35 316,345
36,757 0.83 MASTR Asset Securitization Trust 2003-6, Floating
Rate Note, 7/25/18 36,757
530,703 1.18 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-A, Floating Rate Note, 3/25/28 499,499
263,661 1.70 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-A, Floating Rate Note, 3/25/28 244,451
The accompanying notes are an integral part of these financial statements.
36 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
370,579 1.12 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-B, Floating Rate Note, 4/25/28 $ 356,136
527,561 1.10 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-C REMICS, Floating Rate Note, 6/25/28 498,233
268,204 1.53 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-C, Floating Rate Note, 6/25/28 262,474
328,182 1.06 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-E, Floating Rate Note, 10/25/28 311,165
161,410 1.08 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-G, Floating Rate Note, 1/25/29 153,390
40,867 1.98 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-G, Floating Rate Note, 1/25/29 40,413
321,174 1.08 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-H, Floating Rate Note, 1/25/29 313,729
644,957 0.90 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-A REMICS, Floating Rate Note, 4/25/29 617,536
478,700 1.00 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-C, Floating Rate Note, 7/25/29 440,172
527,286 1.25 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-E, Floating Rate Note, 11/25/29 505,204
545,997 1.00 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-G, Floating Rate Note, 1/25/30 505,548
243,745 1.43 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-G, Floating Rate Note, 1/25/30 235,206
357,673 0.90 Merrill Lynch Mortgage Investors Trust Series MLCC
2005-A, Floating Rate Note, 3/25/30 344,605
550,000 5.52 Merrill Lynch Mortgage Trust 2005-CKI1, Floating
Rate Note, 11/12/37 534,321
1,150,000 5.78 Merrill Lynch Mortgage Trust 2006-C2, Floating
Rate Note, 8/12/43 1,160,839
1,000,000 5.82 Merrill Lynch Mortgage Trust 2007-C1, Floating Rate
Note, 6/12/50 1,028,267
800,000 5.90 ML-CFC Commercial Mortgage Trust 2006-2,
Floating Rate Note, 6/12/46 805,662
600,000 5.79 Morgan Stanley Capital I Trust 2006-HQ9, Floating
Rate Note, 7/12/44 603,851
365,193 5.87 Morgan Stanley Capital I Trust 2006-TOP23, Floating
Rate Note, 8/12/41 366,129
452,602 Morgan Stanley Capital I Trust 2007-HQ13,
5.569%, 12/15/44 471,199
500,000 2.63 Morgan Stanley Capital I Trust 2015-XLF1, Floating
Rate Note, 8/14/31 (144A) 490,417
600,000 3.18 Morgan Stanley Capital I Trust 2015-XLF1, Floating
Rate Note, 8/17/26 (144A) 600,000
771,147 0.71 Morgan Stanley Mortgage Loan Trust 2005-5AR,
Floating Rate Note, 9/25/35 758,260
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 37
Schedule of Investments | 2/29/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
469,921 0.72 Morgan Stanley Mortgage Loan Trust 2005-6AR,
Floating Rate Note, 11/25/35 $ 449,399
207,874 0.71 Morgan Stanley Mortgage Loan Trust 2005-6AR,
Floating Rate Note, 11/25/35 205,925
521,929 1.22 MortgageIT Trust 2004-1, Floating Rate Note, 11/25/34 493,138
619,921 1.18 MortgageIT Trust 2004-2, Floating Rate
Note, 12/25/34 591,211
55,614 0.88 NewStar Commercial Loan Trust 2007-1, Floating
Rate Note, 9/30/22 (144A) 55,318
365,538 0.57 Nomura Resecuritization Trust 2014-1R, Floating
Rate Note, 10/26/36 (144A) 352,024
232,964 2.29 NorthStar 2013-1, Floating Rate Note,
8/27/29 (144A) 233,182
1,101,410 0.83 Opteum Mortgage Acceptance Corp Trust 2005-4,
Floating Rate Note, 11/25/35 995,648
1,109,590 0.75 Opteum Mortgage Acceptance Corp Trust 2005-4,
Floating Rate Note, 11/25/35 1,029,790
242,993 ORES 2014-LV3 LLC, 3.0%, 3/27/24 (144A) (f) 242,993
19,509 ORES NPL 2013-LV2 LLC, 3.081%, 9/25/25 (144A) 19,411
322,410 RAAC Series 2004-SP2 Trust, 6.0%, 1/25/32 326,367
1,500,000 2.58 RAIT 2014-FL2 Trust, Floating Rate Note,
5/15/31 (144A) 1,468,196
698,822 1.68 RAIT 2014-FL3 Trust, Floating Rate Note,
12/15/31 (144A) (f) 685,348
90,087 0.98 RALI Series 2002-QS16 Trust, Floating Rate
Note, 10/25/17 88,113
524,841 0.93 RALI Series 2003-QS11 Trust, Floating Rate
Note, 6/25/33 482,638
18,491 RALI Series 2003-QS14 Trust, 5.0%, 7/25/18 18,584
100,974 RALI Series 2003-QS15 Trust, 5.5%, 8/25/33 102,821
204,686 0.88 RALI Series 2003-QS9 Trust, Floating Rate
Note, 5/25/18 200,892
155,670 RALI Series 2004-QS5 Trust, 4.75%, 4/25/34 157,760
388,396 1.03 RALI Series 2004-QS5 Trust, Floating Rate
Note, 4/25/34 383,103
706,054 0.74 RALI Series 2005-QA1 Trust, Floating Rate
Note, 1/25/35 666,925
26,685 6.35 RAMP Series 2004-SL4 Trust, Floating Rate
Note, 5/25/18 26,776
27,026 0.76 Regatta Funding, Ltd., Floating Rate Note,
6/15/20 (144A) 26,977
1,067,790 1.88 RESI Finance LP 2003-CB1, Floating Rate
Note, 7/9/35 1,001,218
341,383 1.20 RESI MAC, 2014-1A, Floating Rate Note, 6/12/19 338,990
1,116,543 0.84 Residential Asset Securitization Trust 2003-A2,
Floating Rate Note, 5/25/33 1,012,281
The accompanying notes are an integral part of these financial statements.
38 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,064,941 1.48 Resource Capital Corp 2014-CRE2, Ltd., Floating
Rate Note, 4/15/32 (144A) $ 1,059,477
39,086 2.58 Resource Capital Corp. CRE Notes 2013, Ltd.,
Floating Rate Note, 6/15/16 (144A) 39,086
186,077 RREF 2014-LT6 LLC, 2.75%, 9/15/24 (144A) 185,555
448,676 RREF 2015-LT7 LLC, 3.0%, 12/25/32 (144A) 448,308
470,948 Selene Non-Performing Loans LLC, 2.9814%,
5/25/54 (Step) (144A) 466,552
862,934 1.05 Sequoia Mortgage Trust 2003-5, Floating Rate
Note, 9/20/33 834,703
169,466 1.07 Sequoia Mortgage Trust 2004-10, Floating Rate
Note, 11/20/34 158,718
175,292 1.83 Sequoia Mortgage Trust 2004-7, Floating Rate
Note, 8/20/34 175,603
601,224 1.35 Sequoia Mortgage Trust 2005-1, Floating Rate
Note, 2/20/35 565,213
276,192 2.25 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 272,384
122,626 3.00 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 122,122
245,336 SilverLeaf Finance XVII LLC, 2.71%, 3/16/26 (144A) 244,634
290,000 2.27 Silverstone Master Issuer Plc, Floating Rate
Note, 1/21/55 (144A) 293,547
630,000 Small Business Administration Participation
Certificates, 2.24%, 4/15/43 (144A) 623,180
114,518 2.98 Structured Adjustable Rate Mortgage Loan Trust
Class 1A1, Floating Rate Note, 3/25/34 112,797
839,870 1.19 Structured Adjustable Rate Mortgage Loan Trust,
Floating Rate Note, 11/25/34 743,370
1,029,825 1.11 Structured Asset Mortgage Investments II Trust
2004-AR8, Floating Rate Note, 5/19/35 986,596
533,854 3.49 Structured Asset Mortgage Investments II Trust
2005-AR2, Floating Rate Note, 5/25/45 424,397
322,140 1.33 Structured Asset Mortgage Investments Trust
2002-AR5, Floating Rate Note, 5/19/33 314,804
46,776 Structured Asset Securities Corp. Mortgage Loan
Trust 2005-2XS, 4.65%, 2/25/35 (Step) 47,322
727,468 2.55 Structured Asset Securities Corp. Mortgage Pass-
Through Certificates Series 2003-24A, Floating
Rate Note, 7/25/33 709,203
137,396 0.94 Structured Asset Securities Corp. Mortgage Pass-
Through Certificates Series 2003-35, Floating Rate
Note, 12/25/33 136,280
98,971 2.31 Thornburg Mortgage Securities Trust 2003-3, Floating
Rate Note, 6/25/43 97,127
153,343 1.73 Thornburg Mortgage Securities Trust 2004-1, Floating
Rate Note, 3/25/44 148,729
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 39
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
161,279 2.13 Thornburg Mortgage Securities Trust 2004-4,
Floating Rate Note, 12/25/44 $ 157,800
525,000 TimberStar Trust I REMICS, 5.668%, 10/15/36 (144A) 533,582
427,121 2.43 Velocity Commercial Capital Loan Trust 2014-1,
Floating Rate Note, 9/25/44 (144A) 422,850
854,278 2.86 Velocity Commercial Capital Loan Trust 2015-1,
Floating Rate Note, 6/25/45 (144A) 856,414
44,394 VFC 2014-2 LLC, 2.75%, 7/20/30 (144A) 44,265
75,339 VFC 2015-3 LLC, 2.75%, 12/20/31 (144A) 75,210
131,513 5.66 Wachovia Bank Commercial Mortgage Trust Series
2006-C24, Floating Rate Note, 3/15/45 131,363
500,000 5.95 Wachovia Bank Commercial Mortgage Trust Series
2006-C25, Floating Rate Note, 5/15/43 499,256
314,304 1.72 WaMu Mortgage Pass-Through Certificates Series
2002-AR6 Trust, Floating Rate Note, 6/25/42 299,050
317,902 WaMu Mortgage Pass-Through Certificates Series
2003-S10, 5.0%, 10/25/18 320,502
224,418 WaMu Mortgage Pass-Through Certificates Series
2003-S12 Trust, 5.0%, 11/25/18 225,133
1,250,000 2.28 Wells Fargo Commercial Mortgage Trust 2014-TISH
REMICS, Floating Rate Note, 2/16/27 (144A) 1,186,446
800,000 3.93 Wells Fargo Commercial Mortgage Trust 2014-TISH,
Floating Rate Note, 1/15/27 (144A) 757,749
137,797 1.03 Wells Fargo Mortgage Backed Securities 2005-4
Trust, Floating Rate Note, 4/25/35 134,482
220,029 0.84 Westwood CDO II, Ltd., Floating Rate Note,
4/25/22 (144A) 214,278
---------------
$ 120,518,423
---------------
Total Banks $ 120,518,423
--------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.9%
Other Diversified Financial Services -- 0.7%
943,649 5.89 Credit Suisse Commercial Mortgage Trust Series
2007-C3, Floating Rate Note, 6/15/39 $ 967,007
544,113 6.15 Credit Suisse Commercial Mortgage Trust Series
2007-C4 REMICS, Floating Rate Note, 9/15/39 563,687
700,000 6.15 Credit Suisse Commercial Mortgage Trust Series
2007-C4, Floating Rate Note, 9/15/39 701,682
988,319 1.93 Hilton USA Trust 2013-HLF, Floating Rate Note,
11/5/30 (144A) 978,998
975,878 5.82 Morgan Stanley Capital I Trust 2007-TOP27 REMICS,
Floating Rate Note, 6/11/42 1,015,960
146,548 Nomura Asset Acceptance Corp. Alternative Loan
Trust Series 2003-A3, 5.5%, 8/25/33 (Step) 150,381
97,609 Rialto Capital Management LLC, 2.85%,
5/15/24 (144A) (f) 97,370
---------------
$ 4,475,085
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
54,259 2.12 Fosse Master Issuer Plc, Floating Rate Note,
10/18/54 (144A) $ 54,426
--------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
949,179 Banc of America Commercial Mortgage Trust 2006-4
REMICS, 5.634%, 7/10/46 $ 950,972
---------------
Total Diversified Financials $ 5,480,483
--------------------------------------------------------------------------------------------------
GOVERNMENT -- 10.6%
Government -- 10.6%
22,327 1.38 Collateralized Mortgage Obligation Trust 44,
Floating Rate Note, 7/1/18 $ 22,425
657,065 1.39 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 5/25/24 648,905
877,591 1.64 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 7/25/24 873,732
199,212 2.45 Fannie Mae Trust 2005-W4, Floating Rate
Note, 6/25/45 212,550
558,038 0.69 Fannie Mae Whole Loan, Floating Rate Note, 11/25/46 559,204
2,646,525 Fannie Mae, 3.0%, 6/25/22 2,712,222
114,240 Fannie Mae, 4.0%, 8/25/28 115,142
215,895 Fannie Mae, 4.5%, 9/25/35 220,092
84,652 Fannie Mae, 5.0%, 6/25/34 85,323
240,721 Fannie Mae, 2.5%, 3/25/24 243,744
536,092 Fannie Mae, 3.0%, 11/25/18 545,462
170,757 Fannie Mae, 3.5%, 10/25/23 172,784
720,085 Fannie Mae, 3.5%, 8/25/25 739,835
866,910 0.88 Fannie Mae, Floating Rate Note, 11/25/32 867,574
617,673 FDIC 2010-R1 Trust, 2.184%, 5/25/50 (144A) 621,868
45,412 Federal Home Loan Mortgage Corp. REMICS,
3.5%, 10/15/18 46,452
15,192 Federal Home Loan Mortgage Corp. REMICS,
3.5%, 6/15/28 15,203
54,510 0.73 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 1/15/36 54,567
820,202 0.73 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 1/15/37 823,022
58,762 0.63 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 10/15/20 58,865
193,151 1.01 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 10/15/37 195,391
158,793 0.78 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/36 159,565
76,387 0.78 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/36 76,775
376,376 0.80 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/37 377,729
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 41
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Government -- (continued)
90,857 0.83 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/32 $ 91,166
132,679 0.83 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 12/15/32 133,291
278,749 0.75 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 12/15/35 280,060
218,044 1.13 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 12/15/39 221,019
190,682 0.73 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 2/15/30 190,773
186,254 1.43 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 2/15/32 189,375
207,300 0.83 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 2/15/33 209,099
156,241 0.73 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 2/15/36 156,574
107,662 0.73 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 2/15/39 107,981
243,277 0.93 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 2/15/41 243,902
153,309 0.98 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 2/15/42 154,615
128,650 1.43 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 3/15/32 131,624
225,682 1.43 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 3/15/32 232,118
432,376 0.83 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 3/15/38 434,035
477,566 0.83 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 3/15/41 479,418
191,984 0.98 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 4/15/27 194,429
187,976 0.93 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 4/15/28 190,313
101,958 0.73 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 4/15/36 102,341
311,082 0.85 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 4/15/41 312,940
105,910 0.83 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 5/15/36 106,056
4,784 0.61 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 5/15/36 4,784
77,786 0.83 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 5/15/41 78,272
91,521 0.85 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 6/15/36 92,237
The accompanying notes are an integral part of these financial statements.
