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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, 2013 through February 28, 2014
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Short Term
Income Fund
--------------------------------------------------------------------------------
Semiannual Report | February 28, 2014
--------------------------------------------------------------------------------
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 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 88
Notes to Financial Statements 97
Approval of Investment Advisory Agreement 105
Trustees, Officers and Service Providers 110
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 1
President's Letter
Dear Shareowner,
A few months into 2014, we still foresee U.S. economic growth matching or
exceeding 2013 levels, despite some weaker economic data releases early in the
year driven in large part by harsh winter weather across much of the continental
U.S. While unemployment remains high, employment has been rising steadily.
Consumer incomes, savings, wealth, and debt-servicing capacity have been solid
buttresses for the recovering housing and auto industries. Industrial activity
is growing only moderately, but current corporate profits are generally solid
and balance sheets appear able to support needed capital spending and dividend*
payouts. Tax hikes, spending restraint and a better economy have meaningfully
cut the federal budget deficit. A modestly improving European economy and
continuing economic improvement in Japan appear likely to result in improving
global growth in 2014, further supporting the U.S. economy. In addition, we feel
that continuing slack in labor markets and capacity utilization offer the
potential for continuing growth without bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve (the Fed)
has begun scaling back its QE (quantitative easing) program, but short-term
interest rates remain near zero, and while Fed Chair Janet Yellen has hinted
that rates may be raised sooner than anticipated, market expectations are still
focused on no earlier than 2015.
There are certainly risks and uncertainties still facing the global economy as
2014 moves along. The European economy, while improving, remains weak, the
Japanese economy faces a tax hike this spring, and a number of emerging market
countries are experiencing difficulties. There are also geopolitical worries
abroad, such as Russia's aggressive move against Ukraine, and more potential
political fights at home, especially during a mid-term election year. While most
of the widely recognized risks we have outlined may already be "priced into" 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 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.
* Dividends are not guaranteed.
2 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
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 seek to 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 | Semiannual Report | 2/28/14 3
Portfolio Management Discussion | 2/28/14
In the following interview, portfolio managers Richard Schlanger and Charles
Melchreit discuss the fixed-income market conditions that prevailed during the
six-month period ended February 28, 2014, and the factors that affected the
performance of Pioneer Short Term Income Fund during the 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-today management of the Fund.
Q How would you describe the market environment for fixed-income investors
during the six-month period ended February 28, 2014?
A Entering the period, we had seen a significant upward movement in market
interest rates, as investors reacted strongly to U.S. Federal Reserve (Fed)
guidance that a "tapering" of its long-term Treasury and mortgage bond
purchases (known as quantitative easing, or QE) was in the offing.
The overriding theme during the six-month period was the market's
adjustment to the shift in Fed policy. While there was a reasonable amount
of interest-rate volatility in response to the flow of economic data,
the overall rate trend was mostly sideways. With the ascension
of Janet Yellen to replace Ben Bernanke as Fed Chair, the market
consensus at the time of Ms. Yellen's nomination and subsequent
confirmation as Chair was that the inevitable withdrawal of the Fed's
monetary support from the economy would remain measured, and with an eye
toward avoiding any disruption of the economic recovery. Market sentiment
also received a boost from a change in tone coming from U.S. budget
negotiators in Washington, who reached a bipartisan agreement in December
2013 that established top-line spending levels for the next two fiscal
years--although actual progress on fiscal policy remained subject to
legislative gridlock.
As the period progressed, there were renewed concerns over the pace of
economic growth, based on a number of soft data releases relating to key
areas such as housing and retail sales. This led to a decline in rates
early in 2014. Data releases remained at less-than-robust levels over the
last several
4 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
weeks of the six-month period, although there was speculation that much of
the weakness was due to the unusually harsh winter weather plaguing most of
the United States.
Throughout the period, the Fed continued to keep short-term rates near
zero, even as it began to scale back its QE bond purchases. Interest rates
actually declined modestly during the full six-month period ended February
28, 2014. To illustrate, the two-year Treasury yield fell by 0.06% (from
0.39% to 0.33%) during the period; the five-year Treasury fell by 0.11%
(from 1.62% to 1.51%); and the 10-year Treasury fell by 0.12% (from 2.78%
to 2.66%). Credit spreads generally narrowed modestly during the six-month
period, as income-oriented investors sought alternatives to Treasuries.
(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 six-month period
ended February 28, 2014?
A Pioneer Short Term Income Fund's Class A shares returned 1.06% at net asset
value during the six-month period ended February 28, 2014, while the Fund's
benchmark the Barclays One- to Three-Year Government/Credit Index (the
Barclays Index), returned 0.77%. During the same six-month period, the
average return of the 482 mutual funds in Morningstar's Short-Term Bond
Funds category was 1.58%, and the average return of the 290 mutual funds in
Lipper's Short Investment-Grade Debt Funds category was 1.28%.
