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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 31, 2015 through August 31, 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
--------------------------------------------------------------------------------
Annual Report | August 31, 2016
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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 77
Notes to Financial Statements 86
Report of Independent Registered Public Accounting Firm 97
Trustees, Officers and Service Providers 99
Pioneer Short Term Income Fund | Annual Report | 8/31/16 1
President's Letter
Dear Shareowner,
While investors were greeted with a challenging market environment for the first
several weeks of the new year, the U.S. market generated modest single-digit
returns for both stocks and bonds through September 30th (the Bloomberg Barclays
Aggregate Bond Index was up by 5.8% through 9/30/16, and the Standard & Poor's
500 Index was up by 7.8%). Yet, it is becoming increasingly clear that the
investment landscape is undergoing significant change. For the past eight years,
global central banks have been the dominant force in the markets by maintaining
short-term interest rates at close to zero in an effort to stimulate economic
growth. With little room to lower rates further, however, central banks may be
losing their effectiveness. Many economies around the world are experiencing
slow growth as they face a variety of challenges, including the shifting
geopolitics driving "Brexit" - the United Kingdom's pending exit from the
European Union - as well as related movements in Europe, limited productivity
gains, aging populations, and transitioning economic models in China and other
emerging markets. In the United States, gross domestic product grew at a rate of
approximately 1.2% in the first half of 2016, although there are signs of
stronger growth ahead, driven primarily by U.S. consumers.
Investors currently face a difficult environment. Government bond yields outside
the U.S. are near zero and offer minimal opportunity to produce income. The
central bank-driven bull market in riskier assets has pushed up valuations
towards historic highs in the equity and investment-grade and high-yield
corporate bond markets. Central banks have pledged to move gradually to
normalize interest-rate policies as the global economy recovers, but it will
take many years for this historic credit cycle to unwind. Politics may also
influence markets or investor sentiment given the current global political
landscape, with the U.S. elections in November, continued challenges with
Brexit, and the December 2016 referendum on the Italian political system. These
factors may make it even more challenging for investors to achieve returns
similar to those experienced during periods of perceived market stability or
economic growth. Against this backdrop, investors are likely to face challenges
when it comes to finding opportunities for both income and capital appreciation,
and while much has been made of passive investing, we believe all investment
decisions are active choices.
Throughout Pioneer's history, we have believed in the importance of active
management. During challenging market conditions, we view the value of active
management as even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using
2 Pioneer Short Term Income Fund | Annual Report | 8/31/16
proprietary research, careful risk management, and a long-term perspective. 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.
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.
August 31, 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. Past performance is no
guarantee of future results.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 3
Portfolio Management Discussion | 8/31/16
In the following interview, portfolio managers Charles Melchreit and Seth Roman
discuss the factors that influenced Pioneer Short Term Income Fund's performance
for the 12-month period ended February August 31, 2016. Mr. Melchreit, Director
of Investment Grade, a senior vice president, and a portfolio manager at
Pioneer, and Mr. Roman, a vice president and portfolio manager at Pioneer, are
responsible for the day-today management of the Fund*.
Q How did the Fund perform during the 12-month period ended August 31, 2016?
A Pioneer Short Term Income Fund's Class A shares returned 1.50% at net asset
value during the 12-month period ended August 31, 2016, while the Fund's
benchmark, the Bloomberg Barclays One- to Three-Year Government/Credit
Index (the Bloomberg Barclays Index), also returned 1.50%. During the same
period, the average return of the 321 mutual funds in Lipper's Short
Investment-Grade Debt Funds category was 1.74%, and the average return of
the 584 mutual funds in Morningstar's Short-Term Bond Funds category was
1.85%.
Q How would you describe the market environment for fixed-income investors
over the 12-month period ended August 31, 2016?
A Entering the period, the implications of slowing economic growth in China
for the overall global economy were front and center in the minds of
investors in the wake of the Chinese government's August 2015 devaluation
of the yuan currency. The government's action raised fears of a global
currency war and were viewed as a red flag concerning China's ability to
rebalance its economy without being sidelined as a source of incremental
demand. At home, export-focused U.S. firms continued to feel the effects of
both weakened overseas demand and a strong U.S. dollar. Against that
backdrop, the U.S. Federal Reserve (the Fed) demurred with respect to the
initiation of a rate-hiking cycle at its fall 2015 meetings.
As the period progressed, there were increasing signs that U.S. economic
growth had become self-sustaining, most notably strong jobs reports and
even some long-awaited upward pressure on wages. As a result, the market
came to view a December 2015 increase in the Fed's benchmark short-term
* Note to shareholders: Effective March 18, 2016, Mr. Roman replaced Richard
Schlanger as a portfolio manager on Pioneer Short Term Income Fund, due to
Mr. Schlanger's retirement after 28 years with Pioneer Investments.
4 Pioneer Short Term Income Fund | Annual Report | 8/31/16
rate as likely. Ultimately, the Fed raised the benchmark Federal funds rate
by 25 basis points (0.25%) in December, a move investors took as a positive
sign with respect to domestic economic conditions.
However, the market's tenor would take a sharp turn for the worse entering
2016. Further declines in oil and other commodities prices raised alarm
over global economic growth, and led to increased credit sensitivity on the
part of investors. The result was a flight-to-safety trend that pushed down
yields substantially on all but the shortest-term U.S. Treasuries. Given
the increased uncertainty about the global economic growth outlook, the Fed
indicated that it would push back the timetable for further rate hikes,
after initially signaling its intent to raise rates as many as four times
in 2016.
Beginning around mid-February, so-called "risk" assets launched a rally,
supported by stabilizing oil prices, which have come to be viewed by many
as the leading proxy for the global demand outlook. The improvement in
market sentiment received a large boost from the actions of central banks,
including indications that the People's Bank of China was easing credit
availability in an effort to maintain reasonable economic growth in that
country, and the initiation of an expanded asset purchase program on the
part of the European Central Bank. The surprise result of the late-June
referendum in the United Kingdom in favor of the country's leaving the
European Union briefly revived the flight-to-safety trade, but
credit-sensitive sectors recovered their losses within a matter of days.
Over the full 12-month period ended August 31, 2016, the yield curve
flattened as longer-term interest rates declined. To illustrate, the
two-year Treasury yield rose by 0.06% over the 12 months, from 0.74% to
0.80%, while the five-year yield declined by 0.36%, from 1.55% to 1.19%,
and the 10-year yield declined by 0.64%, from 2.22% to 1.58%. Performance
in the credit-sensitive sectors of the market relative to Treasuries was
generally positive for the 12-month period.
Q Can you review the Fund's principal investment strategies and their effects
on benchmark-relative performance during the 12-month period ended August
31, 2016?
A In broad terms, the Fund's significant underweighting of U.S. Treasuries
compared with the Bloomberg Barclays Index contributed positively to
benchmark-relative performance, as credit sectors outperformed Treasuries
Pioneer Short Term Income Fund | Annual Report | 8/31/16 5
over the full 12 months. Other positive contributors to benchmark-relative
returns came from the Fund's exposure to a number of sectors not included
in the Bloomberg Barclays Index. These included so-called "catastrophe
(CAT) bonds," which are used by insurers to spread the risk of having to
pay out claims on a major disaster, such as a flood or an earthquake.
Investors were attracted to the yields and lack of correlation to
traditional credit risk associated with CAT bonds. In addition, the
12-month period saw little in the way of natural disasters and associated
payouts by insurers. Non-benchmark holdings in the portfolio of
floating-rate commercial mortgage-backed securities also added to relative
performance, as did the Fund's allocation to asset-backed securities such
as those backed by home equity loans, auto loans, and credit card
receivables. The asset-backed (ABS) segment of the market held up well
early in the period relative to most other credit-oriented sectors, as ABS
fundamentals have benefited from recent improvements in consumer balance
sheets. Finally, the Fund's allocations to floating-rate bank loans
outperformed the benchmark.
The leading detractor from the Fund's benchmark-relative returns during the
12-month period was duration positioning. (Duration is a measure of the
sensitivity of the price, or the value of principal, of a fixed-income
investment to a change in interest rates, expressed as a number of years.)
The portfolio's duration positioning was conservative during the 12-month
period, in light of the outlook for the Fed to raise its benchmark Federal
funds rate over the short-to-medium term. In keeping the Fund's duration
short relative to the Bloomberg Barclays Index, we accepted the loss of
some income generation in exchange for improved price stability should
interest rates rise. Unfortunately, concerns over global economic growth
suppressed interest-rate levels during the 12 months and pushed out
expectations regarding future Fed rate hikes.
Over the period, we reduced the Fund's overall credit sensitivity at the
margins as spreads tightened and valuations became less attractive in
credit-sensitive sectors. (Credit spreads are commonly defined as the
differences in yield between Treasuries and other types of fixed-income
securities with similar maturities.) This entailed modest trimming of the
6 Pioneer Short Term Income Fund | Annual Report | 8/31/16
portfolio's exposures to non-agency mortgage-backed securities, commercial
mortgage-backed securities, CAT bonds, and bank loans, along with a
corresponding increase in the Fund's 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 12-month period ended
August 31, 2016?
A As described earlier, our decision to focus on securities with shorter
maturities in order to minimize exposure to any future increase in interest
rates acted as a constraint on the Fund's income generation during the
period. Conversely, yields on many floating-rate securities held in the
Fund reset higher during the period in the wake of the Fed's December 2015
rate hike.
Q What role did derivatives play in the Fund's investment process and
results?
A The Fund used futures contracts to manage overall portfolio duration. The
use of derivatives did not have a material impact on performance.
Q What is your assessment of the current climate for fixed income investing?
A We continue to view the U.S. economic backdrop of moderate growth as
supportive of credit market fundamentals. Consumers have been largely
successful in deleveraging, and now are receiving support from higher home
valuations, lower energy costs, and improved employment growth. Moreover,
state and local governments have gradually been returning to more
historically normal levels of hiring. That said, the U.S. economic recovery
has been ongoing for more than seven years, and it would seem likely that
we are relatively late in the credit cycle. In addition, valuations in the
spread sectors have become less attractive given the excess returns
(compared with Treasuries) they have already experienced. On balance, we
remain constructive on our outlook for the spread sectors, but we continue
to strive to avoid adding risk to the Fund's portfolio without receiving
adequate compensation.
The Fund's overall duration at the end of the 12-month period was 1.07
years, as compared to 1.92 years for the Bloomberg Barclays Index. We
remain comfortable with maintaining an overall portfolio duration and
Pioneer Short Term Income Fund | Annual Report | 8/31/16 7
interest-rate sensitivity that is below that of the benchmark. While the
Fed has been in "wait and see" mode with respect to further rate increases,
the short-term LIBOR benchmark commonly referenced by floating-rate issuers
has already bumped upwards in anticipation of the Fed's ultimate resumption
of its rate-hiking cycle. Also driving the increases in LIBOR rates is
reduced demand from prime money market fund managers, who have been adding
liquidity in the form of very short-term government issues in preparation
for new pricing and redemption policy guidelines that take effect in
October. We continue to allocate a significant portion of the Fund's assets
to floating-rate securities.
We will continue to monitor macroeconomic factors with the potential to
affect the markets, while remaining principally focused on adding value to
the Fund at the level of individual security selection. As always, we will
seek to provide a high level of current income for shareholders, while
limiting the impact of interest-rate changes on the Fund's share price.
Please refer to the Schedule of Investments on pages 19-76 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.
8 Pioneer Short Term Income Fund | Annual Report | 8/31/16
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.
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 | Annual Report | 8/31/16 9
Portfolio Summary | 8/31/16
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 31.0%
U.S. Corporate Bonds 26.7%
Asset Backed Securities 13.5%
U.S. Government Securities 9.9%
International Corporate Bonds 9.7%
Senior Secured Loans 6.5%
Municipal Bonds 1.8%
Temporary Cash Investments 0.9%
* Includes investments in insurance-linked securities totaling 6.3% of total
investment portfolio.
10 Largest Holdings**
--------------------------------------------------------------------------------
1. U.S. Treasury Notes, 0.625%, 6/30/17 2.18%
------------------------------------------------------------------------------------------
2. U.S. Treasury Notes, 2.25%, 11/30/17 1.02
------------------------------------------------------------------------------------------
3. U.S. Treasury Notes, 1.0%, 3/31/17 0.70
------------------------------------------------------------------------------------------
4. U.S. Treasury Notes, 0.875%, 1/15/18 0.70
------------------------------------------------------------------------------------------
5. Harris County Health Facilities Development Corp., Floating Rate Note, 12/1/41 0.50
------------------------------------------------------------------------------------------
6. Mississippi Business Finance Corp., Floating Rate Note, 12/1/30 0.50
------------------------------------------------------------------------------------------
7. Verizon Communications, Inc., Floating Rate Note, 9/15/16 0.44
------------------------------------------------------------------------------------------
8. Mississippi Business Finance Corp., Floating Rate Note, 11/1/35 0.42
------------------------------------------------------------------------------------------
9. Fannie Mae, 3.0%, 6/25/22 0.36
------------------------------------------------------------------------------------------
10. U.S. Treasury Notes, 0.625%, 11/30/17 0.36
------------------------------------------------------------------------------------------
** 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 | Annual Report | 8/31/16
Prices and Distributions | 8/31/16
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 8/31/16 8/31/15
--------------------------------------------------------------------------------
A $9.56 $9.57
--------------------------------------------------------------------------------
C $9.54 $9.55
--------------------------------------------------------------------------------
C2 $9.55 $9.56
--------------------------------------------------------------------------------
K $9.57 $9.58
--------------------------------------------------------------------------------
Y $9.54 $9.55
--------------------------------------------------------------------------------
Distributions per Share: 9/1/15-8/31/16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1524 $-- $--
--------------------------------------------------------------------------------
C $0.1287 $-- $--
--------------------------------------------------------------------------------
C2 $0.1309 $-- $--
--------------------------------------------------------------------------------
K $0.1815 $-- $--
--------------------------------------------------------------------------------
Y $0.1716 $-- $--
--------------------------------------------------------------------------------
The Bloomberg 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 | Annual Report | 8/31/16 11
Performance Update | 8/31/16 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 Bloomberg
Barclays One- to Three-Year Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net Public One- to
Asset Offering Three-Year
Value Price Government/
Period (NAV) (POP) Credit Index
--------------------------------------------------------------------------------
10 Years 2.90% 2.64% 2.63%
5 Years 1.90 1.38 0.99
1 Year 1.50 -1.08 1.50
--------------------------------------------------------------------------------
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 Term Bloomberg Barclays One- to Three-Year
Income Fund Government/Credit Index
8/06 $ 9,750 $10,000
8/07 $10,206 $10,542
8/08 $10,428 $11,158
8/09 $10,835 $11,735
8/10 $11,614 $12,134
8/11 $11,810 $12,344
8/12 $12,282 $12,475
8/13 $12,492 $12,531
8/14 $12,690 $12,672
8/15 $12,784 $12,774
8/16 $12,976 $12,966
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 | Annual Report | 8/31/16
Performance Update | 8/31/16 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 Bloomberg Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
Bloomberg
Barclays
One- to
Three-Year
If If Government/
Period Held Redeemed Credit Index
--------------------------------------------------------------------------------
10 Years 2.25% 2.25% 2.63%
5 Years 1.44 1.44 0.99
1 Year 1.25 1.25 1.50
--------------------------------------------------------------------------------
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 Term Bloomberg Barclays One- to Three-Year
Income Fund Government/Credit Index
8/06 $10,000 $10,000
8/07 $10,379 $10,542
8/08 $10,509 $11,158
8/09 $10,839 $11,735
8/10 $11,524 $12,134
8/11 $11,631 $12,344
8/12 $12,001 $12,475
8/13 $12,132 $12,531
8/14 $12,291 $12,672
8/15 $12,340 $12,774
8/16 $12,495 $12,966
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 | Annual Report | 8/31/16 13
Performance Update | 8/31/16 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 Bloomberg Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
Bloomberg
Barclays
One- to
Three-Year
If If Government/
Period Held Redeemed Credit Index
--------------------------------------------------------------------------------
10 Years 2.27% 2.27% 2.63%
5 Years 1.48 1.48 0.99
1 Year 1.28 1.28 1.50
--------------------------------------------------------------------------------
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 Term Bloomberg Barclays One- to Three-Year
Income Fund Government/Credit Index
8/06 $10,000 $10,000
8/07 $10,379 $10,542
8/08 $10,509 $11,158
8/09 $10,839 $11,735
8/10 $11,524 $12,134
8/11 $11,631 $12,344
8/12 $12,001 $12,475
8/13 $12,132 $12,531
8/14 $12,299 $12,672
8/15 $12,362 $12,774
8/16 $12,520 $12,966
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 | Annual Report | 8/31/16
Performance Update | 8/31/16 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Bloomberg Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net One- to
Asset Three-Year
Value Government/
Period (NAV) Credit Index
--------------------------------------------------------------------------------
10 Years 2.97% 2.63%
5 Years 2.04 0.99
1 Year 1.81 1.50
--------------------------------------------------------------------------------
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 $5 Million Investment
Pioneer Short Term Bloomberg Barclays One- to Three-Year
Income Fund Government/Credit Index
8/06 $5,000,000 $5,000,000
8/07 $5,233,862 $5,270,918
8/08 $5,347,912 $5,579,204
8/09 $5,556,233 $5,867,561
8/10 $5,955,792 $6,066,805
8/11 $6,056,255 $6,172,161
8/12 $6,298,469 $6,237,504
8/13 $6,406,166 $6,265,477
8/14 $6,507,566 $6,335,801
8/15 $6,579,078 $6,387,129
8/16 $6,698,240 $6,482,782
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 | Annual Report | 8/31/16 15
Performance Update | 8/31/16 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 Bloomberg Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net One- to
Asset Three-Year
Value Government/
Period (NAV) Credit Index
--------------------------------------------------------------------------------
10 Years 3.19% 2.63%
5 Years 2.15 0.99
1 Year 1.71 1.50
--------------------------------------------------------------------------------
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 Term Bloomberg Barclays One- to Three-Year
Income Fund Government/Credit Index
8/06 $5,000,000 $5,000,000
8/07 $5,248,163 $5,270,918
8/08 $5,376,877 $5,579,204
8/09 $5,598,053 $5,867,561
8/10 $6,025,785 $6,066,805
8/11 $6,150,310 $6,172,161
8/12 $6,411,300 $6,237,504
8/13 $6,541,516 $6,265,477
8/14 $6,662,148 $6,335,801
8/15 $6,726,851 $6,387,129
8/16 $6,841,964 $6,482,782
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 | Annual Report | 8/31/16
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 March 1, 2016, through August 31, 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 3/1/16
--------------------------------------------------------------------------------
Ending Account $1,015.00 $1,013.72 $1,014.93 $1,017.49 $1,017.00
Value (after expenses)
on 8/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 4.00 $ 5.31 $ 5.27 $ 2.54 $ 2.99
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.79%,
1.05%, 1.04%, 0.50%, and 0.59% 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 184/366, (to reflect the one-half year period).
Pioneer Short Term Income Fund | Annual Report | 8/31/16 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 March 1, 2016, through August 31, 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 3/1/16
--------------------------------------------------------------------------------
Ending Account $1,021.17 $1,019.86 $1,019.91 $1,022.62 $1,022.17
Value (after expenses)
on 8/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 4.01 $ 5.33 $ 5.28 $ 2.54 $ 3.00
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.79%,
1.05%, 1.04%, 0.50%, and 0.59% 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 184/366, (to reflect the one-half year
period).
18 Pioneer Short Term Income Fund | Annual Report | 8/31/16
Schedule of Investments | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 13.5%
ENERGY -- 0.2%
Oil & Gas Exploration & Production -- 0.2%
181,365 1.26 Equity One Mortgage Pass-Through Trust 2003-1,
Floating Rate Note, 8/25/33 $ 180,064
750,000 2.01 NCF Dealer Floorplan Master Trust, Floating Rate
Note, 10/20/20 (144A) 735,893
341,735 Pretium Mortgage Credit Partners I 2016-NPL4
LLC, 4.0%, 7/25/31 (Step) (144A) 342,895
---------------
$ 1,258,852
---------------
Total Energy $ 1,258,852
----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Trucking -- 0.1%
600,000 2.51 Hertz Fleet Lease Funding LP, Floating Rate Note,
12/10/27 (144A) $ 596,160
121,782 0.87 Hertz Fleet Lease Funding LP, Floating Rate Note,
4/10/28 (144A) 121,741
---------------
$ 717,901
----------------------------------------------------------------------------------------------------
Marine Ports & Services -- 0.0%+
109,811 Global Container Assets 2013-1, Ltd., 2.2%,
11/6/28 (144A) $ 109,538
---------------
Total Transportation $ 827,439
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise Lines -- 0.0%+
78,496 Westgate Resorts 2012-A LLC, 3.75%,
8/20/25 (144A) $ 78,305
---------------
Total Consumer Services $ 78,305
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Distributors -- 0.1%
300,000 OneMain Financial Issuance Trust 2015-1,
3.19%, 3/18/26 (144A) $ 303,314
---------------
Total Health Care Equipment & Services $ 303,314
----------------------------------------------------------------------------------------------------
BANKS -- 10.9%
Thrifts & Mortgage Finance -- 10.9%
2,965 0.93 ACAS CLO 2007-1, Ltd., Floating Rate Note,
4/20/21 (144A) $ 2,962
184,455 Access Point Funding I 2015-A LLC, 2.61%,
4/15/20 (144A) 184,167
80,055 1.09 Accredited Mortgage Loan Trust 2005-2,
Floating Rate Note, 7/25/35 79,667
198,563 1.24 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Ctfs Series 2004-3, Floating
Rate Note, 9/25/34 196,369
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 19
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
64,650 1.62 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Ctfs Series 2004-3, Floating
Rate Note, 9/25/34 $ 64,107
59,489 0.89 Aegis Asset Backed Securities Trust Mortgage
Pass-Through Ctfs Ser 2005-4, Floating Rate
Note, 10/25/35 58,818
665,000 1.86 American Homes 4 Rent 2014-SFR1, Floating
Rate Note, 6/17/31 660,985
602,358 0.91 Ameriquest Mortgage Securities Inc Asset-
Backed Pass-Through Ctfs Ser 2004-R6,
Floating Rate Note, 7/25/34 594,355
396,814 0.82 Ameriquest Mortgage Securities, Inc., Asset-
Backed Pass-Through Ctfs Series 2005-R11,
Floating Rate Note, 1/25/36 390,753
15,699 4.27 Ameriquest Mortgage Securities, Inc., Asset-
Backed Pass-Through Ctfs Series 03-AR3,
Floating Rate Note, 6/25/33 15,675
101,788 1.16 Ameriquest Mortgage Securities, Inc., Asset-
Backed Pass-Through Ctfs Series 2005-R1,
Floating Rate Note, 3/25/35 101,710
72,397 1.08 AMRESCO Residential Securities Corp Mortgage
Loan Trust 1997-3, Floating Rate Note, 9/25/27 71,160
510,000 Ascentium Equipment Receivables 2015-1 LLC,
3.24%, 1/10/22 (144A) 511,052
289,851 4.03 Asset Backed Securities Corp Home Equity Loan
Trust Series 2003-HE1, Floating Rate
Note, 1/15/33 292,762
269,236 1.24 Asset Backed Securities Corp Home Equity Loan
Trust Series 2004-HE6, Floating Rate
Note, 9/25/34 266,737
27,589 1.23 Asset Backed Securities Corp Home Equity Loan
Trust Series 2005-HE3, Floating Rate
Note, 4/25/35 27,476
37,052 0.72 Asset Backed Securities Corp Home Equity Loan
Trust Series AEG 2006-HE1, Floating Rate
Note, 1/25/36 36,210
299,996 Axis Equipment Finance Receivables III LLC,
3.41%, 4/20/20 (144A) 295,363
782,989 Axis Equipment Finance Receivables III LLC,
5.27%, 5/20/20 (144A) 749,471
600,000 0.90 BA Credit Card Trust, Floating Rate Note, 10/15/21 601,293
500,000 0.85 Barclays Dryrock Issuance Trust, Floating Rate
Note, 3/16/20 500,394
218,459 4.91 Bayview Financial Asset Trust 2003-A, Floating
Rate Note, 2/25/33 (144A) 219,140
683,080 1.02 Bayview Financial Mortgage Pass-Through Trust
2005-C, Floating Rate Note, 6/28/44 679,933
The accompanying notes are an integral part of these financial statements.