42 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Government -- (continued)
232,561 0.86 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 6/15/41 $ 234,022
127,236 0.83 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 7/15/23 127,807
176,564 0.93 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 7/15/36 177,651
58,140 1.03 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 8/15/18 58,456
215,268 0.68 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 8/15/25 215,617
98,554 0.63 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 8/15/26 98,574
69,492 0.68 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 8/15/35 69,512
177,975 0.68 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 8/15/36 178,212
177,072 0.73 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 9/15/26 177,500
98,279 0.88 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 9/15/33 98,273
328,114 Federal Home Loan Mortgage Corp., 2.75%, 11/15/25 337,472
324,049 Federal Home Loan Mortgage Corp., 3.0%, 1/15/30 335,101
288,102 Federal Home Loan Mortgage Corp., 3.0%, 12/15/24 293,180
153,910 Federal Home Loan Mortgage Corp., 3.0%, 6/15/38 155,896
102,383 Federal Home Loan Mortgage Corp., 3.5%, 8/15/28 105,480
182,293 Federal Home Loan Mortgage Corp., 4.0%, 1/15/34 186,772
208,871 Federal Home Loan Mortgage Corp., 6.0%, 1/15/28 211,633
1,253,360 0.93 Federal Home Loan Mortgage Corp., Floating
Rate Note, 1/15/33 1,263,273
154,347 0.68 Federal Home Loan Mortgage Corp., Floating
Rate Note, 1/15/35 155,161
70,416 0.75 Federal Home Loan Mortgage Corp., Floating
Rate Note, 11/15/36 70,637
268,700 0.88 Federal Home Loan Mortgage Corp., Floating
Rate Note, 2/17/32 271,015
321,968 0.78 Federal Home Loan Mortgage Corp., Floating
Rate Note, 3/15/30 322,935
283,342 1.00 Federal Home Loan Mortgage Corp., Floating
Rate Note, 3/15/32 285,026
796,108 0.74 Federal Home Loan Mortgage Corp., Floating
Rate Note, 4/15/33 794,886
485,714 0.78 Federal Home Loan Mortgage Corp., Floating
Rate Note, 4/15/36 488,098
47,515 0.58 Federal Home Loan Mortgage Corp., Floating
Rate Note, 7/15/19 47,447
277,291 0.93 Federal Home Loan Mortgage Corp., Floating
Rate Note, 7/15/28 280,316
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 43
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Government -- (continued)
431,323 0.93 Federal Home Loan Mortgage Corp., Floating
Rate Note, 7/15/31 $ 437,395
109,124 0.73 Federal Home Loan Mortgage Corp., Floating
Rate Note, 8/15/19 109,059
777,481 3.59 Federal National Mortgage Association 2004-T2,
Floating Rate Note, 7/25/43 806,333
109,762 Federal National Mortgage Association REMICS,
1.5%, 11/25/20 110,042
207,441 Federal National Mortgage Association REMICS,
1.75%, 12/25/22 208,868
458,903 Federal National Mortgage Association REMICS,
3.0%, 1/25/21 468,914
91,548 Federal National Mortgage Association REMICS,
3.0%, 4/25/40 94,409
209,127 Federal National Mortgage Association REMICS,
3.5%, 10/25/39 215,803
6,312 Federal National Mortgage Association REMICS,
5.0%, 9/25/39 6,401
84,697 Federal National Mortgage Association REMICS,
6.0%, 6/25/29 96,614
54,513 1.08 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/18/32 55,375
71,572 0.93 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/25/33 71,867
141,231 0.73 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/35 141,465
339,429 0.83 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/36 340,812
137,370 1.65 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/38 140,253
836,343 0.65 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/27/37 832,207
347,450 1.43 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/18/32 355,435
240,286 0.79 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/36 241,236
321,865 1.13 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/39 325,711
222,537 0.83 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/18/32 223,615
495,533 1.43 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/23 502,179
102,406 1.33 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/31 103,950
538,688 0.93 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/32 544,717
The accompanying notes are an integral part of these financial statements.
44 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Government -- (continued)
136,708 1.05 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/37 $ 137,319
173,518 0.78 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/33 174,792
162,744 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/35 163,013
117,013 0.68 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/37 117,173
147,250 0.63 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/37 147,218
72,108 0.88 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/38 72,302
124,944 0.93 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/24 126,311
247,915 0.83 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/34 250,008
156,778 0.83 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/34 157,703
166,373 0.78 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/35 167,014
1,013,585 0.73 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/36 1,016,440
192,691 0.68 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 193,355
166,665 0.79 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 167,542
99,837 0.68 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 99,559
214,780 0.78 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 214,638
746,612 0.65 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/45 726,048
471,253 1.33 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/32 478,186
472,076 1.43 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/32 485,781
55,969 0.83 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/34 56,515
240,860 0.68 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/36 240,007
505,166 0.93 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/18/32 509,567
9,269 0.83 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/17 9,273
80,934 0.93 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/33 81,254
110,853 0.78 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/36 111,130
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 45
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Government -- (continued)
153,960 0.83 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/37 $ 154,843
224,443 0.98 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/40 225,546
170,955 0.88 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/36 170,790
200,337 0.67 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 200,011
72,510 0.68 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 72,611
227,201 0.68 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 227,670
80,902 0.93 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/38 81,377
86,236 0.83 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/34 87,019
132,357 0.73 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/35 132,008
376,406 0.68 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/35 376,357
295,125 1.33 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/38 301,669
585,166 0.73 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/40 588,311
388,350 0.93 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/33 389,837
126,477 0.78 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/36 126,148
131,648 1.00 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/36 132,244
239,536 1.00 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 242,231
261,013 1.01 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 263,801
64,222 1.00 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 64,879
70,070 0.98 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/39 70,549
378,126 Federal National Mortgage Association,
1.233%, 3/25/18 378,030
134,333 Federal National Mortgage Association, 2.5%, 4/25/36 135,629
248,289 Federal National Mortgage Association,
2.75%, 6/25/20 251,478
296,518 Federal National Mortgage Association, 3.0%, 6/25/39 300,451
8,729 Federal National Mortgage Association, 3.5%, 3/25/28 8,720
115,056 Federal National Mortgage Association, 3.5%, 7/25/24 116,539
The accompanying notes are an integral part of these financial statements.
46 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Government -- (continued)
301,983 0.78 Federal National Mortgage Association, Floating
Rate Note, 10/18/32 $ 304,281
395,807 0.73 Federal National Mortgage Association, Floating
Rate Note, 11/25/27 397,786
293,580 1.28 Federal National Mortgage Association, Floating
Rate Note, 2/25/23 299,139
120,220 0.73 Federal National Mortgage Association, Floating
Rate Note, 3/25/18 120,206
342,363 0.78 Federal National Mortgage Association, Floating
Rate Note, 3/25/36 343,474
740,030 0.93 Federal National Mortgage Association, Floating
Rate Note, 4/25/33 746,462
185,086 2.80 Federal National Mortgage Association, Floating
Rate Note, 4/25/35 199,334
462,608 0.93 Federal National Mortgage Association, Floating
Rate Note, 6/25/32 467,830
598,389 0.83 Federal National Mortgage Association, Floating
Rate Note, 6/25/36 601,598
274,426 0.73 Federal National Mortgage Association, Floating
Rate Note, 8/25/35 274,417
82,208 1.82 Federal National Mortgage Association, Floating
Rate Note, 9/25/22 83,694
659,067 1.38 Freddie Mac REMICS, Floating Rate Note, 2/15/32 676,609
94,327 0.78 Freddie Mac Strips, Floating Rate Note, 12/15/36 94,492
236,226 0.73 Freddie Mac Strips, Floating Rate Note, 8/15/36 236,347
333,850 1.43 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 2/25/24 333,745
700,000 3.32 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 7/25/28 696,343
1,893,476 Freddie Mac, 2.0%, 2/15/25 1,923,964
1,006,487 Freddie Mac, 3.5%, 10/15/28 1,031,333
305,326 Freddie Mac, 4.0%, 5/15/37 310,524
373,923 Freddie Mac, 5.5%, 12/15/22 379,262
709,854 Freddie Mac, 1.4%, 7/15/23 713,492
217,205 Freddie Mac, 2.0%, 8/15/20 220,757
203,052 Freddie Mac, 3.0%, 2/15/24 207,460
223,888 Freddie Mac, 4.5%, 11/15/24 227,677
633,513 Freddie Mac, 4.5%, 2/15/20 654,516
698,665 Freddie Mac, 5.0%, 10/15/26 706,898
1,341,601 3.69 FREMF Mortgage Trust 2014-KF04 REMICS, Floating
Rate Note, 6/25/21 (144A) 1,297,622
1,023,408 5.43 FREMF Mortgage Trust 2014-KS02 REMICS, Floating
Rate Note, 8/25/23 (144A) 1,021,489
2,000,000 4.88 FREMF Mortgage Trust 2011-K703, Floating Rate
Note, 7/25/44 (144A) 2,085,836
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 47
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Government -- (continued)
663,689 4.42 FREMF Mortgage Trust 2014-KF05 REMICS, Floating
Rate Note, 9/25/21 (144A) $ 663,945
409,000 3.36 FREMF Mortgage Trust Class B, Floating Rate Note,
11/25/46 (144A) 410,949
1,731,499 Government National Mortgage Association REMICS,
4.0%, 9/20/37 1,791,719
2,300,251 Government National Mortgage Association REMICS,
2.0%, 1/16/46 2,308,388
69,616 Government National Mortgage Association,
3.0%, 12/20/38 70,742
195,300 Government National Mortgage Association,
3.0%, 4/20/41 202,794
477,180 Government National Mortgage Association,
3.5%, 5/20/39 496,129
196,136 Government National Mortgage Association,
3.5%, 8/20/38 199,302
56,095 Government National Mortgage Association,
5.0%, 4/20/36 57,988
218,462 0.68 Government National Mortgage Association, Floating
Rate Note, 1/16/35 218,817
535,532 0.98 Government National Mortgage Association, Floating
Rate Note, 1/16/40 537,332
172,949 1.08 Government National Mortgage Association, Floating
Rate Note, 2/16/30 174,679
212,486 0.68 Government National Mortgage Association, Floating
Rate Note, 2/20/35 212,918
158,264 0.93 Government National Mortgage Association, Floating
Rate Note, 2/20/38 159,720
214,236 0.73 Government National Mortgage Association, Floating
Rate Note, 4/16/31 214,789
117,169 0.93 Government National Mortgage Association, Floating
Rate Note, 4/16/32 118,070
558,608 0.98 Government National Mortgage Association, Floating
Rate Note, 4/16/32 565,031
395,288 0.73 Government National Mortgage Association, Floating
Rate Note, 8/20/40 391,114
271,933 0.83 NCUA Guaranteed Notes Trust REMICS, Floating
Rate Note, 3/9/21 (f) 270,686
71,676 0.93 Structured Asset Mortgage Investments II Trust
2005-F1 REMICS, Floating Rate Note, 8/26/35 71,253
---------------
$ 65,051,313
---------------
Total Government $ 65,051,313
--------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $194,283,552) $ 191,473,230
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 32.6%
ENERGY -- 2.0%
Oil & Gas Equipment & Services -- 0.1%
775,000 National Oilwell Varco, Inc., 1.35%, 12/1/17 $ 751,293
--------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.5%
1,000,000 1.23 Exxon Mobil Corp., Floating Rate Note, 2/28/18 $ 1,000,000
1,000,000 ConocoPhillips Co., 1.05%, 12/15/17 964,861
750,000 0.83 Shell International Finance BV, Floating Rate
Note, 11/15/16 749,242
500,000 Total Capital International SA, 1.0%, 8/12/16 500,106
---------------
$ 3,214,209
--------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.3%
277,000 0.98 Canadian Natural Resources, Ltd., Floating Rate
Note, 3/30/16 $ 276,600
750,000 Hess Corp., 1.3%, 6/15/17 714,485
800,000 WPX Energy, Inc., 7.5%, 8/1/20 504,000
---------------
$ 1,495,085
--------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.2%
500,000 GS Caltex Corp., 3.25%, 10/1/18 (144A) $ 509,631
750,000 Phillips 66, 2.95%, 5/1/17 759,392
---------------
$ 1,269,023
--------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.9%
700,000 Boardwalk Pipelines LP, 5.5%, 2/1/17 $ 691,588
1,000,000 0.98 Enbridge, Inc., Floating Rate Note, 10/1/16 990,441
750,000 Energy Transfer Partners LP, 2.5%, 6/15/18 688,576
750,000 Enterprise Products Operating LLC, 1.65%, 5/7/18 724,606
700,000 Kinder Morgan, Inc. Delaware, 2.0%, 12/1/17 680,105
720,000 ONEOK Partners LP, 6.15%, 10/1/16 727,745
375,000 TransCanada PipeLines, Ltd., 1.875%, 1/12/18 367,845
690,000 1.01 TransCanada PipeLines, Ltd., Floating Rate
Note, 6/30/16 688,586
---------------
$ 5,559,492
---------------
Total Energy $ 12,289,102
--------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Fertilizers & Agricultural Chemicals -- 0.2%
1,000,000 Monsanto Co., 1.15%, 6/30/17 $ 995,648
--------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.2%
500,000 0.85 BHP Billiton Finance USA, Ltd., Floating Rate
Note, 9/30/16 $ 497,287
560,000 1.37 Rio Tinto Finance USA Plc, Floating Rate
Note, 6/17/16 558,430
---------------
$ 1,055,717
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 49
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Steel -- 0.1%
1,000,000 1.57 Glencore Funding LLC, Floating Rate Note,
5/27/16 (144A) $ 990,000
---------------
Total Materials $ 3,041,365
--------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.5%
Aerospace & Defense -- 0.5%
586,000 L-3 Communications Corp., 1.5%, 5/28/17 $ 578,145
500,000 Precision Castparts Corp., 1.25%, 1/15/18 497,264
1,050,000 The Boeing Co., 0.95%, 5/15/18 1,041,903
500,000 United Technologies Corp., 1.778%, 5/4/18 (Step) 499,142
---------------
$ 2,616,454
--------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.5%
1,098,000 John Deere Capital Corp., 1.05%, 10/11/16 $ 1,100,007
750,000 John Deere Capital Corp., 1.05%, 12/15/16 751,034
1,090,000 0.61 John Deere Capital Corp., Floating Rate
Note, 10/11/16 1,090,544
---------------
$ 2,941,585
--------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
750,000 Xylem, Inc. New York, 3.55%, 9/20/16 $ 753,578
--------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.4%
1,100,000 Aircastle, Ltd., 6.75%, 4/15/17 $ 1,144,000
750,000 Aviation Capital Group Corp., 2.875%,
9/17/18 (144A) 731,250
750,000 GATX Corp., 1.25%, 3/4/17 741,151
---------------
$ 2,616,401
---------------
Total Capital Goods $ 8,928,018
--------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Railroads -- 0.1%
500,000 TTX Co., 2.25%, 2/1/19 (144A) $ 504,310
---------------
Total Transportation $ 504,310
--------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.9%
Auto Parts & Equipment -- 0.1%
700,000 Johnson Controls, Inc., 1.4%, 11/2/17 $ 696,665
--------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.8%
1,000,000 Daimler Finance North America LLC, 1.45%,
8/1/16 (144A) $ 1,000,410
750,000 0.68 Daimler Finance North America LLC, Floating Rate
Note, 3/10/17 (144A) 746,834
617,000 0.96 Daimler Finance North America LLC, Floating Rate
Note, 8/1/17 (144A) 611,528
500,000 Ford Motor Credit Co. LLC, 1.7%, 5/9/16 500,389
700,000 Ford Motor Credit Co. LLC, 1.724%, 12/6/17 690,419
The accompanying notes are an integral part of these financial statements.
