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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 1, 2012 through August 31, 2013
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
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Annual Report | August 31, 2013
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Ticker Symbols:
Class A STABX
Class B STBBX
Class C PSHCX
*Class C2 STIIX
Class Y PSHYX
*Class C2 shares were first publicly offered on August 1, 2013.
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 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 73
Notes to Financial Statements 82
Report of Independent Registered Public Accounting Firm 91
Additional Information 92
Trustees, Officers and Service Providers 93
Pioneer Short Term Income Fund | Annual Report | 8/31/13 1
President's Letter
Dear Shareowner,
When we look at the U.S. economy as we head into the second half of 2013, we
continue to see slow, but ongoing, growth. Employment has been steadily rising.
Consumer incomes, savings, wealth, and debt-servicing capacity have been solid
buttresses for the recovering housing and auto industries. Industrial activity
is growing only modestly, but current corporate profits are generally solid and
balance sheets appear able to support needed capital spending and dividend*
payouts. The scaled-back "fiscal cliff" tax increases and spending cuts have
meaningfully cut the budget deficit without, it seems, driving the economy back
into recession. In addition, we feel that continuing slack in labor markets and
capacity utilization offers the potential for continuing growth without
bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve (the Fed)
has hinted that it may begin to scale back its bond purchases (currently $85
billion per month in quantitative easing, or "QE") later in 2013, and could
terminate the purchases altogether sometime in 2014, depending on subsequent
economic data releases. Pioneer believes that, barring an external shock, modest
economic growth can be sustained at least over the next couple of years without
continuous, aggressive intervention from the Fed.
The Fed has also said that short-term interest rates are likely to remain near
zero for some time to come. Given that inflation remains subdued and
unemployment remains high, there is no urgency about raising rates.
While inflation is not a near-term concern, the Fed's aggressive monetary
policies helped investors drive long-term Treasury yields to unsustainably low
levels. A return to more normal levels in response to expectations of a stronger
economy and the potential for less QE resulted in disappointing returns for bond
investors during the first half of 2013, but the stock market rewarded
shareholders who were undaunted by the double-barreled threat of the "fiscal
cliff" and debt-ceiling debates at the beginning of 2013.
The Standard & Poor's 500 Index, a broad measure of the U.S. stock market,
returned 13.82% during the first six months of 2013, while the Barclays
Aggregate Bond Index, which tracks the performance of a higher-quality U.S. bond
universe, returned -2.44%. Investors showed a rising preference for
higher-yielding corporate paper over government bonds during the first half of
2013, helping the Bank of America Merrill Lynch High Yield Master II Index,
which measures the performance of high-yield corporate bonds, to post a 1.50%
return for the six months ended June 30, 2013. Three-month Treasury bills,
generally regarded as essentially "risk free" by the markets, returned 0.03% in
the first half of 2013.
* Dividends are not guaranteed.
2 Pioneer Short Term Income Fund | Annual Report | 8/31/13
There are certainly risks and uncertainties that continue to plague the global
economy. Europe remains in recession and a number of countries in the emerging
markets have experienced difficulties. Still, a potential ending of the European
recession, continuing economic improvement in Japan in response to the new
government's quantitative easing policies, and a "soft landing" of 7% growth in
China could very well result in an improving global outlook over the remainder
of 2013.
There are also geopolitical worries abroad and political fights at home, and
while most of the widely recognized risks we've outlined may already be "priced
in" to the market, we believe investors should continue to expect market
volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and rewards in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 3
Portfolio Management Discussion | 8/31/13
In the following interview, portfolio managers Richard Schlanger and Charles
Melchreit review the fixed-income market conditions that prevailed over the 12
months ended August 31, 2013, and the factors that affected the performance of
Pioneer Short Term Income Fund during the 12-month period. Mr. Schlanger, a vice
president and portfolio manager at Pioneer, and Mr. Melchreit, a senior vice
president and portfolio manager at Pioneer, are responsible for the day-to-day
management of the Fund.
Q Can you describe the market environment for fixed-income investors over the
12-month period ended August 31, 2013?
A The period began against a backdrop of continued market concerns over the
European sovereign-debt crisis and its potential to undermine the global
economy. Central banks around the world would soon step forward with
strengthened monetary easing measures. First, the European Central Bank
dropped its overnight deposit rate to zero and announced that it would ease
refinancing conditions and greatly lower the risk of sovereign defaults by
committing to open-ended purchases of the short-term debt of some of the
more at-risk nations in the euro zone. Then, citing continued, unacceptably
weak employment conditions, the U.S. Federal Reserve (the Fed) announced
plans for a new round of bond purchases through quantitative easing (QE3),
and stated that it would maintain short-term interest rates at near-zero
levels for the foreseeable future (many market analysts inferred that meant
at least through mid-2015). The prospect of prolonged and widespread
monetary support for the global economy, along with clear evidence of a
rebound in U.S. housing data, helped to support credit sentiment and
risk-oriented sectors into the fall of 2012.
Positive sentiment driven by the Fed's actions and signs of strength in key
sectors, such as housing and autos, would be offset to a degree by headlines
surrounding the U.S. debate over fiscal matters in the latter part of 2012.
In particular, following the November 2012 U.S. elections, investors focused
on the political stalemate - known as the so-called "fiscal cliff" debate -
that would implement automatic budget cuts and tax increases at the end of
the 2012 calendar year. Ultimately, the "fiscal cliff" was narrowly averted
by political leaders, though some future spending cuts ("sequestration") and
modest tax increases were part of the deal. In addition, early 2013 saw
significant strengthening in U.S. auto and housing data as well as modest,
ongoing improvements in employment figures, all factors that added to the
market's view that the domestic economic recovery was gaining traction.
4 Pioneer Short Term Income Fund | Annual Report | 8/31/13
There was also evidence that China's economy, which had experienced slower
growth, would maintain growth at levels sufficient to meaningfully support
the global economy.
As 2013 progressed, the interest-rate backdrop became less supportive of
bond prices overall. U.S. Treasury rates began to trend upward on
strengthened prospects for the domestic economy, and speculation increased
about the extent of future Fed measures designed to keep interest rates at
extraordinarily low levels. Bond funds began to experience significant
outflows as investors sought to reduce their exposures to rising interest
rates. The negative market sentiment was reinforced in May 2013, as comments
from the Fed chairman hinted that the economy had stabilized to the point
where a "tapering" of the pace of QE3 - the U.S. central bank's $85 billion
in monthly purchases of long-term Treasuries and agency mortgages - was a
possibility. The result of the announcement was a significant upward move in
interest rates over the last few months of the 12-month period.
Throughout the period, the Fed continued to underpin market conditions,
keeping short-term rates near zero and engaging in QE3. Nonetheless,
interest rates rose and the yield curve steepened from September 1, 2012,
through August 31, 2013. To illustrate, the two-year Treasury yield rose by
17 basis points (0.17%) during the 12-month period, from 0.22% to 0.39%; the
five-year Treasury yield rose by 103 basis points (1.03%), from 0.59% to
1.62%; and the 10-year Treasury yield rose by 121 basis points (1.21%), from
1.57% to 2.78%. Despite some widening late in the period, credit spreads
generally narrowed over the full 12 months ended August 31, 2013, supported
by extraordinarily low Treasury yields that held little appeal to
income-oriented investors. (Credit spreads are commonly defined as the
differences in yield between Treasuries and other types of fixed-income
securities with similar maturities.)
Q How did the Fund perform in that environment during the 12 months ended
August 31, 2013?
A Pioneer Short Term Income Fund's Class A shares returned 1.71% at net asset
value during the 12 months ended August 31, 2013, while the Fund's
benchmark, the Barclays One- to Three-Year Government/Credit Index (the
Barclays Index), returned 0.45%. During the same 12-month period, the
average return of the 431 mutual funds in Morningstar's Short-Term Bond
category was 0.32%.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 5
Q What were your principal investment strategies for the Fund during the 12
months ended August 31, 2013, and how did those strategies affect the Fund's
performance?
A Our allocation of the portfolio's assets across the different fixed-income
sectors was the largest contributor to the Fund's performance during the
12-month period. Throughout the period, we maintained sharply reduced Fund
exposure to U.S. Treasury issues, reflecting our view that Treasuries have
not been valued attractively compared with credit-sensitive sectors, given
Treasuries' negative real yields (yields after accounting for inflation).
The decision helped the Fund's returns relative to the benchmark Barclays
Index, as credit-sensitive sectors outperformed during the 12-month period.
Much of the portfolio's underweight to Treasuries was deployed into sectors
that are not part of the Barclays Index, and that strategy benefited the
Fund's performance. The portfolio's non-benchmark allocations included those
in a variety of pass-through sectors, such as residential and commercial
mortgage-backed securities, and asset-backed securities, such as those
backed by home equity loans, auto loans and credit card receivables.
At the sector level, the Fund's significant position in securities backed by
pools of residential mortgages was the biggest positive contributor to
relative performance during the period. Within that group, we saw
opportunities to add what we believed to be high-quality issues to the Fund,
at attractive valuations, and those holdings benefited performance during
the period as investors sought incremental yield and market sentiment about
housing data releases improved. The Fund's substantial position in
asset-backed securities benefited from strengthened credit sentiment, as
economic conditions and consumer balance sheets also continued to improve.
Within the Fund's allocation to corporate bonds, an overweight to financials
added value. The financials sector benefited overall from the positive
trends with respect to housing data and consumer attitudes as well as a
steepening yield curve that was supportive of banks' profit margins.
Security selection within financials also contributed to the Fund's relative
performance during the period, as our focus on money center banks, insurers
and real estate investment trusts was rewarded.
The Fund maintained a below-market duration and corresponding interest-rate
sensitivity throughout the 12-month period (duration is a measure of a
portfolio's price sensitivity to changes in interest rates). Overall, the
Fund's lower duration was a slight positive for benchmark-relative returns
as interest rates rose over the full 12-month period. At the same time, we
maintained a somewhat "barbelled" yield-curve positioning in the portfolio,
with very short-term or floating-rate issues balanced by longer-term
6 Pioneer Short Term Income Fund | Annual Report | 8/31/13
holdings in the five-year range. The yield-curve positioning constrained the
Fund's returns during the period, however, as longer-term issues lagged in a
rising interest-rate environment. The Fund's overall duration at the end of
August 2013 was 1.11 years, compared with 1.91 years for the Barclays Index.
Q What is your assessment of the current climate for fixed-income investing
and how have you positioned the Fund's portfolio based on that assessment?
A Even with recent increases in interest rates, there continues to be a lot of
room for rates to rise from current levels. As a result, we are comfortable
with maintaining an overall portfolio duration and interest-rate sensitivity
that is below that of the Barclays Index benchmark. We are also maintaining
a substantial allocation within the Fund's portfolio to floating-rate
securities, primarily as a measure of protection in the event the market
begins to price in a sooner-than-expected removal of the Fed's accommodative
policies.
In executing its inevitable, if gradual, unwinding of the exceptional levels
of accommodation it has provided, we expect the Fed to carefully factor in
the market's reaction. The last thing the Fed wants to do is trigger a
reversal in sentiment that sends long-term rates sharply higher and
undermines the hard-fought gains of the last few years. However, we believe
we are clearly at a policy pivot-point, where the emphasis has shifted to
beginning a normalization of the Fed's balance sheet. We believe market
conditions will depend in large part on how successfully the Fed can manage
expectations along the way.
While we find 10-year Treasury rates in the 3% range hardly compelling, they
at least provide a reasonable alternative for fixed-income investors who
have been shepherded into the credit sectors by the extraordinarily low,
risk-free rates of the recent past. As we determine the Fund's allocation
strategies, we will continue to monitor closely the relative value of spread
sectors compared with Treasuries. While continuing to underweight
Treasuries, given the recent tightening of spreads following the
outperformance of the credit sectors, we have been trimming (at the margin)
the proportion of mortgage-backed and asset-backed securities held in the
portfolio, while adding modestly to the Fund's Treasury position. We view
current fundamentals as continuing to be supportive of corporate issues;
however, with credit spreads having narrowed, we view corporate valuations
as a neutral factor overall and are being selective when adding
credit-sensitive exposure to the portfolio. We believe that opportunities to
add to the Fund's benchmark-relative performance over the
near-to-intermediate term are more likely to be driven by individual
security selection than by adding credit risk to the portfolio.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 7
We believe the Fund is well positioned for the eventual removal of the Fed's
accommodation, with a large percentage of assets held in floating-rate
securities that should benefit from a further rise in rates. We will
continue to monitor macroeconomic factors that have the potential to affect
the markets, while remaining principally focused on adding value to the Fund
through individual security selection. As always, we will seek to provide
investors with a high level of current income, while limiting the effect of
interest-rate changes on the Fund's share price.
8 Pioneer Short Term Income Fund | Annual Report | 8/31/13
Please refer to the Schedule of Investments on pages 19-72 for a full listing of
Fund securities.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of the issuers of the underlying securities and their inability to meet
their debt obligations.
Prepayment risk is the chance that mortgage-backed bonds will be paid off early
if falling interest rates prompt homeowners to refinance their mortgages. Forced
to reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation associated with falling interest rates.
Investments in high-yield or lower-rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
The securities issued by U.S. government sponsored entities (i.e. Fannie Mae,
Freddie Mac) are neither guaranteed nor issued by the U.S. government.
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to pre-payments.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Past performance is not a guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should
not be relied upon for any other purposes.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 9
Portfolio Summary | 8/31/13
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 32.0%
U.S. Government Securities 23.5%
U.S. Corporate Bonds 16.5%
Asset Backed Securities 15.4%
International Corporate Bonds 7.0%
Temporary Cash Investment 2.9%
Municipal Bonds 1.2%
Senior Secured Loans 1.0%
International Preferred Stocks 0.5%
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio; based on S&P ratings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 48.8%
AA 12.5%
A 17.0%
BBB 12.8%
BB 4.6%
B 1.1%
CCC 0.6%
Not Rated 1.9%
Cash and equivalents 0.7%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total debt holdings)*
1. U.S. Treasury Notes, 0.375%, 6/15/15 5.20%
--------------------------------------------------------------------------------
2. U.S. Treasury Notes, 0.25%, 4/30/14 4.16
--------------------------------------------------------------------------------
3. U.S. Treasury Notes, 0.125%, 12/31/13 2.60
--------------------------------------------------------------------------------
4. U.S. Treasury Notes, 0.25%, 1/31/14 2.49
--------------------------------------------------------------------------------
5. U.S. Treasury Notes, 0.375%, 2/15/16 1.76
--------------------------------------------------------------------------------
6. U.S. Treasury Notes, 0.25%, 10/31/13 1.61
--------------------------------------------------------------------------------
7. U.S. Treasury Notes, 1.5%, 8/31/18 1.55
--------------------------------------------------------------------------------
8. U.S. Treasury Notes, 1.25%, 4/15/14 1.05
--------------------------------------------------------------------------------
9. U.S. Treasury Notes, 0.25%, 10/15/15 1.03
--------------------------------------------------------------------------------
10. Fannie Mae Grantor Trust 2001-T1, Floating Rate Note, 10/25/40 0.80
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
10 Pioneer Short Term Income Fund | Annual Report | 8/31/13
Prices and Distributions | 8/31/13
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 8/31/13 8/31/12
--------------------------------------------------------------------------------
A $9.66 $9.72
--------------------------------------------------------------------------------
B $9.65 $9.71
--------------------------------------------------------------------------------
C $9.65 $9.70
--------------------------------------------------------------------------------
Y $9.64 $9.70
--------------------------------------------------------------------------------
Class 8/31/13 8/1/13
--------------------------------------------------------------------------------
C2* $9.65 $9.65
--------------------------------------------------------------------------------
Distributions per Share: 9/1/12-8/31/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2252 $ -- $ --
--------------------------------------------------------------------------------
B $0.1372 $ -- $ --
--------------------------------------------------------------------------------
C $0.1554 $ -- $ --
--------------------------------------------------------------------------------
C2* $0.0136 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2556 $ -- $ --
--------------------------------------------------------------------------------
The Barclays One-to Three-Year Government/Credit Index is an unmanaged measure
of the performance of the short-term (1 to 3 years) government and
investment-grade corporate bond markets. Index returns are calculated monthly,
assume reinvestment of dividends and, unlike Fund returns, do not reflect any
fees, expenses or sales charges. It is not possible to invest directly in an
index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-16.
* Class C2 shares were first publicly offered on August 1, 2013.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 11
Performance Update | 8/31/13 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Short Term Income Fund at public
offering price during the periods shown, compared to that of the Barclays One-
to Three-Year Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(7/8/04) 3.22% 2.93%
5 Years 3.68 3.16
1 Year 1.71 -0.84
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.20% 0.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Short-Term Barclays One- to Three-Year
Income Fund Government/Credit Index
7/31/2004 $ 9,750 $ 10,000
8/31/2004 $ 9,805 $ 10,078
8/31/2005 $ 9,933 $ 10,218
8/31/2006 $ 10,170 $ 10,534
8/31/2007 $ 10,645 $ 11,104
8/31/2008 $ 10,877 $ 11,754
8/31/2009 $ 11,301 $ 12,361
8/31/2010 $ 12,114 $ 12,781
8/31/2011 $ 12,318 $ 13,003
8/31/2012 $ 12,811 $ 13,141
8/31/2013 $ 13,030 $ 13,200
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
POP returns reflect deduction of maximum 2.50% sales charge. NAV results
represent the percent change in net asset value per share. Returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through January 1, 2015, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitations beyond such time. Please see
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Short Term Income Fund | Annual Report | 8/31/13
Performance Update | 8/31/13 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class B shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(7/8/04) 2.31% 2.31%
5 Years 2.77 2.77
1 Year 0.80 -1.19
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.94% 1.80%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Short-Term Barclays One- to Three-Year
Income Fund Government/Credit Index
7/31/2004 $ 10,000 $ 10,000
8/31/2004 $ 10,052 $ 10,078
8/31/2005 $ 10,108 $ 10,218
8/31/2006 $ 10,265 $ 10,534
8/31/2007 $ 10,639 $ 11,104
8/31/2008 $ 10,762 $ 11,754
8/31/2009 $ 11,092 $ 12,361
8/31/2010 $ 11,796 $ 12,781
8/31/2011 $ 11,875 $ 13,003
8/31/2012 $ 12,241 $ 13,141
8/31/2013 $ 12,338 $ 13,200
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Redeemed" results reflect the deduction of the maximum applicable contingent
deferred sales charge (CDSC). The maximum CDSC is 2% and declines over three
years.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through January 1, 2015, for Class B shares. There can be no assurance
that Pioneer will extend the expense limitations beyond such time. Please see
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 13
Performance Update | 8/31/13 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(7/8/04) 2.41% 2.41%
5 Years 2.91 2.91
1 Year 1.09 1.09
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.16% 1.15%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Short-Term Barclays One- to Three-Year
Income Fund Government/Credit Index
7/31/2004 $ 10,000 $ 10,000
8/31/2004 $ 10,052 $ 10,078
8/31/2005 $ 10,111 $ 10,218
8/31/2006 $ 10,260 $ 10,534
8/31/2007 $ 10,648 $ 11,104
8/31/2008 $ 10,781 $ 11,754
8/31/2009 $ 11,121 $ 12,361
8/31/2010 $ 11,823 $ 12,781
8/31/2011 $ 11,933 $ 13,003
8/31/2012 $ 12,312 $ 13,141
8/31/2013 $ 12,447 $ 13,200
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 net expense ratio reflects contractual expense limitations currently in
effect through January 1, 2015, for Class C shares. There can be no assurance
that Pioneer will extend the expense limitations beyond such time. Please see
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Short Term Income Fund | Annual Report | 8/31/13
Performance Update | 8/31/13 Class C2 Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C2 shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(7/8/04) 2.41% 2.41%
5 Years 2.91 2.91
1 Year 1.10 1.10
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.16% 1.15%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Short-Term Barclays One- to Three-Year
Income Fund Government/Credit Index
7/31/2004 $ 10,000 $ 10,000
8/31/2004 $ 10,052 $ 10,078
8/31/2005 $ 10,111 $ 10,218
8/31/2006 $ 10,260 $ 10,534
8/31/2007 $ 10,648 $ 11,104
8/31/2008 $ 10,781 $ 11,754
8/31/2009 $ 11,121 $ 12,361
8/31/2010 $ 11,823 $ 12,781
8/31/2011 $ 11,933 $ 13,003
8/31/2012 $ 12,312 $ 13,141
8/31/2013 $ 12,447 $ 13,200
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 net expense ratio reflects contractual expense limitations currently in
effect through January 1, 2015, for Class C2 shares. There can be no assurance
that Pioneer will extend the expense limitations beyond such time. Please see
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 15
Performance Update | 8/31/13 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(7/8/04) 3.56% 3.56%
5 Years 4.00 4.00
1 Year 2.03 2.03
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.56%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Short-Term Barclays One- to Three-Year
Income Fund Government/Credit Index
7/31/2004 $ 5,000,000 $ 5,000,000
8/31/2004 $ 5,031,883 $ 5,039,143
8/31/2005 $ 5,125,561 $ 5,109,065
8/31/2006 $ 5,265,685 $ 5,266,787
8/31/2007 $ 5,527,035 $ 5,552,160
8/31/2008 $ 5,662,589 $ 5,876,896
8/31/2009 $ 5,895,518 $ 6,180,639
8/31/2010 $ 6,345,978 $ 6,390,515
8/31/2011 $ 6,477,120 $ 6,501,494
8/31/2012 $ 6,751,978 $ 6,570,323
8/31/2013 $ 6,889,113 $ 6,599,789
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 | 8/31/13
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, 2013, through August 31, 2013.
------------------------------------------------------------------------------------------
Share Class A B C C2 Y
------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/13**
------------------------------------------------------------------------------------------
Ending Account $1,002.86 $ 998.42 $1,000.49 $1,001.50 $1,004.33
Value (after expenses)
on 8/31/13
------------------------------------------------------------------------------------------
Expenses Paid $ 4.44 $ 9.07 $ 7.71 $ 0.88 $ 2.98
During Period*
------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.88%,
1.80%, 1.53%, 1.01% and 0.59% for Class A, Class B, Class C, Class C2 and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 184/365 (to reflect the one-half year period).
** Class C2 shares were first publicly offered on August 1, 2013.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 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, 2013, through August 31, 2013.
------------------------------------------------------------------------------------------
Share Class A B C C2 Y
------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/13**
------------------------------------------------------------------------------------------
Ending Account $1,020.77 $1,016.13 $1,017.49 $1,003.37 $1,022.23
Value (after expenses)
on 8/31/13
------------------------------------------------------------------------------------------
Expenses Paid $ 4.48 $ 9.15 $ 7.78 $ 0.88 $ 3.01
During Period*
------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.88%,
1.80%, 1.53%, 1.01% and 0.59% for Class A, Class B, Class C, Class C2 and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 184/365 (to reflect the one-half year period).