20 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
88,149 0.82 Bayview Financial Mortgage Pass-Through Trust
2006-B, Floating Rate Note, 4/28/36 $ 87,383
12,352 0.79 Bayview Financial Mortgage Pass-Through Trust
2006-B, Floating Rate Note, 4/28/36 12,243
28,425 0.97 Bayview Financial Mortgage Pass-Through Trust
Series 2005-B, Floating Rate Note, 4/28/39 28,395
265,608 1.27 Bear Stearns Asset Backed Securities I Trust
2005-FR1, Floating Rate Note, 6/25/35 263,903
23,786 1.72 Bear Stearns Asset Backed Securities Trust
2004-2, Floating Rate Note, 8/25/34 23,810
125,121 1.01 Bear Stearns Asset Backed Securities Trust
2006-SD2, Floating Rate Note, 6/25/36 122,827
135,003 1.52 Bear Stearns Structured Products Trust 2007-
EMX1, Floating Rate Note, 3/25/37 (144A) 133,700
540,000 CarMax Auto Owner Trust 2013-3, 2.15%, 5/15/19 543,284
642,795 0.70 Carrington Mortgage Loan Trust Series 2006-
OPT1, Floating Rate Note, 12/26/35 628,817
330,131 1.14 CDC Mortgage Capital Trust 2002-HE1,
Floating Rate Note, 1/25/33 304,550
62,928 1.06 Chase Funding Trust Series 2003-3, Floating
Rate Note, 4/25/33 56,397
170,499 Chase Funding Trust Series 2003-6, 4.277%,
11/27/34 (Step) 173,837
200,000 1.66 Chesapeake Funding II LLC, Floating Rate
Note, 3/15/28 (144A) 201,657
600,000 Citibank Credit Card Issuance Trust,
1.02%, 2/22/19 600,223
500,000 1.64 Citibank Credit Card Issuance Trust, Floating
Rate Note, 1/23/20 506,764
200,000 0.94 Citibank Credit Card Issuance Trust, Floating
Rate Note, 9/10/20 200,900
249,102 0.72 Citigroup Mortgage Loan Trust 2006-SHL1,
Floating Rate Note, 11/27/45 (144A) 243,536
50,307 1.54 Citigroup Mortgage Loan Trust, Inc., Floating
Rate Note, 11/25/34 48,452
218,488 1.27 Citigroup Mortgage Loan Trust, Inc., Floating
Rate Note, 5/25/35 (144A) 217,654
170,000 CNH Equipment Trust 2013-B, 0.99%, 11/15/18 169,800
189,144 Colony American Finance 2015-1, Ltd.,
2.896%, 10/18/47 (144A) 191,333
700,000 2.36 Colony American Homes 2014-1, Floating
Rate Note, 5/19/31 (144A) 696,089
200,000 3.16 Colony Starwood Homes 2016-1 Trust,
Floating Rate Note, 7/17/33 (144A) 203,557
296,073 Conn's Receivables Funding 2016-A LLC,
4.68%, 4/16/18 (144A) 295,971
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 21
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
621,381 1.98 Conseco Finance Home Equity Loan Trust
2002-C, Floating Rate Note, 4/15/32 $ 611,019
145,564 Consumer Credit Origination Loan Trust
2015-1, 2.82%, 3/15/21 (144A) 145,609
137,020 4.77 Countrywide Asset-Backed Certificates, Floating
Rate Note, 12/25/35 137,725
384,528 1.42 Countrywide Asset-Backed Certificates, Floating
Rate Note, 3/25/35 381,300
415,576 1.62 Countrywide Asset-Backed Certificates, Floating
Rate Note, 9/25/34 (144A) 400,077
300,000 CPS Auto Receivables Trust 2016-C, 2.48%,
9/15/20 (144A) 298,941
250,000 Credit Acceptance Auto Loan Trust 2016-2,
4.29%, 11/15/24 (144A) 250,052
90,877 0.79 Credit Suisse Mortgage Capital Certificates,
Floating Rate Note, 10/27/36 (144A) 89,939
499,510 CRG Issuer 2015-1, 4.07%, 7/11/22 (144A) 495,764
200,227 Diamond Resorts Owner Trust 2014-1, 2.54%,
5/20/27 (144A) 200,317
750,000 Direct Capital Funding V LLC, 4.83%,
11/20/20 (144A) 751,863
376,405 2.32 DRB Prime Student Loan Trust 2016-B, Floating
Rate Note, 6/25/40 (144A) 376,405
451,341 3.53 Drug Royalty II LP 2, Floating Rate Note,
7/15/23 (144A) 454,917
9,731 DT Auto Owner Trust 2014-1, 2.64%,
10/15/19 (144A) 9,746
128,776 1.42 Ellington Loan Acquisition Trust 2007-1, Floating
Rate Note, 5/26/37 (144A) 128,131
400,000 Enterprise Fleet Financing LLC, 1.74%,
2/22/22 (144A) 398,702
249,465 4.14 Equity One Mortgage Pass-Through Trust 2004-1,
Floating Rate Note, 4/25/34 250,480
486,710 4.62 Equity One Mortgage Pass-Through Trust 2004-2,
Floating Rate Note, 7/25/34 490,196
3,823 Exeter Automobile Receivables Trust 2014-2,
1.06%, 8/15/18 (144A) 3,822
5,106 1.60 Fieldstone Mortgage Investment Trust Series
2005-1, Floating Rate Note, 3/25/35 5,106
1,562,095 0.77 Fieldstone Mortgage Investment Trust Series
2005-3, Floating Rate Note, 2/25/36 1,531,618
123,744 2.02 First Franklin Mortgage Loan Trust 2002-FFA,
Floating Rate Note, 9/25/32 123,504
305,150 1.82 First Franklin Mortgage Loan Trust 2003-FFC,
Floating Rate Note, 11/25/32 297,861
154,495 1.00 First Franklin Mortgage Loan Trust 2005-FFH3,
Floating Rate Note, 9/25/35 154,163
The accompanying notes are an integral part of these financial statements.
22 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
16,638 First Investors Auto Owner Trust 2013-1, 1.81%,
10/15/18 (144A) $ 16,638
300,000 First Investors Auto Owner Trust 2013-3,
2.32%, 10/15/19 (144A) 300,204
700,000 Flagship Credit Auto Trust 2013-1, 5.38%,
7/15/20 (144A) 706,192
300,000 Flagship Credit Auto Trust 2016-3, 1.61%,
12/15/19 (144A) 299,720
448,815 FNA 2015-1 Trust, 3.24%, 12/10/23 (144A) 446,788
100,000 Ford Credit Auto Owner Trust 2013-D,
1.54%, 3/15/19 100,015
553,000 2.57 Four Corners CLO II, Ltd., Floating Rate Note,
1/26/20 (144A) 538,706
400,000 Foursight Capital Automobile Receivables Trust
2016-1, 2.87%, 10/15/21 (144A) 398,431
95,917 0.93 Gale Force 3 CLO, Ltd., Floating Rate Note,
4/19/21 (144A) 95,218
162,899 GCAT 2015-1 LLC, 3.625%, 5/26/20 (Step) (144A) 162,958
200,528 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 197,019
554,298 GMAT 2013-1 Trust, 3.9669%, 8/25/53 (Step) 554,159
674,072 GMAT 2015-1 Trust, 4.25%, 9/25/20 (Step) (144A) 671,720
314,662 GO Financial Auto Securitization Trust 2015-2,
3.27%, 11/15/18 (144A) 316,186
300,000 Green Tree Agency Advance Funding Trust I
Series 2015-T1, 2.3019%, 10/15/46 (144A) 299,901
369,935 0.95 GSAA Trust, Floating Rate Note, 6/25/35 347,711
91,217 1.27 GSAMP Trust 2005-HE1, Floating Rate
Note, 12/25/34 90,406
103,881 0.82 GSAMP Trust 2006-SEA1, Floating Rate Note,
5/25/36 (144A) 103,504
194,069 1.87 GSRPM Mortgage Loan Trust 2003-2, Floating
Rate Note, 6/25/33 187,079
118,441 0.82 GSRPM Mortgage Loan Trust 2006-1, Floating
Rate Note, 3/25/35 (144A) 116,528
103,628 0.82 GSRPM Mortgage Loan Trust 2006-2, Floating
Rate Note, 9/25/36 (144A) 99,417
492,856 Harley-Davidson Motorcycle Trust 2014-1,
1.1%, 9/15/19 492,949
500,000 3.86 Hertz Fleet Lease Funding LP, Floating Rate
Note, 4/10/30 (144A) 500,965
25,368 0.69 Home Equity Asset Trust 2006-4, Floating
Rate Note, 8/25/36 25,132
88,301 0.63 Home Equity Asset Trust 2006-8, Floating
Rate Note, 3/25/37 87,999
164,196 Home Equity Mortgage Trust, 5.821%,
4/25/35 (Step) 166,498
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 23
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
44,297 Home Loan Trust 2003-HI1, 5.77%, 4/25/28 (Step) $ 44,655
365,501 2.13 Home Partners of America 2016-1 Trust, Floating
Rate Note, 3/17/33 (144A) 368,015
500,000 2.92 Home Partners of America 2016-2 Trust,
Floating Rate Note, 10/17/33 (144A) 500,000
532,137 1.23 HomeBanc Mortgage Trust 2004-2, Floating
Rate Note, 12/25/34 498,527
500,000 Hyundai Auto Receivables Trust 2014-B,
2.1%, 11/15/19 502,387
674,941 1.38 Impac Secured Assets CMN Owner Trust, Floating
Rate Note, 2/25/35 663,711
750,000 2.36 Invitation Homes 2013-SFR1 Trust, Floating Rate
Note, 12/17/30 (144A) 746,618
600,000 2.11 Invitation Homes 2014-SFR2 Trust, Floating Rate
Note, 9/19/31 (144A) 600,000
355,000 Invitation Homes Trust 2014-SFR3 Class D,
3.51%, 12/17/31 358,669
256,634 2.02 Irwin Whole Loan Home Equity Trust 2003-C,
Floating Rate Note, 6/25/28 253,984
149,264 3.52 Irwin Whole Loan Home Equity Trust 2003-C,
Floating Rate Note, 6/25/28 148,593
65,658 5.02 Irwin Whole Loan Home Equity Trust 2003-D,
Floating Rate Note, 11/25/28 65,524
513,429 1.19 Irwin Whole Loan Home Equity Trust 2005-B,
Floating Rate Note, 12/25/29 504,545
14,052 1.17 IXIS Real Estate Capital Trust 2005-HE4, Floating
Rate Note, 2/25/36 13,961
138,853 0.67 JP Morgan Mortgage Acquisition Trust 2006-ACC1,
Floating Rate Note, 5/25/36 138,559
300,000 Leaf Receivables Funding 11 LLC, 4.89%,
1/15/23 (144A) 300,966
454,851 0.96 Lehman ABS Manufactured Housing Contract
Trust 2002-A, Floating Rate Note, 6/15/33 447,799
269,096 Marriott Vacation Club Owner Trust 2012-1, 3.5%,
5/20/30 (144A) 273,709
67,621 1.44 Morgan Stanley ABS Capital I Inc Trust 2004-SD3,
Floating Rate Note, 6/25/34 (144A) 67,657
145,613 1.12 Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2,
Floating Rate Note, 3/25/35 145,122
453,279 MVW Owner Trust 2014-1, 2.7%, 9/22/31 (144A) 453,481
854,113 Nations Equipment Finance Funding II LLC,
3.276%, 1/22/19 (144A) 854,983
307,680 Nations Equipment Finance Funding III LLC,
3.61%, 2/22/21 (144A) 307,506
500,000 Navitas Equipment Receivables LLC 2015-1,
3.4%, 11/15/18 (144A) 496,675
The accompanying notes are an integral part of these financial statements.
24 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
500,000 6.01 NCF Dealer Floorplan Master Trust, Floating
Rate Note, 3/21/22 (144A) $ 487,972
334,713 1.19 New Century Home Equity Loan Trust 2005-1,
Floating Rate Note, 3/25/35 332,783
95,978 4.50 New Century Home Equity Loan Trust, Floating
Rate Note, 8/25/34 96,336
300,000 NextGear Floorplan Master Owner Trust, 2.61%,
10/15/19 (144A) 297,314
560,000 2.10 NovaStar Mortgage Funding Trust Series
2004-3, Floating Rate Note, 12/25/34 530,761
1,109,960 2.17 NovaStar Mortgage Funding Trust Series
2004-4, Floating Rate Note, 3/25/35 1,100,078
300,000 NYCTL 2016-A Trust, 1.47%, 11/10/29 (144A) 300,000
500,000 Ocwen Master Advance Receivables Trust,
2.5207%, 8/17/48 (144A) 499,489
300,000 Ocwen Master Advance Receivables Trust,
3.704%, 11/15/47 (144A) 300,390
600,000 Oportun Funding III LLC, 3.69%, 7/8/21 (144A) 597,298
203,482 0.78 Option One Mortgage Loan Trust 2005-4
Asset-Backed Certificates Series 2005-4,
Floating Rate Note, 11/25/35 202,686
29,043 1.65 Option One Woodbridge Loan Trust 2002-1,
Floating Rate Note, 3/25/32 (144A) 28,972
147,182 Orange Lake Timeshare Trust 2012-A, 4.87%,
3/10/27 (144A) 150,766
500,000 2.21 Oscar US Funding Trust IV, Floating Rate Note,
7/15/20 (144A) 499,758
300,000 Oxford Finance Funding 2014-1 LLC, 3.475%,
12/15/22 (144A) 299,865
714,932 1.65 Park Place Securities Inc Asset-Backed Pass-
Through Certificates Series 2004-MHQ, Floating
Rate Note, 12/25/34 712,838
227,305 0.89 Park Place Securities, Inc. Asset-Backed Pass-
Through Certificates Series 2005-WHQ4, Floating
Rate Note, 9/25/35 225,613
575,000 1.11 PFS Financing Corp., Floating Rate Note,
2/15/19 (144A) 574,641
750,000 2.26 PFS Financing Corp., Floating Rate Note,
2/18/20 (144A) 747,694
387,522 Popular ABS Mortgage Pass-Through Trust
2004-4, 4.64202%, 9/25/34 (Step) 365,604
300,000 Prestige Auto Receivables Trust 2013-1, 3.04%,
7/15/20 (144A) 300,629
721,213 Pretium Mortgage Credit Partners I 2016-NPL1,
4.375%, 2/27/31 (Step) (144A) 728,317
350,000 Progreso Receivables Funding IV LLC, 3.0%,
7/8/20 (144A) 348,445
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 25
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
300,000 2.98 Progress Residential 2016-SFR1 Trust, Floating
Rate Note, 9/17/33 (144A) $ 303,525
231,949 Purchasing Power Funding 2015-A LLC, 3.5%,
12/15/19 (144A) 231,659
536,176 1.18 Quest Trust REMICS, Floating Rate Note,
3/25/34 (144A) 524,639
98,783 1.47 RAAC Series 2005-RP1 Trust, Floating Rate
Note, 7/25/37 (144A) 98,220
204,359 0.77 RAAC Series 2006-RP2 Trust, Floating Rate
Note, 2/25/37 (144A) 202,332
113,985 5.07 RAMP Series 2003-RS9 Trust, Floating Rate
Note, 10/25/33 112,477
104,601 1.45 RAMP Series 2004-RS11 Trust, Floating Rate
Note, 11/25/34 103,945
277,354 RBSHD 2013-1 Trust, 7.6853%, 10/25/47
(Step) (144A) 277,349
64,288 2.74 RFSC Series 2004-RP1 Trust, Floating Rate
Note, 11/25/42 63,646
204,882 1.31 SASCO Mortgage Loan Trust 2005-GEL1, Floating
Rate Note, 12/25/34 200,855
212,274 0.98 Saxon Asset Securities Trust 2005-3, Floating
Rate Note, 11/25/35 210,181
151,706 0.75 Saxon Asset Securities Trust 2005-4, Floating
Rate Note, 11/25/37 151,391
363,352 Sierra Auto Receivables Securitization Trust 2016-1,
2.85%, 1/18/22 (144A) 362,651
750,000 2.56 Silver Bay Realty 2014-1 Trust, Floating Rate
Note, 9/18/31 (144A) 747,783
292,171 Skopos Auto Receivables Trust 2015-2, 3.55%,
2/17/20 (144A) 291,585
450,000 SNAAC Auto Receivables Trust 2013-1, 4.56%,
4/15/20 (144A) 450,468
200,000 1.59 SoFi Professional Loan Program 2016-C LLC,
Floating Rate Note, 10/25/36 (144A) 199,995
126,858 0.78 Soundview Home Loan Trust 2005-OPT4, Floating
Rate Note, 12/25/35 125,156
790,207 0.82 Specialty Underwriting & Residential Finance Trust
Series 2006-BC1, Floating Rate Note, 12/25/36 780,945
427,822 SpringCastle America Funding LLC, 2.7%,
5/25/23 (144A) 428,175
573,089 Springleaf Funding Trust 2014-A, 2.41%,
12/15/22 (144A) 573,440
323,836 STORE Master Funding LLC, 5.77%, 8/20/42 (144A) 337,535
308,044 1.21 Structured Asset Investment Loan Trust 2005-6,
Floating Rate Note, 7/25/35 307,124
241,693 Sunset Mortgage Loan Co 2014-NPL2 LLC, 3.721%,
11/16/44 (Step) (144A) 240,412
The accompanying notes are an integral part of these financial statements.