50 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- (continued)
250,000 Ford Motor Credit Co. LLC, 2.375%, 1/16/18 $ 248,692
1,000,000 Ford Motor Credit Co. LLC, 2.875%, 10/1/18 1,000,447
500,000 1.23 Ford Motor Credit Co. LLC, Floating Rate Note, 3/27/17 496,368
750,000 0.98 Ford Motor Credit Co. LLC, Floating Rate Note, 9/8/17 738,496
1,000,000 Nissan Motor Acceptance Corp., 2.65%,
9/26/18 (144A) 1,016,377
500,000 0.88 Nissan Motor Acceptance Corp., Floating Rate Note,
3/3/17 (144A) 499,650
750,000 Toyota Motor Credit Corp., 1.125%, 5/16/17 751,071
600,000 1.44 Toyota Motor Credit Corp., Floating Rate Note, 2/19/19 599,633
1,000,000 0.60 Volkswagen Group of America Finance LLC, Floating
Rate Note, 5/23/16 (144A) 996,183
750,000 Volkswagen International Finance NV, 1.125%,
11/18/16 (144A) 744,795
500,000 Volkswagen International Finance NV, 1.6%,
11/20/17 (144A) 489,864
---------------
$ 11,131,156
---------------
Total Automobiles & Components $ 11,827,821
------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Homebuilding -- 0.1%
650,000 DR Horton, Inc., 4.0%, 2/15/20 $ 661,375
---------------
Total Consumer Durables & Apparel $ 661,375
------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Restaurants -- 0.1%
605,000 Starbucks Corp., 0.875%, 12/5/16 $ 604,863
---------------
Total Consumer Services $ 604,863
------------------------------------------------------------------------------------------------------
MEDIA -- 0.1%
Publishing -- 0.1%
250,000 Thomson Reuters Corp., 0.875%, 5/23/16 $ 249,738
500,000 Thomson Reuters Corp., 1.3%, 2/23/17 498,290
---------------
$ 748,028
---------------
Total Media $ 748,028
------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Home Improvement Retail -- 0.1%
750,000 0.88 The Home Depot, Inc., Floating Rate Note, 9/15/17 $ 752,253
------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
500,000 Volkswagen Group of America Finance LLC, 1.65%,
5/22/18 (144A) $ 484,838
---------------
Total Retailing $ 1,237,091
------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Food Retail -- 0.1%
750,000 0.81 Walgreens Boots Alliance, Inc., Floating Rate
Note, 5/18/16 $ 749,942
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 51
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Hypermarkets & Super Centers -- 0.1%
740,000 Costco Wholesale Corp., 1.125%, 12/15/17 $ 742,167
---------------
Total Food & Staples Retailing $ 1,492,109
--------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.6%
Brewers -- 0.2%
500,000 0.81 Anheuser-Busch InBev Finance, Inc., Floating Rate
Note, 1/27/17 $ 498,676
800,000 1.88 Anheuser-Busch InBev Finance, Inc., Floating Rate
Note, 2/1/21 810,142
---------------
$ 1,308,818
--------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.3%
750,000 0.99 ConAgra Foods, Inc., Floating Rate Note, 7/21/16 $ 748,940
1,000,000 Wm Wrigley Jr Co., 2.0%, 10/20/17 (144A) 1,002,330
---------------
$ 1,751,270
--------------------------------------------------------------------------------------------------
Tobacco -- 0.1%
750,000 Reynolds American, Inc., 3.5%, 8/4/16 $ 755,911
---------------
Total Food, Beverage & Tobacco $ 3,815,999
--------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.1%
500,000 Reckitt Benckiser Treasury Services Plc, 2.125%,
9/21/18 (144A) $ 500,912
---------------
Total Household & Personal Products $ 500,912
--------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.0%
Health Care Equipment -- 0.5%
500,000 Baxter International, Inc., 0.95%, 6/1/16 $ 500,461
750,000 Becton Dickinson and Co., 1.45%, 5/15/17 749,629
750,000 Becton Dickinson and Co., 1.8%, 12/15/17 750,908
750,000 0.79 Becton Dickinson and Co., Floating Rate
Note, 6/15/16 749,920
500,000 Boston Scientific Corp., 2.65%, 10/1/18 506,528
---------------
$ 3,257,446
--------------------------------------------------------------------------------------------------
Health Care Distributors -- 0.1%
600,000 McKesson Corp., 1.292%, 3/10/17 $ 599,466
--------------------------------------------------------------------------------------------------
Health Care Services -- 0.3%
750,000 Express Scripts Holding Co., 2.25%, 6/15/19 $ 745,094
1,000,000 Express Scripts, Inc., 3.125%, 5/15/16 1,004,156
---------------
$ 1,749,250
--------------------------------------------------------------------------------------------------
Managed Health Care -- 0.1%
500,000 UnitedHealth Group, Inc., 1.875%, 11/15/16 $ 503,186
---------------
Total Health Care Equipment & Services $ 6,109,348
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.9%
Biotechnology -- 0.4%
700,000 Amgen, Inc., 2.5%, 11/15/16 $ 706,616
600,000 0.76 Amgen, Inc., Floating Rate Note, 5/22/17 598,307
600,000 Celgene Corp., 2.125%, 8/15/18 602,710
750,000 Gilead Sciences, Inc., 1.85%, 9/4/18 757,887
---------------
$ 2,665,520
--------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.2%
750,000 Bayer US Finance LLC, 1.5%, 10/6/17 (144A) $ 751,328
750,000 0.51 Pfizer, Inc., Floating Rate Note, 5/15/17 747,502
---------------
$ 1,498,830
--------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.3%
600,000 Thermo Fisher Scientific, Inc., 1.3%, 2/1/17 $ 597,857
1,000,000 Thermo Fisher Scientific, Inc., 2.4%, 2/1/19 1,003,572
---------------
$ 1,601,429
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 5,765,779
--------------------------------------------------------------------------------------------------
BANKS -- 8.5%
Diversified Banks -- 4.8%
750,000 0.74 Abbey National Treasury Services Plc, Floating Rate
Note, 9/29/17 $ 743,967
750,000 1.42 ABN AMRO Bank NV, Floating Rate Note,
10/28/16 (144A) 751,140
1,000,000 ANZ New Zealand Int'l, Ltd. London, 1.125%,
3/24/16 (144A) 1,000,176
500,000 Bank of America Corp., 1.35%, 11/21/16 499,753
408,000 1.00 Bank of America Corp., Floating Rate Note, 8/25/17 405,124
750,000 Bank of America NA, 1.75%, 6/5/18 745,268
470,000 0.87 Bank of Montreal, Floating Rate Note, 7/14/17 468,406
229,000 0.94 Barclays Bank Plc, Floating Rate Note, 2/17/17 228,417
550,000 1.87 BPCE SA, Floating Rate Note, 4/25/16 550,827
500,000 Citigroup, Inc., 1.3%, 4/1/16 500,173
600,000 Citigroup, Inc., 1.35%, 3/10/17 598,837
750,000 Citigroup, Inc., 1.8%, 2/5/18 745,050
750,000 1.04 Citigroup, Inc., Floating Rate Note, 11/15/16 749,136
500,000 1.12 Citigroup, Inc., Floating Rate Note, 4/1/16 500,172
600,000 1.01 Citigroup, Inc., Floating Rate Note, 4/27/18 593,550
750,000 1.58 Citigroup, Inc., Floating Rate Note, 7/25/16 751,012
650,000 0.70 Commonwealth Bank of Australia, Floating Rate Note,
3/13/17 (144A) 649,661
750,000 0.60 Commonwealth Bank of Australia, Floating Rate Note,
9/8/17 (144A) 747,372
500,000 1.01 Cooperatieve Rabobank UA New York, Floating Rate
Note, 3/18/16 500,078
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 53
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
750,000 0.63 HSBC USA, Inc., Floating Rate Note, 6/23/17 $ 746,218
500,000 0.88 JPMorgan Chase & Co., Floating Rate Note, 2/15/17 499,448
500,000 2.50 JPMorgan Chase & Co., Floating Rate Note, 2/25/21 490,000
610,000 0.83 JPMorgan Chase Bank NA, Floating Rate Note, 6/13/16 609,639
250,000 0.82 Nordea Bank AB, Floating Rate Note, 5/13/16 (144A) 249,964
1,000,000 Royal Bank of Canada, 1.45%, 9/9/16 1,002,835
550,000 0.95 Royal Bank of Canada, Floating Rate Note, 1/23/17 549,842
1,000,000 0.76 Royal Bank of Canada, Floating Rate Note, 6/16/17 997,048
750,000 0.75 Sumitomo Mitsui Banking Corp., Floating Rate
Note, 1/10/17 748,806
300,000 1.29 Sumitomo Mitsui Banking Corp., Floating Rate
Note, 7/19/16 300,401
500,000 1.11 Sumitomo Mitsui Trust Bank, Ltd., Floating Rate
Note, 9/16/16 (144A) 499,898
1,250,000 1.06 Svenska Handelsbanken AB, Floating Rate
Note, 9/23/16 1,251,212
500,000 The Bank of Nova Scotia, 1.1%, 12/13/16 500,425
500,000 The Bank of Nova Scotia, 1.375%, 7/15/16 501,216
500,000 The Bank of Nova Scotia, 1.45%, 4/25/18 497,078
1,000,000 The Bank of Tokyo-Mitsubishi UFJ, Ltd., 1.55%,
9/9/16 (144A) 1,001,250
305,000 The Bank of Tokyo-Mitsubishi UFJ, Ltd., 2.7%,
9/9/18 (144A) 309,560
500,000 0.74 The Bank of Tokyo-Mitsubishi UFJ, Ltd., Floating
Rate Note, 3/10/17 (144A) 498,757
500,000 0.64 The Bank of Tokyo-Mitsubishi UFJ, Ltd., Floating
Rate Note, 9/8/17 (144A) 497,434
500,000 The Huntington National Bank, 1.3%, 11/20/16 500,052
500,000 1.04 The Huntington National Bank, Floating Rate
Note, 4/24/17 497,147
750,000 0.95 The Korea Development Bank, Floating Rate
Note, 1/22/17 749,966
500,000 The Toronto-Dominion Bank, 1.4%, 4/30/18 497,095
500,000 0.85 The Toronto-Dominion Bank, Floating Rate
Note, 5/2/17 498,942
500,000 0.94 The Toronto-Dominion Bank, Floating Rate
Note, 9/9/16 500,736
750,000 0.72 US Bancorp, Floating Rate Note, 4/25/19 744,261
500,000 Wells Fargo & Co., 1.25%, 7/20/16 500,945
575,000 1.25 Wells Fargo & Co., Floating Rate Note, 4/23/18 572,420
1,000,000 0.70 Westpac Banking Corp., Floating Rate Note, 5/19/17 997,443
---------------
$ 29,538,157
--------------------------------------------------------------------------------------------------
Regional Banks -- 3.7%
103,000 BB&T Corp., 1.6%, 8/15/17 $ 103,094
500,000 Branch Banking & Trust Co., 1.35%, 10/1/17 498,535
The accompanying notes are an integral part of these financial statements.