** Class C2 shares were first publicly offered on August 1, 2013.
18 Pioneer Short Term Income Fund | Annual Report | 8/31/13
Schedule of Investments | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.0%+
INSURANCE -- 0.0%+
Reinsurance -- 0.0%+
250,000 0.00 NR/NR Altair Re, Floating Rate Note,
4/30/16 (c) $ 257,925
150,000 NR/NR Pangaea Re, 10/1/15 (c) (e) 155,842
-----------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $400,000) $ 413,767
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Principal
Amount ($)
-----------------------------------------------------------------------------------------------------------
ASSET BACKED
SECURITIES -- 15.8%
MATERIALS -- 5.3%
Commodity Chemicals -- 0.3%
425,000 0.79 NR/Aaa CNH Wholesale Master Note Trust,
Floating Rate Note, 8/15/19 (144A) $ 424,995
800,000 2.68 NR/A2 Navistar Financial Dealer Note Master
Owner Trust II, Floating Rate Note,
10/25/16 (144A) 801,428
---------------
$ 1,226,423
-----------------------------------------------------------------------------------------------------------
Aluminum -- 0.0%+
137,760 0.33 B-/Ba3 JP Morgan Mortgage Acquisition
Trust 2006-CW1, Floating Rate
Note, 5/25/36 $ 131,779
-----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
218,969 NR/A1 BCMSC Trust 1998-A, 6.65%, 4/15/28 $ 224,608
-----------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.3%
112,523 6.50 BB+/Baa2 ACE Securities Corp., Manufactured
Housing Trust Series 2003-MH1, Floating
Rate Note, 8/15/30 (144A) $ 112,765
1,256,530 0.63 AAA/A2 Lehman ABS Manufactured Housing
Contract Trust 2002-A, Floating Rate
Note, 6/15/33 1,214,674
---------------
$ 1,327,439
-----------------------------------------------------------------------------------------------------------
Steel -- 4.3%
240,000 0.59 CCC/A3 Accredited Mortgage Loan Trust 2005-2,
Floating Rate Note, 7/25/35 $ 227,393
357,102 0.45 BB+/Baa3 Aegis Asset Backed Securities Trust
2005-5, Floating Rate Note, 12/25/35 330,053
597,014 0.54 AAA/Aaa Aegis Asset Backed Securities Trust
Mortgage Pass-Through Certificates
Series 2004-3, Floating Rate
Note, 9/25/34 586,176
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 19
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Steel -- (continued)
194,380 0.73 AAA/Aaa Aegis Asset Backed Securities Trust
Mortgage Pass-Through Certificates
Series 2004-3, Floating Rate
Note, 9/25/34 $ 192,250
181,044 0.55 A+/Baa1 Aegis Asset Backed Securities Trust
Mortgage Pass-Through Certificates
Series 2005-4, Floating Rate
Note, 10/25/35 173,782
127,520 3.94 A/Baa1 Ameriquest Mortgage Securities, Inc.,
Asset Backed Pass Through
Certificates, 03 AR3, Floating Rate
Note, 6/25/33 132,653
773,870 0.92 AA+/A2 Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Certificates
Series 2003-11, Floating Rate Note,
12/25/33 711,557
925,128 3.71 A/Aa1 Asset Backed Securities Corp., Home
Equity Loan Trust Series 2003-HE1,
Floating Rate Note, 1/15/33 951,779
159,800 0.89 BBB+/Baa3 Asset Backed Securities Corp., Home
Equity Loan Trust Series 2005-HE3,
Floating Rate Note, 4/25/35 156,611
76,137 0.38 BB/Ba3 Asset Backed Securities Corp., Home
Equity Loan Trust Series AEG 2006-HE1,
Floating Rate Note, 1/25/36 71,454
10,064 0.85 AA+/A3 Asset Backed Securities Corp., Home
Equity, Floating Rate Note, 4/25/35 10,056
314,934 4.91 AA+/NR Bayview Financial Asset Trust 2003-A,
Floating Rate Note, 2/25/33 (144A) 319,524
468,112 0.53 AAA/Aaa Bayview Financial Mortgage Pass-Through
Trust 2006-A, Floating Rate Note,
2/28/41 464,453
477,711 0.48 AA+/A1 Bayview Financial Mortgage Pass-Through
Trust 2006-B, Floating Rate Note,
4/28/36 455,761
66,937 0.45 AA+/A1 Bayview Financial Mortgage Pass-Through
Trust 2006-B, Floating Rate Note,
4/28/36 63,824
425,000 0.63 AA/Aa2 Bayview Financial Mortgage Pass-Through
Trust Series 2005-B, Floating Rate Note,
4/28/39 415,390
781,194 0.68 A+/Ba3 Bear Stearns Asset Backed Securities I
Trust 2005-FR1, Floating Rate Note,
6/25/35 758,355
174,120 0.66 AA+/A3 Bear Stearns Asset Backed Securities I
Trust 2005-HE6, Floating Rate Note,
6/25/35 170,802
The accompanying notes are an integral part of these financial statements.
20 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Steel -- (continued)
437,738 0.68 AA+/NR Bear Stearns Asset Backed Securities I
Trust 2005-HE8, Floating Rate Note,
8/25/35 $ 436,380
84,860 0.78 AAA/NR Bear Stearns Asset Backed Securities
Trust 2004-2, Floating Rate Note,
8/25/34 82,358
952,941 1.68 AAA/A3 Conseco Finance Home Equity Loan
Trust 2002-C, Floating Rate Note,
5/15/32 919,485
2,516,835 0.58 AA+/Aa2 First NLC Trust 2005-2, Floating Rate
Note, 9/25/35 2,449,942
626,325 0.96 AA+/Baa1 GSAA Home Equity Trust 2004-6,
Floating Rate Note, 6/25/34 611,066
364,493 0.43 B+/B3 GSAA Home Equity Trust 2005-11,
Floating Rate Note, 10/25/35 361,694
79,544 0.84 AA/A1 Home Equity Asset Trust 2005-3,
Floating Rate Note, 8/25/35 79,306
103,380 0.59 AAA/Aaa Home Equity Asset Trust 2005-5,
Floating Rate Note, 11/25/35 102,839
46,936 0.36 BBB+/A1 Home Equity Asset Trust 2006-3,
Floating Rate Note, 7/25/36 46,777
426,458 0.29 CCC/Ba1 Home Equity Asset Trust 2006-8,
Floating Rate Note, 3/25/37 421,494
137,556 A+/Baa1 Home Loan Trust 2003-HI1, 5.27%,
4/25/28 (Step) 143,254
148,358 0.60 AA+/Aa1 HSBC Home Equity Loan Trust 2005-3,
Floating Rate Note, 1/20/35 145,919
1,005,000 0.43 AAA/Aaa HSBC Home Equity Loan Trust USA
2006-3, Floating Rate Note, 3/20/36 966,560
109,295 0.37 AA+/Aa1 HSBC Home Equity Loan Trust USA
2007-2, Floating Rate Note, 7/20/36 105,958
271,540 BBB/Ba2 Irwin Home Equity Corp., Series
2003-D B1, Floating Rate Note,
11/15/28 264,000
228,413 NR/Baa1 Irwin Home Equity Loan Trust 2005-1,
5.32%, 6/25/35 (Step) 222,322
70,306 0.52 BB/A2 IXIS Real Estate Capital Trust 2005-HE4,
Floating Rate Note, 2/25/36 68,056
20,140 0.55 AA+/Aa3 Mastr Asset Backed Securities Trust
2005-WF1, Floating Rate Note, 6/25/35 19,835
125,887 0.86 AA+/A3 Mastr Asset Backed Securities Trust
2005-WMC1, Floating Rate Note,
3/25/35 125,157
917,410 0.41 BB+/A2 Mastr Asset Backed Securities Trust
2006-AB1, Floating Rate Note, 2/25/36 880,913
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 21
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Steel -- (continued)
372,671 0.37 B-/Ba3 Mastr Asset Backed Securities Trust
2006-NC1, Floating Rate Note,
1/25/36 $ 363,130
389,040 0.60 AA/A3 Morgan Stanley ABS Capital I Inc Trust
2005-NC2, Floating Rate Note,
3/25/35 384,048
359,669 0.50 A+/Baa1 Morgan Stanley Home Equity Loan
Trust 2005-4, Floating Rate Note,
9/25/35 337,124
334,713 0.53 AAA/Aaa New Century Home Equity Loan Trust
Series 2005-1, Floating Rate Note,
3/25/35 324,985
134,794 0.44 NR/Aaa New Century Home Equity Loan Trust
Series 2005-2, Floating Rate Note,
6/25/35 134,469
169,015 0.48 AAA/Aa1 New Century Home Equity Loan Trust
Series 2005-2, Floating Rate Note,
6/25/35 168,511
304,602 0.45 AAA/Aa2 New Century Home Equity Loan Trust
Series 2005-4, Floating Rate Note,
9/25/35 303,632
348,652 0.94 BBB/Ba2 NovaStar Mortgage Funding Trust
Series 2003-1, Floating Rate Note,
5/25/33 314,240
560,000 1.76 AA-/Baa1 NovaStar Mortgage Funding Trust
Series 2004-3, Floating Rate Note,
12/25/34 508,190
607,000 1.83 AA/A1 NovaStar Mortgage Funding Trust
Series 2004-4, Floating Rate Note,
3/25/35 593,630
608,245 0.44 AA+/Aa3 Option One Mortgage Loan Trust
2005-4 Asset-Backed Certificates
Series 2005-4, Floating Rate Note,
11/25/35 596,399
5,456 0.30 A+/Aa3 Option One Mortgage Loan Trust
2007-HL1, Floating Rate Note, 2/25/38 5,449
416,131 1.31 NR/Baa1 Option One Woodbridge Loan Trust
2002-1, Floating Rate Note,
9/25/14 (144A) 410,590
250,000 0.75 AAA/Aaa Penarth Master Issuer Plc, Floating
Rate Note, 3/18/14 (144A) 250,005
30,921 0.66 AA+/Aa3 RASC Series 2005-EMX2 Trust, Floating
Rate Note, 7/25/35 30,028
561,902 0.62 AA+/A1 RASC Series 2005-KS7 Trust, Floating
Rate Note, 8/25/35 551,505
157,896 0.96 AA/Baa3 Soundview Home Loan Trust 2005-3,
Floating Rate Note, 6/25/35 155,836
The accompanying notes are an integral part of these financial statements.
22 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Steel -- (continued)
790,207 0.48 BBB+/B1 Specialty Underwriting & Residential
Finance Trust Series 2006-BC1, Floating
Rate Note, 12/25/36 $ 735,098
182,606 1.12 AA+/A1 Terwin Mortgage Trust Series TMTS
2003-8HE, Floating Rate Note,
12/25/34 175,580
140,639 AA-/A1 Terwin Mortgage Trust Series TMTS
2005-14HE, 4.849%, 8/25/36 (Step) 145,698
---------------
$ 21,133,335
-----------------------------------------------------------------------------------------------------------
Paper Products -- 0.4%
507,900 1.63 AAA/NR Cabela's Master Credit Card Trust,
Floating Rate Note, 1/16/18 (144A) $ 516,032
230,000 0.88 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 2/15/17 (144A) 230,147
500,000 1.03 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 5/15/19 (144A) 501,770
500,000 0.61 NR/Aaa Master Credit Card Trust II, Floating
Rate Note, 1/22/18 (144A) 500,050
---------------
$ 1,747,999
---------------
Total Materials $ 25,791,583
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Railroads -- 0.1%
233,394 A/NR Trinity Rail Leasing LP, 2.266%,
1/15/43 (144A) $ 228,535
---------------
Total Transportation $ 228,535
-----------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.6%
Auto Parts & Equipment -- 0.0%+
CAD 47,287 AAA/NR Ford Auto Securitization Trust Series
2011-R1 Asset-Backed Notes, 2.431%,
11/15/14 (144A) $ 44,915
-----------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.6%
500,000 AAA/Aaa AmeriCredit Automobile Receivables
Trust 2004-D-F, 0.74%, 11/8/16 $ 499,973
500,000 BBB+/Baa1 AmeriCredit Automobile Receivables
Trust 2004-D-F, 3.31%, 10/8/19 499,919
100,000 NR/Aa1 AmeriCredit Automobile Receivables
Trust 2004-D-F, 4.04%, 7/10/17 104,469
567,000 AA/Aaa AmeriCredit Automobile Receivables
Trust 2010-2, 6.24%, 6/8/16 595,265
150,000 A+/NR AmeriCredit Automobile Receivables
Trust 2013-1, 1.57%, 1/8/19 145,683
56,908 NR/Aaa BMW Vehicle Owner Trust 2011-A,
0.76%, 8/25/15 56,975
425,688 1.18 AA-/NR Hyundai Capital Auto Funding VIII, Ltd.,
Floating Rate Note, 9/20/16 (144A) 426,029
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 23
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- (continued)
93,302 A+/NR Santander Drive Auto Receivables Trust
2011-S2, 3.35%, 6/15/17 (144A) $ 93,715
500,000 A/A1 Santander Drive Auto Receivables
Trust 2012-1, 3.78%, 11/15/17 511,031
125,000 A/A1 Santander Drive Auto Receivables
Trust 2012-5, 2.7%, 8/15/18 125,296
---------------
$ 3,058,355
---------------
Total Automobiles & Components $ 3,103,270
-----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Hotels, Resorts & Cruise Lines -- 0.2%
238,071 A/NR Westgate Resorts 2012-2 LLC, 3.0%,
1/20/25 (144A) $ 238,963
256,556 NR/NR Westgate Resorts 2012-A LLC, 2.25%,
8/20/25 (144A) 255,674
356,524 NR/NR Westgate Resorts 2012-A LLC, 3.75%,
8/20/25 (144A) 351,622
189,032 A/NR Westgate Resorts LLC, 2.5%,
3/20/25 (144A) 188,914
---------------
$ 1,035,173
---------------
Total Consumer Services $ 1,035,173
-----------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Automotive Retail -- 0.2%
500,000 NR/Aaa Avis Budget Rental Car Funding
AESOP LLC, 2.09%, 4/20/15 (144A) $ 502,742
385,000 AAA/NR Ford Credit Auto Owner Trust 2013-C,
0.55%, 4/15/16 385,101
---------------
$ 887,843
---------------
Total Retailing $ 887,843
-----------------------------------------------------------------------------------------------------------
BANKS -- 7.2%
Diversified Banks -- 0.0%+
103,004 0.56 AA+/NR Wells Fargo Home Equity Asset-Backed
Securities 2005-3 Trust, Floating Rate
Note, 12/25/35 $ 101,225
32,167 0.27 NR/Aa1 Wells Fargo Home Equity Asset-Backed
Securities 2007-2 Trust, Floating Rate
Note, 4/25/37 32,006
---------------
$ 133,231
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 7.2%
96,598 0.36 BB+/Ba3 ACE Securities Corp., Home Equity
Loan Trust Series 2006-ASAP2, Floating
Rate Note, 3/25/36 $ 93,251
The accompanying notes are an integral part of these financial statements.
24 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
801,553 0.51 A+/A1 Ameriquest Mortgage Securities, Inc.,
Asset Backed Pass-Through Certificates
Series 2005-R11, Floating Rate Note,
1/25/36 $ 785,981
305,777 0.49 AA+/Aa1 Ameriquest Mortgage Securities., Inc.
Asset-Backed Pass-Through Certificates
Series 2004-R11, Floating Rate Note,
11/25/34 303,713
64,802 0.38 AA+/Aaa Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Certificates
Series 2005-R6, Floating Rate Note,
8/25/35 63,472
662,199 1.18 AAA/Aa3 Amortizing Residential Collateral Trust
2004-1, Floating Rate Note, 10/25/34 649,226
246,452 0.73 AAA/NR ARI Fleet Lease Trust 2012-A, Floating
Rate Note, 3/15/20 (144A) 246,997
260,000 AAA/NR ARI Fleet Lease Trust 2013-A, 0.7%,
12/15/15 (144A) 259,354
296,457 NR/NR Ascentium Equipment Receivables
LLC, 1.83%, 9/15/19 (144A) 296,074
281,921 0.81 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 5/28/44 277,329
565,310 0.77 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 8/28/44 561,181
349,767 4.62 AA+/Ba2 Bear Stearns Asset Backed Securities
Trust 2003-SD2, Floating Rate Note,
6/25/43 343,305
309,543 0.67 A+/NR Bear Stearns Asset Backed Securities
Trust 2006-SD2, Floating Rate Note,
6/25/36 298,469
423,825 0.93 AAA/A3 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 2/25/35 421,033
26,443 NR/NR Bush Truck Leasing LLC, 5.0%,
9/25/18 (144A) 26,326
573,196 0.92 AA/A3 Carrington Mortgage Loan Trust Series
2005-NC1, Floating Rate Note,
2/25/35 568,645
1,306,421 0.36 BB+/Ba2 Carrington Mortgage Loan Trust Series
2006-OPT1, Floating Rate Note,
2/25/36 1,206,760
146,374 0.72 AAA/A3 Chase Funding Trust Series 2003-3,
Floating Rate Note, 4/25/33 143,191
506,021 0.38 A/Baa1 Citigroup Mortgage Loan Trust
2006-SHL1, Floating Rate Note,
11/25/45 (144A) 481,131
148,574 1.20 BBB-/Caa1 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 11/25/34 136,633
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 25
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
106,192 0.55 AA+/A1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/36 $ 103,318
6,437 5.52 BB/B2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 10/25/46 6,412
154,243 0.57 AAA/Aa3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/34 152,315
134,039 0.77 BBB/NR Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/35 (144A) 120,700
83,313 5.15 BB+/B1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 2/25/33 84,527
346,796 5.07 BB+/Ba3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 2/25/36 360,035
384,528 1.08 A+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 5/25/35 379,817
85,811 0.36 B-/B2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/36 81,275
541,578 0.62 A+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 7/25/35 541,085
24,469 0.53 BB+/Ba2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 8/25/47 24,403
650,014 0.73 AAA/NR Countrywide Asset-Backed Certificates,
Floating Rate Note, 9/25/34 (144A) 590,134
227,083 A/NR Cronos Containers Program, Ltd.,
3.81%, 9/18/27 (144A) 228,010
550,000 1.08 B-/Caa3 Ellington Loan Acquisition Trust 2007-1,
Floating Rate Note, 5/28/37 (144A) 531,889
460,229 4.14 AAA/Aaa Equity One Mortgage Pass-Through Trust
2004-1, Floating Rate Note, 4/25/34 469,205
486,710 4.62 AAA/Aa1 Equity One Mortgage Pass-Through Trust
2004-2, Floating Rate Note, 7/25/34 498,665
216,784 0.50 AA+/A1 Equity One Mortgage Pass-Through Trust
2004-3, Floating Rate Note, 7/25/34 179,079
222,094 0.48 NR/Aaa FHLMC Structured Pass Through
Securities, Floating Rate Note, 12/25/29 215,611
194,105 1.26 BB+/B1 Fieldstone Mortgage Investment Trust
Series 2005-1, Floating Rate Note,
3/25/35 186,680
527,779 0.69 NR/Baa1 First Frankin Mortgage Loan Trust
2005-FFH3, Floating Rate Note,
9/25/35 516,436
140,357 AAA/NR First Investors Auto Owner Trust 2012-2,
1.47%, 5/15/18 (144A) 141,147
200,000 A/NR First Investors Auto Owner Trust 2013-1,
2.02%, 1/15/19 (144A) 194,492
148,000 AAA/NR First Investors Auto Owner Trust 2013-2,
1.23%, 3/15/19 (144A) 147,724
The accompanying notes are an integral part of these financial statements.
26 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
209,031 0.64 AA+/A3 Fremont Home Loan Trust 2005-2,
Floating Rate Note, 6/25/35 $ 208,147
200,000 NR/Aaa GE Equipment Small Ticket LLC
Series 2013-1, 0.73%, 1/25/16 (144A) 199,832
71,008 0.78 AA/NR GreenPoint Mortgage Funding Trust
2005-HE1, Floating Rate Note, 9/25/34 70,705
297,570 0.86 A+/NR GreenPoint Mortgage Funding Trust
2005-HE1, Floating Rate Note, 9/25/34 290,014
154,847 0.63 A+/Ba3 GreenPoint Mortgage Funding Trust
2005-HE4, Floating Rate Note, 7/25/30 153,289
396,439 0.61 BBB+/Ba3 GSAA Trust, Floating Rate Note, 6/25/35 361,406
340,694 0.54 AAA/Aaa GSAMP Trust 2004-HE2, Floating
Rate Note, 9/25/34 317,693
219,639 0.93 AA+/Ba1 GSAMP Trust 2005-HE1, Floating
Rate Note, 12/25/34 215,612
44,680 0.83 A/Baa3 GSAMP Trust 2005-HE2, Floating
Rate Note, 3/25/35 44,236
595,151 0.48 A/NR GSAMP Trust 2006-SEA1, Floating
Rate Note, 5/25/36 (144A) 582,398
299,840 1.53 BBB+/Baa3 GSRPM Mortgage Loan Trust 2003-2,
Floating Rate Note, 6/25/33 283,893
268,138 0.48 A+/Baa3 GSRPM Mortgage Loan Trust 2006-2,
Floating Rate Note, 9/25/36 (144A) 247,163
450,000 AAA/NR HLSS Servicer Advance Receivables
Backed Notes, 0.898%, 1/15/44 (144A) 449,730
200,000 A/NR HLSS Servicer Advance Receivables
Backed Notes, 1.644%, 1/15/44 (144A) 199,940
250,000 AA/NR HLSS Servicer Advance Receivables
Backed Notes, 1.744%, 1/16/46 (144A) 247,725
125,000 BBB/NR HLSS Servicer Advance Receivables
Backed Notes, 2.487%, 1/15/44 (144A) 125,162
350,000 BBB/NR HLSS Servicer Advance Receivables
Backed Notes, 4.94%, 10/15/45 (144A) 364,070
315,599 BB+/B1 Home Equity Mortgage Trust, 5.821%,
4/25/35 (Step) 315,369
500,000 AAA/NR Honda Auto Receivables 2013-1 Owner
Trust, 0.35%, 6/22/15 499,706
585,000 NR/A2 Horizon Funding Trust 2013-1, 3.0%,
5/15/18 (144A) 581,344
195,000 NR/Aaa Leaf Receivables Funding 8 LLC, 1.55%,
11/15/17 (144A) 195,142
491,094 2.43 A+/Baa1 Madison Avenue Manufactured Housing
Contract, Floating Rate Note, 3/25/32 490,912
615,797 BBB/NR Marriott Vacation Club Owner Trust
2012-1, 3.5%, 5/20/30 (144A) 626,571
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 27
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
398,030 0.48 A/NR Mastr Specialized Loan Trust, Floating
Rate Note, 1/25/36 (144A) $ 367,725
76,767 0.38 BBB-/Baa1 Morgan Stanley ABS Capital I Inc Trust
2006-WMC1, Floating Rate Note,
12/25/35 76,524
450,467 0.68 AAA/NR Motor 2013-1 Plc, Floating Rate Note,
2/25/21 (144A) 450,469
550,000 AAA/NR Nationstar Agency Advance Funding
Trust 2013-T1A, 0.997%, 2/15/45
(144A) 545,413
464,000 AAA/NR Nationstar Mortgage Advance
Receivables Trust 2013-T2, 1.679%,
6/20/46 (144A) 463,321
260,000 5.46 AAA/Aa3 Origen Manufactured Housing Contract
Trust 2004-B, Floating Rate Note,
11/15/35 269,977
248,172 NR/A2 Oxford Finance Funding Trust 2012-1,
3.9%, 3/15/17 (144A) 250,188
207,555 0.80 AA+/A3 Park Place Securities, Inc., Asset-Backed
Pass-Through Certificates Series
2004-WCW2, Floating Rate Note,
10/25/34 207,375
625,855 0.55 BBB+/Baa2 Park Place Securities, Inc., Asset-Backed
Pass-Through Certificates Series
2005-WHQ4, Floating Rate Note,
9/25/35 620,899
43,666 0.94 AA+/Baa3 People's Choice Home Loan Securities
Trust Series 2005-3, Floating Rate
Note, 8/25/35 43,490
923,000 1.38 AAA/Aaa PFS Financing Corp., Floating Rate
Note, 2/15/16 (144A) 924,863
644,617 BB-/Ba1 Popular ABS Mortgage Pass-Through
Trust 2004-4, 5.01%, 9/25/34 (Step) 642,796
500,000 NR/NR Progreso Receivables Funding I LLC,
4.0%, 7/9/18 (144A) 498,750
316,657 0.51 AA/A1 Quest Trust, Floating Rate Note,
3/25/34 (144A) 304,046
630,594 0.83 AA/Aa2 RAAC Series 2005-RP2 Trust, Floating
Rate Note, 6/25/35 (144A) 623,469
197,042 0.43 B/Baa2 RAAC Series 2006-RP2 Trust, Floating
Rate Note, 2/25/37 (144A) 188,710
916,767 5.06 AAA/Ba1 RAMP Series 2003-RS9 Trust, Floating
Rate Note, 10/25/33 898,479
87,426 0.52 NR/A1 RAMP Series 2005-RS5 Trust, Floating
Rate Note, 5/25/35 86,131
380,184 0.44 AA+/A1 RAMP Series 2005-RZ4 Trust, Floating
Rate Note, 11/25/35 376,985
The accompanying notes are an integral part of these financial statements.