26 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
490,757 SVO 2012-A VOI Mortgage LLC, 2.0%,
9/20/29 (144A) $ 485,090
693,513 1.81 SWAY Residential 2014-1 Trust, Floating Rate
Note, 1/20/32 (144A) 694,834
483,360 Tax Ease Funding LLC Series 16-1A, 3.13%, 6/15/28 481,808
35,292 1.20 Terwin Mortgage Trust Series TMTS 2005-10HE,
Floating Rate Note, 6/25/36 35,255
78,459 Terwin Mortgage Trust Series TMTS 2005-14HE,
4.8492%, 8/25/36 (Step) 79,971
259,307 Tidewater Auto Receivables Trust 2016-A,
2.3%, 9/15/19 (144A) 259,302
250,000 1.76 Trade MAPS 1, Ltd., Floating Rate Note,
12/10/18 (144A) 248,877
700,000 1.46 Trafigura Securitisation Finance Plc. 2014-1,
Floating Rate Note, 4/16/18 (144A) 693,618
500,000 United Auto Credit Securitization Trust 2016-1,
3.55%, 8/15/19 (144A) 499,720
214,125 VOLT XIX LLC, 3.875%, 4/26/55 (Step) (144A) 214,600
537,751 VOLT XLVII LLC, 3.75%, 6/25/46 (Step) (144A) 538,918
890,144 VOLT XXV LLC, 3.5%, 6/26/45 (Step) (144A) 889,716
458,278 VOLT XXXIII LLC, 3.5%, 3/25/55 (Step) (144A) 458,273
1,013,015 VOLT XXXIX LLC, 4.125%, 10/25/45 (Step) (144A) 1,020,443
513,925 VOLT XXXVI LLC, 3.625%, 7/25/45 (Step) (144A) 515,192
306,551 VOLT XXXVII LLC, 3.625%, 7/25/45 (Step) (144A) 306,381
864,335 VOLT XXXVIII LLC, 3.875%, 9/25/45 (Step) (144A) 868,301
895 0.90 Wells Fargo Home Equity Asset-Backed Securities
2005-3 Trust, Floating Rate Note, 12/25/35 894
600,000 Westlake Automobile Receivables Trust 2016-1,
3.29%, 9/15/21 (144A) 608,141
---------------
$ 62,573,658
---------------
Total Banks $ 62,573,658
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.0%
Other Diversified Financial Services -- 1.0%
482,162 0.71 321 Henderson Receivables I LLC, Floating Rate
Note, 6/15/41 (144A) $ 466,824
700,000 American Credit Acceptance Receivables Trust
2014-1, 5.2%, 4/12/21 (144A) 695,251
750,000 American Credit Acceptance Receivables Trust
2014-2, 4.96%, 5/10/21 (144A) 759,103
374,056 AXIS Equipment Finance Receivables II LLC,
3.81%, 4/20/18 (144A) 374,806
699,922 AXIS Equipment Finance Receivables II LLC,
4.94%, 7/20/18 (144A) 705,542
600,000 2.41 Colony American Homes 2014-2, Floating Rate
Note, 7/19/31 (144A) 594,430
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 27
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
216,637 Diamond Resorts Owner Trust 2013-2, 2.62%,
5/20/26 (144A) $ 216,343
276,626 0.75 Mastr Asset Backed Securities Trust 2006-AB1
REMICS, Floating Rate Note, 2/25/36 275,062
192,215 0.82 Mastr Specialized Loan Trust, Floating Rate Note,
1/25/36 (144A) 188,635
207,698 Navitas Equipment Receivables LLC 2013-1,
3.63%, 2/15/17 (144A) 207,669
380,806 PFS Tax Lien Trust 2014-1, 1.44%, 5/15/29 (144A) 378,569
189,514 Sierra Timeshare 2012-2 Receivables Funding
LLC, 2.38%, 3/20/29 (144A) 189,882
227,056 Sierra Timeshare 2012-3 Receivables Funding
LLC, 1.87%, 8/20/29 (144A) 225,395
85,683 Sierra Timeshare 2013-1 Receivables Funding
LLC, 2.39%, 11/20/29 (144A) 85,527
72,680 Sierra Timeshare 2013-2 Receivables Funding
LLC, 2.92%, 11/20/25 (144A) 73,024
163,531 Sierra Timeshare 2013-2 Receivables Funding
LLC, 4.75%, 11/20/25 (144A) 159,668
170,282 TAL Advantage V LLC, 1.7%, 5/20/39 (144A) 168,170
---------------
$ 5,763,900
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
162,170 Alterna Funding I LLC, 1.639%, 2/15/21 (144A) $ 158,521
----------------------------------------------------------------------------------------------------
Consumer Finance -- 0.8%
760,000 1.31 American Express Credit Account Secured Note
Trust 2012-4, Floating Rate Note, 5/15/20 (144A) $ 759,054
500,000 AmeriCredit Automobile Receivables Trust 2012-4,
3.82%, 2/10/20 (144A) 503,196
550,000 AmeriCredit Automobile Receivables Trust 2013-4,
3.31%, 10/8/19 560,283
300,000 Chase Issuance Trust, 1.01%, 10/15/18 300,051
151,741 CPS Auto Receivables Trust 2013-A, 1.89%,
6/15/20 (144A) 150,381
41,246 CPS Auto Receivables Trust 2013-B, 1.82%,
9/15/20 (144A) 41,013
21,656 CPS Auto Receivables Trust 2014-A, 1.21%,
8/15/18 (144A) 21,638
1,000,000 Credit Acceptance Auto Loan Trust 2014-2,
2.67%, 9/15/22 (144A) 1,003,749
750,000 Dell Equipment Finance Trust 2014-1, 2.68%,
6/22/20 (144A) 750,164
31,678 First Investors Auto Owner Trust 2013-2, 1.23%,
3/15/19 (144A) 31,663
607,809 United Auto Credit Securitization Trust 2014-1,
2.38%, 10/15/18 (144A) 606,384
---------------
$ 4,727,576
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.1%
187,887 NewStar Commercial Lease Funding 2015-1 LLC,
3.27%, 4/15/19 (144A) $ 187,519
----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
364,851 0.92 Chesapeake Funding LLC, Floating Rate Note,
3/9/26 (144A) $ 363,860
---------------
Total Diversified Financials $ 11,201,376
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Specialized REIT -- 0.1%
397,213 Hilton Grand Vacations Trust 2014-A, 2.07%,
11/25/26 (144A) $ 394,655
----------------------------------------------------------------------------------------------------
Real Estate Services -- 0.1%
520,000 3.78 Home Partners of America 2016-1 Trust,
Floating Rate Note, 3/18/33 (144A) $ 523,280
55,033 0.71 HSI Asset Securitization Corp. Trust 2006-OPT1,
Floating Rate Note, 12/25/35 54,520
---------------
$ 577,800
---------------
Total Real Estate $ 972,455
----------------------------------------------------------------------------------------------------
UTILITIES -- 0.0%+
Independent Power Producers & Energy
Traders -- 0.0%
168,195 Centerpoint Energy Transition Bond Co. II LLC,
5.17%, 8/1/19 $ 171,566
---------------
Total Utilities $ 171,566
----------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.0%+
Government -- 0.0%+
162,707 0.82 FHLMC Structured Pass Through Securities, Floating
Rate Note, 12/25/29 $ 159,459
---------------
Total Government $ 159,459
----------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $77,537,138) $ 77,546,424
----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 30.9%
ENERGY -- 0.0%+
Oil & Gas Exploration & Production -- 0.0%+
300,000 2.25 Arbor Realty Commercial Real Estate Notes 2016-FL1,
Ltd., Floating Rate Note, 9/15/26 (144A) $ 300,000
---------------
Total Energy $ 300,000
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Construction & Engineering -- 0.1%
325,958 2.94 Velocity Commercial Capital Loan Trust 2016-1,
Floating Rate Note, 4/25/46 (144A) $ 326,936
---------------
Total Capital Goods $ 326,936
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 29
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
361,895 Welk Resorts 2013-A LLC, 3.1%, 3/15/29 (144A) $ 365,261
---------------
Total Consumer Services $ 365,261
----------------------------------------------------------------------------------------------------
BANKS -- 18.6%
Thrifts & Mortgage Finance -- 18.6%
7,296 A10 Securitization 2013-1 LLC, 2.4%,
11/17/25 (144A) $ 7,294
348,601 A10 Term Asset Financing 2013-2 LLC, 2.62%,
11/15/27 (144A) 347,596
489,841 A10 Term Asset Financing 2014-1 LLC, 1.72%,
4/15/33 (144A) 487,312
73,932 1.41 Aberdeen Loan Funding, Ltd., Floating Rate Note,
11/1/18 (144A) 73,629
364,310 1.94 ACRE Commercial Mortgage Trust 2014-FL2,
Floating Rate Note, 8/15/31 (144A) 363,330
198,985 1.08 Adjustable Rate Mortgage Trust 2005-5, Floating
Rate Note, 9/25/35 186,279
63,204 0.97 Alternative Loan Trust 2003-14T1, Floating Rate
Note, 8/25/18 57,261
227,854 1.10 Alternative Loan Trust 2004-6CB, Floating Rate
Note, 4/25/34 218,535
900,000 2.26 Arbor Realty Collateralized Loan Obligation 2014-1,
Ltd., Floating Rate Note, 5/15/24 (144A) 898,031
500,000 2.26 Arbor Realty Collateralized Loan Obligation
2015-FL1, Ltd., Floating Rate Note, 3/17/25 (144A) 485,000
800,000 2.71 BAMLL Commercial Mortgage Securities Trust
2014-FL1, Floating Rate Note, 12/17/31 (144A) 802,007
580,000 1.61 BAMLL Commercial Mortgage Securities Trust
2014-ICTS, Floating Rate Note, 6/15/28 (144A) 580,032
930,000 3.08 BAMLL Commercial Mortgage Securities Trust
2014-INLD REMICS, Floating Rate Note,
12/17/29 (144A) 918,867
775,000 3.01 BAMLL Commercial Mortgage Securities Trust
2014-INLD, Floating Rate Note, 12/17/29 (144A) 699,098
1,100,000 3.48 BAMLL Commercial Mortgage Securities Trust
2016-ASHF, Floating Rate Note, 3/15/28 (144A) 1,117,607
800,000 2.87 BAMLL Re-REMIC Trust 2014-FRR5, Floating Rate
Note, 3/29/45 (144A) 776,250
317,734 4.02 BAMLL Re-REMIC Trust 2014-FRR6, Floating Rate
Note, 8/28/46 (144A) 312,871
950,000 2.75 BAMLL Re-REMIC Trust 2014-FRR7, Floating Rate
Note, 10/26/44 (144A) 931,818
37,200 5.46 Bank of America Commercial Mortgage Trust
2006-1, Floating Rate Note, 9/10/45 37,180
302,436 0.82 Bank of America Funding 2005-A Trust, Floating
Rate Note, 2/20/35 292,439
The accompanying notes are an integral part of these financial statements.
30 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
330,169 3.26 Bank of America Mortgage 2004-D Trust, Floating
Rate Note, 5/25/34 $ 326,669
1,543,878 Bayview Commercial Asset Trust 2007-2, 7/27/37
(Step) (144A) (c) --
750,000 2.51 BBCMS Trust 2015-SLP, Floating Rate Note,
2/15/28 (144A) 739,218
257,827 3.41 BCAP LLC 2009-RR13-I Trust, Floating Rate Note,
9/26/35 (144A) 260,007
215,702 2.86 BCAP LLC 2013-RR3 Trust, Floating Rate Note,
5/28/36 (144A) 216,563
222,668 3.30 BCAP LLC 2013-RR7 Trust, Floating Rate Note,
12/27/34 (144A) 227,023
207,348 1.36 Bear Stearns ALT-A Trust 2004-11, Floating Rate
Note, 11/25/34 201,887
688,875 1.22 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 666,636
245,332 1.36 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 231,243
735,596 1.36 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 695,105
86,181 1.26 Bear Stearns ALT-A Trust 2004-13, Floating Rate
Note, 11/25/34 84,192
576,016 1.12 Bear Stearns ALT-A Trust 2004-4, Floating Rate
Note, 6/25/34 557,491
155,755 1.02 Bear Stearns ALT-A Trust 2005-2, Floating Rate
Note, 3/25/35 152,028
185,706 3.01 Bear Stearns ARM Trust 2003-3, Floating Rate
Note, 5/25/33 184,914
72,930 3.00 Bear Stearns ARM Trust 2004-10 REMICS, Floating
Rate Note, 1/25/35 71,138
59,663 3.34 Bear Stearns ARM Trust 2004-3, Floating Rate
Note, 7/25/34 57,697
71,487 2.58 Bear Stearns ARM Trust 2005-5, Floating Rate
Note, 8/25/35 71,806
506,621 5.21 Bear Stearns Commercial Mortgage Securities Trust
2005-PWR7, Floating Rate Note, 2/11/41 505,810
50,451 4.99 Bear Stearns Commercial Mortgage Securities Trust
2005-PWR9, Floating Rate Note, 9/11/42 50,393
74,764 2.96 Bear Stearns Mortgage Securities, Inc.,
Floating Rate Note, 6/25/30 75,434
900,000 2.44 BHMS 2014-ATLS Mortgage Trust REMICS, Floating
Rate Note, 7/8/33 (144A) 887,945
1,610,000 1.86 BLCP Hotel Trust, Floating Rate
Note, 8/15/29 (144A) 1,573,134
800,000 3.36 BXHTL 2015-JWRZ Mortgage Trust, Floating Rate
Note, 5/15/29 (144A) 784,442
1,340,000 3.01 CDGJ Commercial Mortgage Trust 2014-BXCH,
Floating Rate Note, 12/15/27 (144A) 1,327,907
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 31
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
208,662 Cendant Mortgage Corp., 6.25%, 3/25/32 (144A) $ 218,865
1,000,000 Cent CLO, 2.52%, 8/1/24 (144A) 1,002,957
800,000 2.66 CFCRE 2015-RUM Mortgage Trust, Floating Rate Note,
7/15/30 (144A) 784,497
765,000 5.11 CFCRE 2015-RUM Mortgage Trust, Floating Rate Note,
7/15/30 (144A) 744,528
310,000 1.71 CGBAM Commercial Mortgage Trust 2014-HD, Floating
Rate Note, 2/18/31 (144A) 308,636
76,697 1.46 CG-CCRE Commercial Mortgage Trust 2014-FL1,
Floating Rate Note, 6/16/31 (144A) 76,646
850,000 2.16 CGGS Commercial Mortgage Trust 2016-RND, Floating
Rate Note, 2/9/33 (144A) 856,703
505,034 2.41 CGWF Commercial Mortgage Trust 2013-RKWH REMICS,
Floating Rate Note, 11/15/30 (144A) 504,464
146,061 2.99 CHL Mortgage Pass-Through Trust 2004-14, Floating
Rate Note, 8/25/34 141,124
48,219 Citicorp Mortgage Securities REMIC Pass-Through
Certificates Trust Series 2005-4, 5.0%, 7/25/20 49,569
142,797 Citicorp Mortgage Securities REMIC Pass-Through
Certificates Trust Series 2005-7, 5.0%, 10/25/35 143,960
401,614 6.26 Citigroup Commercial Mortgage Trust 2008-C7,
Floating Rate Note, 12/10/49 415,524
300,000 3.81 Citigroup Commercial Mortgage Trust 2015-SHP2,
Floating Rate Note, 7/15/27 (144A) 296,515
1,500,000 2.61 Citigroup Commercial Mortgage Trust 2015-SSHP
REMICS, Floating Rate Note, 9/15/27 (144A) 1,470,723
241,363 Citigroup Mortgage Loan Trust 2010-4 REMICS, 5.0%,
10/25/35 (144A) 246,149
24,141 Citigroup Mortgage Loan Trust, Inc., 7.0%, 10/25/19 24,025
11,032 5.50 Citigroup Mortgage Loan Trust, Inc., Floating Rate
Note, 10/25/35 623
161,277 2.80 Citigroup Mortgage Loan Trust, Inc., Floating Rate
Note, 2/25/35 127,922
245,352 1.12 CNL Commercial Mortgage Loan Trust 2002-1, Floating
Rate Note, 10/25/28 (144A) 236,151
400,000 Colony American Finance 2016-1, Ltd., 5.972%,
6/15/48 (Step) (144A) 415,170
412,774 2.45 Colony Mortgage Capital Series 2015-FL3, Ltd.,
Floating Rate Note, 9/5/32 (144A) 411,742
349,155 2.46 COMM 2014-FL4 Mortgage Trust, Floating Rate Note,
7/15/31 (144A) 351,137
1,410,000 2.66 COMM 2014-FL5 Mortgage Trust, Floating Rate Note,
10/15/31 (144A) 1,382,524
400,000 1.28 COMM 2014-PAT Mortgage Trust REMICS, Floating
Rate Note, 8/13/27 (144A) 398,493
820,000 2.07 COMM 2014-PAT Mortgage Trust, Floating Rate Note,
8/13/27 (144A) 801,905
The accompanying notes are an integral part of these financial statements.
32 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,110,000 2.26 COMM 2014-SAVA Mortgage Trust, Floating Rate
Note, 6/15/34 (144A) $ 1,102,251
1,850,000 2.11 COMM 2014-TWC Mortgage Trust, Floating Rate Note,
2/13/32 (144A) 1,846,489
515,931 Credit Suisse Commercial Mortgage Trust Series
2007-C1, 5.361%, 2/15/40 518,998
159,059 Credit Suisse First Boston Mortgage
Securities Corp., 4.877%, 4/15/37 143,749
26,072 Credit Suisse First Boston Mortgage
Securities Corp., 5.5%, 6/25/33 26,356
231,734 Credit Suisse First Boston Mortgage
Securities Corp., 7.5%, 5/25/32 245,934
487,891 0.79 Credit Suisse First Boston Mortgage
Securities, 05-6, Floating Rate Note, 7/25/35 476,982
27,180 CSFB Mortgage-Backed Trust Series 2004-7,
5.25%, 10/25/19 27,415
400,000 2.76 CSMC 2015-TWNI Trust, Floating Rate Note,
3/15/28 (144A) 391,639
1,015,459 2.50 CSMC Series 2013-14R REMICS, Floating Rate Note,
10/27/37 (144A) 1,012,286
1,369,115 3.00 CSMC Trust 2012-CIM2, Floating Rate Note,
6/25/42 (144A) 1,393,823
1,341,309 3.00 CSMC Trust 2014-OAK1, Floating Rate Note,
11/25/44 (144A) 1,345,861
900,000 2.36 CSMC Trust 2015-DEAL, Floating Rate Note,
4/16/29 (144A) 894,350
750,000 3.36 CSMC Trust 2015-SAND, Floating Rate Note,
8/15/30 (144A) 737,093
540,000 2.10 EQTY 2014-INNS Mortgage Trust REMICS, Floating
Rate Note, 5/8/31 (144A) 528,550
1,020,000 1.70 EQTY 2014-INNS Mortgage Trust, Floating Rate Note,
5/8/31 (144A) 983,422
54,149 2.77 First Horizon Mortgage Pass-Through Trust 2004-AR1,
Floating Rate Note, 2/25/34 53,322
350,000 2.04 FORT CRE 2016-1 LLC, Floating Rate Note,
9/21/32 (144A) 350,000
465,693 1.81 GAHR Commercial Mortgage Trust 2015-NRF, Floating
Rate Note, 12/15/16 (144A) 467,875
750,000 2.09 Gale Force 3 Clo, Ltd., Floating Rate Note,
4/19/21 (144A) 703,578
160,946 Global Mortgage Securitization, Ltd., 5.25%,
4/25/32 (144A) 155,433
538,165 0.79 Global Mortgage Securitization, Ltd., Floating Rate
Note, 4/25/32 (144A) 515,240
193,379 3.36 GMACM Mortgage Loan Trust 2004-AR1, Floating Rate
Note, 6/25/34 191,745
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 33
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,000,000 1.81 GP Portfolio Trust 2014-GGP, Floating Rate Note,
2/15/27 (144A) $ 988,419
1,000,000 3.76 GS Mortgage Securities Corp Trust 2016-ICE2,
Floating Rate Note, 2/15/33 (144A) 1,007,267
870,361 5.99 GS Mortgage Securities Trust 2007-GG10 REMICS,
Floating Rate Note, 8/10/45 885,691
495,000 2.23 GS Mortgage Securities Trust 2014-GSFL,
Floating Rate Note, 7/15/31 (144A) 489,328
222,695 1.27 GSAA Home Equity Trust 2004-6, Floating Rate
Note, 6/25/34 215,907
147,048 2.99 HarborView Mortgage Loan Trust 2004-1,
Floating Rate Note, 4/19/34 146,400
250,000 2.88 Holmes Master Issuer Plc, Floating Rate Note,
10/15/54 (144A) 252,205
204,496 0.79 HomeBanc Mortgage Trust 2005-4, Floating Rate
Note, 10/25/35 188,066
524,828 0.85 HomeBanc Mortgage Trust 2005-4, Floating Rate
Note, 10/25/35 485,088
278,285 1.62 Homestar Mortgage Acceptance Corp. REMICS,
Floating Rate Note, 9/25/34 272,651
1,289,138 1.16 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 3/25/34 1,226,743
175,937 1.22 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 6/25/34 171,672
135,204 0.97 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 7/25/34 133,274
488,378 1.14 Impac CMB Trust Series 2004-4, Floating Rate
Note, 9/25/34 463,414
61,336 3.11 Impac CMB Trust Series 2004-8, Floating Rate
Note, 8/25/34 58,913
654,467 1.17 Impac CMB Trust Series 2005-4, Floating Rate
Note, 5/25/35 519,558
435,380 0.72 Impac Secured Assets Trust 2006-5, Floating Rate
Note, 12/25/36 405,771
83,769 3.24 IndyMac INDX Mortgage Loan Trust 2004-AR6, Floating
Rate Note, 10/25/34 79,898
69,330 4.84 JP Morgan Chase Commercial Mortgage Securities Trust
2004-LN2, Floating Rate Note, 7/15/41 (144A) 69,145
81,019 0.66 JP Morgan Chase Commercial Mortgage Securities Trust
2006-LDP9, Floating Rate Note, 5/15/47 80,516
630,555 JP Morgan Chase Commercial Mortgage Securities Trust
2007-CIBC18, 5.44%, 6/12/47 635,139
795,279 5.79 JP Morgan Chase Commercial Mortgage Securities Trust
2007-CIBC20, Floating Rate Note, 2/12/51 818,307
956,250 JP Morgan Chase Commercial Mortgage Securities Trust
2010-C2, 3.6159%, 11/15/43 (144A) 975,217
The accompanying notes are an integral part of these financial statements.
34 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,670,000 1.76 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-BXH, Floating Rate Note,
4/15/27 (144A) $ 1,645,233
700,000 2.46 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-CBM, Floating Rate Note,
10/15/29 (144A) 687,140
270,000 2.71 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL4 REMICS, Floating Rate Note,
12/16/30 (144A) 268,013
755,327 2.26 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL4, Floating Rate Note,
12/16/30 (144A) 754,078
650,000 2.61 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL5 REMICS, Floating Rate Note,
7/15/31 (144A) 638,313
490,000 1.86 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL5, Floating Rate Note, 7/15/31 (144A) 492,179
1,083,657 1.91 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL6, Floating Rate Note, 11/17/31 (144A) 1,081,992
900,000 1.43 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 896,053
650,000 2.21 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 638,569
1,100,000 2.11 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-PHH, Floating Rate Note, 8/16/27 (144A) 1,098,594
1,200,000 2.76 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-COSMO, Floating Rate Note,
1/15/32 (144A) 1,198,862
850,000 2.31 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-FL7, Floating Rate Note, 5/15/28 (144A) 846,212
500,000 3.26 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-SGP, Floating Rate Note, 7/15/36 (144A) 501,254
227,000 2.75 JP Morgan Mortgage Trust 2004-A1, Floating Rate
Note, 2/25/34 229,932
84,690 JP Morgan Mortgage Trust 2004-S1, 5.0%, 9/25/34 86,710
423,734 2.61 JP Morgan Mortgage Trust 2005-A3, Floating Rate
Note, 6/25/35 413,163
1,655 JP Morgan Mortgage Trust 2006-S3, 6.0%, 8/25/36 9
1,214,593 1.02 JP Morgan Seasoned Mortgage Trust 2014-1, Floating
Rate Note, 5/25/33 (144A) 1,155,228
497,123 6.50 La Hipotecaria Panamanian Mortgage Trust 2007-1,
Floating Rate Note, 12/23/36 (144A) 487,181
14,805 LB-UBS Commercial Mortgage Trust 2004-C1,
4.568%, 1/15/31 14,808
33,466 6.09 LB-UBS Commercial Mortgage Trust 2006-C4,
Floating Rate Note, 6/15/38 33,442
779,214 5.87 LB-UBS Commercial Mortgage Trust 2007-C7 REMICS,
Floating Rate Note, 9/15/45 808,562
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 35
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
306,895 1.94 LCM X LP, Floating Rate Note, 4/15/22 (144A) $ 306,857
92,109 1.44 Lehman Brothers Small Balance Commercial Mortgage
Trust 2007-3 Class 1A4, Floating Rate Note,
10/25/37 (144A) 90,384
145,965 1.54 Lehman Brothers Small Balance Commercial Mortgage
Trust 2007-3, Floating Rate Note, 10/25/37 (144A) 145,487
175,623 0.71 Lehman Brothers Small Balance Commercial, Floating
Rate Note, 4/25/31 (144A) 166,417
191,543 0.72 Lehman Brothers Small Balance Commercial, Floating
Rate Note, 4/25/31 (144A) 182,401
1,405,409 2.49 LSTAR Securities Investment Trust 2014-2, Floating
Rate Note, 11/1/19 (144A) 1,387,842
1,557,432 2.49 LSTAR Securities Investment Trust 2015-1, Floating
Rate Note, 1/2/20 (144A) 1,535,346
929,268 2.49 LSTAR Securities Investment Trust 2015-3, Floating
Rate Note, 3/2/20 (144A) 912,797
924,826 2.49 LSTAR Securities Investment, Ltd. 2015-4, Floating
Rate Note, 4/1/20 (144A) 912,109
734,691 2.49 LSTAR Securities Investment, Ltd. 2015-5, Floating
Rate Note, 4/1/20 (144A) 721,834
824,255 2.49 LSTAR Securities Investment, Ltd. 2015-7, Floating
Rate Note, 7/1/17 (144A) 811,762
520,508 2.49 LSTAR Securities Investment, Ltd. 2015-8, Floating
Rate Note, 8/3/20 (144A) 511,953
1,047,543 2.49 LSTAR Securities Investment, Ltd. 2016-1, Floating
Rate Note, 1/1/21 (144A) 1,023,135
223,155 0.87 MASTR Alternative Loan Trust 2005-1, Floating Rate
Note, 2/25/35 219,606
25,400 0.89 MASTR Asset Securitization Trust 2003-6, Floating
Rate Note, 7/25/18 24,553
477,763 1.26 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-A, Floating Rate Note, 3/25/28 451,938
230,068 2.05 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-A, Floating Rate Note, 3/25/28 214,590
432,469 1.18 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-C REMICS, Floating Rate Note, 6/25/28 410,143
470,794 1.63 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-C, Floating Rate Note, 6/25/28 462,673
319,927 1.14 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-E, Floating Rate Note, 10/25/28 304,701
146,725 1.16 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-G, Floating Rate Note, 1/25/29 139,940
31,142 2.32 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-G, Floating Rate Note, 1/25/29 30,780
300,424 1.16 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-H, Floating Rate Note, 1/25/29 294,355
The accompanying notes are an integral part of these financial statements.