54 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
1,370,000 Branch Banking & Trust Co., 1.45%, 10/3/16 $ 1,373,933
500,000 Branch Banking & Trust Co., 2.3%, 10/15/18 505,737
250,000 0.68 Branch Banking & Trust Co., Floating Rate
Note, 5/23/17 248,958
1,575,000 0.82 Branch Banking & Trust Co., Floating Rate
Note, 9/13/16 1,572,625
750,000 Capital One NA, 2.35%, 8/17/18 746,518
700,000 0.77 Capital One NA, Floating Rate Note, 3/22/16 699,883
1,440,000 0.77 Fifth Third Bancorp, Floating Rate Note, 12/20/16 1,434,257
750,000 Fifth Third Bank Cincinnati Ohio, 1.15%, 11/18/16 750,233
500,000 KeyBank NA Cleveland Ohio, 1.1%, 11/25/16 499,443
1,000,000 KeyBank NA Cleveland Ohio, 1.65%, 2/1/18 996,915
500,000 0.99 Manufacturers & Traders Trust Co., Floating Rate
Note, 1/30/17 498,992
1,000,000 0.92 Manufacturers & Traders Trust Co., Floating Rate
Note, 7/25/17 993,899
1,000,000 MUFG Union Bank NA, 2.625%, 9/26/18 1,012,808
1,450,000 1.08 MUFG Union Bank NA, Floating Rate Note, 9/26/16 1,451,678
250,000 0.86 National City Bank Cleveland Ohio, Floating Rate
Note, 12/15/16 249,291
1,000,000 0.68 Nordea Bank Finland Plc New York, Floating Rate
Note, 6/13/16 999,943
450,000 PNC Bank NA, 1.125%, 1/27/17 449,917
550,000 PNC Bank NA, 1.3%, 10/3/16 550,811
600,000 PNC Bank NA, 1.6%, 6/1/18 596,807
490,000 PNC Bank NA, 5.25%, 1/15/17 507,228
750,000 0.92 PNC Bank NA, Floating Rate Note, 8/1/17 746,586
500,000 SunTrust Bank, 1.35%, 2/15/17 499,393
805,000 0.80 SunTrust Bank, Floating Rate Note, 2/15/17 802,124
500,000 SunTrust Banks, Inc., 3.5%, 1/20/17 508,420
750,000 1.05 The Toronto-Dominion Bank, Floating Rate
Note, 7/2/19 737,370
750,000 1.10 UBS AG, Floating Rate Note, 9/26/16 750,246
450,000 1.20 US Bank NA Cincinnati Ohio, Floating Rate
Note, 1/29/18 450,158
1,077,000 0.61 Wachovia Corp., Floating Rate Note, 6/15/17 1,071,399
250,000 0.57 Wells Fargo Bank NA, Floating Rate Note, 5/16/16 250,047
---------------
$ 22,557,248
---------------
Total Banks $ 52,095,405
--------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.3%
Other Diversified Financial Services -- 0.2%
500,000 Bank of America NA, 1.25%, 2/14/17 $ 499,578
750,000 0.64 General Electric Co., Floating Rate Note, 5/15/17 749,647
---------------
$ 1,249,225
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 55
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.3%
1,000,000 0.77 Berkshire Hathaway Finance Corp., Floating Rate
Note, 1/10/17 $ 1,000,019
1,000,000 0.74 Berkshire Hathaway Finance Corp., Floating Rate
Note, 8/14/17 996,003
---------------
$ 1,996,022
--------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
175,000 Harley-Davidson Financial Services, Inc., 3.875%,
3/15/16 (144A) $ 175,186
500,000 0.68 National Rural Utilities Cooperative Finance Corp.,
Floating Rate Note, 11/23/16 500,074
150,000 NYSE Holdings LLC, 2.0%, 10/5/17 151,146
---------------
$ 826,406
--------------------------------------------------------------------------------------------------
Consumer Finance -- 2.2%
500,000 Ally Financial, Inc., 3.6%, 5/21/18 $ 497,500
500,000 American Express Credit Corp., 1.3%, 7/29/16 500,902
1,000,000 0.62 American Express Credit Corp., Floating Rate
Note, 9/22/17 993,027
500,000 American Honda Finance Corp., 1.125%, 10/7/16 501,040
750,000 American Honda Finance Corp., 1.2%, 7/14/17 748,420
750,000 0.64 American Honda Finance Corp., Floating Rate
Note, 12/11/17 747,961
750,000 Capital One Bank USA NA, 1.15%, 11/21/16 748,949
750,000 Capital One NA, 1.65%, 2/5/18 740,396
1,000,000 Caterpillar Financial Services Corp., 1.0%, 11/25/16 1,001,604
1,125,000 Caterpillar Financial Services Corp., 1.35%, 9/6/16 1,128,114
500,000 Hyundai Capital America, 1.875%, 8/9/16 (144A) 501,038
1,375,000 Hyundai Capital America, 3.75%, 4/6/16 (144A) 1,378,438
485,000 0.52 PACCAR Financial Corp., Floating Rate Note, 6/6/17 484,317
3,150,000 Toyota Motor Credit Corp., 0.75%, 3/3/17 (Step) 3,150,088
---------------
$ 13,121,794
--------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.1%
750,000 The Bank of New York Mellon Corp., 1.969%,
6/20/17 (Step) $ 757,514
--------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.1%
750,000 1.06 Morgan Stanley, Floating Rate Note, 1/5/18 $ 747,284
275,000 3.10 Morgan Stanley, Floating Rate Note, 11/9/18 281,395
500,000 2.00 Morgan Stanley, Floating Rate Note, 2/1/19 502,746
500,000 1.30 Morgan Stanley, Floating Rate Note, 6/6/16 498,464
650,000 North American Development Bank, 2.3%, 10/10/18 665,473
2,108,000 Raymond James Financial, Inc., 4.25%, 4/15/16 2,115,072
1,500,000 0.77 The Bear Stearns Companies LLC, Floating Rate
Note, 11/21/16 1,498,311
The accompanying notes are an integral part of these financial statements.
56 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- (continued)
475,000 0.77 The Goldman Sachs Group, Inc., Floating Rate
Note, 3/22/16 $ 475,057
---------------
$ 6,783,802
------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.3%
814,000 GE Capital International Funding Co., 0.964%,
4/15/16 (144A) $ 814,146
750,000 2.01 ICBCIL Finance Co, Ltd., Floating Rate Note,
11/13/18 (144A) 749,184
---------------
$ 1,563,330
---------------
Total Diversified Financials $ 26,298,093
------------------------------------------------------------------------------------------------------
INSURANCE -- 7.2%
Insurance Brokers -- 0.1%
750,000 Aon Corp., 3.125%, 5/27/16 $ 753,520
------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.4%
500,000 0.54 Pricoa Global Funding I, Floating Rate Note,
6/24/16 (144A) $ 499,914
750,000 Principal Life Global Funding II, 1.2%, 5/19/17 (144A) 749,157
750,000 0.98 Principal Life Global Funding II, Floating Rate Note,
12/1/17 (144A) 749,727
390,000 0.78 Principal Life Global Funding II, Floating Rate Note,
5/27/16 (144A) 390,218
---------------
$ 2,389,016
------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.7%
300,000 0.85 Metropolitan Life Global Funding I, Floating Rate Note,
7/15/16 (144A) $ 300,440
800,000 New York Life Global Funding, 1.125%, 3/1/17 (144A) 801,298
750,000 New York Life Global Funding, 1.45%,
12/15/17 (144A) 751,230
1,050,000 0.97 New York Life Global Funding, Floating Rate Note,
5/23/16 (144A) 1,050,152
1,100,000 The Hartford Financial Services Group, Inc.,
5.5%, 10/15/16 1,125,362
---------------
$ 4,028,482
------------------------------------------------------------------------------------------------------
Reinsurance -- 6.0%
300,000 4.05 Acorn Re, Ltd., Floating Rate Note, 7/17/18
(Cat Bond) (144A) $ 301,110
250,000 5.29 Alamo Re, Ltd., Floating Rate Note, 6/7/17
(Cat Bond) (144A) 253,675
350,000 6.12 Alamo Re, Ltd., Floating Rate Note, 6/7/18
(Cat Bond) (144A) 357,210
218,850 Altair Re, Variable Rate Notes, 6/30/16 (e) (g) 9,104
347,880 Altair Re, Variable Rate Notes, 6/30/17 (e) (g) 139,396
100,000 Arlington Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 8/31/16 (e) (g) 111,380
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 57
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
500,000 3.80 Atlas IX Capital DAC, Floating Rate Note, 1/17/19
(Cat Bond) (144A) $ 508,950
300,000 Berwick 2016-1 Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 2/1/18 (e) (g) 303,360
800,000 4.56 Blue Danube II, Ltd., Floating Rate Note, 5/23/18
(Cat Bond) (144A) 799,040
400,000 Caelus Re IV, Ltd., Floating Rate Note, 3/6/20
(Cat Bond) (144A) (e) 400,000
500,000 5.25 Caelus Re, Ltd., Floating Rate Note, 3/7/16
(Cat Bond) (144A) 499,700
750,000 7.17 Caelus Re, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 760,575
250,000 Carnosutie 2016-N,Segregated Account (Kane
SAC Ltd.), Variance Rate Notes, 11/30/20 (e) (g) 252,500
250,000 4.77 Citrus Re, Ltd., Floating Rate Note, 4/18/17
(Cat Bond) (144A) 246,500
600,000 4.29 Citrus Re, Ltd., Floating Rate Note, 4/24/17
(Cat Bond) (144A) 594,660
100,000 Clarendon Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 6/15/16 (e) (g) 99,980
500,000 2.99 East Lane Re VI, Ltd., Floating Rate Note, 3/14/18
(Cat Bond) (144A) 493,250
7,000 Eden Re II, Ltd., Variable Rate Notes,
4/19/18 (144A) (e) (g) 52,500
600,000 Eden Re II, Variable Rate Notes, 4/23/19 (e) (g) 600,000
2,050,000 10.22 Everglades Re, Ltd., Floating Rate Note, 3/28/16
(Cat Bond) (144A) 2,059,020
500,000 7.59 Galileo Re, Ltd., Floating Rate Note, 1/9/17
(Cat Bond) (144A) 502,600
600,000 6.58 Gator Re, Ltd., Floating Rate Note, 1/9/17
(Cat Bond) (144A) 575,640
300,000 Gleneagles Segregated Account (KANE SAC Ltd),
Variable Rate Notes, 11/30/20 (e) (g) 305,400
750,000 2.51 Golden State Re II, Ltd., Floating Rate Note,
1/8/19 (Cat Bond) (144A) 734,325
600,000 Gullane Segregated Account (Kane SAC Ltd.),
Variable Rate Notes, 11/30/20 (e) (g) 614,700
250,000 4.81 Ibis Re II, Ltd., Floating Rate Note, 6/28/16
(Cat Bond) (144A) 251,000
1,000,000 4.31 Ibis Re II, Ltd., Floating Rate Note, 6/28/16
(Cat Bond) (144A) 1,002,400
750,000 3.92 Kilimanjaro Re, Ltd., Floating Rate Note,
11/25/19 (144A) 734,775
250,000 7.06 Kilimanjaro Re, Ltd., Floating Rate Note,
12/6/19 (144A) 249,975
250,000 9.56 Kilimanjaro Re, Ltd., Floating Rate Note,
12/6/19 (144A) 250,525
The accompanying notes are an integral part of these financial statements.
58 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
650,000 4.92 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) $ 645,905
350,000 4.67 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 345,135
450,000 2.25 Kizuna Re II, Ltd., Floating Rate Note, 4/6/18
(Cat Bond) (144A) 448,470
250,000 Lahinch Re, Variable Rate Notes, 6/15/16 (e) (g) 252,625
2,000,000 4.49 Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16
(Cat Bond) (144A) 2,002,000
750,000 3.75 Longpoint Re, Ltd. III, Floating Rate Note, 5/23/18
(Cat Bond) (144A) 754,350
250,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (e) (g) 289,375
650,000 2.00 Merna Re V, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 647,465
400,000 4.81 MetroCat Re, Ltd., Floating Rate Note, 8/5/16
(Cat Bond) (144A) 401,200
500,000 9.03 Mythen Re, Ltd., Series 2012-2 Class A, Floating
Rate Note, 1/5/17 (Cat Bond) (144A) 513,750
500,000 7.42 Northshore Re, Ltd., Floating Rate Note, 7/5/16
(Cat Bond) (144A) 504,450
1,000,000 Pangaea Re, Series 2015-2, Principal at Risk Notes,
11/30/19 (e) (g) 1,076,700
800,000 Pangaea Re., Variable Rate Notes, 11/30/20 (e) (g) 806,800
700,000 Pangaea Re., Variable Rate Notes, 7/1/18 (e) (g) 12,600
500,000 4.77 PennUnion Re, Ltd., Floating Rate Note, 12/7/18
(Cat Bond) (144A) 495,700
500,000 3.71 Queen City Re, Floating Rate Note, 1/6/19
(Cat Bond) (144A) 493,000
500,000 8.76 Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16
(Cat Bond) (144A) 502,150
500,000 5.94 Queen Street X Re, Ltd., Floating Rate Note, 6/8/18
(Cat Bond) (144A) 498,300
250,000 6.15 Queen Street XI Re Dac, Floating Rate Note, 6/7/19
(Cat Bond) (144A) 250,650
250,000 13.04 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 256,625
250,000 6.00 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 251,325
1,150,000 4.75 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 1,149,770
250,000 8.25 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 6/6/16 (Cat Bond) (144A) 252,225
250,000 9.52 Residential Reinsurance 2013, Ltd., Floating Rate
Note, 6/6/17 (Cat Bond) (144A) 260,125
250,000 3.77 Residential Reinsurance 2014, Ltd., Floating Rate
Note, 6/6/18 (Cat Bond) (144A) 249,425
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 59
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
750,000 3.67 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) $ 743,475
750,000 4.31 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 746,400
650,000 4.05 Sanders Re, Ltd., Floating Rate Note, 6/7/17
(Cat Bond) (144A) 647,725
1,889 Sector Re V, Ltd., Variable Rate Notes,
12/1/19 (144A) (e) (g) 61,017
250,000 Sector Re V, Ltd., Variable Rate Notes,
12/1/20 (144A) (e) (g) 254,775
300,000 Sector Re V, Ltd., Variable Rate Notes,
3/1/20 (144A) (e) (g) 339,090
516 Sector Re V, Ltd., Variable Rate Notes,
3/30/19 (144A) (e) (g) 3,874
250,000 Silverton Re, Ltd., Variable Rate Notes,
9/16/16 (144A) (e) (g) 2,350
400,000 Silverton Re, Ltd., Variable Rate Notes,
9/18/17 (144A) (e) (g) 51,280
250,000 Silverton Re, Ltd., Variable Rate Notes,
9/18/18 (144A) (e) (g) 254,650
300,000 St. Andrews Segregated Account (Kane SAC Ltd.),
Variance Rate Notes, 2/1/18 (e) (g) 304,980
1,150,000 8.66 Tar Heel Re, Ltd., Floating Rate Note, 5/9/16
(Cat Bond) (144A) 1,162,765
250,000 5.17 Tradewynd Re, Ltd., Floating Rate Note, 1/8/18
(Cat Bond) (144A) 248,950
600,000 Versutus 2016 Class A-1, Variable Rate Notes,
11/30/20 (e) (g) 607,920
750,000 2.86 Vita Capital V, Ltd., Floating Rate Note, 1/15/17
(Cat Bond) (144A) 751,800
1,550,000 3.96 Vita Capital V, Ltd., Floating Rate Note, 1/15/17
(Cat Bond) (144A) 1,560,695
500,000 3.06 Vitality Re IV, Ltd., Floating Rate Note, 1/9/17
(Cat Bond) (144A) 502,350
500,000 2.06 Vitality Re V, Ltd., Floating Rate Note, 1/7/19
(Cat Bond) (144A) 494,050
400,000 Vitality Re VII, Ltd., Floating Rate Note, 1/7/20
(Cat Bond) (144A) (e) 399,960
250,000 Vitality Re VII, Ltd., Floating Rate Note, 1/7/20
(Cat Bond) (144A) (e) 250,000
---------------
$ 36,811,476
---------------
Total Insurance $ 43,982,494
--------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Health Care REIT -- 0.1%
500,000 Welltower, Inc., 2.25%, 3/15/18 $ 498,686
---------------
Total Real Estate $ 498,686