28 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,103,950 0.34 BB+/Ba1 RAMP Series 2006-RZ3 Trust, Floating
Rate Note, 8/25/36 $ 1,051,869
148,557 0.40 BBB+/A3 RASC Series 2006-KS1 Trust, Floating
Rate Note, 2/25/36 146,580
222,295 1.68 A/Baa3 RFSC Series 2004-RP1 Trust, Floating
Rate Note, 11/25/42 (144A) 221,326
41,407 A/NR Santander Drive Auto Receivables
Trust 2010-1, 1.89%, 5/15/17 (144A) 41,494
471,000 0.64 A+/A3 Saxon Asset Securities Trust 2005-3,
Floating Rate Note, 11/25/35 442,527
33,469 0.90 BB+/Baa3 Securitized Asset Backed Receivables
LLC Trust 2005-FR4, Floating Rate
Note, 1/25/36 33,444
500,000 0.61 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 1/14/17 500,106
491,120 0.53 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 6/14/15 491,322
500,000 0.63 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 9/14/16 500,625
265,303 AA/NR SNAAC Auto Receivables Trust 2013-1,
1.14%, 7/16/18 (144A) 264,957
339,999 AA/NR SNAAC Auto Receivables Trust, 1.78%,
6/15/16 (144A) 341,068
460,000 BBB/NR SNAAC Auto Receivables Trust, 4.38%,
6/15/17 (144A) 470,749
315,837 0.44 BB+/NR Soundview Home Loan Trust 2005-OPT4,
Floating Rate Note, 12/25/35 305,064
292,173 NR/NR Stanwich Mortgage Loan Trust, 2.981%,
2/16/43 (144A) 292,916
339,365 A/NR STORE Master Funding LLC, 5.77%,
8/20/42 (144A) 343,950
320,981 BBB+/Ba2 Structured Asset Securities Corp.,
Mortgage Loan Trust 2005-2XS, 4.65%,
2/25/35 (Step) 328,277
149,019 0.54 AA+/Aa2 Structured Asset Securities Corp.,
Mortgage Loan Trust 2005-WF4, Floating
Rate Note, 11/25/35 148,279
131,092 0.29 BBB+/A3 Structured Asset Securities Corp.,
Mortgage Loan Trust 2006-BC4, Floating
Rate Note, 12/25/36 130,411
149,918 A+/NR SVO 2012-A VOI Mortgage LLC, 2.0%,
9/20/29 (144A) 148,574
675,000 AA/NR United Auto Credit Securitization
Trust 2013-1, 1.74%, 4/15/16 (144A) 673,127
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 29
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
253,989 0.55 AA+/A2 Wachovia Mortgage Loan Trust Series
2005-WMC1, Floating Rate Note,
10/25/35 $ 249,911
---------------
$ 34,951,275
---------------
Total Banks $ 35,084,506
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.1%
Other Diversified Financial
Services -- 0.8%
370,000 NR/Aaa BMW Vehicle Lease Trust 2013-1,
0.4%, 1/20/15 $ 369,659
413,000 A/A1 Capital Auto Receivables Asset Trust
2013-1, 1.74%, 10/22/18 405,173
125,000 BBB/Baa2 Capital Auto Receivables Asset Trust
2013-1, 2.19%, 9/20/21 120,790
126,994 AA/NR Direct Capital Funding IV LLC, 1.673%,
12/20/17 (144A) 126,994
325,000 AA+/NR DT Auto Owner Trust 2011-1, 4.89%,
1/17/17 (144A) 328,987
629,000 AA/NR DT Auto Owner Trust 2013-1, 1.67%,
2/15/19 (144A) 629,130
112,500 0.43 BBB+/Baa3 GE Seaco Finance Srl, Floating Rate
Note, 11/17/20 (144A) 111,130
99,706 0.35 BB+/A2 Home Equity Asset Trust 2006-4,
Floating Rate Note, 8/25/36 97,208
282,251 0.33 BB/Ba1 JP Morgan Mortgage Acquisition Trust
2006-ACC1, Floating Rate Note,
5/25/36 273,740
238,870 3.93 A/NR Newtek Small Business Loan Trust
2013-1, Floating Rate Note,
7/25/38 (144A) 238,870
188,412 0.36 CCC/Caa1 RASC Series 2007-KS3 Trust, Floating
Rate Note, 4/25/37 184,184
204,503 0.94 A+/B2 SACO I Trust 2005-8, Floating Rate
Note, 11/25/35 202,323
347,009 1.18 A+/Baa3 Sierra Timeshare 2007-2 Receivables
Funding LLC, Floating Rate Note,
9/20/19 (144A) 346,933
500,000 A/NR Springleaf Funding Trust 2013-A, 2.58%,
9/15/21 (144A) 495,378
---------------
$ 3,930,499
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.5%
430,048 AAA/A3 Conseco Finance Corp., 7.55%,
4/15/32 (Step) $ 442,830
48,692 6.69 AAA/Aaa Conseco Finance Corp., Floating
Rate Note, 11/15/32 48,865
The accompanying notes are an integral part of these financial statements.
30 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- (continued)
256,000 0.62 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 10/20/17 $ 256,228
670,000 0.58 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 4/20/18 669,587
980,000 0.67 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 6/20/17 982,076
203,284 NR/A2 Hercules Capital Funding Trust 2012-1,
3.32%, 12/16/17 (144A) 203,919
---------------
$ 2,603,505
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.5%
280,000 AA/NR American Credit Acceptance
Receivables Trust, 1.32%, 2/15/17
(144A) $ 280,019
220,564 A+/NR American Credit Acceptance
Receivables Trust, 1.64%, 11/15/16
(144A) 220,351
216,446 NR/Aa3 California Republic Auto Receivables
Trust 2012-1, 1.18%, 8/15/17 (144A) 216,018
690,000 A/A2 CPS Auto Receivables Trust 2013-A,
1.89%, 6/15/20 (144A) 687,486
147,758 AA-/A1 CPS Auto Receivables Trust 2013-B,
1.82%, 9/15/20 (144A) 147,104
222,917 A/NR Global SC Finance II SRL, 4.11%,
7/19/27 (144A) 225,655
285,000 NR/Aaa Santander Drive Auto Receivables
Trust 2011-2, 2.66%, 1/15/16 287,000
380,000 1.02 AAA/Aaa SLM Student Loan Trust 2004-10,
Floating Rate Note, 4/27/26 (144A) 379,525
---------------
$ 2,443,158
-----------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.2%
459,260 0.58 B/B3 Southern Pacific Secured Asset Corp.,
Floating Rate Note, 3/25/28 $ 356,344
422,500 0.35 BBB/Baa2 Triton Container Finance LLC, Floating
Rate Note, 11/26/21 (144A) 414,317
---------------
$ 770,661
-----------------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.1%
200,000 0.64 NR/Aaa Chesapeake Funding LLC, Floating
Rate Note, 5/7/24 (144A) $ 199,658
---------------
Total Diversified Financials $ 9,947,481
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 31
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Diversified Real Estate Activities -- 0.1%
501,273 1.13 A+/A2 RAAC Series 2005-RP1 Trust, Floating
Rate Note, 7/25/37 (144A) $ 493,561
-----------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.0%+
159,909 0.37 BBB+/Ba2 HSI Asset Securitization Corp., Trust
2006-OPT1, Floating Rate Note,
12/25/35 $ 155,302
---------------
Total Real Estate $ 648,863
-----------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $76,858,285) $ 76,727,254
-----------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 32.7%
BANKS -- 14.5%
Thrifts & Mortgage Finance -- 14.5%
642,000 NR/NR A10 Securitization 2013-1 LLC, 2.4%,
11/15/25 (144A) $ 635,996
357,012 0.46 A+/Baa2 Adjustable Rate Mortgage Trust 2005-5,
Floating Rate Note, 9/25/35 315,033
203,332 0.63 CCC/NR Alternative Loan Trust 2003-14T1,
Floating Rate Note, 8/25/18 192,352
9,420 0.73 A+/NR Alternative Loan Trust 2003-9T1,
Floating Rate Note, 7/25/33 9,406
303,170 BB-/B2 Alternative Loan Trust 2003-J1, 4.75%,
10/25/33 308,805
149,665 0.63 BBB+/Ba1 Alternative Loan Trust 2004-18CB,
Floating Rate Note, 9/25/34 148,650
257,403 BB+/Ba2 Alternative Loan Trust 2004-4CB,
4.25%, 4/25/34 258,100
642,801 0.62 A+/Baa3 Alternative Loan Trust 2005-J4, Floating
Rate Note, 7/25/35 598,186
278,373 0.63 NR/A3 Banc of America Alternative Loan Trust
2003-10, Floating Rate Note, 12/25/33 267,658
160,424 NR/B3 Banc of America Alternative Loan Trust
2004-2, 5.5%, 3/25/19 164,619
235,821 NR/B2 Banc of America Alternative Loan Trust
2004-4, 5.25%, 5/25/34 239,498
179,363 BBB+/NR Banc of America Funding 2003-3 Trust,
5.5%, 10/25/33 188,554
305,502 0.39 A/NR Banc of America Funding 2010-R4 Trust,
Floating Rate Note, 6/26/37 (144A) 304,413
650,000 1.28 A-/Aaa Banc of America Large Loan Trust
2007-BMB1, Floating Rate Note,
8/15/29 (144A) 643,232
1,521,697 2.89 NR/Baa3 Banc of America Mortgage 2003-H Trust,
Floating Rate Note, 9/25/33 1,503,361
The accompanying notes are an integral part of these financial statements.
32 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance --
(continued)
1,773,641 NR/Caa2 Bayview Commercial Asset Trust,
3.89%, 9/25/37 (Step) (144A) (d) $ 140,118
2,454,391 4.70 NR/Caa2 Bayview Commercial Asset Trust,
Floating Rate Note, 7/25/37 (144A) (d) 85,904
475,944 2.45 NR/NR BCAP LLC 2013-RR3 Trust, Floating
Rate Note, 5/26/36 (144A) 484,769
750,762 0.78 A+/Ba3 Bear Stearns ALT-A Trust 2004-4,
Floating Rate Note, 6/25/34 694,233
144,445 5.14 BBB/B2 Bear Stearns ARM Trust 2004-10,
Floating Rate Note, 1/25/35 141,848
148,470 3.51 BBB+/Ba1 Bear Stearns ARM Trust 2004-9,
Floating Rate Note, 11/25/34 149,466
171,458 AAA/Aaa Bear Stearns Commercial Mortgage
Securities Trust 2004-PWR6, 4.705%,
11/11/41 172,634
150,000 5.21 NR/Ba1 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR7, Floating
Rate Note, 2/11/41 151,519
338,331 2.51 BBB+/Baa2 Bear Stearns ARM Trust 2003-3, Floating
Rate Note, 5/25/33 334,712
397,303 0.88 AA+/Baa3 Bella Vista Mortgage Trust 2004-1,
Floating Rate Note, 11/20/34 366,532
571,682 NR/NR Cendant Mortgage Corp., 6.25%,
3/25/32 (144A) 545,985
207,860 NR/B2 Chase Mortgage Finance Trust Series
2005-S1, 5.5%, 5/25/35 210,990
464,605 0.38 BBB+/Baa1 Chevy Chase Funding LLC
Mortgage-Backed Certificates
Series 2005-A, Floating Rate Note,
1/25/36 (144A) 361,943
791,284 A/NR CHL Mortgage Pass-Through Trust
2002-J4, 5.5%, 10/25/32 817,871
241,899 4.92 BBB+/Ba1 CHL Mortgage Pass-Through Trust
2004-14, Floating Rate Note, 8/25/34 241,875
710,339 0.72 AA+/Baa1 CHL Mortgage Pass-Through Trust
2004-29, Floating Rate Note, 2/25/35 651,345
130,337 NR/Baa3 CHL Mortgage Pass-Through Trust
2004-9, 5.25%, 6/25/34 131,847
171,456 NR/Caa1 CHL Mortgage Pass-Through Trust
2005-19, 5.5%, 8/25/35 170,890
564,334 5.61 AAA/Aaa Citigroup Commercial Mortgage Trust
2004-C1, Floating Rate Note, 4/15/40 574,150
26,657 0.32 AAA/Aaa Citigroup Commercial Mortgage Trust
2007-FL3A, Floating Rate Note,
4/15/22 (144A) 26,474
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 33
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance --
(continued)
580,444 0.39 A/Aa2 Citigroup Commercial Mortgage Trust
2007-FL3A, Floating Rate Note,
4/15/22 (144A) $ 570,654
161,228 NR/A3 Citigroup Mortgage Loan Trust, Inc.,
7.0%, 9/25/33 166,701
266,853 5.50 CC/NR Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 11/25/35 (d) 30,461
245,896 2.79 CC/NR Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 4/25/35 189,559
375,827 0.78 AA+/Aaa CNL Commercial Mortgage Loan Trust
2002-1, Floating Rate Note,
10/25/28 (144A) 360,794
772,530 0.68 A/A2 CNL Commercial Mortgage Loan Trust
2003-1, Floating Rate Note,
5/15/31 (144A) 672,853
141,237 0.62 BBB+/A2 CNL Commercial Mortgage Loan Trust
2003-2, Floating Rate Note,
10/25/30 (144A) 123,326
79,062 1.19 NR/WR Collateralized Mortgage Obligation
Trust 44, Floating Rate Note, 7/1/18 79,818
302,000 5.52 AAA/Aaa COMM 2004-LNB3 Mortgage Trust,
Floating Rate Note, 7/10/37 308,012
322,752 0.31 AA-/Aaa COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 318,398
328,150 0.35 BBB/Aa3 COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 319,405
334,536 0.36 A+/A1 COMM 2007-FL14 Mortgage Trust,
Floating Rate Note, 6/15/22 (144A) 332,783
590,829 2.13 AAA/NR Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
11/17/26 (144A) 591,422
400,000 5.57 A-/A3 Commercial Mortgage Trust 2003-C2,
Floating Rate Note, 1/5/36 (144A) 402,579
138,125 0.55 AA+/Baa1 DSLA Mortgage Loan Trust 2004-AR3,
Floating Rate Note, 7/19/44 123,185
200,000 0.89 AAA/Aaa Extended Stay America Trust 2013-ESH,
Floating Rate Note, 12/5/31 (144A) 198,856
200,000 1.29 AA-/NR Extended Stay America Trust 2013-ESH,
Floating Rate Note, 12/5/31 (144A) 198,354
62,779 2.59 BBB+/Baa2 First Horizon Mortgage Pass-Through
Trust 2004-AR1, Floating Rate Note,
2/25/34 60,912
86,150 2.59 NR/B2 First Horizon Mortgage Pass-Through
Trust 2004-AR5, Floating Rate
Note, 10/25/34 81,748
5,302 CCC/NR First Horizon Mortgage Pass-Through
Trust 2006-1, 6.0%, 5/25/36 5,270
The accompanying notes are an integral part of these financial statements.
34 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance --
(continued)
380,597 0.61 A+/Aa2 GE Business Loan Trust 2003-1, Floating
Rate Note, 4/15/31 (144A) $ $ 359,375
324,186 0.47 AA/Aa2 GE Business Loan Trust 2004-1, Floating
Rate Note, 5/15/32 (144A) 312,080
176,255 0.40 AA-/Aa1 GE Business Loan Trust 2004-2, Floating
Rate Note, 12/15/32 (144A) 166,060
637,880 0.35 A/Aa3 GE Business Loan Trust 2007-1, Floating
Rate Note, 4/16/35 (144A) 571,309
280,788 NR/Aaa GE Capital Commercial Mortgage Corp.,
4.893%, 3/10/40 283,792
445,775 NR/A3 GE Capital Commercial Mortgage Corp.,
5.208%, 3/10/39 (144A) 451,450
446,102 5.16 NR/Baa2 GE Capital Commercial Mortgage Corp.,
Floating Rate Note, 7/10/37 (144A) 445,833
500,000 5.34 BBB-/NR GE Capital Commercial Mortgage Corp.,
Floating Rate Note, 7/10/45 (144A) 507,850
265,807 0.50 A+/Baa2 Global Mortgage Securitization, Ltd.,
Floating Rate Note, 11/25/32 (144A) 248,575
150,000 5.45 B+/NR GMAC Commercial Mortgage Securities,
Inc., Series 2003-C2 Trust, Floating
Rate Note, 5/10/40 (144A) 148,820
154,280 AAA/Aaa GMAC Commercial Mortgage Securities,
Inc., Series 2003-C3 Trust, 5.023%,
4/10/40 154,296
300,000 5.30 AAA/Aa3 GMAC Commercial Mortgage Securities.,
Inc, Series 2004-C2 Trust, Floating Rate
Note, 8/10/38 308,308
1,019,000 AAA/NR GMAC Commercial Mortgage Securities,
Inc., Series 2005-C1 Trust, 4.697%,
5/10/43 1,064,258
175,439 3.25 A+/NR GMACM Mortgage Loan Trust 2004-AR1,
Floating Rate Note, 6/25/34 173,931
400,000 1.64 NR/Aa3 GS Mortgage Securities Corp., II, Floating
Rate Note, 11/8/29 (144A) 395,158
159,083 1.26 AAA/Aaa GS Mortgage Securities Corp., II, Floating
Rate Note, 3/6/20 (144A) 159,181
100,000 2.20 AA/NR GS Mortgage Securities Corp., II, Floating
Rate Note, 3/6/20 (144A) 100,261
359,609 2.44 A+/NR GSR Mortgage Loan Trust 2003-9,
Floating Rate Note, 8/25/33 354,660
369,869 2.81 A+/B1 GSR Mortgage Loan Trust 2004-7,
Floating Rate Note, 6/25/34 366,729
342,143 3.66 AA+/Baa2 Harbor View Mortgage Loan Trust 2004-1,
Floating Rate Note, 4/19/34 343,921
250,000 2.47 AA/Aa3 Holmes Master Issuer Plc, Floating
Rate Note, 10/15/54 (144A) 255,813
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 35
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance --
(continued)
350,755 0.60 NR/Baa1 HomeBanc Mortgage Trust 2005-2,
Floating Rate Note, 5/25/25 $ 342,557
435,760 0.53 AA+/Aa3 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 6/25/34 412,684
370,451 0.94 AA+/A3 Impac CMB Trust Series 2003-11,
Floating Rate Note, 10/25/33 357,017
1,473,249 0.82 BBB/Ba3 Impac CMB Trust Series 2004-4,
Floating Rate Note, 9/25/34 1,334,062
439,897 0.90 BBB/Baa2 Impac CMB Trust Series 2004-5,
Floating Rate Note, 10/25/34 426,072
96,039 0.98 BB+/Ba1 Impac CMB Trust Series 2004-6,
Floating Rate Note, 10/25/34 81,135
156,183 0.96 BBB/Baa1 Impac CMB Trust Series 2004-6,
Floating Rate Note, 10/25/34 145,843
100,770 0.92 BBB+/A3 Impac CMB Trust Series 2004-7,
Floating Rate Note, 11/25/34 95,796
152,003 1.93 BB+/Baa2 Impac CMB Trust Series 2004-8,
Floating Rate Note, 8/25/34 141,125
563,287 0.53 AAA/Aaa Impac Secured Assets Trust 2006-1,
Floating Rate Note, 5/25/36 548,102
188,541 0.53 AAA/Aaa Impac Secured Assets Trust 2006-2,
Floating Rate Note, 8/25/36 179,846
89,163 2.76 BB-/B1 IndyMac INDX Mortgage Loan Trust
2004-AR6, Floating Rate Note,
10/25/34 87,163
650,000 2.05 AA/Aa2 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
10/15/25 (144A) 653,107
412,000 3.05 AA-/NR JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
7/17/26 (144A) 412,002
80,493 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2004-C1, 4.719%,
1/15/38 81,048
49,211 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2006-CIBC15, 5.819%,
6/12/43 49,161
125,774 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2006-CIBC17, 5.45%,
12/12/43 125,588
681,020 0.31 NR/Aa2 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating
Rate Note, 11/15/18 (144A) 674,764
184,066 0.54 NR/Ba1 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating
Rate Note, 11/15/18 (144A) 174,138
The accompanying notes are an integral part of these financial statements.