36 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
571,922 0.98 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-A REMICS, Floating Rate Note, 4/25/29 $ 535,861
431,021 1.08 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-C, Floating Rate Note, 7/25/29 398,732
467,021 1.63 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-E, Floating Rate Note, 11/25/29 449,154
504,770 1.08 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-G, Floating Rate Note, 1/25/30 474,534
172,218 1.53 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-G, Floating Rate Note, 1/25/30 165,558
309,472 0.98 Merrill Lynch Mortgage Investors Trust Series MLCC
2005-A, Floating Rate Note, 3/25/30 299,260
270,954 5.52 Merrill Lynch Mortgage Trust 2005-CKI1, Floating Rate
Note, 11/12/37 264,464
1,000,000 6.02 Merrill Lynch Mortgage Trust 2007-C1, Floating Rate
Note, 6/12/50 1,023,886
83,174 5.98 ML-CFC Commercial Mortgage Trust 2006-2, Floating
Rate Note, 6/12/46 83,138
49,954 5.79 Morgan Stanley Capital I Trust 2006-HQ9, Floating
Rate Note, 7/12/44 49,916
1,000,000 Morgan Stanley Capital I Trust 2006-IQ12,
5.37%, 12/15/43 1,004,109
450,381 Morgan Stanley Capital I Trust 2007-HQ13,
5.569%, 12/15/44 462,339
234,972 5.51 Morgan Stanley Capital I Trust 2007-TOP25, Floating
Rate Note, 11/12/49 236,099
500,000 2.68 Morgan Stanley Capital I Trust 2015-XLF1, Floating
Rate Note, 8/14/31 (144A) 498,237
600,000 3.26 Morgan Stanley Capital I Trust 2015-XLF1, Floating
Rate Note, 8/17/26 (144A) 600,000
742,550 0.79 Morgan Stanley Mortgage Loan Trust 2005-5AR,
Floating Rate Note, 9/25/35 734,256
360,901 0.80 Morgan Stanley Mortgage Loan Trust 2005-6AR,
Floating Rate Note, 11/25/35 352,322
105,447 0.79 Morgan Stanley Mortgage Loan Trust 2005-6AR,
Floating Rate Note, 11/25/35 105,008
648,528 1.30 MortgageIT Trust 2004-1, Floating Rate Note, 11/25/34 633,826
289,296 0.64 Nomura Resecuritization Trust 2014-1R, Floating Rate
Note, 10/26/36 (144A) 281,644
965,290 0.91 Opteum Mortgage Acceptance Corp Trust 2005-4,
Floating Rate Note, 11/25/35 880,882
972,459 0.83 Opteum Mortgage Acceptance Corp Trust 2005-4,
Floating Rate Note, 11/25/35 909,334
35,139 ORES 2014-LV3 LLC, 3.0%, 3/27/24 (144A) 35,139
500,000 2.74 Palmer Square Loan Funding 2016-2, Ltd., Floating
Rate Note, 6/21/24 (144A) 499,737
188,000 1.96 PFP 2015-2, Ltd., Floating Rate Note, 7/14/34 (144A) 186,722
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 37
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
950,000 Pretium Mortgage Credit Partners I 2016-NPL5 LLC,
3.875%, 9/27/31 (Step) (144A) $ 950,000
321,106 RAAC Series 2004-SP2 Trust, 6.0%, 1/25/32 323,700
1,500,000 2.64 RAIT 2014-FL2 Trust, Floating Rate Note,
5/15/31 (144A) 1,495,166
312,610 1.74 RAIT 2014-FL3 Trust, Floating Rate Note,
12/15/31 (144A) 308,666
54,753 1.07 RALI Series 2002-QS16 Trust, Floating Rate
Note, 10/25/17 54,278
13,537 RALI Series 2003-QS14 Trust, 5.0%, 7/25/18 13,585
149,829 0.94 RALI Series 2003-QS9 Trust, Floating Rate
Note, 5/25/18 147,591
65,501 RALI Series 2004-QS5 Trust, 4.75%, 4/25/34 65,743
163,424 1.12 RALI Series 2004-QS5 Trust, Floating Rate
Note, 4/25/34 162,469
593,553 0.82 RALI Series 2005-QA1 Trust, Floating Rate
Note, 1/25/35 565,520
7,879 6.48 RAMP Series 2004-SL4 Trust, Floating Rate
Note, 5/25/18 7,871
967,277 1.96 RESI Finance LP 2003-CB1, Floating Rate
Note, 7/9/35 863,492
294,128 1.36 RESI MAC, 2014-1A, Floating Rate Note, 6/12/19 291,232
1,015,990 0.89 Residential Asset Securitization Trust 2003-A2,
Floating Rate Note, 5/25/33 929,844
746,031 1.56 Resource Capital Corp 2014-CRE2, Ltd., Floating
Rate Note, 4/15/32 (144A) 736,754
88,965 RREF 2014-LT6 LLC, 2.75%, 9/16/24 (144A) 88,965
174,665 RREF 2015-LT7 LLC, 3.0%, 12/27/32 (144A) 174,665
202,814 Selene Non-Performing Loans LLC, 2.9814%, 5/25/54
(Step) (144A) 201,522
146,529 2.29 Sequoia Mortgage Trust 2004-7, Floating Rate
Note, 8/20/34 147,385
237,067 2.25 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 236,456
112,015 3.00 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 113,713
183,393 SilverLeaf Finance XVII LLC, 2.68%, 3/15/26 (144A) 181,658
290,000 2.35 Silverstone Master Issuer Plc, Floating Rate Note,
1/21/55 (144A) 291,838
630,000 Small Business Administration Participation
Certificates, 2.24%, 4/15/43 (144A) 630,893
112,942 3.36 Structured Adjustable Rate Mortgage Loan Trust Class
1A1, Floating Rate Note, 3/25/34 112,325
484,077 3.18 Structured Asset Mortgage Investments II Trust
2005-AR2, Floating Rate Note, 5/25/45 389,844
273,783 1.41 Structured Asset Mortgage Investments Trust
2002-AR5, Floating Rate Note, 5/19/33 268,434
The accompanying notes are an integral part of these financial statements.
38 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
32,047 Structured Asset Securities Corp. Mortgage Loan
Trust 2005-2XS, 4.65%, 2/25/35 (Step) $ 32,466
637,985 2.87 Structured Asset Securities Corp. Mortgage Pass-
Through Certificates Series 2003-24A, Floating Rate
Note, 7/25/33 624,096
101,060 1.02 Structured Asset Securities Corp. Mortgage Pass-
Through Certificates Series 2003-35, Floating Rate
Note, 12/25/33 100,557
80,062 1.81 Thornburg Mortgage Securities Trust 2004-1, Floating
Rate Note, 3/25/44 78,404
153,851 2.08 Thornburg Mortgage Securities Trust 2004-4, Floating
Rate Note, 12/25/44 151,221
347,820 2.52 Velocity Commercial Capital Loan Trust 2014-1,
Floating Rate Note, 9/25/44 (144A) 347,820
691,012 2.95 Velocity Commercial Capital Loan Trust 2015-1,
Floating Rate Note, 6/25/45 (144A) 696,194
25,740 5.66 Wachovia Bank Commercial Mortgage Trust Series
2006-C24, Floating Rate Note, 3/15/45 25,704
373,218 1.89 WaMu Mortgage Pass-Through Certificates Series 2002-
AR6 Trust, Floating Rate Note, 6/25/42 358,160
210,259 WaMu Mortgage Pass-Through Certificates Series
2003-S10, 5.0%, 10/25/18 211,517
164,622 WaMu Mortgage Pass-Through Certificates Series 2003-
S12 Trust, 5.0%, 11/25/18 167,548
444,343 3.45 Wedgewood Real Estate Trust 2016-1, Floating Rate
Note, 7/15/46 (144A) 443,453
1,250,000 2.36 Wells Fargo Commercial Mortgage Trust 2014-TISH
REMICS, Floating Rate Note, 2/15/27 (144A) 1,254,469
800,000 4.01 Wells Fargo Commercial Mortgage Trust 2014-TISH,
Floating Rate Note, 1/15/27 (144A) 773,801
94,706 1.09 Wells Fargo Mortgage Backed Securities 2005-4 Trust,
Floating Rate Note, 4/25/35 93,256
112,268 0.93 Westwood CDO II, Ltd., Floating Rate Note,
4/25/22 (144A) 111,217
---------------
$ 107,257,429
---------------
Total Banks $ 107,257,429
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.0%
Other Diversified Financial Services -- 0.8%
845,424 5.89 Credit Suisse Commercial Mortgage Trust Series
2007-C3, Floating Rate Note, 6/15/39 $ 855,629
885,239 6.14 Credit Suisse Commercial Mortgage Trust Series
2007-C4 REMICS, Floating Rate Note, 9/15/39 907,125
700,000 6.14 Credit Suisse Commercial Mortgage Trust Series
2007-C4, Floating Rate Note, 9/15/39 705,228
1,169,662 2.00 Hilton USA Trust 2013-HLF, Floating Rate Note,
11/5/30 (144A) 1,170,848
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 39
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
960,943 5.82 Morgan Stanley Capital I Trust 2007-TOP27 REMICS,
Floating Rate Note, 6/11/42 $ 984,835
67,072 Rialto Capital Management LLC, 2.85%,
5/15/24 (144A) 66,944
---------------
$ 4,690,609
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
800,000 2.48 BAMLL Commercial Mortgage Securities Trust 2015-
ASHF REMICS, Floating Rate Note, 1/15/28 (144A) $ 787,528
---------------
Total Diversified Financials $ 5,478,137
----------------------------------------------------------------------------------------------------
GOVERNMENT -- 11.1%
Government -- 11.1%
15,089 1.44 Collateralized Mortgage Obligation Trust 44,
Floating Rate Note, 7/1/18 $ 15,140
537,747 2.49 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 10/25/23 543,012
540,990 1.44 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 5/25/24 541,243
842,024 1.69 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 7/25/24 844,178
485,459 2.64 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 9/25/28 491,694
185,933 2.59 Fannie Mae Trust 2005-W4, Floating Rate
Note, 6/26/45 193,551
500,483 0.75 Fannie Mae Whole Loan, Floating Rate
Note, 11/25/46 501,431
240,099 Fannie Mae, 2.5%, 1/25/30 243,901
173,643 Fannie Mae, 2.5%, 3/25/24 175,115
281,148 Fannie Mae, 2.75%, 3/25/21 288,159
398,070 Fannie Mae, 3.0%, 1/25/29 402,419
369,495 Fannie Mae, 3.0%, 11/25/18 374,721
2,022,817 Fannie Mae, 3.0%, 6/25/22 2,068,333
108,753 Fannie Mae, 3.5%, 10/25/23 109,456
179,207 Fannie Mae, 3.5%, 6/25/21 183,804
519,160 Fannie Mae, 3.5%, 8/25/25 529,294
263,202 Fannie Mae, 4.0%, 10/25/24 270,652
37,728 Fannie Mae, 4.0%, 8/25/28 37,793
849,130 Fannie Mae, 4.25%, 3/25/25 876,563
143,780 Fannie Mae, 4.5%, 9/25/35 145,519
7,259 Fannie Mae, 5.0%, 6/25/34 7,257
1,362,541 0.94 Fannie Mae, Floating Rate Note, 11/25/32 1,362,765
513,584 FDIC 2010-R1 Trust, 2.184%, 5/25/50 (144A) 514,018
162,537 Federal Home Loan Banks, 2.9%, 4/20/17 164,490
31,229 Federal Home Loan Mortgage Corp. REMICS,
3.5%, 10/15/18 31,780
The accompanying notes are an integral part of these financial statements.
40 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
47,739 0.78 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 1/15/36 $ 47,636
638,440 0.78 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 1/15/37 636,053
32,580 0.68 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 10/15/20 32,640
167,213 1.06 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 10/15/37 168,382
141,933 0.83 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 11/15/36 141,786
68,173 0.83 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 11/15/36 68,082
322,665 0.86 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 11/15/37 322,213
66,994 0.88 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 12/15/32 67,226
108,584 0.88 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 12/15/32 109,073
250,731 0.80 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 12/15/35 250,107
205,472 1.18 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 12/15/39 206,354
159,706 0.78 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 2/15/30 159,783
164,954 1.48 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 2/15/32 169,041
185,170 0.88 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 2/15/33 185,380
136,044 0.78 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 2/15/36 135,612
89,574 0.78 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 2/15/39 89,866
208,510 0.98 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 2/15/41 208,252
137,727 1.03 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 2/15/42 138,932
116,527 1.48 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 3/15/32 119,102
199,342 1.48 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 3/15/32 204,834
281,737 0.88 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 3/15/38 282,578
402,718 0.88 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 3/15/41 404,336
172,424 1.03 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 4/15/27 174,647
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 41
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
170,658 0.98 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 4/15/28 $ 171,364
87,331 0.78 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 4/15/36 87,135
243,403 0.90 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 4/15/41 243,535
92,322 0.88 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 5/15/36 92,201
65,067 0.88 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 5/15/41 65,046
83,335 0.90 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 6/15/36 83,355
204,023 0.91 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 6/15/41 204,081
109,066 0.88 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 7/15/23 109,560
162,233 0.98 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 7/15/36 162,704
41,171 1.08 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 8/15/18 41,350
182,906 0.73 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 8/15/25 183,283
85,091 0.68 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 8/15/26 85,149
61,916 0.73 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 8/15/35 61,612
150,296 0.73 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 8/15/36 149,393
155,666 0.78 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 9/15/26 156,111
72,708 0.93 Federal Home Loan Mortgage Corp. REMICS,
Floating Rate Note, 9/15/33 72,707
290,838 Federal Home Loan Mortgage Corp., 2.75%, 11/15/25 298,230
276,208 Federal Home Loan Mortgage Corp., 3.0%, 1/15/30 284,429
639,796 Federal Home Loan Mortgage Corp., 3.0%, 12/15/24 646,621
55,032 Federal Home Loan Mortgage Corp., 3.0%, 6/15/38 55,328
77,369 Federal Home Loan Mortgage Corp., 3.5%, 8/15/28 79,091
142,680 Federal Home Loan Mortgage Corp., 4.0%, 1/15/34 145,624
60,443 Federal Home Loan Mortgage Corp., 6.0%, 1/15/28 60,580
1,147,438 0.98 Federal Home Loan Mortgage Corp., Floating Rate
Note, 1/15/33 1,152,178
141,813 0.73 Federal Home Loan Mortgage Corp., Floating Rate
Note, 1/15/35 141,214
59,501 0.80 Federal Home Loan Mortgage Corp., Floating Rate
Note, 11/15/36 59,325
The accompanying notes are an integral part of these financial statements.
42 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
239,484 0.93 Federal Home Loan Mortgage Corp., Floating
Rate Note, 2/17/32 $ 241,480
268,521 0.83 Federal Home Loan Mortgage Corp., Floating
Rate Note, 3/15/30 269,220
256,642 1.05 Federal Home Loan Mortgage Corp., Floating
Rate Note, 3/15/32 257,697
757,756 0.79 Federal Home Loan Mortgage Corp., Floating
Rate Note, 4/15/33 755,466
425,579 0.83 Federal Home Loan Mortgage Corp., Floating
Rate Note, 4/15/36 424,768
31,573 0.63 Federal Home Loan Mortgage Corp., Floating
Rate Note, 7/15/19 31,503
242,900 0.98 Federal Home Loan Mortgage Corp., Floating
Rate Note, 7/15/28 245,536
402,587 0.98 Federal Home Loan Mortgage Corp., Floating
Rate Note, 7/15/31 404,530
80,537 0.78 Federal Home Loan Mortgage Corp., Floating
Rate Note, 8/15/19 80,373
723,405 3.66 Federal National Mortgage Association 2004-T2,
Floating Rate Note, 7/25/43 749,739
88,669 Federal National Mortgage Association REMICS,
1.5%, 11/25/20 88,916
178,036 Federal National Mortgage Association REMICS,
1.75%, 12/25/22 179,111
343,169 Federal National Mortgage Association REMICS,
3.0%, 1/25/21 349,791
78,922 Federal National Mortgage Association REMICS,
3.0%, 4/25/40 81,271
180,386 Federal National Mortgage Association REMICS,
3.5%, 10/25/39 184,921
1,968 Federal National Mortgage Association REMICS,
5.0%, 9/25/39 1,974
74,503 Federal National Mortgage Association REMICS,
6.0%, 6/25/29 85,181
48,971 1.13 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/18/32 49,710
63,256 0.99 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/25/33 63,374
127,278 0.79 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/35 126,716
286,616 0.89 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/36 286,285
119,893 1.71 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/38 122,286
346,050 0.71 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/27/37 345,356
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 43
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
312,933 1.48 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/18/32 $ 319,702
219,911 0.85 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/36 219,552
286,363 1.19 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/39 288,953
205,663 0.88 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/18/32 205,899
434,651 1.49 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/23 439,409
92,657 1.39 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/31 93,846
485,263 0.99 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/32 487,491
95,607 1.11 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/37 95,831
155,389 0.84 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/33 156,562
142,937 0.80 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/35 142,598
101,511 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/37 100,875
134,749 0.69 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/37 133,734
39,710 0.94 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/38 39,790
113,686 0.99 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/24 114,930
229,404 0.89 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/34 229,572
139,981 0.89 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/34 140,105
124,315 0.84 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/35 124,766
901,932 0.79 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/36 897,987
159,862 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 158,872
138,150 0.85 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 138,868
87,406 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 86,918
192,873 0.84 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 191,659
665,447 0.71 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/45 647,593
The accompanying notes are an integral part of these financial statements.
44 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
430,531 1.39 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/32 $ 436,355
421,258 1.49 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/32 433,074
48,960 0.89 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/34 49,001
217,711 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/36 216,513
463,441 0.98 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/18/32 465,350
70,123 0.99 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/33 70,246
70,091 0.84 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/36 69,913
106,037 0.89 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/37 105,295
190,490 1.04 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/40 191,530
152,415 0.94 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/36 152,519
178,565 0.73 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 177,204
62,475 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 62,136
198,784 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 197,651
61,160 0.99 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/38 61,469
78,838 0.89 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/34 78,901
120,182 0.79 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/35 119,791
308,296 0.74 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/35 307,054
276,294 1.39 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/38 281,181
495,341 0.79 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/40 498,013
346,859 0.99 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/33 347,582
111,049 0.84 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/36 110,933
93,211 1.06 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/36 93,365
212,734 1.06 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 215,095
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 45
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
227,557 1.07 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 $ 230,066
56,835 1.06 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 57,431
58,998 1.04 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/39 59,389
238,211 Federal National Mortgage Association,
1.233%, 3/25/18 237,765
101,377 Federal National Mortgage Association, 2.5%, 4/25/36 102,330
175,472 Federal National Mortgage Association,
2.75%, 6/25/20 177,759
194,418 Federal National Mortgage Association, 3.0%, 6/25/39 196,467
52,079 Federal National Mortgage Association, 3.5%, 7/25/24 52,283
253,474 0.83 Federal National Mortgage Association, Floating Rate
Note, 10/18/32 255,398
339,276 0.79 Federal National Mortgage Association, Floating Rate
Note, 11/25/27 341,040
264,252 1.34 Federal National Mortgage Association, Floating Rate
Note, 2/25/23 269,061
78,184 0.79 Federal National Mortgage Association, Floating Rate
Note, 3/25/18 78,106
291,333 0.84 Federal National Mortgage Association, Floating Rate
Note, 3/25/36 291,122
637,718 0.99 Federal National Mortgage Association, Floating Rate
Note, 4/25/33 640,254
172,061 2.96 Federal National Mortgage Association, Floating Rate
Note, 4/25/35 185,318
405,502 0.99 Federal National Mortgage Association, Floating Rate
Note, 6/25/32 410,110
532,870 0.89 Federal National Mortgage Association, Floating Rate
Note, 6/25/36 532,456
256,379 0.79 Federal National Mortgage Association, Floating Rate
Note, 8/25/35 255,432
67,524 1.29 Federal National Mortgage Association, Floating Rate
Note, 9/25/22 67,937
562,899 1.43 Freddie Mac REMICS, Floating Rate Note, 2/15/32 577,350
82,738 0.83 Freddie Mac Strips, Floating Rate Note, 12/15/36 82,604
199,487 0.78 Freddie Mac Strips, Floating Rate Note, 8/15/36 198,933
291,667 1.94 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 11/25/23 292,757
203,925 1.49 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 2/25/24 204,164
700,000 3.39 Freddie Mac Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 7/25/28 725,637
613,113 Freddie Mac, 1.4%, 7/15/23 609,532
181,882 Freddie Mac, 2.0%, 11/15/20 184,236
The accompanying notes are an integral part of these financial statements.
46 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
1,353,824 Freddie Mac, 2.0%, 2/15/25 $ 1,369,726
183,329 Freddie Mac, 2.0%, 8/15/20 185,622
168,742 Freddie Mac, 2.0%, 8/15/20 170,843
455,275 Freddie Mac, 2.0%, 9/15/25 464,177
593,206 Freddie Mac, 3.0%, 2/15/24 601,986
440,605 Freddie Mac, 3.0%, 2/15/25 446,167
209,032 Freddie Mac, 3.0%, 4/15/24 210,891
533,937 Freddie Mac, 3.0%, 5/15/29 544,588
694,065 Freddie Mac, 3.5%, 10/15/28 705,148
168,974 Freddie Mac, 3.5%, 11/15/28 173,454
446,966 Freddie Mac, 3.5%, 2/15/25 455,326
403,812 Freddie Mac, 3.5%, 6/15/24 411,353
27,814 Freddie Mac, 3.5%, 7/15/23 27,809
182,289 Freddie Mac, 4.0%, 5/15/37 184,384
129,388 Freddie Mac, 4.5%, 11/15/24 130,692
415,481 Freddie Mac, 4.5%, 2/15/20 428,577
211,806 Freddie Mac, 4.5%, 3/15/19 217,459
140,478 Freddie Mac, 5.0%, 10/15/26 140,733
84,779 Freddie Mac, 5.5%, 12/15/22 85,034
554,246 0.88 Freddie Mac, Floating Rate Note, 9/15/31 553,638
1,000,000 5.05 FREMF Mortgage Trust 2011-K703, Floating Rate
Note, 7/25/44 (144A) 1,039,862
1,040,286 3.77 FREMF Mortgage Trust 2014-KF04 REMICS, Floating
Rate Note, 6/25/21 (144A) 1,045,030
998,512 4.50 FREMF Mortgage Trust 2014-KF05 REMICS, Floating
Rate Note, 9/25/21 (144A) 978,047
1,208,713 5.49 FREMF Mortgage Trust 2014-KS02 REMICS, Floating
Rate Note, 8/25/23 (144A) 1,207,202
409,000 3.37 FREMF Mortgage Trust Class B, Floating Rate Note,
11/25/46 (144A) 409,174
1,745,400 Government National Mortgage Association REMICS,
2.0%, 1/16/46 1,746,641
1,319,738 Government National Mortgage Association REMICS,
4.0%, 9/20/37 1,356,504
47,835 Government National Mortgage Association,
3.0%, 12/20/38 48,451
171,950 Government National Mortgage Association,
3.0%, 4/20/41 177,886
368,722 Government National Mortgage Association,
3.5%, 5/20/39 380,327
133,219 Government National Mortgage Association,
3.5%, 8/20/38 134,712
248,567 Government National Mortgage Association,
4.5%, 11/20/37 252,008
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 47
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
282,420 Government National Mortgage Association,
4.5%, 7/20/21 $ 283,299
42,171 Government National Mortgage Association,
5.0%, 4/20/36 43,427
196,872 0.73 Government National Mortgage Association,
Floating Rate Note, 1/16/35 196,258
494,967 1.03 Government National Mortgage Association,
Floating Rate Note, 1/16/40 498,214
645,494 1.03 Government National Mortgage Association,
Floating Rate Note, 12/16/26 653,664
192,863 0.76 Government National Mortgage Association,
Floating Rate Note, 2/20/35 192,273
139,716 1.01 Government National Mortgage Association,
Floating Rate Note, 2/20/38 140,324
198,795 0.78 Government National Mortgage Association,
Floating Rate Note, 4/16/31 199,284
109,086 0.98 Government National Mortgage Association,
Floating Rate Note, 4/16/32 109,912
508,262 1.03 Government National Mortgage Association,
Floating Rate Note, 4/16/32 513,975
554,166 0.78 Government National Mortgage Association,
Floating Rate Note, 5/16/33 555,413
592,649 0.88 Government National Mortgage Association,
Floating Rate Note, 6/16/32 596,716
354,075 0.81 Government National Mortgage Association,
Floating Rate Note, 8/20/40 351,052
248,896 0.97 NCUA Guaranteed Notes Trust REMICS, Floating
Rate Note, 3/9/21 247,876
53,177 0.99 Structured Asset Mortgage Investments II Trust
2005-F1 REMICS, Floating Rate Note, 8/26/35 52,878
---------------
$ 63,983,249
---------------
Total Government $ 63,983,249
----------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $179,083,818) $ 177,711,012
----------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 36.3%
ENERGY -- 3.2%
Oil & Gas Equipment & Services -- 0.1%
775,000 National Oilwell Varco, Inc., 1.35%, 12/1/17 $ 769,376
----------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.8%
600,000 1.14 Chevron Corp., Floating Rate Note, 11/16/18 $ 601,573
600,000 1.13 Chevron Corp., Floating Rate Note, 5/16/18 602,809
1,000,000 ConocoPhillips Co., 1.05%, 12/15/17 994,864
1,000,000 1.27 Exxon Mobil Corp., Floating Rate Note, 2/28/18 1,007,884
The accompanying notes are an integral part of these financial statements.