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
60 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Systems Software -- 0.2%
300,000 Oracle Corp., 2.25%, 10/8/19 $ 307,463
500,000 Oracle Corp., 2.375%, 1/15/19 513,784
575,000 0.52 Oracle Corp., Floating Rate Note, 7/7/17 574,313
--------------
$ 1,395,560
--------------
Total Software & Services $ 1,395,560
--------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Computer Storage & Peripherals -- 0.1%
400,000 0.67 Apple, Inc., Floating Rate Note, 5/3/16 $ 400,062
--------------
Total Technology Hardware & Equipment $ 400,062
--------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.3%
Semiconductors -- 0.3%
500,000 Altera Corp., 2.5%, 11/15/18 $ 511,737
700,000 Intel Corp., 1.35%, 12/15/17 704,313
300,000 Micron Semiconductor Asia Pte, Ltd.,
1.258%, 1/15/19 298,950
500,000 Texas Instruments, Inc., 0.875%, 3/12/17 499,702
--------------
$ 2,014,702
--------------
Total Semiconductors & Semiconductor Equipment $ 2,014,702
--------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.2%
Integrated Telecommunication Services -- 1.0%
1,000,000 AT&T, Inc., 2.4%, 8/15/16 $ 1,005,966
1,000,000 British Telecommunications Plc, 1.625%, 6/28/16 1,001,623
1,000,000 GTP Acquisition Partners I LLC, 2.35%,
6/15/45 (144A) 992,580
500,000 Ooredoo International Finance, Ltd., 3.375%,
10/14/16 (144A) 504,916
2,515,000 2.04 Verizon Communications, Inc., Floating Rate
Note, 9/15/16 2,528,332
--------------
$ 6,033,417
--------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
1,000,000 1.34 America Movil SAB de CV, Floating Rate
Note, 9/12/16 $ 1,000,108
--------------
Total Telecommunication Services $ 7,033,525
--------------------------------------------------------------------------------------------------
UTILITIES -- 1.2%
Electric Utilities -- 1.1%
500,000 American Electric Power Co., Inc., 1.65%, 12/15/17 $ 496,537
500,000 Commonwealth Edison Co., 1.95%, 9/1/16 501,477
750,000 Duke Energy Carolinas LLC, 1.75%, 12/15/16 752,297
303,000 0.97 Duke Energy Indiana LLC, Floating Rate Note, 7/11/16 303,034
440,000 0.57 Duke Energy Progress LLC, Floating Rate
Note, 11/20/17 434,199
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 61
Schedule of Investments | 2/29/16 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
411,000 0.65 Duke Energy Progress LLC, Floating Rate Note, 3/6/17 $ 409,793
750,000 1.08 Electricite de France SA, Floating Rate Note,
1/20/17 (144A) 748,360
750,000 Exelon Corp., 1.55%, 6/9/17 746,364
827,000 0.66 Georgia Power Co., Floating Rate Note, 3/15/16 826,963
500,000 0.76 Georgia Power Co., Floating Rate Note, 8/15/16 499,478
750,000 NextEra Energy Capital Holdings, Inc., 2.056%, 9/1/17 752,988
341,000 0.60 NSTAR Electric Co., Floating Rate Note, 5/17/16 340,563
--------------
$ 6,812,053
----------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.1%
500,000 PSEG Power LLC, 2.75%, 9/15/16 $ 503,451
--------------
Total Utilities $ 7,315,504
----------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.2%
Government -- 0.2%
1,000,000 Banco Nacional de Desenvolvimento Economico e
Social, 3.375%, 9/26/16 (144A) $ 997,500
--------------
Total Government $ 997,500
----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $200,468,388) $ 199,557,651
----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 13.8%
1,462,948 Fannie Mae, 2.0%, 11/1/23 $ 1,505,679
1,049,049 Fannie Mae, 2.5%, 3/1/28 1,080,930
319,692 Fannie Mae, 2.5%, 6/1/23 329,716
1,023,812 Fannie Mae, 3.0%, 10/1/27 1,070,438
1,216,675 Fannie Mae, 3.0%, 11/1/27 1,274,253
681,606 Fannie Mae, 3.0%, 5/1/21 711,336
412,835 Fannie Mae, 4.0%, 12/1/19 430,753
226,519 Fannie Mae, 4.5%, 1/1/41 247,923
367,211 Fannie Mae, 4.5%, 5/1/39 405,140
615,031 Fannie Mae, 4.5%, 5/1/39 682,647
520,071 Fannie Mae, 5.0%, 10/1/41 578,188
172,451 Fannie Mae, 5.0%, 11/1/20 183,670
44,012 Fannie Mae, 5.5%, 12/1/35 49,361
234,514 Fannie Mae, 5.5%, 8/1/37 265,542
414,751 Fannie Mae, 6.0%, 10/1/22 449,313
32,423 Fannie Mae, 6.0%, 2/1/34 36,923
24,487 Fannie Mae, 6.0%, 4/1/38 27,873
225,827 Fannie Mae, 6.5%, 4/1/29 257,608
111 Fannie Mae, 6.5%, 6/1/16 112
5,540 Fannie Mae, 6.5%, 7/1/32 6,507
The accompanying notes are an integral part of these financial statements.
62 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
7,453 Fannie Mae, 6.5%, 8/1/17 $ 7,607
13,591 Fannie Mae, 7.0%, 1/1/36 15,722
16,492 Fannie Mae, 7.0%, 7/1/17 16,609
49,579 2.78 Fannie Mae, Floating Rate Note, 1/1/25 50,591
96,569 2.82 Fannie Mae, Floating Rate Note, 10/1/29 97,940
78,834 2.40 Fannie Mae, Floating Rate Note, 10/1/29 80,003
300,004 2.23 Fannie Mae, Floating Rate Note, 10/1/36 301,809
78,067 2.67 Fannie Mae, Floating Rate Note, 11/1/24 81,281
1,600 2.41 Fannie Mae, Floating Rate Note, 11/1/25 1,681
29,622 1.72 Fannie Mae, Floating Rate Note, 11/1/40 29,729
47,386 2.57 Fannie Mae, Floating Rate Note, 12/1/28 49,411
171,983 4.33 Fannie Mae, Floating Rate Note, 12/1/36 183,071
7,017 2.58 Fannie Mae, Floating Rate Note, 2/1/27 7,061
965 3.47 Fannie Mae, Floating Rate Note, 2/1/33 1,018
2,986 2.71 Fannie Mae, Floating Rate Note, 4/1/28 3,011
2,631 2.91 Fannie Mae, Floating Rate Note, 4/1/29 2,698
45,875 2.53 Fannie Mae, Floating Rate Note, 7/1/36 48,747
790,412 Federal Home Loan Mortgage Corp., 2.5%, 10/1/27 814,686
151,726 Federal Home Loan Mortgage Corp., 4.0%, 5/1/24 160,469
89,447 Federal Home Loan Mortgage Corp., 4.5%, 7/1/19 92,516
90,164 Federal Home Loan Mortgage Corp., 4.5%, 7/1/19 93,251
80,124 Federal Home Loan Mortgage Corp., 5.0%, 12/1/39 88,444
50,945 Federal Home Loan Mortgage Corp., 5.0%, 2/1/21 54,578
33,229 Federal Home Loan Mortgage Corp., 5.5%, 8/1/23 35,979
1,130 Federal Home Loan Mortgage Corp., 6.5%, 7/1/16 1,136
1,947 2.62 Federal Home Loan Mortgage Corp., Floating Rate
Note, 1/1/28 2,044
315,038 2.73 Federal Home Loan Mortgage Corp., Floating Rate
Note, 10/1/31 319,780
5,010 2.56 Federal Home Loan Mortgage Corp., Floating Rate
Note, 11/1/31 5,282
250,975 2.78 Federal Home Loan Mortgage Corp., Floating Rate
Note, 12/1/31 251,663
15,587 2.72 Federal Home Loan Mortgage Corp., Floating Rate
Note, 4/1/25 16,013
1,919 2.70 Federal Home Loan Mortgage Corp., Floating Rate
Note, 4/1/29 1,942
4,691 2.30 Federal Home Loan Mortgage Corp., Floating Rate
Note, 5/1/25 4,695
2,190 2.88 Federal Home Loan Mortgage Corp., Floating Rate
Note, 7/1/18 2,200
82,678 2.66 Federal Home Loan Mortgage Corp., Floating Rate
Note, 8/1/31 86,121
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 63
Schedule of Investments | 2/29/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
828 2.50 Federal Home Loan Mortgage Corp., Floating Rate
Note, 8/1/31 $ 851
1,545,634 Federal National Mortgage Association, 2.0%, 8/1/23 1,590,794
942,834 Federal National Mortgage Association, 2.5%, 9/1/22 971,234
611,123 Federal National Mortgage Association, 3.0%, 12/1/21 638,126
689,912 Federal National Mortgage Association, 4.0%, 1/1/20 719,794
773,481 Federal National Mortgage Association, 4.0%, 10/1/20 808,156
783,319 Federal National Mortgage Association, 4.0%, 3/1/21 818,498
244,524 Federal National Mortgage Association, 4.0%, 8/1/19 254,857
223,408 Government National Mortgage Association I,
5.0%, 8/15/19 235,882
112,793 Government National Mortgage Association I,
6.0%, 11/15/36 129,529
52,465 Government National Mortgage Association I,
6.0%, 12/15/31 60,682
51,585 Government National Mortgage Association I,
6.0%, 3/15/17 52,261
29,615 Government National Mortgage Association I,
6.5%, 10/15/37 36,131
26,915 Government National Mortgage Association I,
6.5%, 5/15/31 30,877
7,099 Government National Mortgage Association I,
6.5%, 7/15/35 8,158
50,965 Government National Mortgage Association I,
7.5%, 10/15/36 60,026
203,795 Government National Mortgage Association II,
6.0%, 10/20/21 215,572
158,656 Government National Mortgage Association II,
6.0%, 11/20/22 170,677
143,880 Government National Mortgage Association II,
6.0%, 4/20/22 152,272
89,093 Government National Mortgage Association II,
6.0%, 8/20/19 92,539
500,000 Private Export Funding Corp., 2.125%, 7/15/16 502,656
3,000,000 U.S. Treasury Bills, 0.0%, 8/18/16 2,993,487
10,000,000 0.49 U.S. Treasury Note, Floating Rate Note, 10/31/17 9,995,060
14,500,000 U.S. Treasury Notes, 0.5%, 7/31/16 14,499,420
23,000,000 U.S. Treasury Notes, 0.5%, 8/31/16 22,998,198
11,000,000 U.S. Treasury Notes, 0.625%, 6/30/17 10,981,949
2,500,000 U.S. Treasury Notes, 0.875%, 1/15/18 2,503,320
---------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $83,935,287) $ 84,123,706
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
64 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
---------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.2% (d)
Municipal Airport -- 0.1%
475,000 Massachusetts Port Authority, 5.0%, 7/1/16 $ 482,225
---------------------------------------------------------------------------------------------------
Higher Municipal Education -- 0.1%
500,000 University of California, 0.966%, 5/15/17 $ 501,895
---------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $991,858) $ 984,120
---------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 6.9%**
ENERGY -- 0.1%
Integrated Oil & Gas -- 0.1%
833,000 4.00 Seadrill Operating LP, Initial Term Loan, 2/14/21 $ 352,463
---------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.0%+
278,824 4.00 Energy Transfer Equity LP, Loan (2015), 12/2/19 $ 225,150
---------------
Total Energy $ 577,613
---------------------------------------------------------------------------------------------------
MATERIALS -- 0.6%
Commodity Chemicals -- 0.2%
519,750 4.75 Eco Services Operations, Initial Term Loan, 10/8/21 $ 483,368
445,431 4.50 Tronox Pigments Holland BV, New Term Loan, 3/19/20 393,789
---------------
$ 877,157
---------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.4%
544,500 3.75 Huntsman International LLC, 2014-1 Incremental
Term Loan, 9/30/21 $ 529,073
1,235,430 5.50 MacDermid, Inc., Tranche B Term Loan (First
Lien), 6/7/20 1,130,033
498,750 5.50 MacDermid, Inc., Tranche B-3 Term Loan, 6/7/20 456,201
147,022 2.75 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 145,037
---------------
$ 2,260,344
---------------------------------------------------------------------------------------------------
Construction Materials -- 0.0%+
193,667 4.25 CeramTec Service GmbH, Initial Dollar Term B-1
Loan, 8/30/20 $ 190,519
---------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
98,500 5.50 BWay Intermediate, Initial Term Loan, 8/14/20 $ 94,068
---------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
73,266 4.25 Fortescue Metals Group Ltd., Bank Loan, 6/30/19 $ 56,598
---------------------------------------------------------------------------------------------------
Steel -- 0.0%+
145,074 4.50 TMS International Corp., Term B Loan, 10/2/20 $ 92,847
---------------------------------------------------------------------------------------------------
Paper Products -- 0.0%+
239,867 5.75 Appvion, Inc., Term Commitment, 6/28/19 $ 215,830
---------------
Total Materials $ 3,787,363
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 65
Schedule of Investments | 2/29/16 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.7%
Aerospace & Defense -- 0.2%
498,718 4.75 DigitalGlobe, Inc., Term Loan, 1/25/20 $ 491,861
792,604 3.25 Wesco Aircraft Hardware Corp., Tranche B Term
Loan (First Lien), 2/24/21 740,094
---------------
$ 1,231,955
---------------------------------------------------------------------------------------------------
Building Products -- 0.1%
405,465 4.25 Unifrax Corp., New Term B Loan, 12/31/19 $ 372,014
---------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.0%+
221,967 3.75 Aecom Technology, Term Loan B, 10/15/21 $ 222,217
---------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
398,159 3.25 Southwire Co., Term Loan, 1/31/21 $ 373,772
413,849 6.00 WireCo WorldGroup, Inc., Term Loan, 2/15/17 403,503
---------------
$ 777,275
---------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
20,586 4.25 CeramTec Acquisition Corp., Initial Dollar Term
B-2 Loan, 8/30/20 $ 20,252
59,016 4.25 CeramTec GmbH, Dollar Term B-3 Loan, 8/30/20 58,057
326,836 4.50 Milacron LLC, Term Loan, 9/28/20 321,116
---------------
$ 399,425
---------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.1%
399,000 6.50 Navistar, Inc., Tranche B Term Loan, 8/17/17 $ 343,140
255,103 3.50 Terex Corp., U.S. Term Loan, 8/13/21 248,725
255,103 4.50 Terex Corporation, Term Loan (First Lien), 12/15/22 248,725
---------------
$ 840,590
---------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
498,750 0.00 NN, Inc., Initial Term Loan, 10/2/22 $ 490,022
---------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
61,163 3.75 WESCO Distribution, Inc., Tranche B-1
Loan, 12/12/19 $ 61,220
---------------
Total Capital Goods $ 4,394,718
---------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.3%
Environmental & Facilities Services -- 0.1%
948,276 5.00 Wheelabrator, Term B Loan, 10/15/21 $ 865,302
42,146 5.00 Wheelabrator, Term C Loan, 10/15/21 38,458
---------------
$ 903,760
---------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.1%
325,000 4.25 West Corp., Term B-11 Loan, 11/20/21 $ 323,883
---------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.1%
474,230 4.00 Garda World Security Corp., Term B Loan, 11/1/20 $ 447,264
The accompanying notes are an integral part of these financial statements.