36 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance --
(continued)
250,000 0.34 AA/Aa3 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-LDP9, Floating
Rate Note, 5/15/47 $ 249,412
302,252 5.90 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2007-CIBC19, Floating
Rate Note, 2/12/49 306,573
585,000 3.93 AA/Aa2 JP Morgan Chase Commercial Mortgage
Securities Trust 2011-FL1, Floating
Rate Note, 11/15/28 (144A) 591,766
300,000 1.98 A-/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2013-FL3, Floating
Rate Note, 4/15/28 (144A) 294,458
660,908 2.12 A+/Baa1 JP Morgan Mortgage Trust 2003-A1,
Floating Rate Note, 10/25/33 660,876
427,244 2.52 AA+/Baa3 JP Morgan Mortgage Trust 2004-A1,
Floating Rate Note, 2/25/34 431,459
221,515 2.61 AA+/Baa2 JP Morgan Mortgage Trust 2004-A5,
Floating Rate Note, 12/25/34 220,791
71,675 2.35 BBB+/Ba1 JP Morgan Mortgage Trust 2005-A4,
Floating Rate Note, 7/25/35 70,558
48,550 NR/Caa3 JP Morgan Mortgage Trust 2006-S3,
6.0%, 8/25/36 (d) 2,167
250,000 0.76 AAA/Aaa Lanark Master Issuer Plc, Floating Rate
Note, 12/22/54 (144A) 250,001
307,353 5.62 BBB+/NR LB-UBS Commercial Mortgage Trust
2002-C4, Floating Rate Note,
10/15/35 (144A) 306,668
161,962 AAA/Aaa LB-UBS Commercial Mortgage Trust
2004-C1, 4.568%, 1/15/31 164,378
235,060 AAA/Aaa LB-UBS Commercial Mortgage Trust
2004-C2, 4.367%, 3/15/36 237,829
207,775 5.02 AAA/NR LB-UBS Commercial Mortgage Trust
2004-C6, Floating Rate Note, 8/15/29 211,897
84,747 AAA/Aaa LB-UBS Commercial Mortgage Trust
2005-C3, 4.664%, 7/15/30 85,418
146,585 6.32 AAA/Aaa LB-UBS Commercial Mortgage Trust
2008-C1, Floating Rate Note, 4/15/41 153,756
939,326 0.35 AA+/Aaa Lehman Brothers Floating Rate
Commercial Mortgage Trust
2006-LLF C5, Floating Rate Note,
9/15/21 (144A) 936,756
11,261 0.88 AA/Aaa Lehman Brothers Floating Rate
Commercial Mortgage Trust
2007-LLF C5, Floating Rate Note,
6/15/22 (144A) 11,254
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 37
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance --
(continued)
274,783 1.13 A+/Aa1 Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3
Class 1A4, Floating Rate Note,
10/25/37 (144A) $ 272,536
466,904 1.23 A+/Aa1 Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3,
Floating Rate Note, 10/25/37 (144A) 461,068
286,390 0.43 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
2/25/30 (144A) 246,296
546,426 0.40 A+/Aa2 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
4/25/31 (144A) 502,253
1,121,695 0.41 A+/Aa2 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
4/25/31 (144A) 963,863
500,775 0.43 A+/Aa3 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
9/25/30 (144A) 453,000
339,476 0.70 BB/B2 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
9/25/30 (144A) 144,145
250,000 1.28 A+/B1 MASTR Adjustable Rate Mortgages
Trust 2004-11, Floating Rate Note,
11/25/34 221,262
21,602 AAA/NR MASTR Alternative Loan Trust 2004-13,
4.5%, 1/25/15 21,626
132,378 0.58 AA+/NR MASTR Asset Securitization Trust
2003-6, Floating Rate Note, 7/25/18 130,457
200,017 6.57 A-/NR MASTR Seasoned Securitization Trust
2005-1, Floating Rate Note, 9/25/32 209,391
514,450 1.22 BBB+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-A, Floating Rate
Note, 3/25/28 501,994
479,127 1.11 AA+/Baa1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-C, Floating Rate
Note, 6/25/28 467,210
607,276 0.80 A+/Baa1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-E, Floating Rate
Note, 10/25/28 575,201
148,535 2.12 A+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-G, Floating Rate
Note, 1/25/29 145,537
250,736 0.82 AA+/Baa2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-H, Floating Rate
Note, 1/25/29 243,452
The accompanying notes are an integral part of these financial statements.
38 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance --
(continued)
284,774 0.64 A+/Baa1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-A, Floating Rate
Note, 4/25/29 $ 266,307
254,965 0.68 AA+/Baa1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-B, Floating Rate
Note, 5/25/29 242,068
542,184 0.74 AA+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-C, Floating Rate
Note, 7/25/29 524,425
452,732 0.84 A+/Ba2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-E, Floating Rate
Note, 11/25/29 429,251
443,852 0.74 A+/Baa2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-G, Floating Rate
Note, 1/25/30 407,541
290,849 1.01 A+/Baa2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-G, Floating Rate
Note, 1/25/30 278,157
207,758 2.38 BBB/B1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2005-2, Floating Rate
Note, 10/25/35 205,406
593,681 0.64 AA+/Ba3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2005-A, Floating Rate
Note, 3/25/30 561,254
89,487 5.29 NR/Aaa ML-CFC Commercial Mortgage Trust
2006-3, Floating Rate Note, 7/12/46 89,735
624,241 0.45 AA+/A3 Morgan Stanley Mortgage Loan Trust
2005-5AR, Floating Rate Note, 9/25/35 591,798
639,065 0.46 A+/Baa2 Morgan Stanley Mortgage Loan Trust
2005-6AR, Floating Rate Note,
11/25/35 596,248
700,000 NR/NR Morgan Stanley Re-REMIC Trust 2010-R9,
5.0%, 11/26/36 (144A) 711,304
510,403 0.96 AA+/Baa1 MortgageIT Trust 2004-1, Floating Rate
Note, 11/25/34 485,114
510,202 0.56 AA+/Aaa NCUA Guaranteed Notes Trust 2010-R2,
Floating Rate Note, 11/6/17 511,018
474,943 1.38 AAA/Aaa NorthStar 2012-1 Mortgage Trust,
Floating Rate Note, 8/25/29 (144A) 474,207
200,000 4.43 BBB/Baa3 NorthStar 2012-1 Mortgage Trust,
Floating Rate Note, 8/25/29 (144A) 200,280
778,000 2.04 NR/Aaa N-Star Real Estate CDO, Ltd., Floating
Rate Note, 3/25/19 (144A) 778,729
92,649 0.48 AAA/Aa2 Opteum Mortgage Acceptance Corp.,
Asset Backed Pass-Through Certificates
2005-1, Floating Rate Note, 2/25/35 91,477
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 39
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance --
(continued)
131,581 0.43 BB+/B2 Opteum Mortgage Acceptance Corp.,
Asset Backed Pass-Through Certificates
2005-5, Floating Rate Note, 12/25/35 $ 126,630
161,926 NR/A2 PHH Mortgage Capital LLC, 6.6%,
12/25/27 (Step) (144A) 165,846
581,703 BB+/Caa1 RAAC Series 2004-SP2 Trust, 6.0%,
1/25/32 593,186
678,650 BBB+/Baa3 RALI Series 2003-QR24 Trust, 4.0%,
7/25/33 675,102
779,327 BBB-/Baa3 RALI Series 2003-QR24 Trust, 4.0%,
7/25/33 798,255
219,142 6.27 BBB+/NR RAMP Series 2004-SL4 Trust, Floating
Rate Note, 5/25/18 223,536
739,950 1.59 B-/Ba3 RESI Finance LP, Floating Rate Note,
9/10/35 (144A) 663,338
1,688,611 0.58 BBB+/NR Residential Asset Securitization Trust
2003-A2, Floating Rate Note, 5/25/33 1,522,589
390,193 B/NR Residential Asset Securitization Trust
2004-A9, 5.75%, 12/25/34 399,750
348,175 CCC/NR Residential Asset Securitization Trust
2005-A9, 5.5%, 7/25/35 337,590
400,000 0.54 NR/NR Resimac MBS Trust, Floating Rate
Note, 3/7/14 (144A) 399,888
201,175 NR/B3 RFMSI Series 2005-S5 Trust, 5.25%,
7/25/35 202,521
290,087 2.66 A+/B2 SASCO Mortgage Pass-Through
Certificates Series 2004-S4, Floating
Rate Note, 12/25/34 292,214
258,558 0.80 AA+/Baa3 Sequoia Mortgage Trust 2003-5,
Floating Rate Note, 9/20/33 248,975
199,159 0.50 A+/Baa3 Sequoia Mortgage Trust 2004-10,
Floating Rate Note, 11/20/34 194,062
832,004 0.45 A/Baa3 Sequoia Mortgage Trust 2004-12,
Floating Rate Note, 1/20/35 751,491
298,932 0.70 AA/Baa3 Sequoia Mortgage Trust 2004-12,
Floating Rate Note, 1/20/35 276,235
350,080 1.75 AA+/Ba1 Sequoia Mortgage Trust 2004-7,
Floating Rate Note, 8/20/34 347,875
718,901 0.52 A+/Baa2 Sequoia Mortgage Trust 2004-9,
Floating Rate Note, 10/20/34 684,636
515,584 0.74 AA+/Ba1 Sequoia Mortgage Trust 2005-1,
Floating Rate Note, 2/20/35 502,515
158,652 3.00 NR/Aaa Sequoia Mortgage Trust 2013-8,
Floating Rate Note, 6/25/43 148,382
290,000 1.92 AAA/Aaa Silverstone Master Issuer Plc, Floating
Rate Note, 1/21/55 (144A) 300,852
The accompanying notes are an integral part of these financial statements.
40 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance --
(continued)
44,226 NR/Baa3 SMA Issuer I LLC, 3.5%,
8/20/25 (144A) $ 44,323
320,838 2.22 AAA/NR Springleaf Mortgage Loan Trust 2012-2,
Floating Rate Note, 10/25/57 (144A) 324,912
640,000 1.48 AAA/NR Starwood Property Mortgage Trust
2013-FV1, Floating Rate Note,
8/11/28 (144A) 639,403
275,268 0.84 AA+/Baa1 Structured Asset Mortgage
Investments II Trust 2004-AR5, Floating
Rate Note, 10/19/34 269,820
621,186 3.66 CCC/Caa3 Structured Asset Mortgage
Investments II Trust 2005-AR2, Floating
Rate Note, 5/25/45 432,135
255,850 0.75 AA+/A1 Structured Asset Mortgage
Investments II Trust 2005-F1, Floating
Rate Note, 8/26/35 253,677
497,876 1.08 AA+/Baa2 Structured Asset Mortgage Investments
Trust 2002-AR5, Floating Rate Note,
5/19/33 465,947
248,832 2.74 A+/Baa3 Structured Asset Securities Corp.,
Mortgage Certificates Series 2003-31A,
Floating Rate Note, 10/25/33 248,575
1,088,453 2.46 A+/Ba2 Structured Asset Securities Corp.
Mortgage Pass-Through Certificates
Series 2003-24A, Floating Rate
Note, 7/25/33 1,055,003
434,975 0.68 A+/Baa3 Structured Asset Securities Corp.,
Mortgage Pass-Through Certificates
Series 2003-35, Floating Rate
Note, 12/25/33 420,555
223,615 0.83 NR/NR Structured Asset Securities Corp.,
Reverse Mortgage Loan Trust 2002-RM1,
Floating Rate Note, 10/25/37 (144A) 218,584
147,988 2.70 NR/Baa2 Thornburg Mortgage Securities Trust
2003-3, Floating Rate Note, 6/25/43 145,562
329,848 1.71 AAA/A1 Thornburg Mortgage Securities Trust
2004-1, Floating Rate Note, 3/25/44 322,461
1,357,431 0.92 BBB+/Baa3 Thornburg Mortgage Securities Trust
2004-3, Floating Rate Note, 9/25/44 1,286,904
307,610 1.79 AA+/Baa3 Thornburg Mortgage Securities Trust
Class II2A, Floating Rate Note, 3/25/44 302,236
176,783 4.07 AAA/Ba1 Thornburg Mortgage Securities Trust
Class II4A, Floating Rate Note, 3/25/44 175,264
525,000 AAA/Aa1 Timberstar Trust, 5.668%,
10/15/36 (144A) 583,909
272,000 5.66 BB-/Ba3 Wachovia Bank Commercial Mortgage
Trust Series 2006-C24, Floating
Rate Note, 3/15/45 260,738
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 41
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance --
(continued)
650,000 5.30 BBB/NR WAMU Commercial Mortgage Securities
Trust, Floating Rate Note,
5/25/36 (144A) $ 653,494
443,519 1.56 AA+/Ba3 WaMu Mortgage Pass-Through
Certificates Series 2002-AR6 Trust,
Floating Rate Note, 6/25/42 395,152
451,268 2.43 A+/Baa1 WaMu Mortgage Pass-Through
Certificates Series 2003-AR9 Trust,
Floating Rate Note, 9/25/33 451,486
1,029,079 AA+/NR WaMu Mortgage Pass-Through
Certificates Series 2003-S10, 5.0%,
10/25/18 1,059,823
296,510 2.55 A+/Ba2 WaMu Mortgage Pass-Through
Certificates Series 2004-AR1 Trust,
Floating Rate Note, 3/25/34 290,910
455,923 BB+/Ba2 Wells Fargo Mortgage Backed
Securities 2005-9 Trust, 5.5%,
10/25/35 456,095
361,721 4.98 NR/Ba2 Wells Fargo Mortgage Backed
Securities 2005-AR6 Trust, Floating
Rate Note, 4/25/35 366,616
48,976 AA+/A1 Wells Fargo Mortgage Backed
Securities 2006-16 Trust, 5.0%,
11/25/36 50,475
303,688 4.95 BBB+/Ba3 Wells Fargo Mortgage Backed
Securities Trust, Floating Rate
Note, 8/25/34 307,419
---------------
$ 70,387,501
---------------
Total Banks $ 70,387,501
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.8%
Other Diversified Financial
Services -- 2.0%
243,202 2.77 A-/NR Banc of America Mortgage 2003-F Trust,
Floating Rate Note, 7/25/33 $ 244,893
21,819 BB+/NR Banc of America Mortgage Trust 2004-7,
4.5%, 8/25/19 22,156
125,520 0.92 AA+/Baa1 Bear Stearns ALT-A Trust 2004-13,
Floating Rate Note, 11/25/34 121,563
113,360 2.90 BBB+/B3 Bear Stearns ARM Trust 2004-3,
Floating Rate Note, 7/25/34 109,924
757,920 0.30 AA/Aaa Credit Suisse First Boston Mortgage
Securities Corp., Series 2007-TFL1,
Floating Rate Note, 2/15/22 (144A) 752,293
317,815 2.80 NR/NR Credit Suisse Mortgage Capital
Certificates, Floating Rate Note,
7/27/36 (144A) 320,297
The accompanying notes are an integral part of these financial statements.
42 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
600,000 3.95 NR/NR CSMC Series 2010-16, Floating Rate
Note, 6/25/50 (144A) $ 597,487
300,000 1.48 AA-/NR Del Coronado Trust 2013-DEL, Floating
Rate Note, 3/15/26 (144A) 298,929
511,992 0.43 AA/Aa3 GE Business Loan Trust 2005-1,
Floating Rate Note, 6/15/33 (144A) 479,196
368,529 0.36 A/Aa3 GE Business Loan Trust 2006-2,
Floating Rate Note, 11/15/34 (144A) 332,964
208,851 0.38 BB+/Baa2 Impac Secured Assets Trust 2006-5,
Floating Rate Note, 12/25/36 188,405
219,484 B+/Baa3 JP Morgan Mortgage Trust 2004-S1,
5.0%, 9/25/34 226,229
134,268 2.53 BBB+/NR Merrill Lynch Mortgage Investors Trust
Series MLMI 2005-A2, Floating Rate
Note, 2/25/35 132,954
97,216 2.53 A+/NR Merrill Lynch Mortgage Investors Trust
Series MLMI 2005-A2, Floating Rate
Note, 2/25/35 97,142
726,172 AAA/NR Morgan Stanley Capital I Trust
2004-HQ4, 4.97%, 4/14/40 743,722
869,977 5.11 AAA/NR Morgan Stanley Capital I Trust
2004-IQ8, Floating Rate Note, 6/15/40 889,920
171,519 NR/Aaa Morgan Stanley Capital I Trust
2004-TOP13, 4.66%, 9/13/45 172,096
430,000 NR/NR ORES NPL LLC, 3.081%, 9/25/25
(144A) 430,013
61,200 NR/Baa3 ORES NPL LLC, 4.0%, 9/25/44 (144A) 61,047
360,145 0.73 NR/Baa3 RALI Series 2002-QS16 Trust, Floating
Rate Note, 10/25/17 341,178
56,163 NR/Ba1 RALI Series 2003-QS14 Trust, 5.0%,
7/25/18 57,286
225,384 BB+/Ba3 RALI Series 2003-QS15 Trust, 5.5%,
8/25/33 231,745
325,000 BBB/Baa3 RALI Series 2003-QS17 Trust, 5.5%,
9/25/33 332,757
547,174 BBB+/Ba1 RALI Series 2004-QS1 Trust, 4.25%,
1/25/34 547,786
123,616 0.73 BBB+/Ba1 RALI Series 2004-QS1 Trust, Floating
Rate Note, 1/25/34 121,827
247,503 NR/B3 RALI Series 2004-QS16 Trust, 5.5%,
12/25/34 253,927
169,827 BB+/Ba3 RALI Series 2004-QS5 Trust, 4.75%,
4/25/34 175,534
189,537 2.93 BB+/Ba2 Structured Adjustable Rate Mortgage
Loan Trust Class 1A1, Floating Rate
Note, 3/25/34 186,801
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 43
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
113,542 5.28 BBB+/Ba2 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note,
11/25/34 $ 111,517
284,161 2.73 NR/NR Vericrest Opportunity Loan Transferee,
Floating Rate Note, 11/25/60 (144A) 284,705
609,438 4.25 NR/NR Vericrest Opportunity Loan Transferee,
Floating Rate Note, 8/25/58 (144A) 608,107
283,637 NR/NR VOLT XV LLC, 3.222%, 5/27/53
(Step) (144A) 278,409
---------------
$ 9,752,809
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
100,000 1.77 AAA/Aaa Fosse Master Issuer Plc, Floating Rate
Note, 10/18/54 (144A) $ 102,485
700,000 1.67 AAA/Aaa Permanent Master Issuer Plc, Floating
Rate Note, 7/15/42 (144A) 702,638
---------------
$ 805,123
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.3%
263,747 0.53 NR/NR Freddie Mac Strips, Floating Rate
Note, 12/15/36 (f) $ 263,988
239,728 0.58 NR/NR Freddie Mac Strips, Floating Rate
Note, 5/15/36 (f) 238,959
613,586 0.48 NR/NR Freddie Mac Strips, Floating Rate
Note, 8/15/36 (f) 611,082
238,490 4.24 AA/Baa3 GMACM Mortgage Loan Trust
2003-AR1, Floating Rate Note,
10/19/33 240,191
---------------
$ 1,354,220
-----------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.0%+
101,073 2.72 NR/NR Jefferies & Co., Inc., Floating Rate
Note, 5/26/37 (144A) $ 101,617
-----------------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.4%
354,649 5.74 AAA/Aaa Banc of America Merrill Lynch
Commercial Mortgage, Inc., Floating
Rate Note, 6/10/39 $ 361,704
1,110,997 5.20 AAA/Aaa Bear Stearns Commercial Mortgage
Securities Trust 2004-TOP14, Floating
Rate Note, 1/12/41 1,123,298
321,080 NR/A3 Morgan Stanley Dean Witter Capital I
Trust 2001-TOP3, 6.79%, 7/15/33 327,063
---------------
$ 1,812,065
---------------
Total Diversified Financials $ 13,825,834
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.7%
Mortgage REIT -- 0.6%
596,612 AAA/Aaa American Home Mortgage Investment
Trust 2004-3, 5.01%, 10/25/34 (Step) $ 614,591
256,902 2.40 AA+/Ba1 American Home Mortgage Investment
Trust 2005-1, Floating Rate Note,
6/25/45 255,462
119,929 AAA/Aaa Credit Suisse First Boston Mortgage
Securities Corp., 4.691%, 10/15/39 122,876
500,000 BBB/B1 Credit Suisse First Boston Mortgage
Securities Corp., 4.877%, 4/15/37 495,506
91,464 BBB/NR Credit Suisse First Boston Mortgage
Securities Corp., 5.25%, 10/25/19 92,765
62,343 B-/NR Credit Suisse First Boston Mortgage
Securities Corp., 5.5%, 6/25/33 62,214
333,762 BBB+/Baa3 Credit Suisse First Boston Mortgage
Securities Corp., 7.5%, 5/25/32 345,543
96,243 2.64 BBB+/Ba1 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
11/25/33 94,127
29,024 4.90 AAA/NR Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/15/36 29,003
60,102 1.53 AA+/A3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/25/33 59,973
7,105 1.68 NR/WR Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
8/25/33 6,812
750,000 6.45 D/Caa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
9/15/34 (144A) 749,630
---------------
$ 2,928,502
-----------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.1%
482,800 NR/Baa3 RREF 2013 LT2 LLC, 2.833%,
5/22/28 (144A) $ 481,991
-----------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.0%+
177,474 2.48 NR/A3 Bear Stearns Mortgage Securities, Inc.,
Floating Rate Note, 6/25/30 $ 177,436
---------------
Total Real Estate $ 3,587,929
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- 14.7%
18,225 NR/NR Fannie Mae Benchmark REMIC, 5.45%,
12/25/20 $ 18,310
4,020,446 3.77 NR/Aa1 Fannie Mae Grantor Trust 2001-T1,
Floating Rate Note, 10/25/40 3,868,172
1,097,771 3.40 NR/NR Fannie Mae Grantor Trust 2004-T2,
Floating Rate Note, 7/25/43 1,147,285
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 45
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
264,868 NR/NR Fannie Mae REMICS, 1.5%, 11/25/20 $ 264,488
297,434 NR/NR Fannie Mae REMICS, 3.0%, 1/25/21 309,013
127,282 NR/NR Fannie Mae REMICS, 4.0%, 6/25/37 128,394
311,339 NR/NR Fannie Mae REMICS, 5.0%,
3/25/24-2/25/40 314,683
132,435 NR/NR Fannie Mae REMICS, 5.5%, 5/25/30 134,367
345,162 NR/NR Fannie Mae REMICS, 6.0%,
6/25-29-3/25/35 370,786
105,007 0.83 NR/NR Fannie Mae REMICS, Floating Rate
Note, 1/18/32 106,100
619,936 1.03 NR/NR Fannie Mae REMICS, Floating Rate
Note, 1/25/24 622,685
144,296 0.68 NR/NR Fannie Mae REMICS, Floating Rate
Note, 1/25/33 145,441
2,232,865 0.53 NR/NR Fannie Mae REMICS, Floating Rate
Note, 1/25/34 2,235,868
275,296 0.48 NR/NR Fannie Mae REMICS, Floating Rate
Note, 10/25/35 275,921
312,437 1.40 NR/NR Fannie Mae REMICS, Floating Rate
Note, 10/25/38 317,159
191,000 0.38 NR/NR Fannie Mae REMICS, Floating Rate
Note, 10/27/37 191,142
653,810 1.18 NR/NR Fannie Mae REMICS, Floating Rate
Note, 11/18/32 667,995
213,602 0.54 NR/NR Fannie Mae REMICS, Floating Rate
Note, 11/25/36 214,917
770,520 0.88 NR/NR Fannie Mae REMICS, Floating Rate
Note, 11/25/39 776,216
2,681,914 0.58 NR/NR Fannie Mae REMICS, Floating Rate
Note, 11/25/40 2,737,843
85,062 0.58 NR/NR Fannie Mae REMICS, Floating Rate
Note, 12/18/32 85,359
262,361 1.08 NR/NR Fannie Mae REMICS, Floating Rate
Note, 12/25/31 267,318
1,062,020 0.68 NR/NR Fannie Mae REMICS, Floating Rate
Note, 12/25/32 1,070,624
439,248 0.54 NR/NR Fannie Mae REMICS, Floating Rate
Note, 12/25/36 439,049
399,400 0.80 NR/NR Fannie Mae REMICS, Floating Rate
Note, 12/25/37 403,012
310,096 0.73 NR/NR Fannie Mae REMICS, Floating Rate
Note, 12/25/40 310,788
1,056,567 0.48 NR/NR Fannie Mae REMICS, Floating Rate
Note, 12/25/42 1,059,292
329,871 0.53 NR/NR Fannie Mae REMICS, Floating Rate
Note, 2/25/33 330,263
The accompanying notes are an integral part of these financial statements.