48 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- (continued)
750,000 1.03 Shell International Finance BV, Floating Rate
Note, 11/15/16 $ 750,368
600,000 Statoil ASA, 3.125%, 8/17/17 611,047
---------------
$ 4,568,545
----------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.5%
600,000 Canadian Natural Resources, Ltd., 1.75%, 1/15/18 $ 597,799
570,000 Canadian Natural Resources, Ltd., 5.7%, 5/15/17 586,945
750,000 Hess Corp., 1.3%, 6/15/17 744,422
800,000 WPX Energy, Inc., 7.5%, 8/1/20 821,500
---------------
$ 2,750,666
----------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.4%
500,000 GS Caltex Corp., 3.25%, 10/1/18 (144A) $ 513,996
750,000 Phillips 66, 2.95%, 5/1/17 758,692
830,000 Valero Energy Corp., 6.125%, 6/15/17 860,521
---------------
$ 2,133,209
----------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.4%
700,000 Boardwalk Pipelines LP, 5.5%, 2/1/17 $ 708,271
500,000 Buckeye Partners LP, 6.05%, 1/15/18 525,833
1,000,000 1.28 Enbridge, Inc., Floating Rate Note, 10/1/16 998,792
1,150,000 Energy Transfer Partners LP, 2.5%, 6/15/18 1,161,045
750,000 Enterprise Products Operating LLC, 1.65%, 5/7/18 751,288
500,000 Enterprise Products Operating LLC, 2.55%, 10/15/19 512,336
700,000 Kinder Morgan, Inc. Delaware, 2.0%, 12/1/17 700,769
720,000 ONEOK Partners LP, 6.15%, 10/1/16 722,236
750,000 Spectra Energy Capital LLC, 6.2%, 4/15/18 797,044
500,000 Tennessee Gas Pipeline Co LLC, 7.5%, 4/1/17 515,888
495,000 TransCanada PipeLines, Ltd., 1.625%, 11/9/17 496,351
375,000 TransCanada PipeLines, Ltd., 1.875%, 1/12/18 376,980
---------------
$ 8,266,833
---------------
Total Energy $ 18,488,629
----------------------------------------------------------------------------------------------------
MATERIALS -- 0.3%
Fertilizers & Agricultural Chemicals -- 0.2%
1,000,000 Monsanto Co., 1.15%, 6/30/17 $ 998,949
----------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
250,000 Beverage Packaging Holdings Luxembourg II SA,
5.625%, 12/15/16 (144A) $ 250,625
----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
500,000 0.88 BHP Billiton Finance USA, Ltd., Floating Rate
Note, 9/30/16 $ 499,998
---------------
Total Materials $ 1,749,572
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 49
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.5%
Aerospace & Defense -- 0.6%
586,000 L-3 Communications Corp., 1.5%, 5/28/17 $ 586,851
500,000 Precision Castparts Corp., 1.25%, 1/15/18 501,345
1,050,000 The Boeing Co., 0.95%, 5/15/18 1,048,728
500,000 United Technologies Corp., 1.778%, 5/4/18 (Step) 503,456
580,000 United Technologies Corp., 1.8%, 6/1/17 583,498
---------------
$ 3,223,878
----------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.5%
1,098,000 John Deere Capital Corp., 1.05%, 10/11/16 $ 1,098,500
750,000 John Deere Capital Corp., 1.05%, 12/15/16 750,652
1,090,000 0.95 John Deere Capital Corp., Floating Rate
Note, 10/11/16 1,090,350
---------------
$ 2,939,502
----------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.4%
1,100,000 Aircastle, Ltd., 6.75%, 4/15/17 $ 1,131,625
750,000 Aviation Capital Group Corp., 2.875%,
9/17/18 (144A) 764,062
750,000 GATX Corp., 1.25%, 3/4/17 749,915
---------------
$ 2,645,602
---------------
Total Capital Goods $ 8,808,982
----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Railroads -- 0.2%
535,000 Burlington Northern Santa Fe LLC, 5.75%, 3/15/18 $ 572,308
500,000 TTX Co., 2.25%, 2/1/19 (144A) 506,031
---------------
$ 1,078,339
---------------
Total Transportation $ 1,078,339
----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.9%
Auto Parts & Equipment -- 0.1%
700,000 Johnson Controls, Inc., 1.4%, 11/2/17 $ 700,332
----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.8%
750,000 0.99 Daimler Finance North America LLC, Floating Rate
Note, 3/10/17 (144A) $ 750,447
617,000 0.98 Daimler Finance North America LLC, Floating Rate
Note, 8/1/17 (144A) 616,666
700,000 Ford Motor Credit Co. LLC, 1.724%, 12/6/17 701,168
250,000 Ford Motor Credit Co. LLC, 2.375%, 1/16/18 252,418
1,000,000 Ford Motor Credit Co. LLC, 2.875%, 10/1/18 1,024,871
500,000 1.26 Ford Motor Credit Co. LLC, Floating
Rate Note, 3/27/17 500,347
750,000 1.15 Ford Motor Credit Co. LLC, Floating Rate
Note, 9/8/17 748,904
1,000,000 Nissan Motor Acceptance Corp., 2.65%,
9/26/18 (144A) 1,020,696
The accompanying notes are an integral part of these financial statements.
50 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- (continued)
500,000 1.18 Nissan Motor Acceptance Corp., Floating Rate
Note, 3/3/17 (144A) $ 500,726
1,455,000 Toyota Motor Credit Corp., 1.125%, 5/16/17 1,457,132
600,000 Toyota Motor Credit Corp., 1.25%, 10/5/17 601,588
300,000 Toyota Motor Credit Corp., 1.75%, 5/22/17 301,399
600,000 1.45 Toyota Motor Credit Corp., Floating Rate
Note, 2/19/19 605,093
750,000 Volkswagen International Finance NV, 1.125%,
11/18/16 (144A) 750,000
500,000 Volkswagen International Finance NV, 1.6%,
11/20/17 (144A) 499,800
---------------
$ 10,331,255
---------------
Total Automobiles & Components $ 11,031,587
----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Homebuilding -- 0.1%
650,000 DR Horton, Inc., 4.0%, 2/15/20 $ 680,875
---------------
Total Consumer Durables & Apparel $ 680,875
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Restaurants -- 0.1%
605,000 Starbucks Corp., 0.875%, 12/5/16 $ 605,574
---------------
Total Consumer Services $ 605,574
----------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Broadcasting -- 0.1%
580,000 1.37 NBCUniversal Enterprise, Inc., Floating Rate Note,
4/15/18 (144A) $ 584,802
----------------------------------------------------------------------------------------------------
Publishing -- 0.1%
500,000 Thomson Reuters Corp., 1.3%, 2/23/17 $ 500,761
---------------
Total Media $ 1,085,563
----------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Home Improvement Retail -- 0.1%
750,000 1.02 The Home Depot, Inc., Floating Rate Note, 9/15/17 $ 752,310
----------------------------------------------------------------------------------------------------
Automotive Retail -- 0.2%
625,000 AutoZone, Inc., 1.625%, 4/21/19 $ 626,670
500,000 Volkswagen Group of America Finance LLC, 1.65%,
5/22/18 (144A) 499,412
---------------
$ 1,126,082
---------------
Total Retailing $ 1,878,392
----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Hypermarkets & Super Centers -- 0.1%
740,000 Costco Wholesale Corp., 1.125%, 12/15/17 $ 741,868
---------------
Total Food & Staples Retailing $ 741,868
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 51
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.5%
Brewers -- 0.3%
500,000 0.82 Anheuser-Busch InBev Finance, Inc., Floating
Rate Note, 1/27/17 $ 500,146
800,000 2.02 Anheuser-Busch InBev Finance, Inc., Floating
Rate Note, 2/1/21 821,458
585,000 Anheuser-Busch InBev Worldwide, Inc.,
1.375%, 7/15/17 586,272
---------------
$ 1,907,876
----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.2%
1,000,000 Wm Wrigley Jr Co., 2.0%, 10/20/17 (144A) $ 1,008,787
----------------------------------------------------------------------------------------------------
Tobacco -- 0.0%+
30,000 Reynolds American, Inc., 2.3%, 8/21/17 $ 30,323
---------------
Total Food, Beverage & Tobacco $ 2,946,986
----------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.1%
500,000 Reckitt Benckiser Treasury Services Plc, 2.125%,
9/21/18 (144A) $ 503,248
---------------
Total Household & Personal Products $ 503,248
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.3%
Health Care Equipment -- 0.7%
750,000 Becton Dickinson and Co., 1.45%, 5/15/17 $ 751,722
1,325,000 Becton Dickinson and Co., 1.8%, 12/15/17 1,332,821
500,000 Boston Scientific Corp., 2.65%, 10/1/18 511,815
1,270,000 1.45 Medtronic, Inc., Floating Rate Note, 3/15/20 1,290,540
---------------
$ 3,886,898
----------------------------------------------------------------------------------------------------
Health Care Distributors -- 0.3%
1,765,000 McKesson Corp., 1.292%, 3/10/17 $ 1,767,575
----------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
600,000 Aetna, Inc., 1.7%, 6/7/18 $ 603,910
625,000 Coventry Health Care, Inc., 5.95%, 3/15/17 640,712
500,000 UnitedHealth Group, Inc., 1.875%, 11/15/16 501,592
---------------
$ 1,746,214
---------------
Total Health Care Equipment & Services $ 7,400,687
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 1.2%
Biotechnology -- 0.6%
600,000 Amgen, Inc., 2.125%, 5/15/17 $ 604,056
700,000 Amgen, Inc., 2.5%, 11/15/16 702,132
600,000 1.19 Amgen, Inc., Floating Rate Note, 5/22/17 600,396
600,000 Celgene Corp., 2.125%, 8/15/18 607,261
The accompanying notes are an integral part of these financial statements.
52 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Biotechnology -- (continued)
750,000 Gilead Sciences, Inc., 1.85%, 9/4/18 $ 760,003
---------------
$ 3,273,848
----------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.3%
750,000 Bayer US Finance LLC, 1.5%, 10/6/17 (144A) $ 750,223
605,000 Perrigo Co Plc, 2.3%, 11/8/18 608,222
750,000 0.97 Pfizer, Inc., Floating Rate Note, 5/15/17 750,766
---------------
$ 2,109,211
----------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.3%
600,000 Thermo Fisher Scientific, Inc., 1.3%, 2/1/17 $ 600,471
1,000,000 Thermo Fisher Scientific, Inc., 2.4%, 2/1/19 1,019,235
---------------
$ 1,619,706
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 7,002,765
----------------------------------------------------------------------------------------------------
BANKS -- 10.4%
Diversified Banks -- 6.5%
750,000 1.43 ABN AMRO Bank NV, Floating Rate Note,
10/28/16 (144A) $ 750,818
66,783 0.78 American Express Bank FSB, Floating Rate
Note, 6/12/17 66,758
1,000,000 Bank of America Corp., 1.35%, 11/21/16 1,000,496
1,000,000 Bank of America Corp., 2.0%, 1/11/18 1,006,224
600,000 Bank of America Corp., 3.875%, 3/22/17 608,476
650,000 Bank of America Corp., 5.625%, 10/14/16 653,154
408,000 1.27 Bank of America Corp., Floating Rate Note, 8/25/17 408,468
750,000 Bank of America NA, 1.75%, 6/5/18 755,379
470,000 0.88 Bank of Montreal, Floating Rate Note, 7/14/17 469,931
585,000 1.33 Bank of Montreal, Floating Rate Note, 7/18/19 585,553
625,000 Banque Federative du Credit Mutuel SA, 2.0%,
4/12/19 (144A) 629,542
229,000 1.21 Barclays Bank Plc, Floating Rate Note, 2/17/17 229,140
575,000 BPCE SA, 1.625%, 1/26/18 576,352
600,000 Citigroup, Inc., 1.35%, 3/10/17 600,451
750,000 Citigroup, Inc., 1.8%, 2/5/18 752,874
750,000 1.31 Citigroup, Inc., Floating Rate Note, 11/15/16 750,752
600,000 1.32 Citigroup, Inc., Floating Rate Note, 4/27/18 601,595
1,220,000 2.33 Citigroup, Inc., Floating Rate Note, 5/15/18 1,243,558
600,000 Citizens Bank NA, 2.5%, 3/14/19 609,289
650,000 1.02 Commonwealth Bank of Australia, Floating Rate
Note, 3/13/17 (144A) 650,428
750,000 0.93 Commonwealth Bank of Australia, Floating Rate
Note, 9/8/17 (144A) 749,505
580,000 1.30 Cooperatieve Rabobank UA New York, Floating Rate
Note, 8/9/19 580,260
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 53
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
500,000 1.20 Credit Agricole SA London, Floating Rate Note,
6/12/17 (144A) $ 499,858
750,000 0.94 HSBC USA, Inc., Floating Rate Note, 6/23/17 748,206
600,000 1.75 ING Bank NV, Floating Rate Note, 3/22/19 (144A) 608,738
560,000 1.43 ING Bank NV, Floating Rate Note, 8/15/19 (144A) 560,353
580,000 1.54 JPMorgan Chase & Co., Floating Rate
Note, 1/25/18 583,944
500,000 1.15 JPMorgan Chase & Co., Floating Rate
Note, 2/15/17 500,020
500,000 3.02 JPMorgan Chase & Co., Floating Rate
Note, 2/25/21 514,150
600,000 Nordea Bank AB, 3.125%, 3/20/17 (144A) 606,617
585,000 0.99 Nordea Bank AB, Floating Rate Note, 4/4/17 585,135
295,000 Royal Bank of Canada, 1.25%, 6/16/17 295,425
1,000,000 Royal Bank of Canada, 1.45%, 9/9/16 1,000,070
550,000 0.97 Royal Bank of Canada, Floating Rate Note, 1/23/17 550,526
1,000,000 0.89 Royal Bank of Canada, Floating Rate Note, 6/16/17 999,750
580,000 1.23 Royal Bank of Canada, Floating Rate Note, 7/29/19 579,900
750,000 1.04 Santander UK Plc, Floating Rate Note, 9/29/17 748,341
750,000 1.06 Sumitomo Mitsui Banking Corp., Floating Rate
Note, 1/10/17 750,570
500,000 1.42 Sumitomo Mitsui Trust Bank, Ltd., Floating Rate
Note, 9/16/16 (144A) 500,102
1,250,000 1.11 Svenska Handelsbanken AB, Floating Rate
Note, 9/23/16 1,250,349
750,000 0.00 Svenska Handelsbanken AB, Floating Rate
Note, 9/6/19 750,218
500,000 The Bank of Nova Scotia, 1.1%, 12/13/16 500,280
500,000 The Bank of Nova Scotia, 1.45%, 4/25/18 501,272
1,000,000 The Bank of Tokyo-Mitsubishi UFJ, Ltd., 1.55%,
9/9/16 (144A) 1,000,030
305,000 The Bank of Tokyo-Mitsubishi UFJ, Ltd., 2.7%,
9/9/18 (144A) 311,186
500,000 1.05 The Bank of Tokyo-Mitsubishi UFJ, Ltd., Floating
Rate Note, 3/10/17 (144A) 500,565
500,000 0.94 The Bank of Tokyo-Mitsubishi UFJ, Ltd., Floating
Rate Note, 9/8/17 (144A) 498,374
500,000 The Huntington National Bank, 1.3%, 11/20/16 500,284
500,000 1.06 The Huntington National Bank, Floating Rate
Note, 4/24/17 499,654
750,000 1.33 The Korea Development Bank, Floating Rate
Note, 1/22/17 749,868
500,000 The Toronto-Dominion Bank, 1.4%, 4/30/18 500,897
500,000 0.88 The Toronto-Dominion Bank, Floating Rate
Note, 5/2/17 500,010
The accompanying notes are an integral part of these financial statements.
54 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
600,000 1.32 The Toronto-Dominion Bank, Floating Rate
Note, 8/13/19 $ 602,671
500,000 1.10 The Toronto-Dominion Bank, Floating Rate
Note, 9/9/16 500,024
750,000 1.04 US Bancorp, Floating Rate Note, 4/25/19 748,842
600,000 Wells Fargo & Co., 1.15%, 6/2/17 600,077
600,000 Wells Fargo & Co., 5.625%, 12/11/17 633,140
575,000 1.27 Wells Fargo & Co., Floating Rate Note, 4/23/18 577,338
1,000,000 0.96 Westpac Banking Corp., Floating Rate
Note, 5/19/17 999,839
---------------
$ 37,635,626
----------------------------------------------------------------------------------------------------
Regional Banks -- 3.9%
103,000 BB&T Corp., 1.6%, 8/15/17 $ 103,481
500,000 Branch Banking & Trust Co., 1.35%, 10/1/17 500,781
720,000 Branch Banking & Trust Co., 1.45%, 10/3/16 720,000
500,000 Branch Banking & Trust Co., 2.3%, 10/15/18 510,495
250,000 0.95 Branch Banking & Trust Co., Floating Rate
Note, 5/23/17 249,946
1,575,000 0.95 Branch Banking & Trust Co., Floating Rate
Note, 9/13/16 1,575,000
750,000 Capital One NA, 2.35%, 8/17/18 760,278
1,440,000 1.04 Fifth Third Bancorp, Floating Rate Note, 12/20/16 1,440,431
750,000 Fifth Third Bank Cincinnati Ohio, 1.15%, 11/18/16 750,283
485,000 Fifth Third Bank Cincinnati Ohio, 1.35%, 6/1/17 485,846
600,000 KeyBank NA Cleveland Ohio, 2.35%, 3/8/19 611,590
500,000 1.01 Manufacturers & Traders Trust Co., Floating Rate
Note, 1/30/17 500,387
1,000,000 0.94 Manufacturers & Traders Trust Co., Floating Rate
Note, 7/25/17 1,000,256
1,000,000 MUFG Union Bank NA, 2.625%, 9/26/18 1,020,031
1,450,000 1.38 MUFG Union Bank NA, Floating Rate Note, 9/26/16 1,450,696
250,000 0.98 National City Bank Cleveland Ohio, Floating Rate
Note, 12/15/16 250,094
450,000 PNC Bank NA, 1.125%, 1/27/17 450,315
550,000 PNC Bank NA, 1.3%, 10/3/16 550,000
600,000 PNC Bank NA, 1.6%, 6/1/18 603,143
490,000 PNC Bank NA, 5.25%, 1/15/17 497,186
750,000 0.94 PNC Bank NA, Floating Rate Note, 8/1/17 749,952
500,000 SunTrust Bank, 1.35%, 2/15/17 500,212
805,000 1.07 SunTrust Bank, Floating Rate Note, 2/15/17 804,705
500,000 SunTrust Banks, Inc., 3.5%, 1/20/17 503,426
750,000 1.07 The Toronto-Dominion Bank, Floating Rate
Note, 7/2/19 747,471
750,000 1.13 UBS AG, Floating Rate Note, 9/26/16 750,191
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 55
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
1,450,000 1.22 US Bank NA Cincinnati Ohio, Floating Rate
Note, 1/29/18 $ 1,456,437
575,000 1.10 US Bank NA Cincinnati Ohio, Floating Rate
Note, 8/23/17 575,985
1,077,000 0.90 Wachovia Corp., Floating Rate Note, 6/15/17 1,077,481
575,000 Wells Fargo Bank NA, 1.75%, 5/24/19 580,939
580,000 1.17 Wells Fargo Bank NA, Floating Rate Note, 9/7/17 581,539
---------------
$ 22,358,577
---------------
Total Banks $ 59,994,203
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.1%
Other Diversified Financial Services -- 0.3%
500,000 Bank of America NA, 1.25%, 2/14/17 $ 500,344
600,000 General Electric Co., 2.3%, 4/27/17 605,055
750,000 0.91 General Electric Co., Floating Rate Note, 5/15/17 751,096
---------------
$ 1,856,495
----------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.5%
580,000 Berkshire Hathaway Finance Corp., 1.6%, 5/15/17 $ 582,428
1,000,000 0.81 Berkshire Hathaway Finance Corp., Floating Rate
Note, 1/10/17 1,000,537
1,000,000 0.75 Berkshire Hathaway Finance Corp., Floating Rate
Note, 8/14/17 1,000,752
---------------
$ 2,583,717
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
625,000 MassMutual Global Funding II, 2.0%,
4/5/17 (144A) $ 628,594
500,000 0.95 National Rural Utilities Cooperative Finance Corp.,
Floating Rate Note, 11/23/16 500,266
150,000 NYSE Holdings LLC, 2.0%, 10/5/17 151,444
---------------
$ 1,280,304
----------------------------------------------------------------------------------------------------
Consumer Finance -- 1.9%
500,000 Ally Financial, Inc., 3.6%, 5/21/18 $ 508,125
600,000 American Express Credit Corp., 1.125%, 6/5/17 599,870
600,000 0.95 American Express Credit Corp., Floating Rate
Note, 6/5/17 599,426
1,000,000 0.92 American Express Credit Corp., Floating Rate
Note, 9/22/17 999,042
500,000 American Honda Finance Corp., 1.125%, 10/7/16 500,166
750,000 American Honda Finance Corp., 1.2%, 7/14/17 751,562
174,000 American Honda Finance Corp., 1.55%, 12/11/17 175,211
750,000 0.94 American Honda Finance Corp., Floating Rate
Note, 12/11/17 751,286
580,000 1.07 American Honda Finance Corp., Floating Rate
Note, 9/20/17 582,240
The accompanying notes are an integral part of these financial statements.