66 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
---------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
---------------------------------------------------------------------------------------------------
Security & Alarm Services -- (continued)
121,315 4.00 Garda World Security Corp., Term B Loan, 11/8/20 $ 114,416
---------------
$ 561,680
---------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.0%+
111,267 3.75 On Assignment, Inc., Initial Term B Loan, 6/5/22 $ 111,244
---------------
Total Commercial Services & Supplies $ 1,900,567
---------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Airlines -- 0.1%
742,500 3.50 American Airlines, Inc., 2015 Term Loan, 10/10/21 $ 733,882
97,980 3.25 Delta Air Lines, Inc., 2014 Term B-1 Loan, 10/18/18 97,941
---------------
$ 831,823
---------------------------------------------------------------------------------------------------
Marine -- 0.1%
435,775 5.25 Navios Maritime Partners LP, Term Loan, 6/27/18 $ 344,262
---------------
Total Transportation $ 1,176,085
---------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.6%
Auto Parts & Equipment -- 0.3%
529,333 6.00 BBB Industries US, Initial Term Loan, 10/15/21 $ 526,522
465,411 3.75 MPG Holdco I, Inc., Tranche B-1 Term Loan
(2015), 10/20/21 445,282
169,231 4.25 Schaeffler AG, Facility B-USD, 5/15/20 169,530
468,813 4.50 TI Group Automotive Systems LLC, Initial US Term
Loan, 6/25/22 453,577
---------------
$ 1,594,911
---------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.3%
888,150 3.50 Chrysler Group LLC, Term Loan B, 5/24/17 $ 884,943
589,500 3.25 Chrysler Group LLC, Tranche B Term Loan, 12/29/18 585,889
296,250 6.00 Crown Group llc, Term Loan (First Lien), 9/30/20 278,475
---------------
$ 1,749,307
---------------
Total Automobiles & Components $ 3,344,218
---------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Apparel, Accessories & Luxury Goods -- 0.0%+
236,267 3.25 PVH Corp., Tranche B Term Loan, 12/19/19 $ 237,809
---------------
Total Consumer Durables & Apparel $ 237,809
---------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.4%
Casinos & Gaming -- 0.2%
339,500 3.50 MGM Resorts International, Term B Loan, 12/20/19 $ 336,918
915,750 6.00 Scientific Games, Initial Term B-2, 10/1/21 837,453
---------------
$ 1,174,371
---------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.0%+
322,434 3.50 Hilton Worldwide Finance LLC, Initial Term
Loan, 9/23/20 $ 321,830
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 67
Schedule of Investments | 2/29/16 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
528,609 3.75 1011778 BC ULC, Term B-2 Loan, 12/12/21 $ 526,847
-------------------------------------------------------------------------------------------------------
Education Services -- 0.1%
391,927 4.00 Bright Horizons Family Solutions, Inc., Term B
Loan, 1/14/20 $ 391,600
---------------
Total Consumer Services $ 2,414,648
-------------------------------------------------------------------------------------------------------
MEDIA -- 0.9%
Broadcasting -- 0.5%
328,125 3.00 CBS Outdoor Americas Capital llc, Tranche B Term
Loan (First Lien), 1/15/21 $ 324,177
453,432 4.04 Entercom Radio llc, Term B-2 Loan, 11/23/18 449,842
801,032 3.94 Gray Television, Inc., Term Loan (First Lien), 6/10/21 793,398
196,474 3.25 Quebecor Media, Inc., Facility B-1 Tranche, 8/17/20 191,255
434,957 3.00 Sinclair Television Group, Inc., New Tranche B Term
Loan, 4/19/20 426,801
272,925 3.50 The EW Scripps Co., Term Loan, 11/26/20 270,025
548,989 3.98 Tribune Media Co., Term B Loan, 12/27/20 543,728
---------------
$ 2,999,226
-------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.3%
393,000 2.90 Mediacom Illinois LLC, Tranche F Term Loan, 3/31/18 $ 385,631
476,177 3.60 Ziggo BV, (USD) Tranche B-3 Term Loan, 1/15/22 458,209
449,291 3.50 Ziggo BV, Tranche B-1 Term Loan (First Lien), 1/15/22 432,338
289,532 3.51 Ziggo BV, Tranche B-2 Term Loan (First Lien), 1/15/22 278,607
---------------
$ 1,554,785
-------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
244,362 4.00 AMC Entertainment, Inc., Initial Term Loan, 4/30/20 $ 244,450
71,150 3.75 Cinedigm Digital Funding 1 LLC, Term Loan, 2/28/18 70,972
506,345 3.50 Live Nation Entertainment, Inc., Term B-1
Loan, 8/17/20 505,501
---------------
$ 820,923
---------------
Total Media $ 5,374,934
-------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Computer & Electronics Retail -- 0.1%
540,375 3.75 Rent-A-Center, Inc., Term Loan (2014), 2/6/21 $ 489,039
---------------
Total Retailing $ 489,039
-------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Retail -- 0.1%
641,903 5.50 Albertsons LLC, Term B-2 Loan, 3/21/19 $ 633,434
---------------
Total Food & Staples Retailing $ 633,434
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
68 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
-------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Agricultural Products -- 0.1%
515,813 3.25 Darling International, Inc., Term B USD
Loan, 12/19/20 $ 508,075
-------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.0%+
177,902 3.75 Post Holdings, Inc., Tranche B Loan (First
Lien), 5/23/21 $ 177,934
-------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.1%
195,500 3.75 JBS USA LLC, Incremental Term Loan, 9/18/20 $ 190,613
---------------
Total Food, Beverage & Tobacco $ 876,622
-------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
498,750 4.25 Party City Holdings, Inc., Term Loan, 8/6/22 $ 480,462
---------------
Total Household & Personal Products $ 480,462
-------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.7%
Health Care Equipment -- 0.1%
742,424 4.50 Kinetic Concepts, Inc., Term DTL-E1 loan, 5/4/18 $ 727,311
-------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
260,788 4.00 Halyard Health, Inc., Term Loan, 11/1/21 $ 258,615
299,250 4.25 Sterigenics-Nordion Holdings LLC, Initial Term
Loan, 4/27/22 286,158
300,000 6.25 Vizient, Inc., Initial Term Loan, 2/9/23 297,875
---------------
$ 842,648
-------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
500,000 4.50 Envision Healthcare Corp., Tranche B-2 Term
Loan, 10/28/22 $ 498,073
650,000 5.25 US Renal Care, Inc., Initial Term Loan (First
Lien), 11/16/22 645,666
---------------
$ 1,143,739
-------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.2%
98,629 3.75 CHS, Incremental 2018 Term F Loan, 12/31/18 $ 95,978
92,562 3.36 CHS, Incremental 2019 Term G Loan, 12/31/19 88,252
170,312 4.00 CHS, Incremental 2021 Term H Loan, 1/27/21 162,143
272,236 4.25 Kindred Healthcare, Inc., Tranche B Loan (First
Lien), 4/10/21 257,944
293,233 6.75 Steward Health Care System LLC, Term Loan, 4/10/20 281,504
---------------
$ 885,821
-------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
395,000 3.75 Emdeon Inc., Term B-3 Loan, 2.50%, 11/2/18 $ 387,923
---------------
Total Health Care Equipment & Services $ 3,987,442
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 69
Schedule of Investments | 2/29/16 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.2%
Pharmaceuticals -- 0.2%
244,000 3.75 Endo Luxembourg Finance I Co Sarl, 2015 Incremental
Term B Loan, 6/24/22 $ 241,408
294,750 3.25 Mallinckrodt International Finance SA, Initial Term B
Loan, 3/6/21 288,708
257,286 3.50 Prestige Brands, Inc., Term B-3 Loan, 9/3/21 257,125
495,000 4.00 Valeant Pharmaceuticals, Series F-1, 3/11/22 466,606
---------------
$ 1,253,847
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 1,253,847
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Other Diversified Financial Services -- 0.3%
425,000 3.50 Delos Finance SARL, Tranche B Term Loan, 2/27/21 $ 423,034
355,000 3.50 Fly Funding II Sarl, Loan, 8/9/19 350,729
742,443 5.00 Nord Anglia Education, Initial Term Loan, 3/31/21 705,321
---------------
$ 1,479,084
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
197,000 3.25 SBA Senior Finance II LLC, Incremental Tranche B-1
Term Loan, 3/31/21 $ 193,867
----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.0%+
144,788 4.25 LPL Holdings, Inc., 2021 Tranche B Term
Loan, 3/29/21 $ 135,376
---------------
Total Diversified Financials $ 1,808,327
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Mortgage REIT -- 0.0%+
195,477 3.50 Starwood Property Trust, Inc., Term Loan, 4/17/20 $ 191,446
----------------------------------------------------------------------------------------------------
Specialized REIT -- 0.1%
488,693 3.25 The GEO Group, Inc., Term Loan, 4/3/20 $ 487,166
---------------
Total Real Estate $ 678,612
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Internet Software & Services -- 0.1%
286,329 3.75 Vantiv LLC, Term B Loan, 6/12/21 $ 286,329
----------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.0%+
197,000 5.75 Evergreen Skills Lux Sarl, Initial Term Loan (First
Lien), 4/23/21 $ 142,456
----------------------------------------------------------------------------------------------------
Application Software -- 0.0%+
261,457 3.50 Verint Systems, Inc., Tranche B-2 Term Loan (First
Lien), 9/6/19 $ 260,673
----------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.1%
419,912 3.25 Activision Blizzard, Inc., Term Loan, 7/26/20 $ 420,371
The accompanying notes are an integral part of these financial statements.
70 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Home Entertainment Software -- (continued)
349,941 5.25 Micro Focus International, Term Loan B, 10/7/21 $ 335,069
---------------
$ 755,440
---------------
Total Software & Services $ 1,444,898
--------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Communications Equipment -- 0.0%+
344,750 3.75 Ciena Corp., Term Loan, 7/15/19 $ 339,579
--------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.1%
444,318 4.75 Zebra Technologies, Term Loan B, 9/30/21 $ 445,262
--------------------------------------------------------------------------------------------------
Electronic Components -- 0.0%+
244,375 3.25 Belden Finance 2013 LP, Initial Term Loan, 9/9/20 $ 242,695
--------------------------------------------------------------------------------------------------
Technology Distributors -- 0.1%
398,975 3.25 CDW LLC, Term Loan, 4/25/20 $ 394,625
---------------
Total Technology Hardware & Equipment $ 1,422,161
--------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.2%
Semiconductor Equipment -- 0.1%
641,899 2.86 Sensata Technologies BV, Sixth Amendment Term
Loan, 10/14/21 $ 633,207
--------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
350,000 4.25 Avago Technologies Finance, Term Loan (First
Lien), 11/13/22 $ 344,805
---------------
Total Semiconductors & Semiconductor Equipment $ 978,012
--------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.2%
Integrated Telecommunication Services -- 0.1%
372,188 4.00 GCI Holdings, Inc., New Term B Loan, 2/2/22 $ 371,490
225,000 0.00 Level 3 Financing, Inc., Tranche B-II 2022 Term
Loan, 5/31/22 (e) 222,656
235,662 3.50 Virgin Media Investment Holdings, Ltd.,
F Facility, 6/30/23 228,990
---------------
$ 823,136
--------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
925,000 4.00 Syniverse Holdings, Inc., Tranche B Term
Loan, 4/23/19 $ 605,875
---------------
Total Telecommunication Services $ 1,429,011
--------------------------------------------------------------------------------------------------
UTILITIES -- 0.5%
Electric Utilities -- 0.4%
1,055,042 4.75 Atlantic Power LP, Term Loan, 2/20/21 $ 1,038,557
661,472 3.25 Calpine Construction Finance Co. LP, Term
B-2 Loan, 1/3/22 621,784
737,738 5.50 TPF II Power, LLC, Term Loan, 10/2/21 697,163
---------------
$ 2,357,504
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 71
Schedule of Investments | 2/29/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.1%
742,327 4.00 Calpine Corp., Term Loan, 9/27/19 $ 721,728
180,333 3.75 NSG Holdings LLC, New Term Loan, 12/11/19 174,027
---------------
$ 895,755
---------------
Total Utilities $ 3,253,259
--------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $44,082,921) $ 41,943,081
--------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.1%
Repurchase Agreements -- 1.0%
6,000,000 $6,000,000 RBC Capital Markets LLC, 0.30%,
dated 2/29/16 plus accrued interest on 3/1/16
collateralized by the following:
$3,056,274 Freddie Mac Giant, 3.5% - 4.0%,
6/1/42 - 3/1/46
$3,063,680 Federal Home Loan Mortgage Corp,
2.569%, 8/1/43
$866 Federal National Mortgage Association,
4%, 5/1/44 $ 6,000,000
--------------------------------------------------------------------------------------------------
Commercial Paper -- 0.1%
750,000 Nissan Motor Acceptance Discount, Commercial
Paper, 3/4/16 (c) $ 749,964
--------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $6,749,953) $ 6,749,964
--------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 100.2%
(Cost $618,290,055) (a) $ 612,208,256
--------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (0.2)% $ (1,157,023)
--------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 611,051,233
==================================================================================================
+ Amount rounds to less than 0.1%.
(Cat Bond) Catastrophe or event-linked bond. At February 29, 2016, the value
of these securities amounted to $28,769,845 or 4.7% of total net
assets. See Notes to Financial Statements -- Note 1H.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
(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 February 29, 2016, the value of these securities
amounted to $194,823,386 or 31.9% of total net assets.
ARM Adjustable Rate Mortgage.
REMICS Real Estate Mortgage Investment Conduits.
REIT Real Estate Investment Trust.
Strips Separate trading of Registered interest and principal of
securities.
The accompanying notes are an integral part of these financial statements.