46 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
266,053 0.51 NR/NR Fannie Mae REMICS, Floating Rate
Note, 2/25/35 $ 266,586
362,007 0.43 NR/NR Fannie Mae REMICS, Floating Rate
Note, 2/25/37 361,674
253,915 0.63 NR/NR Fannie Mae REMICS, Floating Rate
Note, 2/25/38 254,435
213,190 0.68 NR/NR Fannie Mae REMICS, Floating Rate
Note, 3/25/24 214,300
357,443 0.58 NR/NR Fannie Mae REMICS, Floating Rate
Note, 3/25/34 358,816
271,852 0.58 NR/NR Fannie Mae REMICS, Floating Rate
Note, 3/25/34 272,682
440,598 0.48 NR/NR Fannie Mae REMICS, Floating Rate
Note, 3/25/35 441,189
2,137,978 0.48 NR/NR Fannie Mae REMICS, Floating Rate
Note, 3/25/36 2,145,356
355,514 0.43 NR/NR Fannie Mae REMICS, Floating Rate
Note, 3/25/37 355,517
457,475 0.54 NR/NR Fannie Mae REMICS, Floating Rate
Note, 3/25/37 459,266
208,371 0.43 NR/NR Fannie Mae REMICS, Floating Rate
Note, 3/25/37 208,223
673,679 0.53 NR/NR Fannie Mae REMICS, Floating Rate
Note, 3/25/37 676,042
759,762 1.08 NR/NR Fannie Mae REMICS, Floating Rate
Note, 4/25/32 775,349
884,250 1.18 NR/NR Fannie Mae REMICS, Floating Rate
Note, 4/25/32 905,761
108,194 0.58 NR/NR Fannie Mae REMICS, Floating Rate
Note, 4/25/34 108,741
475,581 0.43 NR/NR Fannie Mae REMICS, Floating Rate
Note, 4/25/36 474,805
277,037 0.43 NR/NR Fannie Mae REMICS, Floating Rate
Note, 4/25/37 276,511
895,132 0.68 NR/NR Fannie Mae REMICS, Floating Rate
Note, 5/18/32 901,474
297,419 0.58 NR/NR Fannie Mae REMICS, Floating Rate
Note, 5/25/17 298,651
147,865 0.69 NR/NR Fannie Mae REMICS, Floating Rate
Note, 5/25/33 148,394
366,384 0.53 NR/NR Fannie Mae REMICS, Floating Rate
Note, 5/25/36 366,366
354,696 0.58 NR/NR Fannie Mae REMICS, Floating Rate
Note, 5/25/37 355,267
447,517 0.73 NR/NR Fannie Mae REMICS, Floating Rate
Note, 5/25/40 451,054
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 47
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
1,547,839 0.63 NR/NR Fannie Mae REMICS, Floating Rate
Note, 5/25/41 $ 1,548,406
827,926 0.48 NR/NR Fannie Mae REMICS, Floating Rate
Note, 6/25/35 823,959
355,075 0.63 NR/NR Fannie Mae REMICS, Floating Rate
Note, 6/25/36 358,215
248,878 0.48 NR/NR Fannie Mae REMICS, Floating Rate
Note, 6/25/36 249,246
401,231 0.42 NR/NR Fannie Mae REMICS, Floating Rate
Note, 6/25/37 400,723
768,646 0.44 NR/NR Fannie Mae REMICS, Floating Rate
Note, 6/25/37 766,958
153,492 0.43 NR/NR Fannie Mae REMICS, Floating Rate
Note, 6/25/37 153,383
566,410 0.43 NR/NR Fannie Mae REMICS, Floating Rate
Note, 6/25/37 566,005
311,431 0.68 NR/NR Fannie Mae REMICS, Floating Rate
Note, 6/25/38 312,655
137,908 0.58 NR/NR Fannie Mae REMICS, Floating Rate
Note, 7/25/34 138,485
205,189 0.48 NR/NR Fannie Mae REMICS, Floating Rate
Note, 7/25/35 205,319
133,194 0.43 NR/NR Fannie Mae REMICS, Floating Rate
Note, 7/25/35 133,532
237,496 0.66 NR/NR Fannie Mae REMICS, Floating Rate
Note, 7/25/36 239,234
658,800 0.60 NR/NR Fannie Mae REMICS, Floating Rate
Note, 8/25/36 663,949
435,544 0.48 NR/NR Fannie Mae REMICS, Floating Rate
Note, 8/25/40 436,090
739,308 0.68 NR/NR Fannie Mae REMICS, Floating Rate
Note, 9/25/33 745,238
275,139 0.53 NR/NR Fannie Mae REMICS, Floating Rate
Note, 9/25/36 275,578
391,281 0.75 NR/NR Fannie Mae REMICS, Floating Rate
Note, 9/25/36 392,409
173,146 0.63 NR/NR Fannie Mae REMICS, Floating Rate
Note, 9/25/37 174,670
480,777 0.75 NR/NR Fannie Mae REMICS, Floating Rate
Note, 9/25/37 486,110
512,467 0.76 NR/NR Fannie Mae REMICS, Floating Rate
Note, 9/25/37 517,996
128,913 0.75 NR/NR Fannie Mae REMICS, Floating Rate
Note, 9/25/37 130,423
575,793 0.73 NR/NR Fannie Mae REMICS, Floating Rate
Note, 9/25/41 584,422
The accompanying notes are an integral part of these financial statements.
48 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
1,087,571 2.77 NR/NR Fannie Mae Trust 2003-W2, Floating
Rate Note, 7/25/42 $ 1,083,151
261,185 2.67 NR/NR Fannie Mae Trust 2005-W3, Floating
Rate Note, 4/25/45 278,069
288,755 2.25 NR/NR Fannie Mae Trust 2005-W4, Floating
Rate Note, 6/25/35 292,798
274,439 NR/NR Freddie Mac REMICS, 3.5%, 6/15/28 281,170
208,479 NR/NR Freddie Mac REMICS, 4.0%,
6/15/22-12/15/22 211,263
31,905 NR/NR Freddie Mac REMICS, 4.5%, 9/15/22 31,992
168,051 NR/NR Freddie Mac REMICS, 5.0%, 6/15/34 172,811
184,748 NR/NR Freddie Mac REMICS, 5.5%, 10/15/35 191,440
187,676 NR/NR Freddie Mac REMICS, 6.0%, 4/15/24 189,199
195,315 0.68 NR/NR Freddie Mac REMICS, Floating Rate
Note, 1/15/33 195,390
114,593 0.48 NR/NR Freddie Mac REMICS, Floating Rate
Note, 1/15/36 114,851
1,205,468 0.48 NR/NR Freddie Mac REMICS, Floating Rate
Note, 1/15/37 1,204,032
431,627 0.63 NR/NR Freddie Mac REMICS, Floating Rate
Note, 1/15/41 436,060
196,040 0.38 NR/NR Freddie Mac REMICS, Floating Rate
Note, 10/15/20 195,784
300,519 0.58 NR/NR Freddie Mac REMICS, Floating Rate
Note, 10/15/35 301,116
456,976 0.76 NR/NR Freddie Mac REMICS, Floating Rate
Note, 10/15/37 460,861
310,433 0.53 NR/NR Freddie Mac REMICS, Floating Rate
Note, 11/15/36 311,334
157,570 0.53 NR/NR Freddie Mac REMICS, Floating Rate
Note, 11/15/36 158,028
95,569 0.43 NR/NR Freddie Mac REMICS, Floating Rate
Note, 11/15/36 95,569
791,629 0.56 NR/NR Freddie Mac REMICS, Floating Rate
Note, 11/15/37 795,557
292,225 0.58 NR/NR Freddie Mac REMICS, Floating Rate
Note, 11/15/37 292,582
248,315 0.58 NR/NR Freddie Mac REMICS, Floating Rate
Note, 12/15/32 249,124
110,715 0.58 NR/NR Freddie Mac REMICS, Floating Rate
Note, 12/15/32 111,094
185,090 0.48 NR/NR Freddie Mac REMICS, Floating Rate
Note, 12/15/34 185,144
526,751 0.50 NR/NR Freddie Mac REMICS, Floating Rate
Note, 12/15/35 527,740
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 49
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
648,760 0.46 NR/NR Freddie Mac REMICS, Floating Rate
Note, 12/15/36 $ 648,938
348,350 0.88 NR/NR Freddie Mac REMICS, Floating Rate
Note, 12/15/39 351,133
338,861 0.48 NR/NR Freddie Mac REMICS, Floating Rate
Note, 2/15/30 338,682
1,326,895 1.13 NR/NR Freddie Mac REMICS, Floating Rate
Note, 2/15/32 1,356,595
347,212 1.18 NR/NR Freddie Mac REMICS, Floating Rate
Note, 2/15/32 354,673
400,867 0.58 NR/NR Freddie Mac REMICS, Floating Rate
Note, 2/15/33 401,391
232,962 0.48 NR/NR Freddie Mac REMICS, Floating Rate
Note, 2/15/36 233,750
332,595 0.48 NR/NR Freddie Mac REMICS, Floating Rate
Note, 2/15/37 332,953
193,885 0.48 NR/NR Freddie Mac REMICS, Floating Rate
Note, 2/15/39 194,825
637,042 0.68 NR/NR Freddie Mac REMICS, Floating Rate
Note, 2/15/41 641,022
256,081 0.73 NR/NR Freddie Mac REMICS, Floating Rate
Note, 2/15/42 258,859
222,745 1.18 NR/NR Freddie Mac REMICS, Floating Rate
Note, 3/15/32 227,564
446,417 1.18 NR/NR Freddie Mac REMICS, Floating Rate
Note, 3/15/32 457,124
203,409 0.58 NR/NR Freddie Mac REMICS, Floating Rate
Note, 3/15/38 203,788
1,273,503 0.58 NR/NR Freddie Mac REMICS, Floating Rate
Note, 3/15/41 1,271,540
325,736 0.73 NR/NR Freddie Mac REMICS, Floating Rate
Note, 4/15/27 327,880
196,956 0.68 NR/NR Freddie Mac REMICS, Floating Rate
Note, 4/15/28 198,384
212,979 0.48 NR/NR Freddie Mac REMICS, Floating Rate
Note, 4/15/36 213,258
757,542 0.60 NR/NR Freddie Mac REMICS, Floating Rate
Note, 4/15/41 762,063
653,159 0.36 NR/NR Freddie Mac REMICS, Floating Rate
Note, 5/15/36 652,087
199,115 0.58 NR/NR Freddie Mac REMICS, Floating Rate
Note, 5/15/41 200,015
186,199 0.60 NR/NR Freddie Mac REMICS, Floating Rate
Note, 6/15/36 187,311
311,500 0.48 NR/NR Freddie Mac REMICS, Floating Rate
Note, 6/15/40 312,221
The accompanying notes are an integral part of these financial statements.
50 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
465,078 0.61 NR/NR Freddie Mac REMICS, Floating Rate
Note, 6/15/41 $ 468,878
286,578 0.58 NR/NR Freddie Mac REMICS, Floating Rate
Note, 7/15/23 287,770
363,249 0.68 NR/NR Freddie Mac REMICS, Floating Rate
Note, 7/15/36 366,351
168,283 0.78 NR/NR Freddie Mac REMICS, Floating Rate
Note, 8/15/18 170,107
952,231 0.48 NR/NR Freddie Mac REMICS, Floating Rate
Note, 8/15/25 954,245
421,509 0.43 NR/NR Freddie Mac REMICS, Floating Rate
Note, 8/15/25 421,545
180,406 0.38 NR/NR Freddie Mac REMICS, Floating Rate
Note, 8/15/26 181,214
487,523 0.63 NR/NR Freddie Mac REMICS, Floating Rate
Note, 8/15/31 492,067
130,406 0.43 NR/NR Freddie Mac REMICS, Floating Rate
Note, 8/15/35 130,573
462,281 0.43 NR/NR Freddie Mac REMICS, Floating Rate
Note, 8/15/36 461,956
188,087 0.53 NR/NR Freddie Mac REMICS, Floating Rate
Note, 8/15/40 188,188
278,163 0.48 NR/NR Freddie Mac REMICS, Floating Rate
Note, 9/15/26 278,789
332,617 0.63 AA+/NR Freddie Mac REMICS, Floating Rate
Note, 9/15/33 333,565
971,498 NR/NR Government National Mortgage
Association, 3.0%, 4/20/38-4/20/41 993,058
749,113 NR/NR Government National Mortgage
Association, 3.5%, 5/20/39 787,700
75,209 NR/NR Government National Mortgage
Association, 4.5%, 5/20/33 76,108
17,073 NR/Aa1 Government National Mortgage
Association, 4.549%, 6/16/28 17,065
1,104,215 NR/NR Government National Mortgage
Association, 5.0%, 1/20/16-4/20/36 1,146,027
411,943 NR/NR Government National Mortgage
Association, 5.75%, 8/20/36 419,339
362,051 0.43 NR/NR Government National Mortgage
Association, Floating Rate Note,
1/16/35 361,422
493,871 0.63 NR/NR Government National Mortgage
Association, Floating Rate Note,
1/20/34 494,598
2,675,013 1.44 NR/NR Government National Mortgage
Association, Floating Rate Note,
10/16/43 (d) 157,861
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 51
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- (continued)
9,138,065 0.47 NR/NR Government National Mortgage
Association, Floating Rate Note,
11/16/51 (d) $ 291,303
10,294,066 0.82 AAA/Aa1 Government National Mortgage
Association, Floating Rate Note,
2/16/52 (d) 410,939
1,962,042 1.03 NR/NR Government National Mortgage
Association, Floating Rate Note,
2/16/53 (d) 164,288
363,404 0.43 NR/NR Government National Mortgage
Association, Floating Rate Note,
2/20/35 363,258
340,245 0.68 NR/NR Government National Mortgage
Association, Floating Rate Note,
2/20/38 343,534
1,532,565 0.70 NR/NR Government National Mortgage
Association, Floating Rate Note,
3/16/51 (d) 53,385
1,175,853 1.05 NR/NR Government National Mortgage
Association, Floating Rate Note,
3/16/53 (d) 94,895
306,945 0.48 NR/NR Government National Mortgage
Association, Floating Rate Note,
4/16/31 309,702
1,958,172 1.10 NR/NR Government National Mortgage
Association, Floating Rate Note,
8/16/52 (d) 145,009
303,379 0.58 NR/NR Government National Mortgage
Association, Floating Rate Note,
8/20/35 303,921
879,203 0.48 NR/NR Government National Mortgage
Association, Floating Rate Note,
8/20/40 873,003
1,760,770 1.07 NR/NR Government National Mortgage
Association, Floating Rate Note,
9/16/52 (d) 152,264
---------------
$ 71,378,096
---------------
Total Government $ 71,378,096
-----------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $161,786,426) $ 159,179,360
-----------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 24.0%
ENERGY -- 0.7%
Integrated Oil & Gas -- 0.4%
700,000 A/A1 ConocoPhillips Co., 1.05%, 12/15/17 $ 675,450
1,115,000 0.65 AA-/Aa1 Total Capital Canada, Ltd., Floating
Rate Note, 1/15/16 1,120,818
---------------
$ 1,796,268
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.0%+
250,000 A/Aa3 Ras Laffan Liquefied Natural Gas
Co., Ltd., III, 5.5%, 9/30/14 (144A) $ 260,000
-----------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 0.3%
650,000 A-/A3 TransCanada PipeLines, Ltd.,
0.75%, 1/15/16 $ 644,162
750,000 BBB/Baa2 Williams Partners LP, 3.8%, 2/15/15 779,559
---------------
$ 1,423,721
---------------
Total Energy $ 3,479,989
-----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.7%
Industrial Gases -- 0.1%
500,000 BBB/Baa2 Airgas, Inc., 2.85%, 10/1/13 $ 500,764
-----------------------------------------------------------------------------------------------------------
Construction Materials -- 0.1%
360,000 BBB+/Baa2 CRH America, Inc., 5.3%, 10/15/13 $ 361,795
-----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
560,000 1.11 A-/A3 Rio Tinto Finance USA Plc, Floating
Rate Note, 6/17/16 $ 561,231
-----------------------------------------------------------------------------------------------------------
Gold -- 0.1%
500,000 BBB/Baa2 Barrick Gold Corp., 1.75%, 5/30/14 $ 502,078
-----------------------------------------------------------------------------------------------------------
Steel -- 0.3%
1,000,000 BBB/Baa2 Glencore Funding LLC, 6.0%,
4/15/14 (144A) $ 1,027,266
500,000 1.42 BBB/Baa2 Glencore Funding LLC, Floating
Rate Note, 5/27/16 (144A) 482,575
---------------
$ 1,509,841
---------------
Total Materials $ 3,435,709
-----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.5%
Aerospace & Defense -- 0.4%
360,000 BB/Ba2 Bombardier, Inc., 4.25%,
1/15/16 (144A) $ 372,150
500,000 A-/A2 Precision Castparts Corp.,
1.25%, 1/15/18 483,849
1,050,000 A/A2 The Boeing Co., 0.95%, 5/15/18 999,573
---------------
$ 1,855,572
-----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
500,000 AA+/Aa3 General Electric Co., 0.85%, 10/9/15 $ 499,964
---------------
Total Capital Goods $ 2,355,536
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Railroads -- 0.1%
500,000 BBB/Baa2 CSX Corp., 5.3%, 2/15/14 $ 509,861
---------------
Total Transportation $ 509,861
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 53
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.8%
Auto Parts & Equipment -- 0.2%
250,000 BBB+/Baa1 Johnson Controls, Inc., 1.75%,
3/1/14 $ 251,372
725,000 0.68 BBB+/Baa1 Johnson Controls, Inc., Floating Rate
Note, 2/4/14 725,990
---------------
$ 977,362
-----------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.6%
1,000,000 A-/A3 Daimler Finance North America LLC,
1.45%, 8/1/16 (144A) $ 996,134
1,000,000 BBB+/Baa1 Hyundai Motor Manufacturing
Czech s.r.o., 4.5%, 4/15/15 (144A) 1,043,916
500,000 A-/A3 Volkswagen International Finance NV,
1.6%, 11/20/17 (144A) 488,443
300,000 A-/A3 Volkswagen International Finance NV,
1.875%, 4/1/14 (144A) 302,043
---------------
$ 2,830,536
---------------
Total Automobiles & Components $ 3,807,898
-----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Education Services -- 0.1%
500,000 AA/Aa1 Cornell University, 4.35%, 2/1/14 $ 508,236
---------------
Total Consumer Services $ 508,236
-----------------------------------------------------------------------------------------------------------
MEDIA -- 0.4%
Broadcasting -- 0.3%
750,000 BBB/Baa2 Discovery Communications LLC,
3.7%, 6/1/15 $ 785,433
871,000 0.81 A-/A3 NBCUniversal Enterprise, Inc., Floating
Rate Note, 4/15/16 (144A) 873,875
---------------
$ 1,659,308
-----------------------------------------------------------------------------------------------------------
Publishing -- 0.1%
250,000 A-/Baa1 Thomson Reuters Corp., 0.875%,
5/23/16 $ 248,255
---------------
Total Media $ 1,907,563
-----------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Drug Retail -- 0.1%
501,000 0.77 BBB/Baa1 Walgreen Co., Floating Rate Note,
3/13/14 $ 501,700
---------------
Total Food & Staples Retailing $ 501,700
-----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Brewers -- 0.3%
500,000 A/A3 Anheuser-Busch InBev Worldwide,
Inc., 1.5%, 7/14/14 $ 504,822
The accompanying notes are an integral part of these financial statements.
54 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Brewers -- (continued)
500,000 0.81 A/A3 Anheuser-Busch InBev Worldwide,
Inc., Floating Rate Note, 1/27/14 $ 501,130
500,000 BBB+/Baa1 SABMiller Holdings, Inc., 1.85%,
1/15/15 (144A) 506,250
---------------
$ 1,512,202
-----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
250,000 0.56 BBB+/A2 Campbell Soup Co., Floating Rate
Note, 8/1/14 $ 250,414
250,000 BBB+/A3 General Mills, Inc., 0.875%, 1/29/16 248,045
---------------
$ 498,459
---------------
Total Food, Beverage & Tobacco $ 2,010,661
-----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.6%
Health Care Equipment -- 0.3%
500,000 A/A3 Baxter International, Inc., 0.95%,
6/1/16 $ 497,893
500,000 BBB-/Baa3 Boston Scientific Corp., 2.65%,
10/1/18 495,580
510,000 A/Baa1 St Jude Medical, Inc., 2.5%, 1/15/16 521,705
---------------
$ 1,515,178
-----------------------------------------------------------------------------------------------------------
Health Care Distributors -- 0.1%
500,000 A-/Baa2 Cardinal Health, Inc., 4.0%, 6/15/15 $ 527,056
-----------------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
1,000,000 BBB+/Baa3 Express Scripts Holding Co.,
3.125%, 5/15/16 $ 1,040,947
---------------
Total Health Care Equipment
& Services $ 3,083,181
-----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.2%
Pharmaceuticals -- 0.1%
500,000 BBB-/Baa2 Zoetis, Inc., 1.15%, 2/1/16 (144A) $ 500,314
-----------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.1%
620,000 BBB+/NR Agilent Technologies, Inc., 5.5%,
9/14/15 $ 671,570
---------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 1,171,884
-----------------------------------------------------------------------------------------------------------
BANKS -- 6.1%
Diversified Banks -- 3.6%
500,000 A/A2 ABN AMRO Bank NV, 1.375%,
1/22/16 (144A) $ 497,850
1,000,000 AA-/Aa3 ANZ New Zealand International, Ltd.,
London, 1.125%, 3/24/16 (144A) 990,500
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 55
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
500,000 A+/Aa3 Bank of Montreal, Ltd., 0.8%, 11/6/15 $ 498,784
500,000 A+/Aa2 Bank of Nova Scotia, Ltd., 1.375%,
7/15/16 501,798
500,000 A+/Aa2 Bank of Nova Scotia, Ltd., 1.45%,
4/25/18 484,244
500,000 BBB-/Baa3 BBVA US Senior SAU, 3.25%, 5/16/14 504,370
500,000 0.75 AA-/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, Floating Rate Note,
3/18/16 500,511
500,000 A+/Aa3 Export-Import Bank of Korea, Ltd.,
1.25%, 11/20/15 498,660
750,000 NR/A2 HSBC Bank Middle East, Ltd., 3.0%,
10/21/15 765,000
1,700,000 1.07 AA-/Aa3 HSBC Bank Plc, Floating Rate Note,
1/17/14 (144A) 1,704,991
3,000,000 AAA/Aaa International Bank for Reconstruction &
Development, Ltd., 0.58%, 11/30/16 2,955,990
500,000 BBB/Baa2 Intesa Sanpaolo S.p.A., 3.125%,
1/15/16 498,585
750,000 2.66 BBB/Baa2 Intesa Sanpaolo S.p.A., Floating Rate
Note, 2/24/14 (144A) 752,089
500,000 1.17 AA-/Aa3 Nordea Bank AB, Floating Rate Note,
1/14/14 (144A) 501,684
250,000 0.72 AA-/Aa3 Nordea Bank AB, Floating Rate Note,
5/13/16 (144A) 250,609
500,000 A+/A2 Standard Chartered Plc, 3.85%,
4/27/15 (144A) 520,955
300,000 0.94 A+/Aa3 Sumitomo Mitsui Banking Corp., Floating
Rate Note, 7/19/16 300,769
500,000 A/Aa3 The Korea Development Bank, Ltd.,
1.0%, 1/22/16 491,252
500,000 AA-/Aa1 The Toronto-Dominion Bank, Ltd., 1.4%,
4/30/18 485,046
500,000 0.45 AA-/Aa1 The Toronto-Dominion Bank, Ltd., Floating
Rate Note, 5/1/15 499,852
500,000 A+/A1 US Bancorp, 4.2%, 5/15/14 513,718
1,185,000 A/A3 Wachovia Corp., 5.25%, 8/1/14 1,234,252
500,000 A+/A2 Wells Fargo & Co., 1.25%, 7/20/16 499,204
300,000 A+/A2 Wells Fargo & Co., 1.5%, 7/1/15 303,444
575,000 0.89 A+/A2 Wells Fargo & Co., Floating Rate Note,
4/23/18 573,972
---------------
$ 17,328,129
-----------------------------------------------------------------------------------------------------------
Regional Banks -- 1.9%
103,000 A-/A2 BB&T Corp., 1.6%, 8/15/17 $ 101,300
500,000 A-/A2 BB&T Corp., 2.05%, 4/28/14 504,405
The accompanying notes are an integral part of these financial statements.