56 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
750,000 Capital One Bank USA NA, 1.15%, 11/21/16 $ 749,972
600,000 Capital One Bank USA NA, 1.3%, 6/5/17 600,140
750,000 Capital One NA, 1.65%, 2/5/18 751,189
1,000,000 Caterpillar Financial Services Corp., 1.0%, 11/25/16 1,000,724
1,125,000 Caterpillar Financial Services Corp., 1.35%, 9/6/16 1,125,000
625,000 General Motors Financial Co, Inc., 2.4%, 5/9/19 628,148
485,000 0.83 PACCAR Financial Corp., Floating Rate Note, 6/6/17 485,446
---------------
$ 10,807,547
----------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.3%
750,000 The Bank of New York Mellon Corp., 1.969%,
6/20/17 (Step) $ 755,917
240,000 1.32 The Bank of New York Mellon Corp., Floating Rate
Note, 8/1/18 240,960
587,000 1.32 The Goldman Sachs Group, Inc., Floating Rate
Note, 5/22/17 588,259
---------------
$ 1,585,136
----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.8%
750,000 1.37 Morgan Stanley, Floating Rate Note, 1/5/18 $ 751,191
275,000 3.10 Morgan Stanley, Floating Rate Note, 11/9/18 277,636
500,000 2.01 Morgan Stanley, Floating Rate Note, 2/1/19 510,228
650,000 North American Development Bank, 2.3%, 10/10/18 661,268
1,500,000 1.04 The Bear Stearns Companies LLC, Floating Rate
Note, 11/21/16 1,500,309
650,000 1.84 The Goldman Sachs Group, Inc., Floating Rate
Note, 4/30/18 655,848
---------------
$ 4,356,480
----------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.1%
750,000 2.49 ICBCIL Finance Co, Ltd., Floating Rate Note,
11/13/18 (144A) $ 753,850
---------------
Total Diversified Financials $ 23,223,529
----------------------------------------------------------------------------------------------------
INSURANCE -- 6.3%
Life & Health Insurance -- 0.4%
750,000 Principal Life Global Funding II, 1.2%,
5/19/17 (144A) $ 750,678
1,400,000 1.17 Principal Life Global Funding II, Floating Rate
Note, 12/1/17 (144A) 1,406,370
---------------
$ 2,157,048
----------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.9%
900,000 1.04 Metropolitan Life Global Funding I, Floating Rate
Note, 4/10/17 (144A) $ 901,505
1,150,000 New York Life Global Funding, 1.125%,
3/1/17 (144A) 1,150,876
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 57
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Multi-line Insurance -- (continued)
750,000 New York Life Global Funding, 1.45%,
12/15/17 (144A) $ 753,926
750,000 0.91 New York Life Global Funding, Floating Rate
Note, 12/15/17 (144A) 751,239
600,000 The Hartford Financial Services Group, Inc.,
5.375%, 3/15/17 612,191
1,100,000 The Hartford Financial Services Group, Inc.,
5.5%, 10/15/16 1,105,456
---------------
$ 5,275,193
----------------------------------------------------------------------------------------------------
Reinsurance -- 5.0%
300,000 4.05 Acorn Re, Ltd., Floating Rate Note, 7/17/18
(Cat Bond) (144A) $ 308,640
250,000 6.62 Alamo Re, Ltd., Floating Rate Note, 6/7/17
(Cat Bond) (144A) 253,500
350,000 5.78 Alamo Re, Ltd., Floating Rate Note, 6/7/18
(Cat Bond) (144A) 361,830
250,000 3.11 Aozora Re, Ltd., Floating Rate Note, 4/7/23
(Cat Bond) (144A) 251,600
100,000 Arlington Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 8/31/16 (f) (g) 4,860
150,000 Arlington Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 8/31/17 (f) (g) 153,045
500,000 3.84 Atlas IX Capital DAC, Floating Rate Note, 1/17/19
(Cat Bond) (144A) 508,100
300,000 Berwick 2016-1 Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 2/1/18 (f) (g) 311,940
250,000 0.00 Blue Halo Re, Ltd., Floating Rate Note, 6/21/19
(Cat Bond) (144A) 251,825
400,000 5.76 Caelus Re IV, Ltd., Floating Rate Note, 3/6/20
(Cat Bond) (144A) 413,880
750,000 6.85 Caelus Re, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 763,950
250,000 Carnosutie 2016-N,Segregated Account (Artex
SAC Ltd.), Variable Rate Notes, 11/30/20 (f) (g) 260,275
250,000 4.68 Citrus Re, Ltd., Floating Rate Note, 4/18/17
(Cat Bond) (144A) 250,750
600,000 4.28 Citrus Re, Ltd., Floating Rate Note, 4/24/17
(Cat Bond) (144A) 601,260
600,000 Denning 2016 Segregated Account (Artex), Variable
Rate Notes, 7/7/17 (f) (g) 590,580
500,000 2.83 East Lane Re VI, Ltd., Floating Rate Note, 3/14/18
(Cat Bond) (144A) 502,900
603 Eden Re II, Ltd., Variable Rate Notes, 4/19/18
(144A) (f) (g) 10,504
600,000 Eden Re II, Variable Rate Notes, 4/23/19 (f) (g) 633,600
The accompanying notes are an integral part of these financial statements.
58 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
500,000 7.69 Galileo Re, Ltd., Floating Rate Note, 1/9/17
(Cat Bond) (144A) $ 504,050
600,000 6.48 Gator Re, Ltd., Floating Rate Note, 1/9/17
(Cat Bond) (144A) 530,220
300,000 Gleneagles Segregated Account (Artex SAC Ltd),
Variable Rate Notes, 11/30/20 (f) (g) 319,500
750,000 2.42 Golden State Re II, Ltd., Floating Rate Note, 1/8/19
(Cat Bond) (144A) 740,925
600,000 Gullane Segregated Account (Artex SAC Ltd.),
Variable Rate Note 11/30/20 (f) (g) 624,600
750,000 4.00 Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19
(Cat Bond) (144A) 761,325
250,000 6.87 Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19
(Cat Bond) (144A) 255,725
250,000 9.46 Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19
(Cat Bond) (144A) 257,225
650,000 5.00 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 655,655
350,000 4.76 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 353,500
350,000 Kingsbarns Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 5/15/17 (f) (g) 331,450
450,000 2.51 Kizuna Re II, Ltd., Floating Rate Note, 4/6/18
(Cat Bond) (144A) 450,450
250,000 Lahinch Re, Variable Rate Notes, 5/10/21 (f) (g) 244,650
750,000 3.75 Long Point Re III, Ltd., Floating Rate Note, 5/23/18
(Cat Bond) (144A) 761,925
250,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (f) (g) 17,500
600,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/19 (f) (g) 615,840
300,000 Madison Re. Variable Rate Notes, 3/31/19 (f) (g) 307,530
650,000 2.26 Merna Re V, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 650,195
500,000 9.03 Mythen Re, Ltd., Series 2012-2 Class A, Floating Rate
Note, 1/5/17 (Cat Bond) (144A) 505,050
300,000 Nairn 2016 Segregated Account (Artex), Variable Rate
Notes, 8/29/17 (f) (g) 269,940
1,000,000 Pangaea Re, Series 2015-1, Principal at Risk Notes,
2/1/19 (f) (g) 39,200
1,000,000 Pangaea Re, Series 2015-2, Principal at Risk Notes,
11/30/19 (f) (g) 104,400
500,000 Pangaea Re, Series 2016-2, Principal at Risk Notes,
11/30/20 (f) (g) 516,350
500,000 Pangaea Re, Variable Rate Notes, 12/20/16 (f) (g) 474,600
800,000 Pangaea Re., Variable Rate Notes, 2/1/20 (f) (g) 826,240
700,000 Pangaea Re., Variable Rate Notes, 7/1/18 (f) (g) 12,600
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 59
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
500,000 4.61 PennUnion Re, Ltd., Floating Rate Note, 12/7/18
(Cat Bond) (144A) $ 506,600
300,000 Port Rush RE, Variable Rate Notes, 6/15/17 (f) (g) 281,880
500,000 3.76 Queen City Re, Ltd., Floating Rate Note, 1/6/17
(Cat Bond) (144A) 494,150
500,000 5.83 Queen Street X Re, Ltd., Floating Rate Note, 6/8/18
(Cat Bond) (144A) 502,600
250,000 6.24 Queen Street XI Re Dac, Floating Rate Note, 6/7/19
(Cat Bond) (144A) 255,050
1,150,000 4.77 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 1,145,860
250,000 13.02 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 250,250
250,000 6.02 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 12/6/16 (Cat Bond) (144A) 248,975
250,000 9.52 Residential Reinsurance 2013, Ltd., Floating Rate
Note, 6/6/17 (Cat Bond) (144A) 257,775
250,000 3.76 Residential Reinsurance 2014, Ltd., Floating Rate
Note, 6/6/18 (Cat Bond) (144A) 252,925
350,000 0.00 Resilience Re, Ltd., Variable Rate Notes 4/7/17
(Cat Bond) 331,660
250,000 0.00 Resilience Re, Ltd., Variable Rate Notes 6/12/17
(Cat Bond) 236,925
750,000 3.76 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 750,675
750,000 4.21 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 751,350
650,000 4.03 Sanders Re, Ltd., Floating Rate Note, 6/7/17
(Cat Bond) (144A) 652,665
300,000 Sector Re V, Ltd.,Variable Rate Notes, 3/1/21 (f) (g) 309,930
1,889 Sector Re V, Ltd., Variable Rate Notes, 12/1/19
(144A) (f) (g) 2,356
250,000 Sector Re V, Ltd., Variable Rate Notes, 12/1/20
(144A) (f) (g) 271,300
1,250 Sector Re V, Ltd., Variable Rate Notes, 3/1/20
(144A) (f) (g) 27,970
500,000 Shenandoah 2017-1 Segregated Account (Artex),
Variable Rate Notes, 7/7/17 (f) (g) 480,350
250,000 Silverton Re, Ltd., Variable Rate Notes, 9/16/16
(144A) (f) (g) 650
400,000 Silverton Re, Ltd., Variable Rate Notes, 9/18/17
(144A) (f) (g) 9,880
250,000 Silverton Re, Ltd., Variable Rate Notes, 9/18/18
(144A) (f) (g) 264,300
300,000 St. Andrews Segregated Account (Artex),
Variance Rate Notes, 2/1/18 (f) (g) 310,320
The accompanying notes are an integral part of these financial statements.
60 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 5.26 Tradewynd Re, Ltd., Floating Rate Note, 1/8/18
(Cat Bond) (144A) $ 252,450
600,000 Versutus 2016, Class A-1, Variable Rate Notes,
11/30/20 (f) (g) 620,160
800,000 Versutus Ltd., Series 2015-A, Variable Rate Notes,
12/31/2017 (f) (g) 18,080
500,000 2.96 Vitality Re IV, Ltd., Floating Rate Note, 1/9/17
(Cat Bond) (144A) 500,600
500,000 1.96 Vitality Re V, Ltd., Floating Rate Note, 1/7/19
(Cat Bond) (144A) 496,150
400,000 2.26 Vitality Re VII, Ltd., Floating Rate Note, 1/7/20
(Cat Bond) (144A) 400,840
250,000 2.76 Vitality Re VII, Ltd., Floating Rate Note, 1/7/20
(Cat Bond) (144A) 254,000
---------------
$ 28,702,360
---------------
Total Insurance $ 36,134,601
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Health Care REIT -- 0.1%
500,000 Welltower, Inc., 2.25%, 3/15/18 $ 504,588
---------------
Total Real Estate $ 504,588
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.4%
Systems Software -- 0.4%
875,000 Microsoft Corp., 1.1%, 8/8/19 $ 873,294
300,000 Oracle Corp., 2.25%, 10/8/19 309,480
500,000 Oracle Corp., 2.375%, 1/15/19 513,738
575,000 0.83 Oracle Corp., Floating Rate Note, 7/7/17 575,908
---------------
$ 2,272,420
---------------
Total Software & Services $ 2,272,420
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Technology Hardware, Storage & Peripherals -- 0.1%
650,000 1.47 Apple, Inc., Floating Rate Note, 2/22/19 $ 660,467
---------------
Total Technology Hardware & Equipment $ 660,467
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.5%
Semiconductors -- 0.5%
500,000 Altera Corp., 2.5%, 11/15/18 $ 514,806
700,000 Intel Corp., 1.35%, 12/15/17 703,137
250,000 Micron Semiconductor Asia Pte, Ltd., 1.258%, 1/15/19 248,910
500,000 Texas Instruments, Inc., 0.875%, 3/12/17 500,160
575,000 TSMC Global, Ltd., 1.625%, 4/3/18 (144A) 576,128
---------------
$ 2,543,141
---------------
Total Semiconductors & Semiconductor Equipment $ 2,543,141
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 61
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.2%
Integrated Telecommunication Services -- 1.0%
650,000 AT&T, Inc., 1.7%, 6/1/17 $ 652,369
600,000 1.74 AT&T, Inc., Floating Rate Note, 11/27/18 606,451
630,000 British Telecommunications Plc, 1.25%, 2/14/17 630,472
1,000,000 GTP Acquisition Partners I LLC, 2.35%,
6/15/45 (144A) 993,980
500,000 Ooredoo International Finance, Ltd., 3.375%,
10/14/16 (144A) 501,080
2,515,000 2.18 Verizon Communications, Inc., Floating Rate
Note, 9/15/16 2,516,031
---------------
$ 5,900,383
----------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
1,000,000 1.63 America Movil SAB de CV, Floating Rate
Note, 9/12/16 $ 1,000,068
---------------
Total Telecommunication Services $ 6,900,451
----------------------------------------------------------------------------------------------------
UTILITIES -- 2.0%
Electric Utilities -- 1.5%
500,000 American Electric Power Co., Inc., 1.65%, 12/15/17 $ 501,062
750,000 Duke Energy Carolinas LLC, 1.75%, 12/15/16 751,740
1,190,000 1.03 Duke Energy Corp., Floating Rate Note, 4/3/17 1,191,747
440,000 0.84 Duke Energy Progress LLC, Floating Rate
Note, 11/20/17 439,951
411,000 0.88 Duke Energy Progress LLC, Floating Rate Note, 3/6/17 411,267
1,150,000 1.16 Electricite de France SA, Floating Rate Note,
1/20/17 (144A) 1,150,575
1,180,000 Exelon Corp., 1.55%, 6/9/17 1,182,279
575,000 NextEra Energy Capital Holdings, Inc., 1.649%, 9/1/18 576,469
750,000 NextEra Energy Capital Holdings, Inc., 2.056%, 9/1/17 755,965
600,000 NextEra Energy Capital Holdings, Inc., 2.3%, 4/1/19 609,031
660,000 Southern California Edison Co., 1.125%, 5/1/17 660,748
650,000 The Southern Co., 1.55%, 7/1/18 652,633
---------------
$ 8,883,467
----------------------------------------------------------------------------------------------------
Gas Utilities -- 0.1%
600,000 DCP Midstream Operating LP, 2.5%, 12/1/17 $ 597,750
----------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
1,021,000 Dominion Resources, Inc. Virginia, 1.25%, 3/15/17 $ 1,021,772
575,000 Sempra Energy, 2.3%, 4/1/17 578,915
---------------
$ 1,600,687
----------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.1%
500,000 PSEG Power LLC, 2.75%, 9/15/16 $ 500,248
---------------
Total Utilities $ 11,582,152
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
62 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
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 $208,330,216) $ 208,816,119
----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 9.8%
1,302,305 Fannie Mae, 2.0%, 11/1/23 $ 1,324,584
1,326,429 Fannie Mae, 2.5%, 3/1/28 1,371,936
279,744 Fannie Mae, 2.5%, 6/1/23 289,295
902,193 Fannie Mae, 3.0%, 10/1/27 945,713
1,108,206 Fannie Mae, 3.0%, 11/1/27 1,165,811
551,361 Fannie Mae, 3.0%, 5/1/21 577,588
332,907 Fannie Mae, 4.0%, 12/1/19 344,353
202,666 Fannie Mae, 4.5%, 1/1/41 223,328
333,624 Fannie Mae, 4.5%, 5/1/39 371,267
555,124 Fannie Mae, 4.5%, 5/1/39 618,090
455,378 Fannie Mae, 5.0%, 10/1/41 506,776
139,895 Fannie Mae, 5.0%, 11/1/20 147,110
43,373 Fannie Mae, 5.5%, 12/1/35 49,100
208,611 Fannie Mae, 5.5%, 8/1/37 237,233
323,602 Fannie Mae, 6.0%, 10/1/22 347,900
31,899 Fannie Mae, 6.0%, 2/1/34 36,475
20,574 Fannie Mae, 6.0%, 4/1/38 23,588
210,939 Fannie Mae, 6.5%, 4/1/29 241,654
4,984 Fannie Mae, 6.5%, 7/1/32 5,894
4,042 Fannie Mae, 6.5%, 8/1/17 4,092
11,090 Fannie Mae, 7.0%, 1/1/36 12,249
6,649 Fannie Mae, 7.0%, 7/1/17 6,680
46,134 3.10 Fannie Mae, Floating Rate Note, 1/1/25 46,988
76,436 2.40 Fannie Mae, Floating Rate Note, 10/1/29 77,656
294,836 2.23 Fannie Mae, Floating Rate Note, 10/1/36 297,028
74,174 3.05 Fannie Mae, Floating Rate Note, 11/1/24 77,059
1,486 2.47 Fannie Mae, Floating Rate Note, 11/1/25 1,559
28,823 1.89 Fannie Mae, Floating Rate Note, 11/1/40 28,767
45,749 2.90 Fannie Mae, Floating Rate Note, 12/1/28 47,648
152,639 4.32 Fannie Mae, Floating Rate Note, 12/1/36 159,939
4,308 2.95 Fannie Mae, Floating Rate Note, 2/1/27 4,334
702 3.82 Fannie Mae, Floating Rate Note, 2/1/33 739
2,882 3.09 Fannie Mae, Floating Rate Note, 4/1/28 2,907
2,548 2.91 Fannie Mae, Floating Rate Note, 4/1/29 2,610
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 63
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
39,895 3.03 Fannie Mae, Floating Rate Note, 7/1/36 $ 42,312
605,000 0.57 Federal Farm Credit Banks, Floating Rate
Note, 10/17/17 604,790
718,536 Federal Home Loan Mortgage Corp., 2.5%, 10/1/27 743,809
127,473 Federal Home Loan Mortgage Corp., 4.0%, 5/1/24 135,211
77,092 Federal Home Loan Mortgage Corp., 4.5%, 7/1/19 78,973
73,856 Federal Home Loan Mortgage Corp., 4.5%, 7/1/19 75,658
76,221 Federal Home Loan Mortgage Corp., 5.0%, 12/1/39 84,102
41,869 Federal Home Loan Mortgage Corp., 5.0%, 2/1/21 44,586
29,606 Federal Home Loan Mortgage Corp., 5.5%, 8/1/23 32,383
1,779 2.67 Federal Home Loan Mortgage Corp., Floating Rate
Note, 1/1/28 1,867
307,161 2.73 Federal Home Loan Mortgage Corp., Floating Rate
Note, 10/1/31 311,826
4,255 2.56 Federal Home Loan Mortgage Corp., Floating Rate
Note, 11/1/31 4,492
244,532 2.78 Federal Home Loan Mortgage Corp., Floating Rate
Note, 12/1/31 244,948
8,838 3.17 Federal Home Loan Mortgage Corp., Floating Rate
Note, 4/1/25 9,078
1,889 2.70 Federal Home Loan Mortgage Corp., Floating Rate
Note, 4/1/29 1,914
4,109 2.36 Federal Home Loan Mortgage Corp., Floating Rate
Note, 5/1/25 4,116
1,265 2.88 Federal Home Loan Mortgage Corp., Floating Rate
Note, 7/1/18 1,268
48,469 3.26 Federal Home Loan Mortgage Corp., Floating Rate
Note, 8/1/31 50,394
1,366,275 Federal National Mortgage Association,
2.0%, 8/1/23 1,389,710
1,223,188 Federal National Mortgage Association,
2.5%, 9/1/22 1,264,948
510,091 Federal National Mortgage Association,
3.0%, 12/1/21 534,355
537,782 Federal National Mortgage Association,
4.0%, 1/1/20 556,215
619,585 Federal National Mortgage Association,
4.0%, 10/1/20 641,835
633,866 Federal National Mortgage Association,
4.0%, 3/1/21 656,966
182,619 Federal National Mortgage Association,
4.0%, 8/1/19 188,868
The accompanying notes are an integral part of these financial statements.