72 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
** 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 U.S. 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 February 29, 2016, the net unrealized depreciation on
investments based on cost for federal income tax purposes of
$619,549,621 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 642,042
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (7,983,407)
-----------
Net unrealized depreciation $(7,341,365)
===========
(b) Debt obligation with a variable interest rate. Rate shown is rate
at period end.
(c) Security issued with a zero coupon. Income is earned through
accretion of discount.
(d) Consists of Revenue Bonds unless otherwise indicated.
(e) Rate to be determined.
(f) Security is in default.
(g) Structured reinsurance investment. At February 29, 2016, the value
of these securities amounted to $6,806,356 or 1.1% of total net
assets. See Notes To Financial Statements -- Note 1H.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended February 29, 2016 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government $35,995,005 $ 38,466,306
Other Long-Term Securities $73,426,833 $101,597,426
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.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 73
Schedule of Investments | 2/29/16 (unaudited) (continued)
The following is a summary of the inputs used as of February 29, 2016, in
valuing the Fund's investments:
-------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------
Asset Backed Securities $-- $ 87,376,504 $ -- $ 87,376,504
Collateralized Mortgage Obligations -- 191,473,230 -- 191,473,230
Corporate Bonds
Insurance
Reinsurance 30,005,120 6,806,356 36,811,476
All Other Corporate Bonds -- 162,746,175 -- 162,746,175
U.S. Government Agency Obligations -- 84,123,706 -- 84,123,706
Municipal Bonds -- 984,120 -- 984,120
Senior Floating Rate Loan Interests -- 41,943,081 -- 41,943,081
Repurchase Agreements -- 6,000,000 -- 6,000,000
Commercial paper -- 749,964 -- 749,964
-------------------------------------------------------------------------------------------------
Total $-- $605,401,900 $6,806,356 $612,208,256
=================================================================================================
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
--------------------------------------------------------------------------------
Corporate
Bonds
--------------------------------------------------------------------------------
Balance as of 8/31/15 $ 9,007,392
Realized gain (loss)(1) 2,668
Change in unrealized appreciation (depreciation)(2) (862,183)
Purchases 4,251,875
Sales (5,593,396)
Transfers in to Level 3* --
Transfers out of Level 3* --
--------------------------------------------------------------------------------
Balance as of 2/29/16 $ 6,806,356
================================================================================
(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 appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended February 29, 2016, there were no transfers between Levels 1, 2
and 3.
Net change in unrealized appreciation (depreciation) of investments still held
as of 2/29/16 $(543,599)
---------
The accompanying notes are an integral part of these financial statements.
74 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
Statement of Assets and Liabilities | 2/29/16 (unaudited)
ASSETS:
Investment in securities (cost $618,290,055) $612,208,256
Cash 3,461,492
Receivables --
Investment securities sold 1,916,780
Fund shares sold 1,258,940
Interest 1,860,945
Prepaid expenses 67,267
------------------------------------------------------------------------------
Total assets $620,773,680
==============================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 7,289,386
Fund shares repurchased 1,991,551
Distributions 136,509
Trustee fees 3,930
Due to affiliates 123,632
Accrued expenses 177,439
------------------------------------------------------------------------------
Total liabilities $ 9,722,447
==============================================================================
NET ASSETS:
Paid-in capital $630,774,858
Distributions in excess of net investment income (1,507,783)
Accumulated net realized loss on investments (12,134,043)
Net unrealized depreciation on investments (6,081,799)
------------------------------------------------------------------------------
Total net assets $611,051,233
==============================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $215,033,666/22,669,427 shares) $ 9.49
Class C (based on $105,344,279/11,127,346 shares) $ 9.47
Class C2 (based on $3,532,000/372,882 shares) $ 9.47
Class K (based on $16,604,373/1,748,975 shares) $ 9.49
Class Y (based on $270,536,915/28,587,336 shares) $ 9.46
MAXIMUM OFFERING PRICE:
Class A ($9.49 (divided by) 97.5%) $ 9.73
==============================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 75
Statement of Operations (unaudited)
For the Six Months Ended 2/29/16
INVESTMENT INCOME:
Dividend $ 30,208
Interest 6,143,894
---------------------------------------------------------------------------------------------------
Total investment income $ 6,174,102
---------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $1,032,302
Transfer agent fees and expenses
Class A 14,087
Class C 5,488
Class C2 26
Class Y 1,823
Distribution fees
Class A 205,433
Class C 256,117
Class C2 7,921
Shareholder communications expense 233,420
Administrative expense 101,579
Custodian fees 50,123
Registration fees 52,624
Professional fees 38,197
Printing expense 11,870
Fees and expenses of nonaffiliated Trustees 11,374
Pricing expense 91,045
Miscellaneous 13,257
---------------------------------------------------------------------------------------------------
Total expenses $ 2,126,686
---------------------------------------------------------------------------------------------------
Net investment income $ 4,047,416
---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investments $ (528,703)
---------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments $(3,617,559)
---------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments and
foreign currency transactions $(4,146,262)
---------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (98,846)
===================================================================================================
The accompanying notes are an integral part of these financial statements.
76 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------
Six Months
Ended
2/29/16 Year Ended
(unaudited) 8/31/15
-------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 4,047,416 $ 8,057,934
Net realized gain (loss) on investments (528,703) (26,369)
Change in net unrealized appreciation (depreciation)
on investments (3,617,559) (2,942,967)
-------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ (98,846) $ 5,088,598
-------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.08 and $0.16 per share, respectively) $ (1,740,796) $ (3,857,225)
Class B ($0.00 and $0.01 per share, respectively)* -- (556)
Class C ($0.07 and $0.14 per share, respectively) (751,354) (1,385,207)
Class C2 ($0.07 and $0.14 per share, respectively) (23,497) (43,711)
Class K ($0.10 and $0.15 per share, respectively) (129,161) (232,930)
Class Y ($0.09 and $0.18 per share, respectively) (2,541,248) (6,537,851)
-------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (5,186,056) $ (12,057,480)
=================================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 184,425,395 $ 419,733,984
Reinvestment of distributions 4,306,917 8,915,925
Cost of shares repurchased (169,806,016) (555,988,307)
-------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ 18,926,296 $ (127,338,398)
-------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 13,641,394 $ (134,307,280)
NET ASSETS:
Beginning of period $ 597,409,839 $ 731,717,119
-------------------------------------------------------------------------------------------------
End of period $ 611,051,233 $ 597,409,839
-------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (1,507,783) $ (369,143)
=================================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 77
Statements of Changes in Net Assets (continued)
--------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
2/29/16 2/29/16 Year Ended Year Ended
Shares Amount 8/31/15 8/31/15
(unaudited) (unaudited) Shares Amount
--------------------------------------------------------------------------------------------------
Class A
Shares sold 4,095,811 $ 38,965,450 11,066,821 $ 106,653,121
Reinvestment of distributions 161,711 1,541,427 351,820 3,381,366
Less shares repurchased (3,051,345) (29,116,158) (13,856,286) (133,254,258)
--------------------------------------------------------------------------------------------------
Net increase (decrease) 1,206,177 $ 11,390,719 (2,437,645) $ (23,219,771)
==================================================================================================
Class B*
Shares sold or exchanged -- $ -- 21,021 $ 202,928
Reinvestment of distributions -- -- 49 470
Less shares repurchased -- -- (101,871) (982,225)
--------------------------------------------------------------------------------------------------
Net decrease -- $ -- (80,801) $ (778,827)
==================================================================================================
Class C
Shares sold 3,968,821 $ 37,776,377 7,678,685 $ 73,790,849
Reinvestment of distributions 76,104 723,807 137,191 1,316,403
Less shares repurchased (3,235,270) (30,803,014) (7,176,391) (68,890,820)
--------------------------------------------------------------------------------------------------
Net increase 809,655 $ 7,697,170 639,485 $ 6,216,432
==================================================================================================
Class C2
Shares sold 112,463 $ 1,070,167 159,743 $ 1,536,902
Reinvestment of distributions 964 9,175 2,323 22,293
Less shares repurchased (55,879) (532,417) (150,877) (1,448,428)
--------------------------------------------------------------------------------------------------
Net increase 57,548 $ 546,925 11,189 $ 110,767
==================================================================================================
Class K**
Shares sold 1,776,384 $ 16,995,947 4,108,205 $ 39,491,240
Reinvestment of distributions -- -- -- --
Less shares repurchased (262,329) (2,500,000) (3,873,285) (37,171,306)
--------------------------------------------------------------------------------------------------
Net increase 1,514,055 $ 14,495,947 234,920 $ 2,319,934
==================================================================================================
Class Y
Shares sold 9,429,250 $ 89,617,454 20,606,071 $ 198,058,944
Reinvestment of distributions 213,724 2,032,508 437,435 4,195,393
Less shares repurchased (11,216,359) (106,854,427) (32,749,866) (314,241,270)
--------------------------------------------------------------------------------------------------
Net decrease (1,573,385) $ (15,204,465) (11,706,360) $ (111,986,933)
==================================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
** Class K shares commenced operations on December 1, 2014.
The accompanying notes are an integral part of these financial statements.
78 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
Financial Highlights
--------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/29/16 Ended Ended Ended Ended Ended
(unaudited) 8/31/15 8/31/14 8/31/13 8/31/12 8/31/11
--------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.57 $ 9.66 $ 9.66 $ 9.72 $ 9.64 $ 9.75
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.06(a) $ 0.10 $ 0.13 $ 0.21 $ 0.28 $ 0.23
Net realized and unrealized gain (loss) on investments (0.06) (0.03) 0.02 (0.04) 0.10 (0.07)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ -- $ 0.07 $ 0.15 $ 0.17 $ 0.38 $ 0.16
--------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.08) $ (0.16) $ (0.15) $ (0.23) $ (0.30) $ (0.27)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ (0.09) $ -- $ (0.06) $ 0.08 $ (0.11)
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.49 $ 9.57 $ 9.66 $ 9.66 $ 9.72 $ 9.64
================================================================================================================================
Total return* 0.00% 0.74% 1.58% 1.71% 4.00% 1.69%
Ratio of total expenses to average net assets 0.76%** 0.82% 0.79% 0.88% 0.90% 0.90%
Ratio of net investment income (loss) to average net assets 1.33%** 1.12% 1.34% 1.95% 2.94% 2.48%
Portfolio turnover rate 37%** 48% 41% 28% 43% 54%
Net assets, end of period (in thousands) $ 215,034 $205,451 $ 230,938 $169,587 $55,212 $114,080
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.76%** 0.82% 0.79% 0.98% 1.30% 0.99%
Net investment income (loss) to average net assets 1.33%** 1.12% 1.34% 1.85% 2.54% 2.39%
================================================================================================================================
* 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.
** Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 79
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/29/16 Ended Ended Ended Ended Ended
(unaudited) 8/31/15 8/31/14 8/31/13 8/31/12 8/31/11
---------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.55 $ 9.65 $ 9.65 $ 9.70 $ 9.62 $ 9.73
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.05(a) $ 0.08 $ 0.11 $ 0.15 $ 0.20 $ 0.16
Net realized and unrealized gain (loss) on investments (0.06) (0.04) 0.02 (0.04) 0.10 (0.07)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.01) $ 0.04 $ 0.13 $ 0.11 $ 0.30 $ 0.09
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.07) $ (0.14) $ (0.13) $ (0.16) $ (0.22) $ (0.20)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ (0.10) $ -- $ (0.05) $ 0.08 $ (0.11)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.47 $ 9.55 $ 9.65 $ 9.65 $ 9.70 $ 9.62
===========================================================================================================================
Total return* (0.12)% 0.40% 1.31% 1.09% 3.18% 0.93%
Ratio of total expenses to average net assets 1.03%** 1.06% 1.06% 1.53% 1.71% 1.67%
Ratio of net investment income (loss) to average net assets 1.07%** 0.87% 1.07% 1.39% 2.08% 1.61%
Portfolio turnover rate 37%** 48% 41% 28% 43% 54%
Net assets, end of period (in thousands) $105,344 $98,585 $ 93,355 $52,072 $24,830 $23,464
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.03%** 1.06% 1.06% 1.54% 1.71% 1.67%
Net investment income (loss) to average net assets 1.07%** 0.87% 1.07% 1.38% 2.08% 1.61%
===========================================================================================================================
* 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.
** Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
80 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
----------------------------------------------------------------------------------------------------------------
Six Months
Ended
2/29/16 Year Ended Year Ended 8/1/13
(unaudited) 8/31/15 8/31/14 to 8/31/13
----------------------------------------------------------------------------------------------------------------
Class C2
Net asset value, beginning of period $ 9.56 $ 9.65 $ 9.65 $ 9.65
----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.05(a) $ 0.08 $ 0.13 $ 0.02
Net realized and unrealized gain (loss) on investments (0.07) (0.03) 0.00(b) (0.01)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.02) $ 0.05 $ 0.13 $ 0.01
----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.07) $ (0.14) $ (0.13) $ (0.01)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.09) $ (0.09) $ -- $ --
----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.47 $ 9.56 $ 9.65 $ 9.65
================================================================================================================
Total return* (0.21)% 0.51% 1.37% 0.15%
Ratio of total expenses to average net assets 0.99%** 1.04% 1.05% 1.01%**
Ratio of net investment income (loss) to average net assets 1.11%** 0.90% 1.13% 2.07%**
Portfolio turnover rate 37%** 48% 41% 28%**
Net assets, end of period (in thousands) $ 3,532 $ 3,014 $ 2,934 $ 26
================================================================================================================
* 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.
** Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 per share.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 81
Financial Highlights (continued)
---------------------------------------------------------------------------------------------
Six Months
Ended
2/29/16 12/1/14 to
(unaudited) 8/31/15
---------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.58 $ 9.65
---------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.08(a) $ (0.18)
Net realized and unrealized gain (loss) on investments (0.07) 0.26
---------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.01 $ 0.08
---------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.10) $ (0.15)
---------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.09) $ (0.07)
---------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.49 $ 9.58
=============================================================================================
Total return* 0.06% 0.84%***
Ratio of total expenses to average net assets 0.49%** 0.50%**
Ratio of net investment income (loss) to average
net assets 1.69%** 1.26%**
Portfolio turnover rate 37%** 48%
Net assets, end of period (in thousands) $16,604 $ 2,251
=============================================================================================
* 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.