56 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
250,000 A-/A2 BB&T Corp., 3.375%, 9/25/13 $ 250,425
500,000 A-/A2 BB&T Corp., 5.7%, 4/30/14 516,942
500,000 0.96 A-/A2 BB&T Corp., Floating Rate Note,
4/28/14 500,981
500,000 A/A1 Credit Suisse New York NY, 5.5%,
5/1/14 516,386
500,000 0.69 BBB-/Baa2 Fifth Third Bancorp, Floating Rate
Note, 12/20/16 492,904
500,000 0.67 BBB+/A3 Fifth Third Bank Cincinnati Ohio,
Floating Rate Note, 2/26/16 499,257
1,000,000 A-/A3 KeyBank NA Cleveland Ohio,
1.65%, 2/1/18 973,010
275,000 BBB+/Baa1 KeyBank NA Cleveland Ohio,
5.8%, 7/1/14 286,343
500,000 BBB+/Baa1 KeyCorp, 3.75%, 8/13/15 526,104
550,000 A/A2 PNC Bank NA, 1.3%, 10/3/16 549,924
500,000 0.57 A/A2 PNC Bank NA, Floating Rate
Note, 1/28/16 498,365
500,000 0.58 A/A2 PNC Bank NA, Floating Rate Note,
4/29/16 498,964
500,000 0.47 A-/A3 PNC Funding Corp., Floating Rate
Note, 1/31/14 499,932
250,000 0.47 A+/Aa3 State Street Bank and Trust Co.,
Floating Rate Note, 12/8/15 248,321
500,000 BBB/Baa1 SunTrust Banks, Inc., 3.5%, 1/20/17 523,940
600,000 4.48 BBB/Baa3 The PNC Financial Services Group,
Inc., Floating Rate Note (Perpetual) 598,500
500,000 1.26 A/A2 UBS AG, Floating Rate Note, 1/28/14 501,816
250,000 0.47 A+/A1 Wells Fargo Bank NA, Floating Rate
Note, 5/16/16 247,040
---------------
$ 9,334,859
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.6%
325,000 BBB-/Baa2 Astoria Financial Corp., 5.0%,
6/19/17 $ 340,788
250,000 8.11 NR/NR Mythen Re, Ltd., Series 2013-1 Class B,
Floating Rate Note, 7/9/15 (Cat
Bond) (144A) 254,925
1,027,000 BBB/Baa2 Santander Holdings USA, Inc.
Pennsylvania, 3.0%, 9/24/15 1,055,844
600,000 BBB/Baa2 Santander Holdings USA, Inc.
Pennsylvania, 3.45%, 8/27/18 607,745
500,000 0.73 AAA/Aaa Swedbank Hypotek AB, Floating Rate
Note, 3/28/14 (144A) 501,282
---------------
$ 2,760,584
---------------
Total Banks $ 29,423,572
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 57
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 7.0%
Other Diversified Financial
Services -- 3.5%
500,000 A-/Baa2 Bank of America Corp., 3.7%, 9/1/15 $ 522,143
2,000,000 1.09 A-/Baa2 Bank of America Corp., Floating Rate
Note, 3/22/16 2,002,532
250,000 5.25 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 250,050
250,000 6.85 NR/NR Caelus Re, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) 252,050
500,000 A-/Baa2 Citigroup, Inc., 1.3%, 4/1/16 495,278
1,000,000 BBB+/Baa3 Citigroup, Inc., 5.0%, 9/15/14 1,039,080
907,000 0.55 A-/Baa2 Citigroup, Inc., Floating Rate Note,
11/5/14 904,368
500,000 1.06 A-/Baa2 Citigroup, Inc., Floating Rate Note,
4/1/16 501,149
750,000 1.23 A-/Baa2 Citigroup, Inc., Floating Rate Note,
7/25/16 753,411
375,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 388,762
250,000 6.63 BB-/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 8/4/14 (Cat Bond) (144A) 255,875
485,000 AA+/A1 General Electric Capital Corp., 1.625%,
7/2/15 491,142
1,000,000 AA+/A1 General Electric Capital Corp., 1.875%,
9/16/13 1,000,493
1,000,000 1.10 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 12/20/13 1,002,200
500,000 0.96 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 4/24/14 502,259
500,000 0.90 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 4/7/14 501,846
500,000 1.38 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 8/1/17 495,538
250,000 4.00 BB+/NR Ibis Re II, Ltd., Floating Rate Note,
6/28/16 (Cat Bond) (144A) 252,075
265,000 A/A2 JPMorgan Chase & Co., 3.4%, 6/24/15 276,025
500,000 4.00 A/A2 JPMorgan Chase & Co., Floating Rate
Note, 2/25/21 500,000
500,000 0.97 A-/A3 JPMorgan Chase & Co., Floating Rate
Note, 3/31/16 492,842
500,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 500,250
500,000 7.25 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 500,250
250,000 4.00 BB/NR Longpoint Re, Ltd., III, Floating Rate
Note, 5/18/16 (Cat Bond) (144A) 253,200
The accompanying notes are an integral part of these financial statements.
58 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
250,000 0.00 BB-/NR Northshore Re, Ltd., Floating Rate
Note, 7/5/16 (Cat Bond) (144A) $ 251,850
250,000 7.50 BB-/NR Queen Street II Capital, Ltd., Floating
Rate Note, 4/9/14 (Cat Bond) (144A) 251,525
500,000 9.00 BB-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat
Bond) (144A) 522,750
250,000 8.75 B+/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat
Bond) (144A) 265,100
250,000 NR/NR Sector Re V, Ltd., 3/1/18 (Cat
Bond) (144A) (c) 263,900
250,000 8.50 B+/NR Tar Heel Re, Ltd., Floating Rate Note,
5/9/16 (Cat Bond) (144A) 260,575
250,000 3.00 BBB-/NR Vita Capital IV, Ltd., Floating Rate
Note, 1/15/16 (Cat Bond) (144A) 254,550
750,000 2.80 BBB-/NR Vita Capital V, Ltd., Floating Rate
Note, 1/15/17 (Cat Bond) (144A) 764,850
---------------
$ 16,967,918
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
175,000 BBB+/Baa1 Harley-Davidson Financial Services,
Inc., 3.875%, 3/15/16 (144A) $ 185,107
500,000 0.43 AA+/Aa2 MassMutual Global Funding II, Floating
Rate Note, 12/6/13 (144A) 500,232
500,000 A/A2 National Rural Utilities Cooperative
Finance Corp., 5.4%, 10/15/13 502,384
500,000 0.52 A/A2 National Rural Utilities Cooperative
Finance Corp., Floating Rate Note,
4/4/14 500,552
150,000 A/A3 NYSE Euronext, 2.0%, 10/5/17 149,080
500,000 3.50 BB+/NR Sanders Re, Ltd., Floating Rate
Note, 5/5/17 (Cat Bond) (144A) 493,000
500,000 4.00 BB/NR Sanders Re, Ltd., Floating Rate
Note, 5/5/17 (Cat Bond) (144A) 494,650
---------------
$ 2,825,005
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.3%
500,000 A-/A2 American Express Credit Corp.,
1.3%, 7/29/16 $ 501,042
500,000 1.12 A-/A2 American Express Credit Corp., Floating
Rate Note, 6/24/14 503,012
380,000 A+/A1 American Honda Finance Corp.,
6.7%, 10/1/13 (144A) 381,683
175,000 0.64 A+/A1 American Honda Finance Corp., Floating
Rate Note, 5/26/16 (144A) 175,075
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 59
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
500,000 BB+/Ba1 Banque PSA Finance SA, 3.375%,
4/4/14 (144A) $ 502,410
475,000 BBB/Baa1 Capital One Financial Corp.,
1.0%, 11/6/15 471,825
1,559,000 BBB/Baa1 Capital One Financial Corp.,
2.125%, 7/15/14 1,576,971
500,000 BBB/Baa1 Capital One Financial Corp.,
2.15%, 3/23/15 508,019
250,000 BB+/Baa3 Ford Motor Credit Co., LLC,
2.375%, 1/16/18 243,274
200,000 BB+/Baa3 Ford Motor Credit Co., LLC,
3.875%, 1/15/15 205,980
500,000 BBB+/Baa1 Hyundai Capital America, Ltd.,
1.875%, 8/9/16 (144A) 499,550
100,000 BBB+/A3 Nissan Motor Acceptance Corp.,
4.5%, 1/30/15 (144A) 104,910
500,000 0.55 AA-/Aa3 Toyota Motor Credit Corp., Floating
Rate Note, 5/17/16 500,412
---------------
$ 6,174,163
-----------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.1%
300,000 AA-/A1 Franklin Resources, Inc.,
3.125%, 5/20/15 $ 311,479
500,000 A+/Aa3 The Bank of New York Mellon Corp.,
2.1%, 8/1/18 498,664
---------------
$ 810,143
-----------------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 1.5%
500,000 A-/Baa2 Merrill Lynch & Co., Inc., 5.0%, 2/3/14 $ 508,540
1,000,000 A-/Baa1 Morgan Stanley Co., 4.0%,
9/22/20 (Step) 988,028
290,000 1.86 A-/Baa1 Morgan Stanley Co., Floating Rate
Note, 1/24/14 291,186
275,000 3.10 A-/Baa1 Morgan Stanley Co., Floating Rate
Note, 11/9/18 279,484
500,000 1.51 A-/Baa1 Morgan Stanley Co., Floating Rate
Note, 2/25/16 502,464
500,000 1.25 A-/Baa1 Morgan Stanley Co., Floating Rate
Note, 6/6/16 495,047
283,000 BBB/Baa2 Raymond James Financial, Inc.,
4.25%, 4/15/16 298,328
1,500,000 0.65 A/A2 The Bear Stearns Companies LLC,
Floating Rate Note, 11/21/16 1,480,395
250,000 A/A2 The Charles Schwab Corp., 0.85%,
12/4/15 249,758
The accompanying notes are an integral part of these financial statements.
60 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- (continued)
340,000 A-/A3 The Goldman Sachs Group, Inc.,
3.7%, 8/1/15 $ 355,284
250,000 1.26 A-/A3 The Goldman Sachs Group, Inc.,
Floating Rate Note, 11/21/14 251,082
1,250,000 1.27 A-/A3 The Goldman Sachs Group, Inc.,
Floating Rate Note, 2/7/14 1,252,964
475,000 0.72 A-/A3 The Goldman Sachs Group, Inc.,
Floating Rate Note, 3/22/16 469,879
---------------
$ 7,422,439
---------------
Total Diversified Financials $ 34,199,668
-----------------------------------------------------------------------------------------------------------
INSURANCE -- 3.1%
Life & Health Insurance -- 0.9%
500,000 A-/A3 Aflac, Inc., 3.45%, 8/15/15 $ 524,288
500,000 0.45 BBB+/A3 Hartford Life Global Funding Trusts,
Floating Rate Note, 6/16/14 499,731
605,000 A-/NR Jefferson-Pilot Corp., 4.75%, 1/30/14 615,013
250,000 A-/Baa1 Lincoln National Corp., 4.3%, 6/15/15 264,118
500,000 0.48 AA-/A1 Pricoa Global Funding I, Floating
Rate Note, 6/24/16 (144A) 493,096
390,000 0.63 A+/Aa3 Principal Life Global Funding II,
Floating Rate Note, 5/27/16 (144A) 390,431
450,000 A/Baa1 Prudential Covered Trust 2012-1,
2.997%, 9/30/15 (144A) 464,201
500,000 0.52 BBB/Baa1 Sun Life Financial Global Funding III LP,
Floating Rate Note, 10/6/13 (144A) 500,033
500,000 2.75 BBB+/NR Vitality Re IV, Ltd., Floating Rate
Note, 1/9/17 (Cat Bond) (144A) 508,900
---------------
$ 4,259,811
-----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.6%
300,000 BBB+/Baa2 Assurant, Inc., 2.5%, 3/15/18 $ 292,356
500,000 BBB-/Baa3 Genworth Holdings, Inc., 5.75%,
6/15/14 516,895
350,000 BBB-/Baa2 Liberty Mutual Group, Inc., 5.75%,
3/15/14 (144A) 357,427
410,000 BBB-/Baa2 Liberty Mutual Group, Inc., 7.3%,
6/15/14 (144A) 427,032
405,000 AA-/Aa3 Metropolitan Life Global Funding I,
2.0%, 1/10/14 (144A) 407,324
350,000 1.02 AA-/Aa3 Metropolitan Life Global Funding I,
Floating Rate Note, 1/10/14 (144A) 350,884
300,000 0.80 AA-/Aa3 Metropolitan Life Global Funding I,
Floating Rate Note, 7/15/16 (144A) 300,683
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 61
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) ` Value
-----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- (continued)
250,000 A/A2 Metropolitan Life Insurance Co.,
7.7%, 11/1/15 (144A) $ 278,745
---------------
$ 2,931,346
-----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.3%
250,000 4.37 BB+/NR Blue Danube II, Ltd., Floating Rate
Note, 5/23/16 (Cat Bond) (144A) $ 251,800
750,000 BBB/Baa3 Sirius International Group, Ltd.,
6.375%, 3/20/17 (144A) 816,594
500,000 BBB+/Baa2 XL Group Plc, 5.25%, 9/15/14 522,234
---------------
$ 1,590,628
-----------------------------------------------------------------------------------------------------------
Reinsurance -- 1.3%
250,000 8.14 BB-/NR Atlas Reinsurance VII, Ltd., Floating
Rate Note, 1/7/16 (Cat Bond) (144A) $ 253,225
250,000 2.50 BB+/NR Bosphorus 1 Re, Ltd., Floating Rate
Note, 5/3/16 (Cat Bond) (144A) 248,450
250,000 4.50 NR/Baa1 Combine Re, Ltd., Floating Rate
Note, 1/7/15 (Cat Bond) (144A) 258,200
500,000 5.00 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) 509,750
500,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate
Note, 2/3/14 (Cat Bond) (144A) 501,100
500,000 6.00 BB+/NR Longpoint Re, Ltd., Floating Rate
Note, 6/12/15 (Cat Bond) (144A) 525,200
500,000 8.61 B+/NR Mythen Re, Ltd., Series 2012-2
Class A, Floating Rate Note, 1/5/17
(Cat Bond) (144A) 517,000
500,000 8.11 NR/Ba3 Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 537,050
500,000 8.60 B/NR Queen Street VII Re, Ltd., Floating
Rate Note, 4/8/16 (Cat Bond) (144A) 511,300
1,150,000 4.50 BB+/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 1,171,735
250,000 8.00 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 275,375
250,000 9.25 B-/NR Residential Reinsurance 2013, Ltd.,
Floating Rate Note, 6/6/17 (Cat
Bond) (144A) 253,100
350,000 12.84 B-/NR Successor X, Ltd., Class III-R3, Floating
Rate Note, 1/7/14 (Cat Bond) (144A) 352,205
300,000 9.35 B/NR Successor X, Ltd., Class IV-E3, Floating
Rate Note, 2/25/14 (Cat Bond) (144A) 302,700
---------------
$ 6,216,390
---------------
Total Insurance $ 14,998,175
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
62 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.7%
Diversified REIT -- 0.1%
350,000 BBB/Baa2 Digital Realty Trust LP, 4.5%, 7/15/15 $ 367,379
-----------------------------------------------------------------------------------------------------------
Office REIT -- 0.1%
385,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 2/15/14 $ 391,316
-----------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.5%
1,000,000 BBB+/Baa1 HCP, Inc., 2.7%, 2/1/14 $ 1,007,169
500,000 BBB/Baa2 Health Care Real Estate Investment
Trust, Inc., 2.25%, 3/15/18 490,310
780,000 BBB-/Baa2 Hospitality Properties Trust, 7.875%,
8/15/14 803,272
290,000 BBB-/Baa3 Senior Housing Properties Trust,
4.3%, 1/15/16 299,844
---------------
$ 2,600,595
---------------
Total Real Estate $ 3,359,290
-----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Systems Software -- 0.1%
500,000 A+/A1 Oracle Corp., 2.375%, 1/15/19 $ 497,932
---------------
Total Software & Services $ 497,932
-----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.2%
Computer Hardware -- 0.2%
400,000 0.32 AA+/Aa1 Apple, Inc., Floating Rate Note, 5/3/16 $ 400,006
470,000 BBB+/Baa1 Hewlett-Packard Co., 2.625%, 12/9/14 479,583
---------------
$ 879,589
---------------
Total Technology Hardware
& Equipment $ 879,589
-----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.2%
Semiconductors -- 0.2%
700,000 A+/A1 Intel Corp., 1.35%, 12/15/17 $ 685,450
---------------
Total Semiconductors &
Semiconductor Equipment $ 685,450
-----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 0.9%
Integrated Telecommunication
Services -- 0.7%
500,000 BBB+/Baa1 Deutsche Telekom International
Finance BV, 4.875%, 7/8/14 $ 517,509
500,000 NR/A2 GTP Acquisition Partners I LLC,
4.347%, 6/15/16 (144A) 527,240
550,000 NR/A2 GTP Towers Issuer LLC, 4.436%,
2/15/15 (144A) 569,257
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 63
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Integrated Telecommunication
Services -- (continued)
200,000 NR/Ba2 GTP Towers Issuer LLC, 8.112%,
2/15/15 (144A) $ 206,803
750,000 BBB-/Baa3 Telecom Italia Capital SA, 4.95%,
9/30/14 770,608
500,000 BBB/Baa2 Telefonica Emisiones SAU, 3.992%,
2/16/16 516,314
500,000 A-/A3 Verizon Communications, Inc., 3.0%,
4/1/16 520,700
---------------
$ 3,628,431
-----------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.2%
500,000 NR/A2 Crown Castle Towers LLC, 3.214%,
8/15/15 (144A) $ 511,823
275,000 0.65 A-/A3 Vodafone Group Plc, Floating Rate
Note, 2/19/16 274,986
---------------
$ 786,809
---------------
Total Telecommunication Services $ 4,415,240
-----------------------------------------------------------------------------------------------------------
UTILITIES -- 1.1%
Electric Utilities -- 0.8%
500,000 A-/A3 Commonwealth Edison Co., 1.95%,
9/1/16 $ 509,696
500,000 A/A2 Duke Energy Florida, Inc., 0.65%,
11/15/15 498,659
303,000 0.62 A/A2 Duke Energy Indiana, Inc., Floating
Rate Note, 7/11/16 303,689
350,000 0.59 A/A3 Georgia Power Co., Floating Rate
Note, 3/15/16 350,090
500,000 0.66 A/A3 Georgia Power Co., Floating Rate
Note, 8/15/16 500,144
1,000,000 BBB/Baa1 Iberdrola Finance Ireland, Ltd.,
3.8%, 9/11/14 (144A) 1,024,630
500,000 BBB+/Baa1 NextEra Energy Capital Holdings,
Inc., 2.55%, 11/15/13 501,841
230,000 1.02 BBB+/Baa2 Northeast Utilities, Inc., Floating
Rate Note, 9/20/13 230,068
---------------
$ 3,918,817
-----------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.1%
580,000 A-/Baa2 Dominion Resources, Inc., Virginia,
1.8%, 3/15/14 $ 583,664
-----------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.2%
500,000 6.65 BB/NR East Lane Re, Ltd., Floating Rate
Note, 3/13/15 (Cat Bond) (144A) $ 517,900
The accompanying notes are an integral part of these financial statements.