64 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
192,950 Government National Mortgage Association I,
5.0%, 8/15/19 $ 203,764
100,389 Government National Mortgage Association I,
6.0%, 11/15/36 116,316
51,114 Government National Mortgage Association I,
6.0%, 12/15/31 59,768
10,507 Government National Mortgage Association I,
6.0%, 3/15/17 10,553
25,165 Government National Mortgage Association I,
6.5%, 10/15/37 28,973
23,986 Government National Mortgage Association I,
6.5%, 5/15/31 28,162
6,994 Government National Mortgage Association I,
6.5%, 7/15/35 8,053
50,445 Government National Mortgage Association I,
7.5%, 10/15/36 59,170
178,436 Government National Mortgage Association II,
6.0%, 10/20/21 188,224
146,941 Government National Mortgage Association II,
6.0%, 11/20/22 159,040
131,227 Government National Mortgage Association II,
6.0%, 4/20/22 138,478
70,777 Government National Mortgage Association II,
6.0%, 8/20/19 73,197
585,000 U.S. Treasury Notes, 0.5%, 7/31/17 584,086
2,070,000 U.S. Treasury Notes, 0.625%, 11/30/17 2,067,251
1,500,000 U.S. Treasury Notes, 0.625%, 5/31/17 1,500,058
12,500,000 U.S. Treasury Notes, 0.625%, 6/30/17 12,498,016
1,000,000 U.S. Treasury Notes, 0.75%, 2/28/18 999,727
1,500,000 U.S. Treasury Notes, 0.75%, 4/30/18 1,499,180
4,000,000 U.S. Treasury Notes, 0.875%, 1/15/18 4,007,032
650,000 U.S. Treasury Notes, 0.875%, 4/15/19 649,949
885,000 U.S. Treasury Notes, 0.875%, 4/30/17 886,763
885,000 U.S. Treasury Notes, 0.875%, 5/15/17 886,797
1,150,000 U.S. Treasury Notes, 1.0%, 3/15/19 1,153,954
4,000,000 U.S. Treasury Notes, 1.0%, 3/31/17 4,010,000
5,755,000 U.S. Treasury Notes, 2.25%, 11/30/17 5,862,233
1,500,000 U.S. Treasury Notes, 2.75%, 12/31/17 1,539,375
----------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $56,346,060) $ 56,520,693
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 65
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.9% (e)
Municipal Development -- 1.4%
1,480,000 0.39 County of Jackson Mississippi, Floating Rate
Note, 6/1/23 $ 1,480,000
2,395,000 0.38 Mississippi Business Finance Corp., Floating Rate
Note, 11/1/35 2,395,000
2,850,000 0.60 Mississippi Business Finance Corp., Floating
Rate Note, 12/1/30 2,850,000
1,000,000 0.60 Mississippi Business Finance Corp., Floating
Rate Note, 12/1/30 1,000,000
---------------
$ 7,725,000
----------------------------------------------------------------------------------------------------
Municipal Medical -- 0.5%
2,885,000 0.60 Harris County Health Facilities Development Corp.,
Floating Rate Note, 12/1/41 $ 2,885,000
----------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $10,610,000) $ 10,610,000
----------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 6.5%**
ENERGY -- 0.1%
Oil & Gas Storage & Transportation -- 0.1%
278,824 4.04 Energy Transfer Equity LP, Loan (2015), 12/2/19 $ 275,756
---------------
Total Energy $ 275,756
----------------------------------------------------------------------------------------------------
MATERIALS -- 0.6%
Commodity Chemicals -- 0.1%
443,147 4.50 Tronox Pigments Holland BV, New Term Loan, 3/19/20 $ 437,940
----------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.4%
541,750 3.75 Huntsman International LLC, 2014-1 Incremental
Term Loan, 9/30/21 $ 542,761
1,229,095 5.50 MacDermid, Inc., Tranche B Term Loan (First
Lien), 6/7/20 1,230,727
496,250 5.50 MacDermid, Inc., Tranche B-3 Term Loan, 6/7/20 496,649
118,103 2.75 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 118,116
---------------
$ 2,388,253
----------------------------------------------------------------------------------------------------
Construction Materials -- 0.0%+
184,778 4.25 CeramTec Service GmbH, Initial Dollar Term
B-1 Loan, 8/30/20 $ 185,586
----------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
95,381 5.50 BWay Intermediate, Initial Term Loan, 8/14/20 $ 95,838
----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
41,132 3.75 Fortescue Metals Group Ltd., Bank Loan, 6/30/19 $ 40,922
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
66 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Steel -- 0.0%+
143,954 4.50 TMS International Corp., Term B Loan, 10/2/20 $ 139,995
----------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
239,867 6.25 Appvion, Inc., Term Commitment, 6/28/19 $ 236,568
---------------
Total Materials $ 3,525,102
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.7%
Aerospace & Defense -- 0.1%
496,154 4.75 DigitalGlobe, Inc., Term Loan, 1/25/20 $ 500,388
447,432 3.25 Wesco Aircraft Hardare Corp., Tranche B Term
Loan (First Lien), 2/24/21 443,517
---------------
$ 943,905
----------------------------------------------------------------------------------------------------
Building Products -- 0.1%
400,246 4.25 Unifrax Corp., New Term B Loan, 12/31/19 $ 395,056
----------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.0%+
139,526 3.75 Aecom Technology, Term Loan B, 10/15/21 $ 140,572
----------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.2%
390,741 3.00 Southwire Co., Term Loan, 1/31/21 $ 387,973
335,164 6.50 WireCo WorldGroup Inc., Term Loan (First
Lien), 7/22/23 336,944
403,925 6.00 WireCo WorldGroup, Inc., Term Loan, 2/15/17 406,071
---------------
$ 1,130,988
----------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
20,481 4.25 CeramTec Acquisition Corp., Initial Dollar Term
B-2 Loan, 8/30/20 $ 20,571
56,477 4.25 CeramTec GmbH, Dollar Term B-3 Loan, 8/30/20 56,724
326,836 4.50 Milacron LLC, Term Loan, 9/28/20 328,368
---------------
$ 405,663
----------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.1%
397,000 6.50 Navistar, Inc., Tranche B Term Loan, 8/17/17 $ 376,158
253,811 3.50 Terex Corp., U.S. Term Loan, 8/13/21 252,860
---------------
$ 629,018
----------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
496,250 0.00 NN, Inc., Initial Term Loan, 10/2/22 $ 495,216
----------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
55,913 3.75 WESCO Distribution, Inc., Tranche B-1 Loan, 12/12/19 $ 56,087
---------------
Total Capital Goods $ 4,196,505
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 67
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.3%
Environmental & Facilities Services -- 0.2%
943,487 5.00 Wheelabrator, Term B Loan, 10/15/21 $ 923,044
42,146 5.00 Wheelabrator, Term C Loan, 10/15/21 41,232
---------------
$ 964,276
----------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.0%+
175,000 3.75 West Corp., Term B-12 Loan, 6/13/23 $ 175,788
----------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.1%
471,804 4.00 Garda World Security Corp., Term B Loan, 11/1/20 $ 465,907
120,694 4.00 Garda World Security Corp., Term B Loan, 11/8/20 119,186
---------------
$ 585,093
----------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.0%+
105,517 3.50 On Assignment, Inc., Tranche B-1 Term Loan, 6/5/22 $ 105,781
---------------
Total Commercial Services & Supplies $ 1,830,938
----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Airlines -- 0.1%
742,500 3.50 American Airlines, Inc., 2015 Term Loan, 10/10/21 $ 744,589
97,475 3.25 Delta Air Lines, Inc., 2014 Term B-1 Loan, 10/18/18 97,827
---------------
$ 842,416
----------------------------------------------------------------------------------------------------
Marine -- 0.1%
409,287 5.25 Navios Maritime Partners LP, Term Loan, 6/27/18 $ 367,676
---------------
Total Transportation $ 1,210,092
----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.4%
Auto Parts & Equipment -- 0.3%
526,667 6.00 BBB Industries US, Initial Term Loan, 10/15/21 $ 524,198
462,969 3.75 MPG Holdco I, Inc., Tranche B-1 Term Loan
(2015), 10/20/21 464,055
466,463 4.50 TI Group Automotive Systems LLC, Initial US Term
Loan, 6/25/22 468,212
---------------
$ 1,456,465
----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
520,309 3.50 Chrysler Group LLC, Term Loan B, 5/24/17 $ 521,889
345,386 3.25 Chrysler Group LLC, Tranche B Term Loan, 12/29/18 346,033
---------------
$ 867,922
---------------
Total Automobiles & Components $ 2,324,387
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.4%
Casinos & Gaming -- 0.2%
911,125 6.00 Scientific Games, Initial Term B-2, 10/1/21 $ 911,837
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
68 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.0%+
28,665 3.50 Hilton Worldwide Finance LLC, Series B-1 Term
Loan, 9/23/20 $ 28,781
293,769 3.10 Hilton Worldwide Finance LLC, Series B-2 Term
Loan, 10/25/23 295,605
---------------
$ 324,386
----------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
525,934 3.75 Burger King BC ULC, Term B-2 Loan, 12/12/21 $ 528,892
----------------------------------------------------------------------------------------------------
Education Services -- 0.1%
389,906 3.75 Bright Horizons Family Solutions, Inc., Term B
Loan, 1/14/20 $ 391,734
---------------
Total Consumer Services $ 2,156,849
----------------------------------------------------------------------------------------------------
MEDIA -- 0.9%
Broadcasting -- 0.5%
306,250 3.00 CBS Outdoor Americas Capital llc, Tranche B Term
Loan (First Lien), 1/15/21 $ 306,761
440,191 4.00 Entercom Radio llc, Term B-2 Loan, 11/23/18 440,742
801,032 3.94 Gray Television, Inc., Term Loan
(First Lien), 6/10/21 805,238
195,466 3.32 Quebecor Media, Inc., Facility B-1 Tranche, 8/17/20 194,937
432,725 3.00 Sinclair Television Group, Inc., New Tranche B Term
Loan, 4/19/20 433,398
271,541 3.50 The EW Scripps Co., Term Loan, 11/26/20 273,012
546,230 4.12 Tribune Media Co., Term B Loan, 12/27/20 549,640
---------------
$ 3,003,728
----------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.3%
391,000 2.95 Mediacom Illinois LLC, Tranche F Term
Loan, 3/31/18 $ 389,208
476,177 3.70 Ziggo BV, (USD) Tranche B-3 Term Loan, 1/15/22 474,577
449,291 3.65 Ziggo BV, Tranche B-1 Term Loan (First Lien), 1/15/22 447,782
289,532 3.66 Ziggo BV, Tranche B-2 Term Loan (First Lien), 1/15/22 288,559
---------------
$ 1,600,126
----------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
243,138 4.00 AMC Entertainment, Inc., Initial Term Loan, 4/30/20 $ 245,135
38,176 3.75 Cinedigm Digital Funding 1 LLC, Term Loan, 2/28/18 38,080
503,755 3.50 Live Nation Entertainment, Inc., Term B-1
Loan, 8/17/20 506,825
---------------
$ 790,040
---------------
Total Media $ 5,393,894
----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Retail -- 0.1%
451,553 4.75 Albertsons LLC, Term B-6 Loan, 6/1/23 $ 454,488
---------------
Total Food & Staples Retailing $ 454,488
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 69
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Agricultural Products -- 0.1%
513,188 3.25 Darling International, Inc., Term B USD
Loan, 12/19/20 $ 515,112
----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.0%+
194,500 3.75 JBS USA LLC, Incremental Term Loan, 9/18/20 $ 194,683
---------------
Total Food, Beverage & Tobacco $ 709,795
----------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
496,222 4.47 Party City Holdings, Inc., Term Loan, 8/6/22 $ 497,640
---------------
Total Household & Personal Products $ 497,640
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.7%
Health Care Supplies -- 0.2%
260,788 4.00 Halyard Health, Inc., Term Loan, 11/1/21 $ 261,114
738,679 5.00 Kinetic Concepts, Inc., Dollar Term F Loan, 11/30/20 743,111
297,750 4.25 Sterigenics-Nordion Holdings LLC, Initial Term
Loan, 4/27/22 297,750
---------------
$ 1,301,975
----------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
497,500 4.50 Envision Healthcare Corp., Tranche B-2 Term
Loan, 10/28/22 $ 499,277
646,750 5.25 US Renal Care, Inc., Initial Term Loan (First
Lien), 11/16/22 632,036
---------------
$ 1,131,313
----------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.2%
87,274 4.08 CHS, Incremental 2018 Term F Loan, 12/31/18 $ 86,207
92,097 3.38 CHS, Incremental 2019 Term G Loan, 12/31/19 88,430
169,456 4.00 CHS, Incremental 2021 Term H Loan, 1/27/21 162,631
270,855 4.25 Kindred Healthcare, Inc., Tranche B Loan (First
Lien), 4/10/21 268,993
291,729 6.75 Steward Health Care System LLC, Term Loan, 4/10/20 291,904
299,250 6.25 Vizient, Inc., Initial Term Loan, 2/9/23 303,115
---------------
$ 1,201,280
----------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
393,000 3.75 Emdeon Inc., Term B-3 Loan, 2.50%, 11/2/18 $ 393,000
---------------
Total Health Care Equipment & Services $ 4,027,568
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
70 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.2%
Pharmaceuticals -- 0.2%
242,780 3.75 Endo Luxembourg Finance I Co Sarl, 2015
Incremental Term B Loan, 6/24/22 $ 241,870
293,250 3.25 Mallinckrodt International Finance SA, Initial
Term B Loan, 3/6/21 292,883
207,215 3.53 Prestige Brands, Inc., Term B-3 Loan, 9/3/21 208,089
475,204 5.50 Valeant Pharmaceuticals, Series F-1, 3/11/22 475,619
---------------
$ 1,218,461
----------------------------------------------------------------------------------------------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 1,218,461
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Other Diversified Financial Services -- 0.3%
425,000 3.50 Delos Finance SARL, Tranche B Term Loan, 2/27/21 $ 427,125
345,000 3.54 Fly Funding II Sarl, Loan, 8/9/19 345,324
738,665 5.00 Nord Anglia Education, Initial Term Loan, 3/31/21 740,512
---------------
$ 1,512,961
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
236,744 3.51 Avago Technologies, Term Loan (First Lien), 2/1/23 $ 239,012
196,000 3.25 SBA Senior Finance II LLC, Incremental Tranche
B-1 Term Loan, 3/31/21 196,014
---------------
$ 435,026
----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.0%+
144,064 4.25 LPL Holdings, Inc., 2021 Tranche B Term
Loan, 3/29/21 $ 144,964
---------------
Total Diversified Financials $ 2,092,951
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Mortgage REIT -- 0.0%+
194,472 3.50 Starwood Property Trust, Inc., Term Loan, 4/17/20 $ 194,837
----------------------------------------------------------------------------------------------------
Hotel & Resort REIT -- 0.1%
314,213 4.00 MGM Growth Properties Operating Partnership LP,
Term B Loan, 4/7/23 $ 317,207
----------------------------------------------------------------------------------------------------
Specialized REIT -- 0.1%
486,181 3.25 The GEO Group, Inc., Term Loan, 4/3/20 $ 466,734
---------------
Total Real Estate $ 978,778
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.3%
Internet Software & Services -- 0.1%
282,929 3.50 Vantiv LLC, Term B Loan, 6/12/21 $ 284,489
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 71
Schedule of Investments | 8/31/16 (continued)
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.1%
396,924 3.00 CDW LLC, Term Loan, 8/16/23 $ 396,676
196,000 5.75 Evergreen Skills Lux Sarl, Initial Term Loan
(First Lien), 4/23/21 165,069
---------------
$ 561,745
----------------------------------------------------------------------------------------------------
Application Software -- 0.1%
347,941 4.50 MA FinanceCo LLC, Initial Tranche B-2 Term
Loan, 11/20/21 $ 349,137
260,788 3.51 Verint Systems, Inc., Tranche B-2 Term Loan
(First Lien), 9/6/19 261,669
---------------
$ 610,806
---------------
Total Software & Services $ 1,457,040
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Communications Equipment -- 0.1%
243,125 3.41 Belden Finance 2013 LP, Initial Term Loan, 9/9/20 $ 242,897
343,000 3.75 Ciena Corp., Term Loan, 7/15/19 342,786
---------------
$ 585,683
----------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.1%
423,864 4.00 Zebra Technologies Corp., Refinancing Term
Loan, 12/27/21 $ 428,003
---------------
Total Technology Hardware & Equipment $ 1,013,686
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
638,666 2.88 Sensata Technologies BV, Sixth Amendment Term
Loan, 10/14/21 $ 641,793
----------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
200,000 5.25 ON Semiconductor Corp., Term Loan (First
Lien), 3/31/23 $ 202,797
---------------
Total Semiconductors & Semiconductor Equipment $ 844,590
----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication Services -- 0.1%
370,313 4.00 GCI Holdings, Inc., New Term B Loan, 2/2/22 $ 371,547
225,000 0.00 Level 3 Financing, Inc., Tranche B-II 2022 Term
Loan, 5/31/22 226,547
235,662 3.65 Virgin Media Investment Holdings, Ltd., F
Facility, 6/30/23 235,768
---------------
$ 833,862
---------------
Total Telecommunication Services $ 833,862
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
72 Pioneer Short Term Income Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------
UTILITIES -- 0.4%
Electric Utilities -- 0.4%
962,726 5.63 APLP Holdings LP, Term Loan, 4/12/23 $ 969,144
658,090 3.25 Calpine Construction Finance Co. LP, Term B-2
Loan, 1/3/22 652,661
704,021 5.00 TPF II Power, LLC, Term Loan, 10/2/21 708,598
---------------
$ 2,330,403
---------------
Total Utilities $ 2,330,403
----------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $37,287,496) $ 37,372,785
----------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 0.9%
Commercial Paper -- 0.9%
580,000 0.50 Bank of Montreal, Floating Rate Note, 2/2/17 $ 579,966
1,250,000 1.35 Bank of Montreal, Floating Rate Note, 3/16/18 1,249,515
500,000 1.19 Bank of Nova Scotia Houston, Floating Rate
Note, 5/2/17 500,000
550,000 Bank of Tokyo-Mitsubishi UFJ Limited, Commercial
Paper, 9/26/16 (d) 550,038
69,000 BMO Harris Bank NA, 1.0%, 4/24/17 69,127
400,000 Credit Agricole Corp., Commercial Paper, 9/13/16 (d) 400,067
600,000 1.48 Mizuho Bank, Ltd. New York, Floating Rate
Note, 10/12/17 599,878
500,000 Nissan Motor Acceptance Corp., Commercial
Paper, 9/14/16 (d) 499,856
600,000 0.90 Skandinaviska Enskilda Banken AB New York NY,
Floating Rate Note, 1/9/17 600,155
250,000 1.31 UBS AG, Floating Rate Note, 5/25/17 250,166
---------------
$ 5,298,768
----------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $5,299,968) $ 5,298,768
----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.8%
(Cost $574,494,696) (a) $ 573,875,801
----------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.2% $ 1,144,771
----------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 575,020,572
====================================================================================================
+ Amount rounds to less than 0.1%.
(Cat Bond) Catastrophe or event-linked bond. At August 31, 2016, the value of
these securities amounted to $19,435,980 or 3.4% 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 73
Schedule of Investments | 8/31/16 (continued)
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At August 31, 2016, the value of these securities
amounted to $181,181,312 or 31.5% 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.
** 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 August 31, 2016, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $575,665,044 was as
follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 1,436,275
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (3,225,518)
------------
Net unrealized depreciation $(1,789,243)
============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
period end.
(c) Security represents the interest only portion payments on a pool of
underlying mortgages or mortgage-backed securities.
(d) Security issued with a zero coupon. Income is earned through
accretion of discount.
(e) Consists of Revenue Bonds unless otherwise indicated.
(f) Structured reinsurance investment. At August 31, 2016, the value of
these securities amounted to $9,266,380 or 1.6% of total net assets.
See Notes to Financial Statements -- Note 1H.
(g) Rate to be determined.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended August 31, 2016 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government $ 75,532,911 $ 70,809,439
Other Long-Term Securities $181,304,369 $221,899,287
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which PIM serves as the investment
adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940,
pursuant to procedures adopted by the Board of Trustees. Under these procedures,
cross trades are effected at current market prices.
During the year ended August 31, 2016, the Fund engaged in purchases and sales
pursuant to these procedures amounting to $11,784,026 and $750,309,
respectively.
The accompanying notes are an integral part of these financial statements.
74 Pioneer Short Term Income Fund | Annual Report | 8/31/16
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 following is a summary of the inputs used as of August 31, 2016, in valuing
the Fund's investments:
-----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 77,546,424 $ -- $ 77,546,424
Collateralized Mortgage
Obligations -- 177,711,012 -- 177,711,012
Corporate Bonds
Insurance
Reinsurance -- 18,867,395 9,834,965 28,702,360
All Other
Corporate Bonds -- 180,113,759 -- 180,113,759
U.S. Government
Agency Obligations -- 56,520,693 -- 56,520,693
Municipal Bonds -- 10,610,000 -- 10,610,000
Senior Floating Rate
Loan Interests -- 37,372,785 -- 37,372,785
Commercial paper -- 5,298,768 -- 5,298,768
-----------------------------------------------------------------------------------------------
Total $ -- $ 564,040,836 $ 9,834,965 $573,875,801
===============================================================================================
Other Financial Instruments
Unrealized depreciation
on futures contracts $ (53,096) $ -- $ -- $ (53,096)
-----------------------------------------------------------------------------------------------
Total Other Financial
Instruments $ (53,096) $ -- $ -- $ (53,096)
===============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 75
Schedule of Investments | 8/31/16 (continued)
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) 4,684
Change in unrealized appreciation (depreciation)(2) 52,724
Purchases 9,378,487
Sales (8,608,322)
Transfers in to Level 3* --
Transfers out of Level 3* --
--------------------------------------------------------------------------------
Balance as of 8/31/16 $ 9,834,965
================================================================================
(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 year
ended August 31, 2016, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments still
held as of 8/31/16 $222,109
--------
The accompanying notes are an integral part of these financial statements.
76 Pioneer Short Term Income Fund | Annual Report | 8/31/16
Statement of Assets and Liabilities | 8/31/16
ASSETS:
Investment in securities (cost $574,494,696) $573,875,801
Cash 1,108,220
Restricted cash* 343,000
Receivables --
Investment securities sold 1,084,402
Fund shares sold 2,353,134
Interest 1,703,744
Variation margin for futures contracts 15,219
Prepaid expenses 61,056
--------------------------------------------------------------------------------
Total assets $580,544,576
================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 4,059,773
Fund shares repurchased 998,591
Distributions 141,721
Trustee fees 3,939
Due to affiliates 16,426
Accrued expenses 303,554
--------------------------------------------------------------------------------
Total liabilities $ 5,524,004
================================================================================
NET ASSETS:
Paid-in capital $589,192,044
Undistributed net investment income 435,630
Accumulated net realized loss on investments (13,935,111)
Net unrealized depreciation on investments (618,895)
Unrealized depreciation on futures contracts (53,096)
--------------------------------------------------------------------------------
Total net assets $575,020,572
================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $179,870,494/18,810,359 shares) $ 9.56
Class C (based on $97,028,354/10,166,316 shares) $ 9.54
Class C2 (based on $2,930,045/306,897 shares) $ 9.55
Class K (based on $16,502,367/1,724,018 shares) $ 9.57
Class Y (based on $278,689,312/29,211,294 shares) $ 9.54
MAXIMUM OFFERING PRICE:
Class A ($9.56 (divided by) 97.5%) $ 9.81
================================================================================
* Represents restricted cash deposited at the custodian and/or counterparty
for derivative contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 77
Statement of Operations
For the Year Ended 8/31/16
INVESTMENT INCOME:
Interest $13,119,667
-------------------------------------------------------------------------------------------------
Total investment income $ 13,119,667
-------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 2,084,266
Transfer agent fees
Class A 21,973
Class C 8,535
Class C2 50
Class K 70
Class Y 4,637
Distribution fees
Class A 403,702
Class C 510,982
Class C2 16,206
Shareholder communications expense 517,911
Administrative expense 210,768
Custodian fees 104,959
Registration fees 141,017
Professional fees 82,697
Printing expense 44,206
Fees and expenses of nonaffiliated Trustees 24,163
Pricing expense 188,489
Miscellaneous 35,837
-------------------------------------------------------------------------------------------------
Total expenses $ 4,400,468
-------------------------------------------------------------------------------------------------
Net investment income $ 8,719,199
-------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FUTURES CONTRACTS
Net realized gain (loss) on:
Investments $(1,227,264)
Futures contracts 161,400 $ (1,065,864)
-------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 1,845,345
Futures contracts (53,096) $ 1,792,249
-------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments and
futures contracts $ 726,385
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 9,445,584
=================================================================================================
The accompanying notes are an integral part of these financial statements.
78 Pioneer Short Term Income Fund | Annual Report | 8/31/16
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------
Year Ended Year Ended
8/31/16 8/31/15
------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 8,719,199 $ 8,057,934
Net realized gain (loss) on investments (1,065,864) (26,369)
Change in net unrealized appreciation (depreciation)
on investments 1,792,249 (2,942,967)
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 9,445,584 $ 5,088,598
------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.15 and $0.16 per share, respectively) $ (3,226,254) $ (3,857,225)
Class B ($0.00 and $0.01 per share, respectively)* -- (556)
Class C ($0.13 and $0.14 per share, respectively) (1,384,199) (1,385,207)
Class C2 ($0.13 and $0.14 per share, respectively) (44,578) (43,711)
Class K ($0.18 and $0.15 per share, respectively)** (277,479) (232,930)
Class Y ($0.17 and $0.18 per share, respectively) (4,913,027) (6,537,851)
------------------------------------------------------------------------------------------
Total distributions to shareowners $ (9,845,537) $ (12,057,480)
==========================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 320,569,300 $ 419,733,984
Reinvestment of distributions 8,167,268 8,915,925
Cost of shares repurchased (350,725,882) (555,988,307)
------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (21,989,314) $ (127,338,398)
------------------------------------------------------------------------------------------
Net decrease in net assets $ (22,389,267) $ (134,307,280)
NET ASSETS:
Beginning of year $ 597,409,839 $ 731,717,119
------------------------------------------------------------------------------------------
End of year $ 575,020,572 $ 597,409,839
------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net
investment income $ 435,630 $ (369,143)
==========================================================================================
* 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.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 79
Statements of Changes in Net Assets (continued)
-----------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
8/31/16 8/31/16 8/31/15 8/31/15
Shares Amount Shares Amount
-----------------------------------------------------------------------------------------------
Class A
Shares sold 7,920,973 $ 75,411,797 11,066,821 $ 106,653,121
Reinvestment of distributions 298,715 2,848,521 351,820 3,381,366
Less shares repurchased (10,872,579) (103,673,378) (13,856,286) (133,254,258)
-----------------------------------------------------------------------------------------------
Net decrease (2,652,891) $ (25,413,060) (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 5,709,801 $ 54,341,633 7,678,685 $ 73,790,849
Reinvestment of distributions 140,618 1,338,300 137,191 1,316,403
Less shares repurchased (6,001,794) (57,127,721) (7,176,391) (68,890,820)
-----------------------------------------------------------------------------------------------
Net increase (decrease) (151,375) $ (1,447,788) 639,485 $ 6,216,432
===============================================================================================
Class C2
Shares sold 161,411 $ 1,535,562 159,743 $ 1,536,902
Reinvestment of distributions 1,951 18,584 2,323 22,293
Less shares repurchased (171,799) (1,636,013) (150,877) (1,448,428)
-----------------------------------------------------------------------------------------------
Net increase (decrease) (8,437) $ (81,867) 11,189 $ 110,767
===============================================================================================
Class K**
Shares sold 1,776,384 $ 16,995,201 4,108,205 $ 39,491,240
Reinvestment of distributions -- -- -- --
Less shares repurchased (287,286) (2,738,090) (3,873,285) (37,171,306)
-----------------------------------------------------------------------------------------------
Net increase 1,489,098 $ 14,257,111 234,920 $ 2,319,934
===============================================================================================
Class Y
Shares sold 18,121,505 $ 172,285,107 20,606,071 $ 198,058,944
Reinvestment of distributions 416,374 3,961,863 437,435 4,195,393
Less shares repurchased (19,487,306) (185,550,680) (32,749,866) (314,241,270)
-----------------------------------------------------------------------------------------------
Net decrease (949,427) $ (9,303,710) (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.