Q What were your principal strategies in managing the Fund's portfolio during
the six-month period ended February 28, 2014, and how did those strategies
affect the Fund's performance?
A Throughout the period, we reduced the Fund's exposure to U.S. Treasury
issues, a reflection of our view that Treasuries have not been valued
attractively compared with credit-sensitive sectors. That decision helped
the Fund's returns relative to the benchmark Barclays Index, as credit-
sensitive sectors outperformed during the six-month period. We also
significantly trimmed the Fund's exposure to home equity loans during the
period, based on valuation concerns, and we invested the proceeds in other
credit-sensitive sectors.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 5
Our allocation of the portfolio's assets among various fixed-income sectors
was the biggest factor in the Fund's benchmark-relative outperformance
during the period. The largest contributors to benchmark-relative
performance came from sectors that are not part of the Barclays Index,
specifically, collateralized mortgage obligations (CMOs) and asset-backed
securities (ABS), such as those backed by auto loans and credit card
receivables. In particular, non-agency CMOs outperformed as investors were
encouraged by the housing recovery we witnessed over much of the six-month
period. The Fund's substantial allocation to ABS has continued to benefit
from strengthened credit-market sentiment as economic conditions and
consumer balance sheets improve.
Within the Fund's allocation to corporate bonds, the portfolio's
overweighting of financials aided returns. Overall, the financials sector
benefited from the largely positive trends in housing and consumer data as
well as a steeper yield curve, which is supportive of bank margins. However,
security selection within financials detracted modestly from the Fund's
benchmark-relative performance during the period.
The Fund maintained a below-market overall duration and corresponding
interest-rate sensitivity throughout the period. The Fund's shorter
duration was a slight detractor from relative returns as interest rates
declined modestly over the full six-month period. At the same time, the
Fund had a somewhat "barbelled" yield-curve positioning, with more than
half of the portfolio allocated to very short-term or floating-rate issues,
balanced by holdings in the three- to five-year maturity range. The
yield-curve positioning aided the Fund's returns during the period as
longer-term issues outperformed in a declining rate environment. The Fund's
overall duration at the end of February 2014 was 0.93 years, compared with
1.94 years for the benchmark Barclays Index. (Duration is a measure of a
portfolio's price-sensitivity to changes in interest rates.)
Q What is your assessment of the current market climate for fixed-income
investors?
A In executing the inevitable unwinding of the exceptional levels of monetary
stimulus it has provided, we expect the Fed to carefully factor in the
market's reaction. In our view, the last thing the Fed wants to do is
trigger a reversal in market sentiment that sends long-term rates sharply
higher and undermines the hard-fought gains of the last few years.
6 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
With that said, there is a lot of room for interest rates to rise from
current levels. In addition, we take a constructive view of the outlook for
continued U.S. economic growth, especially as state and local governments
gradually return to more normal levels of spending. As a result, we are
comfortable with maintaining an overall portfolio duration and
interest-rate sensitivity that is below that of the benchmark Barclays
Index.
We are also keeping more than half of the portfolio's assets invested in
floating-rate securities as a measure of protection should the market begin
to price in a sooner-than-expected timetable for the Fed's target with
regard to increasing short-term interest rates. (As the Fund's new
semiannual period got underway, Ms. Yellen hinted that an accelerated
timetable for increased rates was, in fact, a possibility.)
We will continue to monitor closely the relative valuations for spread
sectors compared with Treasuries as we determine the Fund's allocation
strategy. While we have scaled back the Fund's exposure to Treasuries, we
have been focusing on higher-quality issues within the credit sectors,
given the recent tightening of spreads. We view fundamentals as continuing
to be supportive of corporate issues; however, with credit spreads having
narrowed, we view corporate bond valuations as a neutral factor overall,
and we are being selective in adding portfolio exposure to that sector. 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 rather than by adding credit risk to the
portfolio.
With a large allocation to floating-rate securities that the market should
find preferable as interest rates rise, we believe the Fund's portfolio is
well positioned for the eventual removal of Fed accommodation from the
economy. We will continue to monitor macroeconomic factors that have the
potential to affect the markets, while remaining principally focused on
adding value to the Fund's portfolio through individual security selection.
As always, we will seek to provide shareholders a high level of current
income, while attempting to limit the impact of interest-rate changes on
the Fund's share price.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 7
Please refer to the Schedule of Investments on pages 18-87 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 an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
Investments in high-yield or lower-rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
The securities issued by U.S. government sponsored entities (i.e. Fannie Mae,
Freddie Mac) are neither guaranteed nor issued by the U.S. government.
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to pre-payments.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Past performance is not a guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should
not be relied upon for any other purposes.