64 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- (continued)
500,000 BBB+/Baa1 PSEG Power LLC, 2.75%, 9/15/16 $ 517,882
---------------
$ 1,035,782
---------------
Total Utilities $ 5,538,263
-----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $116,344,923) $ 116,769,397
-----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- 24.0%
1,879,781 AAA/Aaa Fannie Mae, 4.5%, 5/1/39-1/1/41 $ 2,007,701
154,873 AAA/Aaa Fannie Mae, 5.0%, 7/1/15-12/1/35 167,442
171,100 AAA/Aaa Fannie Mae, 6.0%, 2/1/34-4/1/38 186,940
401,157 AAA/Aaa Fannie Mae, 6.5%, 6/1/14-7/1/32 446,256
310,912 AAA/Aaa Fannie Mae, 7.0%, 7/1/17-1/1/36 339,489
3,186 AAA/Aaa Fannie Mae, 8.0%, 4/1/14 3,194
61,854 2.67 AAA/Aaa Fannie Mae, Floating Rate Note, 1/1/25 62,375
90,274 2.40 AAA/Aaa Fannie Mae, Floating Rate Note,
10/1/29 94,238
218,710 2.57 AAA/Aaa Fannie Mae, Floating Rate Note,
10/1/29 233,143
325,285 2.56 AAA/Aaa Fannie Mae, Floating Rate Note,
10/1/36 339,668
96,963 2.67 AAA/Aaa Fannie Mae, Floating Rate Note,
11/1/24 97,054
4,259 2.24 AAA/Aaa Fannie Mae, Floating Rate Note,
11/1/25 4,510
119,332 1.56 AAA/Aaa Fannie Mae, Floating Rate Note,
11/1/40 123,744
79,453 2.44 AAA/Aaa Fannie Mae, Floating Rate Note,
12/1/28 84,629
319,300 4.42 AAA/Aaa Fannie Mae, Floating Rate Note,
12/1/36 337,720
19,951 2.58 AAA/Aaa Fannie Mae, Floating Rate Note, 2/1/27 19,979
1,772 2.93 AAA/Aaa Fannie Mae, Floating Rate Note, 2/1/33 1,865
3,521 2.59 AAA/Aaa Fannie Mae, Floating Rate Note, 4/1/28 3,758
3,041 2.36 AAA/Aaa Fannie Mae, Floating Rate Note, 4/1/29 3,229
64,994 2.59 AAA/Aaa Fannie Mae, Floating Rate Note, 7/1/36 69,088
334,702 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.0%, 5/1/24 352,144
660,246 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.5%, 7/1/19 702,499
208,185 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 2/1/21-8/1/23 224,914
20,110 AAA/Aaa Federal Home Loan Mortgage
Corp., 6.5%, 7/1/16-6/1/17 21,020
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 65
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (CONTINUED)
3,122 2.50 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 1/1/28 $ 3,337
454,840 2.89 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 10/1/31 457,384
7,278 2.42 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 11/1/31 7,726
281,627 2.78 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 12/1/31 282,716
19,231 2.72 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 4/1/25 19,274
2,061 2.65 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 4/1/29 2,071
7,423 2.16 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 5/1/25 7,391
6,259 2.35 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 7/1/18 6,494
1,554 2.38 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 8/1/31 1,548
116,094 2.66 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 8/1/31 118,633
435,057 AAA/Aaa Government National Mortgage
Association I, 5.0%, 8/15/19 468,632
713,252 AAA/Aaa Government National Mortgage
Association I, 6.0%,
3/15/17-11/15/36 778,692
128,321 AAA/Aaa Government National Mortgage
Association I, 6.5%,
5/15/31-10/15/37 141,077
113 AAA/Aaa Government National Mortgage
Association I, 7.0%, 11/15/13 114
75,266 AAA/Aaa Government National Mortgage
Association I, 7.5%,
615/14-10/15/36 85,789
1,624,521 AAA/Aaa Government National Mortgage
Association II, 6.0%,
8/20/19-11/20/22 1,777,003
12,500,000 AA+/Aaa U.S. Treasury Notes, 0.125%, 12/31/13 12,502,438
950,000 AA+/Aaa U.S. Treasury Notes, 0.125%, 9/30/13 950,037
12,000,000 AA+/Aaa U.S. Treasury Notes, 0.25%, 1/31/14 12,008,904
5,000,000 AA+/Aaa U.S. Treasury Notes, 0.25%, 10/15/15 4,980,080
7,750,000 AA+/Aaa U.S. Treasury Notes, 0.25%, 10/31/13 7,752,418
20,000,000 AA+/Aaa U.S. Treasury Notes, 0.25%, 4/30/14 20,018,760
8,500,000 NR/NR U.S. Treasury Notes, 0.375%, 2/15/16 8,462,812
25,000,000 AA+/Aaa U.S. Treasury Notes, 0.375%, 6/15/15 25,009,763
2,500,000 AA+/Aaa U.S. Treasury Notes, 0.5%, 11/15/13 2,502,148
The accompanying notes are an integral part of these financial statements.
66 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (CONTINUED)
5,000,000 AA+/Aaa U.S. Treasury Notes, 1.25%, 4/15/14 $ 5,035,350
7,500,000 AA+/Aaa U.S. Treasury Notes, 1.5%, 8/31/18 7,463,670
---------------
$ 116,770,860
-----------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $116,604,786) $ 116,770,860
-----------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.3%
Municipal Airport -- 0.2%
300,000 A/A2 Massachusetts Port Authority, 5.0%,
7/1/14 $ 309,441
475,000 A/A2 Massachusetts Port Authority, 5.0%,
7/1/16 514,021
---------------
$ 823,462
-----------------------------------------------------------------------------------------------------------
Municipal Development -- 0.1%
250,000 3.00 AA-/Aa2 Massachusetts Development Finance
Agency, Floating Rate Note, 2/15/36 $ 263,540
-----------------------------------------------------------------------------------------------------------
Municipal General -- 0.3%
500,000 AA/A2 JobsOhio Beverage System,
0.872%, 1/1/15 $ 499,945
500,000 AA/Aa2 State of Ohio, 3.0%, 6/15/15 516,960
500,000 BBB/A3 Texas Municipal Gas Acquisition
& Supply Corp., III, 5.0%, 12/15/15 530,790
---------------
$ 1,547,695
-----------------------------------------------------------------------------------------------------------
Higher Municipal Education -- 0.2%
690,000 2.70 NR/A2 Massachusetts Health & Educational
Facilities Authority, Floating Rate
Note, 10/1/37 $ 697,197
500,000 AA/Aa1 University of California, 0.966%,
5/15/17 484,575
---------------
$ 1,181,772
-----------------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.2%
1,000,000 A-/Baa1 County of Power Idaho, 5.625%,
10/1/14 $ 999,920
-----------------------------------------------------------------------------------------------------------
Municipal Power -- 0.2%
890,000 1.06 NR/A1 South Carolina State Public Service
Authority, Floating Rate Note, 6/1/15 $ 892,163
-----------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.1%
500,000 NR/NR North Texas Tollway Authority,
2.441%, 9/1/13 $ 500,030
-----------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $6,199,883) $ 6,208,582
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 67
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 1.1%**
MATERIALS -- 0.1%
Metal & Glass Containers -- 0.1%
194,025 4.50 B/B1 BWAY Holding Co., Initial Term
Loan, 8/6/17 $ 195,965
-----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
99,250 5.25 BB+/Ba1 Fortescue Metals Group, Ltd., Term
Loan, 10/18/17 $ 99,753
---------------
Total Materials $ 295,718
-----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Aerospace & Defense -- 0.1%
246,875 3.75 BBB-/Ba1 Spirit Aerosystems, Inc., Term B
Loan, 4/18/19 $ 248,727
-----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.0%+
111,896 4.50 BB+/Ba1 Terex Corp., New US Term Loan B,
4/28/17 $ 113,378
-----------------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.0%+
240,275 4.50 BB-/Ba3 WESCO International, Inc., Tranche
Term B-1 Loan, 12/12/19 $ 242,326
---------------
Total Capital Goods $ 604,431
-----------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.0%+
Apparel, Accessories & Luxury
Goods -- 0.0%+
101,582 3.25 BBB-/Ba1 PVH Corp., Tranche B Term Loan,
2/13/20 $ 102,035
---------------
Total Consumer Durables & Apparel $ 102,035
-----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Casinos & Gaming -- 0.1%
348,250 3.50 BB/Ba2 MGM Resorts International, Term B
Loan, 12/20/19 $ 347,960
425,804 3.75 BBB-/Ba1 Penn National Gaming, Inc., Term B
Facility Loan, 7/14/18 427,499
---------------
$ 775,459
---------------
Total Consumer Services $ 775,459
-----------------------------------------------------------------------------------------------------------
MEDIA -- 0.1%
Movies & Entertainment -- 0.1%
227,215 3.75 NR/Baa3 Cinedigm Digital Funding I LLC, Term
Loan, 2/28/18 $ 228,067
The accompanying notes are an integral part of these financial statements.
68 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Movies & Entertainment -- (continued)
168,000 0.00 BB/Ba3 Live Nation Entertainment, Inc., Term
B-1 Loan, 8/16/20 $ 168,525
---------------
$ 396,592
---------------
Total Media $ 396,592
-----------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Automotive Retail -- 0.2%
911,400 4.25 BB/Ba1 Chrysler Group LLC, Term Loan B,
5/24/17 $ 924,142
---------------
Total Retailing $ 924,142
-----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.1%
Health Care Facilities -- 0.1%
367,918 3.76 BB/Ba2 Community Health Systems, Inc.,
Extended Term Loan, 1/25/17 $ 370,361
---------------
Total Health Care Equipment
& Services $ 370,361
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial
Services -- 0.1%
500,000 2.25 BBB-/Baa3 Fresenius US Finance I, Inc., Tranche B
Term Loan, 8/7/19 $ 500,938
-----------------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.0%+
148,129 3.25 BB-/Ba2 LPL Holdings, Inc., 2013 Incremental
Tranche B Term Loan, 3/29/19 $ 147,573
---------------
Total Diversified Financials $ 648,511
-----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Internet Software & Services -- 0.1%
244,375 4.00 BB+/Ba3 Autotrader.com, Inc., Tranche B-1
Term Loan, 12/15/16 $ 246,717
-----------------------------------------------------------------------------------------------------------
IT Consulting & Other
Services -- 0.0%+
166,042 3.94 BB/Ba3 SunGard Data Systems, Inc., Tranche C
Term Loan, 2/28/17 $ 166,845
---------------
Total Software & Services $ 413,562
-----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.1%
Communications Equipment -- 0.1%
465,638 4.00 BBB-/Ba3 Riverbed Technology, Inc., Term
Loan, 12/18/19 $ 469,945
---------------
Total Technology Hardware
& Equipment $ 469,945
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 69
Schedule of Investments | 8/31/13 (continued)
------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Independent Power Producers &
Energy Traders -- 0.1%
332,502 3.75 BB+/Ba1 AES Corp., Virginia, 2013 Other Term
Loan, 6/1/18 $ 335,724
----------------
Total Utilities $ 335,724
------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $5,257,475) $ 5,336,480
------------------------------------------------------------------------------------------------------------
TEMPORARY CASH
INVESTMENTS -- 3.0%
Repurchase Agreement -- 3.0%
14,430,000 Deutschebank AG, 0.05%, dated
8/30/13, repurchase price of
$14,430,000 plus accrued interest
on 9/3/13 collateralized by
the following:
$11,326,434 U.S. Treasury Strip,
0.0-4.25%, 11/15/13-8/15/43
$833,201 U.S. Treasury Notes,
1.0-3.625%, 1/31/19-8/15/21
$2,566,925 Treasury Bond,
2.375-8.875%, 2/15/19-2/15/43 $ 14,430,000
------------------------------------------------------------------------------------------------------------
Commercial Paper -- 0.0%+
350,000 0.43 AA-/Aa3 Svenska Handelsbanken New York
NY, Floating Rate Note, 11/17/14 350,090
----------------
$ 14,780,090
------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $14,780,000) $ 14,780,090
------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 101.9%
(Cost $498,231,778) (a) $ 496,185,790
------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (1.9)% $ (9,131,346)
------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 487,054,444
============================================================================================================
NR Not rated by either S&P or Moody's.
WR Rating withdrawn by either S&P or Moody's.
(Perpetual) Security with no stated maturity date.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
REIT Real Estate Investment Trust.
+ Amount rounds to less than 0.1%.
(Cat Bond) Catastrophe bond is a high-yield debt instrument that is usually
insurance linked and meant to raise money in case of a
catastrophe.
The accompanying notes are an integral part of these financial statements.
70 Pioneer Short Term Income Fund | Annual Report | 8/31/13
(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, 2013, the value of these securities
amounted to $94,434,117 or 19.4% of total net assets.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major United
States banks, (iii) the certificate of deposit rate or (iv) other
base lending rates used by commercial lenders. The rate shown is
the coupon rate at period end.
(a) At August 31, 2013, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $498,794,484 was
as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 2,511,081
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (5,119,775)
------------
Net unrealized depreciation $(2,608,694)
============
(b) Debt obligation with a variable interest rate. Rate shown is rate
at end of period.
(c) Security is valued using fair value methods (other than prices
supplied by independent pricing services). See Notes To Financial
Statements -- Note 1A.
(d) Security represents the interest only portion payments on a pool
of underlying mortgages or mortgage-backed securities.
(e) Security issued with a zero coupon. Income is earned through
accretion of discount.
(f) Strips: Separate trading of Registered interest and principal of
securities.
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
CAD Canadian Dollar
Purchases and sales of securities (excluding temporary cash investments) for the
year ended August 31, 2013 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government $138,129,697 $14,885,648
Other Long-Term Securities $200,927,941 $66,140,058
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.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) are categorized as
Level 3. See Notes to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 71
Schedule of Investments | 8/31/13 (continued)
The following is a summary of the inputs used as of August 31, 2013, in valuing
the Fund's assets:
------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------
Preferred Stocks $ -- $ -- $413,767 $ 413,767
Asset Backed Securities -- 76,727,254 -- 76,727,254
Collateralized Mortgage Obligations -- 159,179,360 -- 159,179,360
Corporate Bonds -- 116,505,497 263,900 116,769,397
U.S. Government Agency Obligations -- 116,770,860 -- 116,770,860
Municipal Bonds -- 6,208,582 -- 6,208,582
Senior Floating Rate Loan Interests -- 5,336,480 -- 5,336,480
Temporary Cash Investments -- 14,780,090 -- 14,780,090
------------------------------------------------------------------------------------------
Total $ -- $ 495,508,123 $677,667 $496,185,790
==========================================================================================
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
--------------------------------------------------------------------------------
Preferred Corporate
Stocks Bonds Total
--------------------------------------------------------------------------------
Balance as of 8/31/12 $ -- $ -- $ --
Realized gain (loss)(1) -- -- --
Change in unrealized
appreciation (depreciation)(2) 13,767 13,900 27,667
Net purchases (sales) 400,000 250,000 650,000
Transfers in and out of Level 3 -- -- --
--------------------------------------------------------------------------------
Balance as of 8/31/13 $ 413,767 $ 263,900 $ 677,667
================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized gain (loss) on investments in the Statement of
Operations.
* Transfers are calculated on the beginning of period values. During the year
ended August 31, 2013, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments still
held as of 8/31/13 $ 27,667
-----------
The accompanying notes are an integral part of these financial statements.
72 Pioneer Short Term Income Fund | Annual Report | 8/31/13
Statement of Assets and Liabilities | 8/31/13
ASSETS:
Investment in securities (cost $498,231,778) $496,185,790
Cash 2,310,576
Foreign currencies, at value (cost $86,209) 84,674
Receivables --
Investment securities sold 117,718
Fund shares sold 6,073,874
Interest 1,188,907
Due from Pioneer Investment Management, Inc. 26,078
Prepaid expenses 67,198
----------------------------------------------------------------------------------------
Total assets $506,054,815
----------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 18,001,305
Fund shares repurchased 520,027
Dividends 305,167
Due to affiliates 81,639
Accrued expenses 92,233
----------------------------------------------------------------------------------------
Total liabilities $ 19,000,371
----------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $497,703,324
Undistributed net investment income 15,510
Accumulated net realized loss on investments, futures contracts
and foreign currency transactions (8,616,867)
Net unrealized depreciation on investments (2,045,988)
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (1,535)
----------------------------------------------------------------------------------------
Total net assets $487,054,444
========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, Unlimited number of shares authorized)
Class A (based on $169,586,973/17,550,584 shares) $ 9.66
Class B (based on $1,350,887/139,940 shares) $ 9.65
Class C (based on $52,072,393/5,398,411 shares) $ 9.65
Class C2 (based on $25,963/2,691 shares) $ 9.65
Class Y (based on $264,018,228/27,373,585 shares) $ 9.64
MAXIMUM OFFERING PRICE:
Class A ($9.66 (divided by) 97.5%) $ 9.91
========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 73
Statement of Operations
For the Year Ended 8/31/13
INVESTMENT INCOME:
Interest $ 8,314,397
------------------------------------------------------------------------------------------
Total investment income $ 8,314,397
------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,113,321
Transfer agent fees and expenses
Class A 32,976
Class B 5,028
Class C 12,811
Class Y 2,813
Distribution fees
Class A 206,293
Class B 14,054
Class C 281,052
Class C2 9
Shareholder communications expense 211,304
Administrative reimbursements 103,912
Custodian fees 68,571
Registration fees 85,615
Professional fees 62,022
Printing expense 32,629
Fees and expenses of nonaffiliated trustees 6,271
Miscellaneous 113,054
------------------------------------------------------------------------------------------
Total expenses $ 2,351,735
------------------------------------------------------------------------------------------
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (90,751)
------------------------------------------------------------------------------------------
Net expenses $ 2,260,984
------------------------------------------------------------------------------------------
Net investment income $ 6,053,413
------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FOREIGN CURRENCY TRANSACTIONS, AND FUTURES CONTRACTS:
Net realized gain (loss) on:
Investments $ (208,079)
Futures contracts 77,023
Class actions 6,725
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (8,032) $ (132,363)
------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (1,214,396)
Futures contracts 24,375
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (285) $ (1,190,306)
------------------------------------------------------------------------------------------
Net loss on investments and foreign currency transactions $ (1,322,669)
------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 4,730,744
==========================================================================================
The accompanying notes are an integral part of these financial statements.
74 Pioneer Short Term Income Fund | Annual Report | 8/31/13
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------
Year Ended Year Ended
8/31/13 8/31/12
-----------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 6,053,413 $ 6,056,993
Net realized gain (loss) on investments, class actions,
futures contracts and foreign currency transactions (132,363) 35,525
Change in net unrealized appreciation (depreciation) on
investments, futures contracts and foreign
currency transactions (1,190,306) 1,748,029
-----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 4,730,744 $ 7,840,547
-----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.23 and $0.30 per share, respectively) $ (1,944,653) $ (1,713,026)
Class B ($0.14 and $0.21 per share, respectively) (20,529) (54,200)
Class C ($0.16 and $0.22 per share, respectively) (497,174) (549,094)
Class C2* ($0.01 and $0.00 per share, respectively) (29) --
Class Y ($0.26 and $0.33 per share, respectively) (4,319,285) (4,204,921)
-----------------------------------------------------------------------------------------------
Total distributions to shareowners $ (6,781,670) $ (6,521,241)
===============================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $367,436,637 $ 89,439,000
Reinvestment of distributions 3,364,702 2,553,715
Cost of shares repurchased (96,077,090) (138,523,080)
-----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $274,724,249 $ (46,530,365)
-----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $272,673,323 $ (45,211,059)
-----------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of year 214,381,121 259,592,180
-----------------------------------------------------------------------------------------------
End of year $487,054,444 $ 214,381,121
-----------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net investment income $ 15,510 $ (56,943)
===============================================================================================
* Class C2 shares were first publicly offered on August 1, 2013.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 75
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
------------------------------------------------------------------------------------------
Class A
Shares sold 15,001,697 $145,544,235 3,998,534 $ 38,870,067
Reinvestment of distributions 164,880 1,601,577 156,155 1,504,946
Less shares repurchased (3,297,973) (32,054,482) (10,306,515) (99,329,477)
------------------------------------------------------------------------------------------
Net increase (decrease) 11,868,604 $115,091,330 (6,151,826) $ (58,954,464)
==========================================================================================
Class B
Shares sold or exchanged 79,686 $ 774,285 106,867 $ 1,028,704
Reinvestment of distributions 2,078 20,189 5,256 50,606
Less shares repurchased (116,310) (1,131,897) (214,898) (2,067,368)
------------------------------------------------------------------------------------------
Net decrease (34,546) $ (337,423) (102,775) $ (988,058)
==========================================================================================
Class C
Shares sold 3,898,344 $ 37,731,520 1,089,706 $ 10,473,902
Reinvestment of distributions 43,153 418,409 48,157 463,195
Less shares repurchased (1,103,953) (10,700,367) (1,016,608) (9,776,637)
------------------------------------------------------------------------------------------
Net increase 2,837,544 $ 27,449,562 121,255 $ 1,160,460
==========================================================================================
Class C2*
Shares sold 2,690 $ 25,960 -- $ --
Reinvestment of distributions 1 14 -- --
------------------------------------------------------------------------------------------
Net increase 2,691 $ 25,974 -- $ --
==========================================================================================
Class Y
Shares sold 18,944,925 $183,360,637 4,058,961 $ 39,066,327
Reinvestment of distributions 136,685 1,324,513 55,564 534,968
Less shares repurchased (5,380,101) (52,190,344) (2,843,245) (27,349,598)
------------------------------------------------------------------------------------------
Net increase 13,701,509 $132,494,806 1,271,280 $ 12,251,697
==========================================================================================
* Class C2 shares were first publicly offered on August 1, 2013.
The accompanying notes are an integral part of these financial statements.
76 Pioneer Short Term Income Fund | Annual Report | 8/31/13
Financial Highlights
--------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/13 8/31/12 8/31/11 8/31/10 8/31/09
--------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.72 $ 9.64 $ 9.75 $ 9.40 $ 9.52
--------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.21 $ 0.28 $ 0.23 $ 0.31 $ 0.37
Net realized and unrealized gain (loss) on investments and foreign
currency transactions (0.04) 0.10 (0.07) 0.36 (0.03)
--------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.17 $ 0.38 $ 0.16 $ 0.67 $ 0.34
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.23) (0.30) (0.27) (0.32) (0.46)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.06) $ 0.08 $ (0.11) $ 0.35 $ (0.12)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.66 $ 9.72 $ 9.64 $ 9.75 $ 9.40
==========================================================================================================================
Total return* 1.71% 4.00% 1.69% 7.19% 3.90%
Ratio of net expenses to average net assets+ 0.88% 0.90% 0.90% 0.90% 0.90%
Ratio of net investment income to average net assets+ 1.95% 2.94% 2.48% 2.78% 3.59%
Portfolio turnover rate 28% 43% 54% 42% 43%
Net assets, end of period (in thousands) $169,587 $55,212 $114,080 $130,524 $19,544
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.98% 1.30% 0.99% 1.06% 1.15%
Net investment income 1.85% 2.54% 2.39% 2.61% 3.35%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.88% 0.90% 0.90% 0.90% 0.90%
Net investment income 1.95% 2.94% 2.48% 2.78% 3.59%
==========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 77
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/13 8/31/12 8/31/11 8/31/10 8/31/09
---------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.71 $ 9.63 $ 9.75 $ 9.39 $ 9.50
---------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.12 $ 0.20 $ 0.14 $ 0.22 $ 0.28
Net realized and unrealized gain (loss) on investments and foreign
currency transactions (0.04) 0.09 (0.07) 0.37 (0.01)
---------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.08 $ 0.29 $ 0.07 $ 0.59 $ 0.27
---------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.14) (0.21) (0.19) (0.23) (0.38)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.06) $ 0.08 $ (0.12) $ 0.36 $ (0.11)
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.65 $ 9.71 $ 9.63 $ 9.75 $ 9.39
=====================================================================================================================
Total return* 0.80% 3.08% 0.68% 6.35% 3.06%
Ratio of net expenses to average net assets+ 1.80% 1.80% 1.80% 1.80% 1.80%
Ratio of net investment income to average net assets+ 1.33% 2.10% 1.64% 2.37% 3.15%
Portfolio turnover rate 28% 43% 54% 42% 43%
Net assets, end of period (in thousands) $ 1,351 $1,695 $ 2,671 $4,822 $ 6,582
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 2.02% 1.99% 1.87% 1.88% 1.95%
Net investment income 1.11% 1.90% 1.57% 2.29% 3.00%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.80% 1.80% 1.80% 1.80% 1.80%
Net investment income 1.33% 2.10% 1.64% 2.37% 3.15%
=====================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
78 Pioneer Short Term Income Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/13 8/31/12 8/31/11 8/31/10 8/31/09
-----------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.70 $ 9.62 $ 9.73 $ 9.38 $ 9.49
-----------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.15 $ 0.20 $ 0.16 $ 0.23 $ 0.29
Net realized and unrealized gain (loss) on investments and foreign
currency transactions (0.04) 0.10 (0.07) 0.36 (0.01)
-----------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.11 $ 0.30 $ 0.09 $ 0.59 $ 0.28
-----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.16) (0.22) (0.20) (0.24) (0.39)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.05) $ 0.08 $ (0.11) $ 0.35 $ (0.11)
-----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.65 $ 9.70 $ 9.62 $ 9.73 $ 9.38
=======================================================================================================================
Total return* 1.09% 3.18% 0.93% 6.32% 3.14%
Ratio of net expenses to average net assets+ 1.53% 1.71% 1.67% 1.70% 1.79%
Ratio of net investment income to average net assets+ 1.39% 2.08% 1.61% 2.27% 2.74%
Portfolio turnover rate 28% 43% 54% 42% 43%
Net assets, end of period (in thousands) $52,072 $24,830 $23,464 $20,507 $ 8,549
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.54% 1.71% 1.67% 1.70% 1.79%
Net investment income 1.38% 2.08% 1.61% 2.27% 2.74%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.53% 1.71% 1.67% 1.70% 1.79%
Net investment income 1.39% 2.08% 1.61% 2.27% 2.74%
=======================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 79
Financial Highlights (continued)
-----------------------------------------------------------------------------------
8/1/13 (a)
to 8/31/13
-----------------------------------------------------------------------------------
Class C2
Net asset value, beginning of period $ 9.65
-----------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.02
Net realized and unrealized gain (loss) on investments and foreign
currency transactions (0.01)
-----------------------------------------------------------------------------------
Net increase from investment operations $ 0.01
-----------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.01)
-----------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ --
-----------------------------------------------------------------------------------
Net asset value, end of period $ 9.65
===================================================================================
Total return* 0.15%
Ratio of net expenses to average net assets+ 1.01%**
Ratio of net investment income to average net assets+ 2.07%**
Portfolio turnover rate 28%
Net assets, end of period (in thousands) $ 26
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.01%**
Net investment income 2.07%**
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.01%**
Net investment income 2.07%**
===================================================================================
* 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.