80 Pioneer Short Term Income Fund | Annual Report | 8/31/16
Financial Highlights
--------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
--------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.57 $ 9.66 $ 9.66 $ 9.72 $ 9.64
--------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13(a) $ 0.10 $ 0.13 $ 0.21 $ 0.28
Net realized and unrealized gain (loss) on investments 0.01 (0.03) 0.02 (0.04) 0.10
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.14 $ 0.07 $ 0.15 $ 0.17 $ 0.38
--------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.15) $ (0.16) $ (0.15) $ (0.23) $ (0.30)
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.01) $ (0.09) $ -- $ (0.06) $ 0.08
--------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.56 $ 9.57 $ 9.66 $ 9.66 $ 9.72
====================================================================================================================
Total return* 1.50% 0.74% 1.58% 1.71% 4.00%
Ratio of total expenses to average net assets 0.79% 0.82% 0.79% 0.88% 0.90%
Ratio of net investment income (loss) to average net assets 1.41% 1.12% 1.34% 1.95% 2.94%
Portfolio turnover rate 44% 48% 41% 28% 43%
Net assets, end of period (in thousands) $179,870 $205,451 $ 230,938 $169,587 $55,212
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 0.79% 0.82% 0.79% 0.98% 1.30%
Net investment income (loss) to average net assets 1.41% 1.12% 1.34% 1.85% 2.54%
====================================================================================================================
* 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.
(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 | Annual Report | 8/31/16 81
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
--------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.55 $ 9.65 $ 9.65 $ 9.70 $ 9.62
--------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11(a) $ 0.08 $ 0.11 $ 0.15 $ 0.20
Net realized and unrealized gain (loss) on investments 0.01 (0.04) 0.02 (0.04) 0.10
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.12 $ 0.04 $ 0.13 $ 0.11 $ 0.30
--------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.14) $ (0.13) $ (0.16) $ (0.22)
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.01) $ (0.10) $ -- $ (0.05) $ 0.08
--------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.54 $ 9.55 $ 9.65 $ 9.65 $ 9.70
====================================================================================================================
Total return* 1.25% 0.40% 1.31% 1.09% 3.18%
Ratio of total expenses to average net assets 1.05% 1.06% 1.06% 1.53% 1.71%
Ratio of net investment income (loss) to average net assets 1.16% 0.87% 1.07% 1.39% 2.08%
Portfolio turnover rate 44% 48% 41% 28% 43%
Net assets, end of period (in thousands) $ 97,028 $ 98,585 $ 93,355 $ 52,072 $24,830
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 1.05% 1.06% 1.06% 1.54% 1.71%
Net investment income (loss) to average net assets 1.16% 0.87% 1.07% 1.38% 2.08%
====================================================================================================================
* 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.
(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 | Annual Report | 8/31/16
-------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 8/1/13
8/31/16 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) $ 0.11(a) $ 0.08 $ 0.13 $ 0.02
Net realized and unrealized gain (loss) on investments 0.01 (0.03) 0.00(b) (0.01)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.12 $ 0.05 $ 0.13 $ 0.01
-------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.14) $ (0.13) $ (0.01)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.01) $ (0.09) $ -- $ --
-------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.55 $ 9.56 $ 9.65 $ 9.65
=============================================================================================================
Total return* 1.28% 0.51% 1.37% 0.15%
Ratio of total expenses to average net assets 1.04% 1.04% 1.05% 1.01%**
Ratio of net investment income (loss) to average net assets 1.17% 0.90% 1.13% 2.07%**
Portfolio turnover rate 44% 48% 41% 28%**
Net assets, end of period (in thousands) $ 2,930 $ 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.
(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 | Annual Report | 8/31/16 83
Financial Highlights (continued)
--------------------------------------------------------------------------------------
Year Ended 12/1/14 to
8/31/16 8/31/15
--------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.58 $ 9.65
--------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.17(a) $ (0.18)
Net realized and unrealized gain (loss) on investments 0.00(b) 0.26
--------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.17 $ 0.08
--------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.18) $ (0.15)
--------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.01) $ (0.07)
--------------------------------------------------------------------------------------
Net asset value, end of period $ 9.57 $ 9.58
======================================================================================
Total return* 1.81% 0.84%***
Ratio of total expenses to average net assets 0.50% 0.50%**
Ratio of net investment income (loss) to average
net assets 1.74% 1.26%**
Portfolio turnover rate 44% 48%
Net assets, end of period (in thousands) $16,502 $ 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.
(b) Amount rounds to less than $0.01 per share.
The accompanying notes are an integral part of these financial statements.
84 Pioneer Short Term Income Fund | Annual Report | 8/31/16
---------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
---------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.55 $ 9.64 $ 9.64 $ 9.70 $ 9.63
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.15(a) $ 0.11 $ 0.16 $ 0.24 $ 0.31
Net realized and unrealized gain (loss) on investments 0.01 (0.02) 0.02 (0.04) 0.09
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.16 $ 0.09 $ 0.18 $ 0.20 $ 0.40
---------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.17) $ (0.18) $ (0.18) $ (0.26) $ (0.33)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.01) $ (0.09) $ -- $ (0.06) $ 0.07
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.54 $ 9.55 $ 9.64 $ 9.64 $ 9.70
=====================================================================================================================
Total return* 1.71% 0.97% 1.84% 2.03% 4.24%
Ratio of total expenses to average net assets 0.59% 0.60% 0.57% 0.59% 0.61%
Ratio of net investment income (loss) to average net assets 1.61% 1.33% 1.57% 2.34% 3.18%
Portfolio turnover rate 44% 48% 41% 28% 43%
Net assets, end of period (in thousands) $278,689 $288,108 $ 403,710 $264,018 $132,645
=====================================================================================================================
* 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.
(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 | Annual Report | 8/31/16 85
Notes to Financial Statements | 8/31/16
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 (U.S. GAAP) 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 Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of accounting
policies followed by the Fund in the preparation of its financial statements:
86 Pioneer Short Term Income Fund | Annual Report | 8/31/16
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.
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.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
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
Pioneer Short Term Income Fund | Annual Report | 8/31/16 87
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.
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 August 31, 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.
88 Pioneer Short Term Income Fund | Annual Report | 8/31/16
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. 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, 2016, 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
returns 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. GAAP). 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, 2016, the Fund
reclassified $667,204 to decrease paid in capital, $1,931,111 to increase
undistributed net investment income, and $1,263,907 to increase accumulated
net realized loss on investments to reflect permanent book/tax differences.
These adjustments have no impact on net assets or the results of
operations.
At August 31, 2016, the Fund was permitted to carry forward indefinitely
$3,687,677 of short-term losses and $7,151,995 of long-term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation. Additionally, at August 31, 2016, the Fund had a net capital
loss
Pioneer Short Term Income Fund | Annual Report | 8/31/16 89
carryforward of $2,617,353 of which the following amounts will expire
between 2017 and 2019 if not utilized: $566,527 in 2017, $1,062,928 in 2018
and $987,898 in 2019.
The tax character of distributions paid during the fiscal years ended
August 31, 2016 and August 31, 2015 were as follows:
--------------------------------------------------------------------------------
2016 2015
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $9,845,537 $12,057,480
--------------------------------------------------------------------------------
Total $9,845,537 $12,057,480
================================================================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at August 31, 2015:
---------------------------------------------------------------------------------
2016
---------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,216,516
Capital loss carryforward (13,457,025)
Current year dividend payable (141,721)
Unrealized depreciation (1,789,242)
---------------------------------------------------------------------------------
Total $(14,171,472)
=================================================================================
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 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 $12,521 in underwriting commissions on the sale of
Class A shares during the year ended August 31, 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
90 Pioneer Short Term Income Fund | Annual Report | 8/31/16
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.
G. Risks
Interest rates in the U.S. recently have been historically low, so the Fund
faces a heightened risk that interest rates may rise. A general rise in
interest rates may cause investors to move out of fixed-income securities
on a large scale, which could adversely affect the price and liquidity of
fixed-income securities and could also result in increased redemptions from
the Fund.
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 occurs, as defined within the
terms of an event-linked bond, 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.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 91
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 also may include industry loss warranties ("ILWs").
A traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, generally are subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance 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 structured
reinsurance investments and therefore the Fund's assets are placed at
greater risk of loss than if PIM had more complete information. Structured
reinsurance instruments generally will be considered 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. As of and for the year ended August 31, 2016,
the Fund had no open repurchase agreements.
92 Pioneer Short Term Income Fund | Annual Report | 8/31/16
J. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
August 31, 2016 was $343,000 and is included in "Restricted Cash" in the
Statement of Assets and Liabilities. Subsequent payments for futures
contracts ("variation margin") are paid or received by the Fund, depending
on the daily fluctuation in the value of the contracts, and are recorded by
the Fund as unrealized appreciation or depreciation. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between
the opening and closing value of the contract as well as any fluctuation in
foreign currency exchange rates where applicable. The use of futures
contracts are subject to market risk, interest rate risk and currency
exchange rate risk. Changes in value of the contracts may not directly
correlate to the changes in value of the underlying securities. The average
value of contracts open during the year ended August 31, 2016 was
$38,647,929.
At August 31, 2016, open futures contracts were as follows:
---------------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation
Description Counterparty Long/(Short) Month Value (Depreciation)
---------------------------------------------------------------------------------------
U.S. Treasury
2 Year Note Citibank NA 487 12/16 $106,318,188 $(53,096)
---------------------------------------------------------------------------------------
Total $106,318,188 $(53,096)
=======================================================================================
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 year ended August 31, 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.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 93
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $11,737 in management fees, administrative costs and certain
other reimbursements payable to PIM at August 31, 2016.
3. Transfer Agent
Effective November 2, 2015, Boston Financial Data Services, Inc. serves as the
transfer agent to the Fund at negotiated rates. Transfer agent fees and payables
shown on the Statement of Operations and the Statement of Assets and
Liabilities, respectively, include sub-transfer agent expenses incurred through
the Fund's omnibus relationship contracts.
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc., a wholly owned indirect subsidiary of UniCredit, provided substantially
all transfer agent and shareowner services 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 and outgoing phone calls. For the year
ended August 31, 2016, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $182,835
Class C 51,680
Class C2 1,375
Class K 48
Class Y 281,973
--------------------------------------------------------------------------------
Total $517,911
================================================================================
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
94 Pioneer Short Term Income Fund | Annual Report | 8/31/16
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 $4,689 in distribution fees payable to PFD at August 31,
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. Shares purchased as part of an
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are
paid to PFD. For the year ended August 31, 2016, CDSCs in the amount of $13,136
were paid to PFD.
5. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may subject it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Portfolio.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 95
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at August 31,
2016 was as follows:
------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Assets and Liabilities Rate Risk Risk Rate Risk Risk Risk
------------------------------------------------------------------------------------
Liabilities
Net unrealized
depreciation of
futures contracts* $(53,096) $-- $-- $-- $--
------------------------------------------------------------------------------------
Total Value $(53,096) $-- $-- $-- $--
====================================================================================
* Reflects unrealized appreciation/depreciation of futures contracts (see
Note 1J). The current day's variation margin is disclosed on the Statement
of Assets and Liabilities.
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at August 31, 2016 was as follows:
------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Operations Rate Risk Risk Rate Risk Risk Risk
------------------------------------------------------------------------------------
Net realized gain
(loss) on
Futures contracts $161,400 $-- $-- $-- $--
------------------------------------------------------------------------------------
Total Value $161,400 $-- $-- $-- $--
====================================================================================
Change in net
unrealized
appreciation
(depreciation) on
Futures contracts $(53,096) $-- $-- $-- $--
------------------------------------------------------------------------------------
Total Value $(53,096) $-- $-- $-- $--
====================================================================================
96 Pioneer Short Term Income Fund | Annual Report | 8/31/16
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareowners of
Pioneer Short Term Income Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Short Term Income Fund (the "Fund"), as
of August 31, 2016, the related statement of operations for the year then ended,
the statements of changes in net assets for each of the two years in the period
then ended, and the financial highlights for each of the three years in the
period then ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. The financial highlights for the years ended August 31, 2013, and 2012,
were audited by other auditors. Those auditors expressed an unqualified opinion
on those financial statements and financial highlights in their report dated
October 28, 2013.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Fund
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of August 31, 2016, by correspondence with the custodian,
brokers and agent banks; when replies were not received from brokers and agent
banks, we performed other auditing procedures. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Short Term Income Fund as of August 31, 2016, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the three years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America.
/s/ Diloitte & Touch LLP
Boston, Massachusetts
October 24, 2016
Pioneer Short Term Income Fund | Annual Report | 8/31/16 97
ADDITIONAL INFORMATION (unaudited)
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 79.09%.
98 Pioneer Short Term Income Fund | Annual Report | 8/31/16
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
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.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations during at least the past five years. Trustees who are interested
persons of the Fund within the meaning of the 1940 Act are referred to as
Interested Trustees. Trustees who are not interested persons of the Fund are
referred to as Independent Trustees. Each of the Trustees serves as a trustee of
each of the 45 U.S. registered investment portfolios for which Pioneer serves as
investment adviser (the "Pioneer Funds"). The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 99
Independent Trustees
-----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (66) Trustee since Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board 2006. present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee Serves until a Executive Officer (2008 - 2012), Quadriserv, communications and securities
successor trustee Inc. (technology products for securities processing provider for financial
is elected or lending industry); and Senior Executive Vice services industry) (2009 -
earlier retirement President, The Bank of New York (financial present); Director, Quadriserv,
or removal. and securities services) (1986 - 2004) Inc. (2005 - 2013); and
Commissioner, New Jersey State
Civil Service Commission (2011 -
present)
-----------------------------------------------------------------------------------------------------------------------------------
David R. Bock (72) Trustee since Managing Partner, Federal City Capital Director of New York Mortgage Trust
Trustee 2005. Advisors (corporate advisory services (publicly-traded mortgage REIT)
Serves until a company) (1997 - 2004 and 2008 - present); (2004 - 2009, 2012 - present);
successor trustee Interim Chief Executive Officer, Oxford Director of The Swiss Helvetia
is elected or Analytica, Inc. (privately-held research and Fund, Inc. (closed-end fund) (2010
earlier retirement consulting company) (2010); Executive Vice - present); Director of Oxford
or removal. President and Chief Financial Officer, Analytica, Inc. (2008 - present);
I-trax, Inc. (publicly traded health care and Director of Enterprise
services company) (2004 - 2007); and Community Investment, Inc.
Executive Vice President and Chief Financial (privately-held affordable housing
Officer, Pedestal Inc. (internet-based finance company) (1985 - 2010)
mortgage trading company) (2000 - 2002);
Private consultant (1995 - 1997), Managing
Director, Lehman Brothers (investment banking
firm) (1992 - 1995); and Executive, The World
Bank (1979 - 1992)
-----------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (71) Trustee since William Joseph Maier Professor of Political Trustee, Mellon Institutional Funds
Trustee 2008. Economy, Harvard University (1972 - present) Investment Trust and Mellon
Serves until a Institutional Funds Master
successor trustee Portfolio (oversaw 17 portfolios in
is elected or fund complex) (1989 - 2008)
earlier retirement
or removal.
-----------------------------------------------------------------------------------------------------------------------------------
100 Pioneer Short Term Income Fund | Annual Report | 8/31/16
-----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (69) Trustee since Founding Director, Vice President and None
Trustee 2004. Corporate Secretary, The Winthrop Group, Inc.
Serves until a (consulting firm) (1982 - present); Desautels
successor trustee Faculty of Management, McGill University
is elected or (1999 - present); and Manager of Research
earlier Operations and Organizational Learning, Xerox
retirement or PARC, Xerox's advance research center (1990 -
removal. 1994)
-----------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (68) Trustee since President and Chief Executive Officer, Director of New America High Income
Trustee 2004. Newbury Piret Company (investment banking Fund, Inc. (closed-end investment
Serves until a firm) (1981 - present) company) (2004 - present); and
successor trustee Member, Board of Governors,
is elected or Investment Company Institute (2000
earlier - 2006)
retirement or
removal.
-----------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (69) Trustee since Consultant (investment company services) None
Trustee 2014. (2012 - present); Executive Vice President,
Serves until a BNY Mellon (financial and investment company
successor trustee services) (1969 - 2012); Director, BNY
is elected or International Financing Corp. (financial
earlier services) (2002 - 2012); and Director, Mellon
retirement or Overseas Investment Corp. (financial
removal. services) (2009 - 2012)
-----------------------------------------------------------------------------------------------------------------------------------
Pioneer Short Term Income Fund | Annual Report | 8/31/16 101
Interested Trustee
-----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (58)* Trustee since Director and Executive Vice President (since None
Trustee 2014. 2008) and Chief Investment Officer, U.S.
Serves until a (since 2010) of PIM-USA; Executive Vice
successor trustee President of Pioneer (since 2008); Executive
is elected or Vice President of Pioneer Institutional
earlier Asset Management, Inc. (since 2009); and
retirement or Portfolio Manager of Pioneer (since 1999)
removal.
-----------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
102 Pioneer Short Term Income Fund | Annual Report | 8/31/16
Advisory Trustee
-----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------------
Lorraine Monchak (60)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer closed-end
Advisory Trustee since 2014. (healthcare workers union pension funds) investment companies (5
(2001 - present); Vice President - portfolios) (Sept. 2015 - present)
International Investments Group, American
International Group, Inc. (insurance
company) (1993 - 2001); Vice President
Corporate Finance and Treasury Group,
Citibank, N.A. (1980 - 1986 and 1990 -
1993); Vice President - Asset/Liability
Management Group, Federal Farm Funding
Corporation (government-sponsored issuer of
debt securities) (1988 - 1990); Mortgage
Strategies Group, Shearson Lehman Hutton,
Inc. (investment bank) (1987 - 1988); and
Mortgage Strategies Group, Drexel Burnham
Lambert, Ltd. (investment bank) (1986 -
1987)
-----------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 103
Fund Officers
-----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
-----------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (54) Since 2014. Serves Chair, Director, CEO and President of Pioneer Trustee of Pioneer closed-end
President and at the discretion Investment Management-USA (since September investment companies (5
Chief Executive Officer of the Board. 2014); Chair, Director, CEO and President of portfolios) (Sept. 2015 - present)
Pioneer Investment Management, Inc. (since
September 2014); Chair, Director, CEO and
President of Pioneer Funds Distributor, Inc.
(since September 2014); Chair, Director, CEO
and President of Pioneer Institutional Asset
Management, Inc. (since September 2014); and
Chair, Director, and CEO of Pioneer
Investment Management Shareholder Services,
Inc. (since September 2014); Managing
Director, Morgan Stanley Investment
Management (2010 - 2013); and Director of
Institutional Business, CEO of International,
Eaton Vance Management (2005 - 2010)
-----------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (51) Since 2004. Serves Vice President and Associate General Counsel None
Secretary and at the discretion of Pioneer since January 2008; Secretary and
Chief Legal Officer of the Board. Chief Legal Officer of all of the Pioneer
Funds since June 2010; Assistant Secretary of
all of the Pioneer Funds from September 2003
to May 2010; and Vice President and Senior
Counsel of Pioneer from July 2002 to December
2007
-----------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (55) Since 2010. Serves Fund Governance Director of Pioneer since None
Assistant Secretary at the discretion December 2006 and Assistant Secretary of all
of the Board. the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December 2003
to November 2006; and Senior Paralegal of
Pioneer from January 2000 to November 2003
-----------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (53) Since 2010. Serves Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary at the discretion Assistant Secretary of all the Pioneer Funds
of the Board. since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
-----------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (56) Since 2008. Serves Vice President - Fund Treasury of Pioneer; None
Treasurer and at the discretion Treasurer of all of the Pioneer Funds since
Chief Financial and of the Board. March 2008; Deputy Treasurer of Pioneer from
Accounting Officer March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
-----------------------------------------------------------------------------------------------------------------------------------
104 Pioneer Short Term Income Fund | Annual Report | 8/31/16
-----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
-----------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (51) Since 2004. Serves Director - Fund Treasury of Pioneer; and None
Assistant Treasurer at the discretion Assistant Treasurer of all of the Pioneer
of the Board. Funds
-----------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (58) Since 2004. Serves Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer; and Assistant Treasurer of all of
of the Board. the Pioneer Funds
-----------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (36) Since 2009. Serves Fund Administration Manager - Fund Treasury None
Assistant Treasurer at the discretion of Pioneer since November 2008; Assistant
of the Board. Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
-----------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (63) Since 2010. Serves Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer at the discretion all the Pioneer Funds since March 2010;
of the Board. Chief Compliance Officer of Pioneer
Institutional Asset Management, Inc. since
January 2012; Chief Compliance Officer of
Vanderbilt Capital Advisors, LLC since July
2012: Director of Adviser and Portfolio
Compliance at Pioneer since October 2005;
and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003
to October 2005
-----------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (45) Since 2006. Serves Director - Transfer Agency Compliance of None
Anti-Money Laundering at the discretion Pioneer and Anti-Money Laundering Officer of
Officer of the Board. all the Pioneer Funds since 2006
-----------------------------------------------------------------------------------------------------------------------------------
Pioneer Short Term Income Fund | Annual Report | 8/31/16 105
This page for your notes.
106 Pioneer Short Term Income Fund | Annual Report | 8/31/16
This page for your notes.
Pioneer Short Term Income Fund | Annual Report | 8/31/16 107
This page for your notes.
108 Pioneer Short Term Income Fund | Annual Report | 8/31/16
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 19427-10-1016
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.
The audit fees for the Fund were $47,962
payable to Deloitte & Touche LLP for the year ended
August 31, 2016 and $45,071 for the year ended August 31, 2015.
(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.
There were no audit-related services in 2016 or 2015.
(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.
The tax fees for the Fund were $7,128
payable to Deloitte & Touche LLP for the year ended
August 31, 2016 and $7,100 for the year ended August 31, 2015.
(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.
There were no other fees in 2016 or 2015.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Fund. For the
years ended August 31 2016 and 2015, there were no
services provided to an affiliate that required the
Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal 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.
The aggregate non-audit fees for the Fund were $7,128
payable to Deloitte & Touche LLP for the year ended
August 31, 2016 and $7,100 for the year ended August 31, 2015.
(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 Short Term Income Fund
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date October 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 October 27, 2016
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date October 27, 2016
* Print the name and title of each signing officer under his or her signature.