** Annualized.
*** Not annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
82 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/29/16 Ended Ended Ended Ended Ended
(unaudited) 8/31/15 8/31/14 8/31/13 8/31/12 8/31/11
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.55 $ 9.64 $ 9.64 $ 9.70 $ 9.63 $ 9.74
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.07(a) $ 0.11 $ 0.16 $ 0.24 $ 0.31 $ 0.27
Net realized and unrealized gain (loss) on investments (0.07) (0.02) 0.02 (0.04) 0.09 (0.07)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ -- $ 0.09 $ 0.18 $ 0.20 $ 0.40 $ 0.20
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.09) $ (0.18) $ (0.18) $ (0.26) $ (0.33) $ (0.31)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.09) $ (0.09) $ -- $ (0.06) $ 0.07 $ (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.46 $ 9.55 $ 9.64 $ 9.64 $ 9.70 $ 9.63
====================================================================================================================================
Total return* 0.01% 0.97% 1.84% 2.03% 4.24% 2.06%
Ratio of total expenses to average net assets 0.58%** 0.60% 0.57% 0.59% 0.61% 0.54%
Ratio of net investment income (loss) to average net assets 1.51%** 1.33% 1.57% 2.34% 3.18% 2.78%
Portfolio turnover rate 37%** 48% 41% 28% 43% 54%
Net assets, end of period (in thousands) $ 270,537 $288,108 $ 403,710 $264,018 $132,645 $119,377
====================================================================================================================================
* 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.
** Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 83
Notes to Financial Statements | 2/29/16 (unaudited)
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 five classes of shares designated as Class A, Class C, Class C2,
Class K and Class Y shares. Class K shares commenced operations on December 1,
2014. Class B shares were converted to Class A shares as of the close of
business on November 10, 2014. 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 of Trustees 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.
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.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
84 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Valuations may be supplemented by dealers and other sources, as
required. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service.
Loan interests 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, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the price
information is deemed to be unreliable, price information will be obtained
from an alternative loan interest pricing service. If no reliable price
quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other
insurance-linked securities (including sidecars, collateralized reinsurance
and industry loss warranties) may be valued at the bid price obtained from
an independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods or
techniques to provide an estimated value of the instrument.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Repurchase
agreements are valued at par. Cash may include overnight time deposits at
approved financial institutions.
Securities or loan interests 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 by a
fair valuation team comprised of certain personnel of Pioneer Investment
Management, Inc. (PIM), the Fund's investment adviser, pursuant to
procedures adopted by the Fund's Board of Trustees. PIM's fair valuation
team uses fair value methods approved by the Valuation Committee of the
Board of Trustees. PIM's fair valuation team is responsible for monitoring
developments that may impact fair valued securities and for discussing and
assessing fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 85
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The 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 significantly from exchange prices and
such differences could be material.
At February 29, 2016, there were no securities valued using fair value
methods (other than securities valued using prices supplied by independent
pricing services, broker-dealers or using a third party insurance industry
pricing model).
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
Dividend income is recorded on the ex-dividend date except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income, including
interest on income-bearing cash accounts, is recorded on the accrual basis.
Dividend and interest income are reported net of unrecoverable foreign
taxes withheld at the applicable country rates.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
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.
86 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
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 the market prices of those securities, but are
included with the net realized and unrealized gain or loss on investments.
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required. As of August 31, 2015, the Fund did not accrue any interest or
penalties related to uncertain tax positions, which, if applicable, would
be recorded as an income tax expense in the Statement of Operations. Tax
filed within the prior three years remain subject to examination by federal
and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences. At
August 31, 2015, the Fund reclassified $2,520,831 to decrease paid in
capital, $3,701,743 to decrease Distributions in excess of net investment
income, and $1,180,912 to increase accumulated net realized loss on
investments and foreign currency transactions to reflect permanent book/tax
differences. These adjustments have no impact on net assets or the results
of operations.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended August 31, 2015 was as follows:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $12,057,480
---------------------------------------------------------------------------
Total $12,057,480
===========================================================================
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 87
The following shows the components of distributable earnings (losses) on a
federal income tax basis at August 31, 2015:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 354,273
Capital loss carryforward (10,951,387)
Current year dividend payable (117,803)
Unrealized depreciation (3,723,806)
---------------------------------------------------------------------------
Total $(14,438,723)
===========================================================================
The difference between book-basis and tax-basis net unrealized depreciation
is attributable to the tax deferral on wash sales, adjustments relating to
catastrophe bonds and reinsurance sidecars, the tax treatment of premium
and amortization and the market to market of forward and futures 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 $6,530 in underwriting commissions on the sale of Class
A shares during the six months ended February 29, 2016.
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 C, Class C2, and Class K shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees paid to the Fund's transfer agent 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 C, Class C2, Class K and
Class Y shares can reflect different transfer agent and distribution
expense rates.
88 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
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.
H. Insurance-linked securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event, as defined within the terms of
an event-linked bond occurs, the Fund may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
Fund is entitled to receive principal and interest payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, event-linked bonds
may expose the Fund to other risks, including but not limited to issuer
(credit) default, adverse regulatory or jurisdictional interpretations and
adverse tax consequences.
The Fund's investments in ILS may include special purpose vehicles ("SPVs")
or similar instruments structured to comprise a portion of a reinsurer's
catastrophe-oriented business, known as quota share instruments (sometimes
referred to as reinsurance sidecars), or to provide reinsurance relating to
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments, which also may include industry loss warranties
("ILWs"), are subject to the same risks as event-linked bonds. In addition,
because quota share instruments represent an interest in a basket of
underlying reinsurance contracts, the Fund has limited transparency into
the individual underlying contracts and therefore must rely upon the risk
assessment and sound underwriting practices of the issuer. Accordingly, it
may be more difficult for PIM to fully evaluate the underlying risk profile
of the Fund's investment in quota share instruments and therefore place the
Fund's assets at greater risk of loss than if PIM had more complete
information. Quota share instruments and other structured reinsurance
instruments generally will be considered
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 89
illiquid securities by the Fund. These securities may be difficult to
purchase, sell or unwind. Illiquid securities also may be difficult to
value. If the Fund is forced to sell an illiquid asset, the Fund may be
forced to sell at a loss.
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the 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, PIM is responsible for determining
that the value of the collateral remains at least equal to the repurchase
price. In the event of a default by the counterparty, the Fund is entitled
to sell the securities, but the Fund may not be able to sell them for the
price at which they were purchased, thus causing a loss to the Fund.
Additionally, if the counterparty becomes insolvent, there is some risk
that the Fund will not have a right to the securities, or the immediate
right to sell the securities.
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 0.35% of
the Fund's average daily net assets up to $1 billion and 0.30% on assets over $1
billion. For the six months ended February 29, 2016, the effective management
fee (excluding waivers and/or assumption of expenses) was equivalent to 0.35% of
the Fund's average daily net assets.
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. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$24,251 in management fees, administrative costs and certain other
reimbursements payable to PIM at February 29, 2016.
3. Transfer Agent
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc. (PIMSS), a wholly owned indirect subsidiary of UniCredit, provided
substantially all transfer agent and shareowner services to the Fund at
negotiated rates.
90 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
Effective November 2, 2015, Boston Financial Data Services serves as the
transfer agent to the Fund at negotiated rates.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings, outgoing phone calls and omnibus
relationship contracts. For the six months ended February 29, 2016, such out-
of-pocket expenses by class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 74,866
Class C 22,875
Class C2 237
Class K 23
Class Y 135,419
--------------------------------------------------------------------------------
Total $233,420
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $88,734 in transfer agent fees and out-of-pocket reimbursements
payable to the transfer agent at February 29, 2016.
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 and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.20% 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. Further pursuant to the Plan, the Fund also pays PFD 0.50% of the
average daily net assets attributable to Class C and Class C2 shares. The fee
for Class C and Class C2 shares consists of a 0.25% service fee and a 0.25%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class C and Class
C2 shares. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities is $10,647 in distribution fees payable to PFD at February 29,
2016.
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. Redemptions of Class C and Class C2 shares within
12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost
or market value of shares being redeemed. There is no CDSC for Class C shares.
Shares purchased as part of an exchange remain subject to any CDSC that applied
to the original purchase of those shares. There is no
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 91
CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the six
months ended February 29, 2016, CDSCs in the amount of $7,001 were paid to PFD.
ADDITIONAL INFORMATION
PIM, the Fund's investment adviser, is currently an indirect, wholly owned
subsidiary of UniCredit. On November 11, 2015, UniCredit announced that it
signed a binding master agreement with Banco Santander and affiliates of Warburg
Pincus and General Atlantic (the "Private Equity Firms") with respect to Pioneer
Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as previously announced by UniCredit, will establish a holding
company, with the name Pioneer Investments, to be owned by UniCredit (50%) and
the Private Equity Firms (50% between them). The holding company will control
Pioneer's U.S. operations, including the Adviser. The holding company also will
own 66.7% of Pioneer's and SAM's combined operations outside the U.S., while
Banco Santander will own directly the remaining 33.3% stake. The closing of the
Transaction is expected to happen in 2016, subject to certain regulatory and
other approvals.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's current investment advisory agreement with PIM to terminate.
Accordingly, the Fund's Board of Trustees will be asked to approve a new
investment advisory agreement. If approved by the Board, the Fund's new
investment advisory agreement will be submitted to the shareholders of the Fund
for their approval.
92 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Short Term Income Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in January 2015 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
Contract review materials were provided to the Trustees in March 2015 and July
2015. Supplemental contract review materials were provided to the Trustees in
September 2015. In addition, the Trustees reviewed and discussed the Fund's
performance at regularly scheduled meetings throughout the year, and took into
account other information related to the Fund provided to the Trustees at
regularly scheduled meetings, in connection with the review of the Fund's
investment advisory agreement.
In March 2015, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment advisory agreement, and reviewed and
discussed the qualifications of the investment management teams, as well as the
level of investment by the Fund's portfolio managers in the Fund. In July 2015,
the Trustees, among other things, reviewed the Fund's management fee and total
expense ratios, the financial statements of PIM and its parent companies, the
profitability analyses provided by PIM, and possible economies of scale. The
Trustees also reviewed the profitability of the institutional business of PIM
and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with
PIM, "Pioneer"), as compared to that of PIM's fund management business, and
considered the differences between the fees and expenses of the Fund and the
fees and expenses of Pioneer's institutional accounts, as well as the different
services provided by PIM to the Fund and by Pioneer to the institutional
accounts. The Trustees further considered contract review materials in September
2015.
At a meeting held on September 15, 2015, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In approving the
renewal of the investment advisory agreement, the Trustees
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 93
considered various factors that they determined were relevant, including the
factors described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees also reviewed PIM's investment approach
for the Fund and its research process. The Trustees considered the resources of
PIM and the personnel of PIM who provide investment management services to the
Fund. They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in PIM's services to the Fund, including PIM's
compliance and legal resources and personnel. The Trustees noted the substantial
attention and high priority given by PIM's senior management to the Pioneer fund
complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and discuss
throughout the year data prepared by PIM and information comparing the Fund's
performance with the performance of its peer group of funds as classified by
each of Morningstar, Inc. (Morningstar) and Lipper, and with the performance of
the Fund's benchmark index. They also discuss the Fund's performance with PIM on
a regular basis. The Trustees' regular reviews and discussions were factored
into the Trustees' deliberations concerning the renewal of the advisory
agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a
94 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
peer group of funds selected on the basis of criteria determined by the
Independent Trustees for this purpose using data provided by Strategic Insight
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party. In all quintile rankings referred to below, first quintile is most
favorable to the Fund's shareowners.
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the first quintile relative to the management fees paid by
other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rate above a certain asset level. The Trustees considered that the
expense ratio of the Fund's Class A shares for the most recent fiscal year was
in the third quintile relative to its Morningstar peer group and in the third
quintile relative to its Strategic Insight peer group, in each case for the
comparable period. The Trustees considered that the expense ratio of the Fund's
Class Y shares for the most recent fiscal year was in the third quintile
relative to its Morningstar peer group and in the fourth quintile relative its
Strategic Insight peer group, in each case for the comparable period. The
Trustees considered that the expense ratio of the Fund's Class Y shares was
approximately seven basis points higher than the median expense ratio paid by
other funds in its Strategic Insight peer group. The Trustees considered the
impact of transfer agency, sub-transfer agency and other non-management fee
expenses on the expense ratios of the Fund, and noted the impact of expenses
relating to small accounts and omnibus accounts on transfer and sub-transfer
agency expenses generally. The Trustees noted that they separately review the
Fund's transfer agency, sub-transfer agency and intermediary arrangements.
The Trustees reviewed management fees charged by Pioneer to institutional and
other clients, including publicly offered European funds sponsored by affiliates
of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Fund and Pioneer's
costs in providing services to the other clients and considered the differences
in management fees and profit margins for Fund and non-Fund services. In
evaluating the fees associated with Pioneer's client accounts, the Trustees took
into account the respective demands, resources and complexity associated with
the Fund and client accounts. The Trustees noted that, in some instances, the
fee rates for those clients were lower than the management fee for the Fund and
considered that, under the investment advisory agreement with the Fund, PIM
performs additional services for the Fund that it does not provide to those
other clients or services that are broader in scope, including oversight of the
Fund's other service providers and activities related to compliance and the
extensive regulatory and tax regimes to
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 95
which the Fund is subject. The Trustees also considered the different
entrepreneurial risks associated with PIM's management of the Fund and
Pioneer's management of the other client accounts.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by PIM
to the Fund.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, and that, among other
factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Fund. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons including reductions in
expenses. The Trustees concluded that economies of scale, if any, were being
appropriately shared with the Funds.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business.
96 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
Pioneer is the principal U.S. asset management business of Pioneer Global Asset
Management, the worldwide asset management business of UniCredit Group, which
manages over $150 billion in assets (including the Funds). Pioneer and the Funds
receive reciprocal intangible benefits from the relationship, including mutual
brand recognition and, for the Funds, direct and indirect access to the
resources of a large global asset manager. The Trustees concluded that any such
benefits received by Pioneer as a result of its relationship with the Funds were
reasonable and their consideration of the advisory agreement between the Fund
and PIM and the fees thereunder were unaffected by Pioneer's possible receipt of
any such intangible benefits.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 97
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data 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.
* Ms. Monchak is a non-voting Advisory Trustee.
98 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
This page for your notes.
Pioneer Short Term Income Fund | Semiannual Report | 2/29/16 99
This page for your notes.
100 Pioneer Short Term Income Fund | Semiannual Report | 2/29/16
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:
--------------------------------------------------------------------------------
Pioneer Funds
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) 2016 Pioneer Investments 19127-10-0416
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 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(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.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving 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.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of 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 registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. 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 registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's 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 registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
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 registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the 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.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
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 Series Trust XII
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date April 27, 2016
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/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date April 27, 2016
By (Signature and Title)* /s/ Mark Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date April 27, 2016
* Print the name and title of each signing officer under his or her signature.