+ Ratios with no reduction for fees paid indirectly.
(a) Class C2 shares were first publicly offered on August 1, 2013.
** Annualized.
The accompanying notes are an integral part of these financial statements.
80 Pioneer Short Term Income Fund | Annual Report | 8/31/13
---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/13 8/31/12 8/31/11 8/31/10 8/31/09
---------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.70 $ 9.63 $ 9.74 $ 9.38 $ 9.51
---------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.24 $ 0.31 $ 0.27 $ 0.34 $ 0.40
Net realized and unrealized gain (loss) on investments and foreign
currency transactions (0.04) 0.09 (0.07) 0.37 (0.04)
---------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.20 $ 0.40 $ 0.20 $ 0.71 $ 0.36
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.26) (0.33) (0.31) (0.35) (0.49)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.06) $ 0.07 $ (0.11) $ 0.36 $ (0.13)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.64 $ 9.70 $ 9.63 $ 9.74 $ 9.38
===========================================================================================================================
Total return* 2.03% 4.24% 2.06% 7.64% 4.11%
Ratio of net expenses to average net assets+ 0.59% 0.61% 0.54% 0.57% 0.63%
Ratio of net investment income to average net assets+ 2.34% 3.18% 2.78% 3.52% 4.36%
Portfolio turnover rate 28% 43% 54% 42% 43%
Net assets, end of period (in thousands) $264,018 $132,645 $119,377 $115,153 $97,370
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.59% 0.61% 0.54% 0.57% 0.63%
Net investment income 2.34% 3.18% 2.78% 3.52% 4.36%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.59% 0.61% 0.54% 0.57% 0.63%
Net investment income 2.34% 3.18% 2.78% 3.52% 4.36%
===========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 81
Notes to Financial Statements | 8/31/13
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 B, Class C,
Class C2 and Class Y shares. Class C2 shares were first publicly offered on
August 1, 2013. Effective as of the close of business on December 31, 2009,
Class B shares are no longer offered to new or existing shareholders, except
that dividends and/or capital gain distributions may continue to be reinvested
in Class B shares, and shareholders may exchange their Class B shares for Class
B shares of other Pioneer funds, as permitted by existing exchange privileges.
Each class of shares represents an interest in the same portfolio of investments
of the Fund and has identical rights (based on relative net asset values) to
assets and liquidation proceeds. Share classes can bear different rates of
class-specific fees and expenses, such as transfer agent and distribution fees.
Differences in class-specific fees and expenses will result in differences in
net investment income and, therefore, the payment of different dividends from
net investment income earned by each class. The Amended and Restated Declaration
of Trust of the Fund gives the Board the flexibility to specify either per-share
voting or dollar-weighted voting when submitting matters for shareholder
approval. Under per-share voting, each share of a class of the Fund is entitled
to one vote. Under dollar-weighted voting, a shareholder's voting power is
determined not by the number of shares owned, but by the dollar value of the
shares on the record date. Each share class has exclusive voting rights with
respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class Y
shares. Class B shares convert to Class A shares approximately eight years after
the date of purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
82 Pioneer Short Term Income Fund | Annual Report | 8/31/13
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Senior
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the last
available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation. Senior loans for which no reliable
price quotes are available will be valued using inputs/data furnished by
Loan Pricing Corporation through the use of pricing matrices to determine
valuations. Fixed income securities with remaining maturity of more than
sixty days are valued at prices supplied by independent pricing services,
which consider such factors as market prices, market events, quotations from
one or more brokers, Treasury spreads, yields, maturities and ratings.
Valuations may be supplemented by dealers and other sources, as required.
Short-term fixed income securities with remaining maturities of sixty days
or less generally are valued at amortized cost.
Securities or senior loans for which independent pricing services are unable
to supply prices or for which market prices and/or quotations are not
readily available or are considered to be unreliable are valued by or at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of the Board of
Trustees. The Fund may use fair value methods if it is determined that a
significant event has occurred after the close of the exchange or market on
which the security trades and prior to the determination of the Fund's net
asset value. Examples of a significant event might include political or
economic news, corporate restructurings, natural disasters, terrorist
activity or trading halts. Thus, the valuation of the Fund's securities may
differ significantly from exchange prices and such differences could be
material. Pioneer Investment Management, Inc. (PIM), the Fund's investment
adviser, 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.
At August 31, 2013, three securities were valued using fair value methods
(in addition to securities valued using prices supplied by independent
pricing services) amounting to 0.1% of net assets. Inputs used when
Pioneer Short Term Income Fund | Annual Report | 8/31/13 83
applying fair value methods to value a security may include credit ratings,
the financial condition of the company, current market conditions and
comparable securities.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income. Interest income,
including interest on income bearing cash accounts, is recorded on the
accrual basis, net of unrecoverable foreign taxes withheld at the applicable
country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the statement of operations from the
effects of changes in market price of those securities but are included with
the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded in
the Fund's financial statements. The Fund records realized gains and losses
at the time a portfolio hedge is offset by entry into a closing transaction
or extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (see Note 6).
84 Pioneer Short Term Income Fund | Annual Report | 8/31/13
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of August 31, 2013, the Fund did not have any interest and penalties
related to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax years for the
prior three fiscal years remain subject to examination by federal and state
tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences. At
August 31, 2013, the Fund reclassified $628,614 to decrease paid-in capital,
$800,710 to increase undistributed net investment income, and $172,096 to
increase accumulated net realized loss on investments, futures contracts and
foreign currency transactions to reflect permanent book/tax differences.
These adjustments have no impact on net assets or the results of operations.
At August 31, 2013, the Fund was permitted to carry forward indefinitely
$482,152 of short-term losses and $980,497 of long-term losses under the
Regulated Investment Company Modernization Act of 2010 without limitation.
Additionally, at August 31, 2013, the Fund had a net capital loss
carryforward of $6,781,140 of which the following amounts will expire
between 2014 and 2019 if not utilized: $975,752 in 2014, $2,520,831 in 2015,
$667,204 in 2016, $566,527 in 2017, $1,062,928 in 2018 and $987,898 in 2019.
Included in this amount is $6,944,867 of capital losses which resulted from
the reorganizations with Regions Morgan Keegan Select Limited Maturity Fixed
Income Fund on May 15, 2009 and may be subject to limitations imposed by the
Internal Revenue Code. Since new losses are required to be utilized prior to
losses incurred in pre-enactment tax years, pre-enactment capital loss
carryforwards may be more likely to expire unused.
The tax character of distributions paid during the fiscal years ended August
31, 2013 and August 31, 2012 were as follows:
----------------------------------------------------------------------------
2013 2012
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $6,781,670 $6,521,241
----------------------------------------------------------------------------
Total $6,781,670 $6,521,241
============================================================================
Pioneer Short Term Income Fund | Annual Report | 8/31/13 85
The following shows the components of distributable earnings on a federal
income tax basis at August 31, 2013:
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 549,470
Capital loss carryforward (8,243,789)
Current year dividend payable (305,167)
Unrealized depreciation (2,649,394)
----------------------------------------------------------------------------
Total $ (10,648,880)
============================================================================
The difference between book-basis and tax-basis net unrealized depreciation
is attributable to the tax adjustments relating to catastrophe bonds and the
tax treatment of premium and amortization.
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 $19,153 in underwriting commissions on the sale of Class A shares
during the year ended August 31, 2013.
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. During the year ended August 31, 2013, the Fund recognized gains
of $6,725 in settlement of class action lawsuits from several different
companies, as reflected on the Statement of Operations.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, Class C, and Class C2 shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class B, Class C, Class C2 and Class
Y shares can reflect different transfer agent and distribution expense
rates.
86 Pioneer Short Term Income Fund | Annual Report | 8/31/13
G. Risks
When interest rates rise, the prices of fixed-income securities in the Fund
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Fund will generally rise. Investments in the
Fund are subject to possible loss due to the financial failure of underlying
issuers and their inability to meet their debt obligations. The Fund's
prospectus contains unaudited information regarding the Fund's principal
risks. Please refer to that document when considering the Fund's principal
risks.
H. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices and currency exchange rates or to seek to
increase total return. Futures contracts are types of derivatives. All
futures contracts entered into by the Fund are traded on a futures exchange.
Upon entering into a futures contract, the Fund is required to deposit with
a broker an amount of cash or securities equal to the minimum "initial
margin" requirements of the associated futures exchange. Subsequent payments
for futures contracts ("variation margin") are paid or received by the Fund,
depending on the daily fluctuation in the value of the contracts, and are
recorded by the Fund as unrealized gains or losses. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between the
opening and closing value of the contract as well as any fluctuation in
foreign currency exchange rates where applicable. The use of futures
contracts involves, to varying degrees, elements of market, interest rate,
currency exchange rate and counterparty risks, which may exceed the amounts
recognized by the Fund. Changes in value of the contracts may not directly
correlate to the changes in value of the underlying securities. These risks
may decrease the effectiveness of the Fund's hedging strategies and
potentially result in a loss. The average number of contracts open for the
year ended August 31, 2013 was 35. There were no futures contracts
outstanding at August 31, 2013.
I. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. PIM is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 87
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. Prior to July 1, 2013, the Fund paid management fees calculated at the
annual rate of 0.40% of the Fund's average daily net assets. For the year ended
August 31, 2013, the effective management fee (excluding waivers and/or
assumption of expenses) was equivalent to 0.39% of the Fund's average daily net
assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 0.85%, 1.80%, 1.15% and 1.15% of the average
daily net assets attributable to Class A, Class B, Class C, and Class C2 shares,
respectively. Fees waived and expenses reimbursed during the year ended August
31, 2013 are reflected on the Statement of Operations. These expense limitations
are in effect through January 1, 2015 for Class A, Class B, Class C, and Class
C2 shares. The expense limit in effect through June 1, 2012 for Class Y shares
was 0.79%. There can be no assurance that PIM will extend the expense limitation
agreement for a class of shares beyond the dates referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting, and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$17,796 in management fees, administrative costs and certain other
reimbursements payable to PIM at August 31, 2013.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended August 31, 2013, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $131,820
Class B 1,530
Class C 17,291
Class C2 --
Class Y 60,663
--------------------------------------------------------------------------------
Total $211,304
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $58,890 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at August 31, 2013.
88 Pioneer Short Term Income Fund | Annual Report | 8/31/13
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B and Class C
shares. Pursuant to the Plan, the Fund pays PFD 0.20% 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. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class B. The fee for Class B shares
consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class B shares. Further pursuant to the
Plan, the Fund also pays PFD 0.50% of the average daily net assets attributable
to Class C and Class C2 shares. The fee for Class C and Class C2 shares consists
of a 0.25% service fee and a 0.25% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C and Class C2 shares. Included in "Due to affiliates"
reflected on the Statement of Assets and Liabilities is $4,953 in distribution
fees payable to PFD at August 31, 2013.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Class B shares that are redeemed within three
years of purchase are subject to a CDSC at declining rates beginning at 2.00%,
based on the lower of cost or market value of shares being redeemed. Redemptions
of Class C and Class C2 shares within one year of purchase are subject to a CDSC
of 1.00%, based on the lower of cost or market value of shares being redeemed.
Shares purchased as part of an exchange remain subject to any CDSC that applied
to the original purchase of those shares. There is no CDSC for Class Y shares.
Proceeds from the CDSCs are paid to PFD. For the year ended August 31, 2013,
CDSCs in the amount of $39,190 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS, which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended August 31, 2013, the Fund's expenses were
not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At August 31, 2013, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The Fund held settlement contracts for one
month during the year ended August 31, 2013. The value of
Pioneer Short Term Income Fund | Annual Report | 8/31/13 89
these contracts was $188,216. The average value of portfolio hedge contracts
open for two months during the year ended August 31, 2013 was $220,819. There
were no open portfolio or settlement hedges at August 31, 2013.
7. Additional Disclosures about Derivative Instruments and Hedging Activities:
The effect of derivative instruments on the Statement of Operations for the
year ended August 31, 2013 was as follows:
--------------------------------------------------------------------------------------------
Change in
Derivatives Not Realized Unrealized
Accounted for as Gain or Appreciation or
Hedging Instruments Loss on (Depreciation)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
--------------------------------------------------------------------------------------------
Forward foreign Net realized gain (loss) on
currency portfolio forward foreign currency
hedge contracts contracts and other assets
and liabilities denominated
in foreign currencies $ (9,542)
Forward foreign Change in net unrealized
currency portfolio appreciation (depreciation)
hedge contracts on forward foreign currency
contracts and other assets
and liabilities denominated
in foreign currencies $ 6,621
Interest rate futures Net realized gain (loss) on
futures contracts $77,023
Interest rate futures Change in net unrealized
appreciation (depreciation)
on futures contracts $24,375
8. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect as of February 15, 2013 is in the amount of $215
million. Under such facility, depending on the type of loan, interest on
borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.90% on
an annualized basis, or the alternate base rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
date, (b) 2% plus the federal funds rate on the borrowing date and (c) 2% plus
the overnight eurodollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in the credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement. For the year ended August 31, 2013, the Fund had no
borrowings under the credit facility.
90 Pioneer Short Term Income Fund | Annual Report | 8/31/13
Report of Independent Registered Public Accounting Firm
To the Trustees and Shareholders of
Pioneer Short Term Income Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Short Term Income Fund (the Fund), as of
August 31, 2013, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of August 31, 2013 by correspondence with the custodian and
brokers and agent banks or by other appropriate auditing procedures where
replies from brokers or others were not received. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Short Term Income Fund at August 31, 2013, 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 periods
indicated therein, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
October 28, 2013
Pioneer Short Term Income Fund | Annual Report | 8/31/13 91
ADDITIONAL INFORMATION (unaudited)
The percentage of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 84.27%.
92 Pioneer Short Term Income Fund | Annual Report | 8/31/13
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy voting policies and procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees, except
Mr. Cogan and Mr. West, serves as a trustee of each of the 52 U.S. registered
investment portfolios for which Pioneer serves as investment adviser (the
"Pioneer Funds"). Each of Mr. Cogan and Mr. West serves as a Trustee of 47
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 | 8/31/13 93
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 (62) Trustee since 2006. Chairman and Chief Executive Officer, Director, Broadridge Financial
Chairman of the Board and Serves until a Quadriserv, Inc. (technology products for Solutions, Inc. (investor
Trustee successor trustee is securities lending industry) (2008 - communications and securities
elected or earlier present); private investor (2004 - 2008); processing provider for
retirement or and Senior Executive Vice President, The financial services industry)
removal. Bank of New York (financial and securities (2009 - present); Director,
services) (1986 - 2004) Quadriserv, Inc. (2005 -
present); and Commissioner, New
Jersey State Civil Service
Commission (2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (69) Trustee since 2005. Managing Partner, Federal City Capital Director of Enterprise
Trustee Serves until a Advisors (corporate advisory services Community Investment, Inc.
successor trustee is company) (1997 - 2004 and 2008 - present); (privately-held affordable
elected or earlier Interim Chief Executive Officer, Oxford housing finance company) (1985
retirement or Analytica, Inc. (privately held research - 2010); Director of Oxford
removal. and consulting company) (2010); Executive Analytica, Inc. (2008 -
Vice President and Chief Financial Officer, present); Director of The Swiss
I-trax, Inc. (publicly traded health care Helvetia Fund, Inc. (closed-end
services company) (2004 - 2007); and fund) (2010 - present); and
Executive Vice President and Chief Director of New York Mortgage
Financial Officer, Pedestal Inc. Trust (publicly traded mortgage
(internet-based mortgage trading company) REIT) (2004 - 2009, 2012 -
(2000 - 2002) present)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (68) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - Funds Investment Trust and
successor trustee is present) Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or portfolios in fund complex)
removal. (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
94 Pioneer Short Term Income Fund | Annual Report | 8/31/13
------------------------------------------------------------------------------------------------------------------------------------
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 (66) Trustee since 2004. Founding Director, Vice President and None
Trustee Serves until a Corporate Secretary, The Winthrop Group,
successor trustee is Inc. (consulting firm) (1982-present);
elected or earlier Desautels Faculty of Management, McGill
retirement or University (1999 - present); and Manager of
removal. Research Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (65) Trustee since 2004. President and Chief Executive Officer, Director of New America High
Trustee Serves until a Newbury, Piret & Company, Inc. (investment Income Fund, Inc. (closed-end
successor trustee is banking firm) (1981 - present) investment company) (2004 -
elected or earlier present); and member, Board of
retirement or Governors, Investment Company
removal. Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (84) Trustee since 2004. Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss Helvetia
Trustee Serves until a (law firm) (1998 - present); and Partner, Fund, Inc. (closed-end
successor trustee is Sullivan & Cromwell LLP (prior to 1998) investment company); and
elected or earlier Director, Invesco, Ltd.
retirement or (formerly AMVESCAP, PLC)
removal. (investment manager)
(1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Short Term Income Fund | Annual Report | 8/31/13 95
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (87)* Trustee since 2004. Non-Executive Chairman and a director of None
Trustee, President and Serves until a Pioneer Investment Management USA Inc.
Chief Executive Officer of successor trustee is ("PIM-USA"); Chairman and a director of
the Fund elected or earlier Pioneer; Chairman and Director of Pioneer
retirement or Institutional Asset Management, Inc. (since
removal. 2006); Director of Pioneer Alternative
Investment Management Limited (Dublin)
(until October 2011); President and a
director of Pioneer Alternative Investment
Management (Bermuda) Limited and affiliated
funds; Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A.
("PGAM") (until April 2010); Director of
Nano-C, Inc. (since 2003); Director of Cole
Management Inc. (2004 - 2011); Director of
Fiduciary Counseling, Inc. (until December
2011); President of all of the Pioneer
Funds; and Retired Partner, Wilmer Cutler
Pickering Hale and Dorr LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (54)* Trustee since 2007. Director, CEO and President of PIM-USA None
Trustee and Executive Vice Serves until a (since February 2007); Director and
President successor trustee is President of Pioneer and Pioneer
elected or earlier Institutional Asset Management, Inc. (since
retirement or February 2007); Executive Vice President of
removal. all of the Pioneer Funds (since March
2007); Director of PGAM (2007 - 2010); Head
of New Europe Division, PGAM (2000 - 2005);
Head of New Markets Division, PGAM (2005 -
2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
96 Pioneer Short Term Income Fund | Annual Report | 8/31/13
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (48) Since 2004. Serves at Vice President and Associate General None
Secretary the discretion of the Counsel of Pioneer since January 2008 and
Board. Secretary 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 (52) Since 2010. Serves at Fund Governance Director of Pioneer since None
Assistant Secretary the discretion of the December 2006 and Assistant Secretary of
Board. all 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 (50) Since 2010. Serves at Counsel of Pioneer since June 2007 and None
Assistant Secretary the discretion of the Assistant Secretary of all the Pioneer
Board. Funds since June 2010; and Vice President
and Counsel at State Street Bank from
October 2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2008. Serves at Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief the discretion of the Treasurer of all of the Pioneer Funds since
Financial and Accounting Board. March 2008; Deputy Treasurer of Pioneer
Officer of the Fund from March 2004 to February 2008; and
Assistant Treasurer of all of the Pioneer
Funds from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (48) Since 2004. Serves at Assistant Vice President - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of all of
Board. the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (55) Since 2004. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of all of
Board. the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2009. Serves at Fund Administration Manager - Fund Treasury None
Assistant Treasurer the discretion of the of Pioneer since November 2008; Assistant
Board. Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Short Term Income Fund | Annual Report | 8/31/13 97
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (60) Since 2010. Serves at Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer the discretion of the all the Pioneer Funds since March 2010;
Board. Director of Adviser and Portfolio
Compliance at Pioneer since October 2005;
and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003
to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (42) Since 2006. Serves at Director--Transfer Agency Compliance of None
Anti-Money Laundering the discretion of the Pioneer and Anti-Money Laundering Officer
Officer Board. of all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
98 Pioneer Short Term Income Fund | Annual Report | 8/31/13
This page for your notes.
Pioneer Short Term Income Fund | Annual Report | 8/31/13 99
This page for your notes.
100 Pioneer Short Term Income Fund | Annual Report | 8/31/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2013 Pioneer Investments 19427-07-1013
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.
Pioneer Short Term Income Fund:
Fees for audit services provided to the Fund, including fees associated
with the annual filing of its Form N-1A, totaled approximately $35,463
in 2013 and $38,676 in 2012.
(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.
Pioneer Short Term Income Fund:
Audit-Related Fees
Fees for audit services provided to the Fund, including fees
associated with the annual filing of its Form N-1A, totaled
approximately $35,463in 2013 and $38,676 in 2012.
(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.
Pioneer Short Term Income Fund:
FFees for tax compliance services, primarily for tax returns,
totaled approximately $8,131 and $8,290 in 2013
and 2012, respectively.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
Pioneer Short Term Income Fund:
Other Fees
There were no fees for audit-related or other services
provided to the Fund during the fiscal years ended
August 31, 2013 and 2012.
(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, 2013 and 2012,
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 and affiliates,
as previously defined, totaled approximately $8,131 in
2013 and $8,290 in 2012.
(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 Funds 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/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date October 30, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date October 30, 2013
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date October 30, 2013
* Print the name and title of each signing officer under his or her signature.