8 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
Portfolio Summary | 2/28/14
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 37.2%
U.S. Corporate Bonds 21.9%
Asset Backed Securities 17.1%
International Corporate Bonds 11.0%
U.S. Government Securities 6.5%
Senior Secured Loans 4.9%
Municipal Bonds 0.8%
International Preferred Stocks 0.5%
Temporary Cash Investment 0.1%
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 17.8%
AA 26.3%
A 23.3%
BBB 17.7%
BB 8.3%
B 3.5%
CCC 0.5%
Not Rated 2.4%
Cash and equivalents 0.2%
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, 1.5%, 8/31/18 1.21%
--------------------------------------------------------------------------------
2. U.S. Treasury Notes, 0.375%, 2/15/16 1.20
--------------------------------------------------------------------------------
3. Federal Home Loan Banks, Floating Rate Note, 6/11/14 0.80
--------------------------------------------------------------------------------
4. Fannie Mae Grantor Trust 2001-T1, Floating Rate Note, 10/25/40 0.57
--------------------------------------------------------------------------------
5. Government National Mortgage Association REMICS, 4.0%, 9/20/37 0.55
--------------------------------------------------------------------------------
6. International Bank for Reconstruction & Development, 0.58%, 11/30/16 0.48
--------------------------------------------------------------------------------
7. Armor Re, Ltd., Floating Rate Note, 5/14/14 (Cat Bond) (144A) 0.38
--------------------------------------------------------------------------------
8. Federal National Mortgage Association REMICS, 4.0%, 5/25/29 0.34
--------------------------------------------------------------------------------
9. Federal Home Loan Mortgage Corp., Floating Rate Note, 1/15/33 0.34
--------------------------------------------------------------------------------
10. BCAP LLC 2009-RR13-I Trust, Floating Rate Note, 9/26/35 (144A) 0.30
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 9
Prices and Distributions | 2/28/14
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 2/28/14 8/31/13
--------------------------------------------------------------------------------
A $9.68 $9.66
--------------------------------------------------------------------------------
B $9.67 $9.65
--------------------------------------------------------------------------------
C $9.67 $9.65
--------------------------------------------------------------------------------
C2 $9.67 $9.65
--------------------------------------------------------------------------------
Y $9.66 $9.64
--------------------------------------------------------------------------------
Distributions per Share: 9/1/13-2/28/14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0820 $-- $--
--------------------------------------------------------------------------------
B $0.0329 $-- $--
--------------------------------------------------------------------------------
C $0.0695 $-- $--
--------------------------------------------------------------------------------
C2 $0.0733 $-- $--
--------------------------------------------------------------------------------
Y $0.0957 $-- $--
--------------------------------------------------------------------------------
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 11-15.
10 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
Performance Update | 2/28/14 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Short Term Income Fund at public
offering price during the periods shown, compared to that of the Barclays One-to
Three-Year Government/Credit Index.
Average Annual Total Returns
(As of February 28, 2014)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(7/8/04) 3.17% 2.89%
5 Years 4.62 4.09
1 Year 1.35 -1.19
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.98% 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
2/28/2005 $ 9,816 $ 10,062
2/28/2006 $ 9,986 $ 10,294
2/28/2007 $ 10,438 $ 10,810
2/29/2008 $ 10,960 $ 11,732
2/28/2009 $ 10,504 $ 12,009
2/28/2010 $ 11,774 $ 12,581
2/28/2011 $ 12,264 $ 12,830
2/29/2012 $ 12,552 $ 13,055
2/28/2013 $ 12,992 $ 13,194
2/28/2014 $ 13,168 $ 13,301
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 the contractual expense limitation currently in
effect through January 1, 2015, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation 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 | Semiannual Report | 2/28/14 11
Performance Update | 2/28/14 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 February 28, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(7/8/04) 2.25% 2.25%
5 Years 3.68 3.68
1 Year 0.38 -1.61
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.02% 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
2/28/2005 $ 10,031 $ 10,062
2/28/2006 $ 10,121 $ 10,294
2/28/2007 $ 10,489 $ 10,810
2/29/2008 $ 10,905 $ 11,732
2/28/2009 $ 10,355 $ 12,009
2/28/2010 $ 11,516 $ 12,581
2/28/2011 $ 11,877 $ 12,830
2/29/2012 $ 12,047 $ 13,055
2/28/2013 $ 12,359 $ 13,194
2/28/2014 $ 12,406 $ 13,301
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 the contractual expense limitation currently in
effect through January 1, 2015, for Class B shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
12 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
Performance Update | 2/28/14 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of February 28, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(7/8/04) 2.38% 2.38%
5 Years 3.87 3.87
1 Year 0.88 0.88
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.54% 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
2/28/2005 $ 10,042 $ 10,062
2/28/2006 $ 10,110 $ 10,294
2/28/2007 $ 10,486 $ 10,810
2/29/2008 $ 10,920 $ 11,732
2/28/2009 $ 10,379 $ 12,009
2/28/2010 $ 11,537 $ 12,581
2/28/2011 $ 11,925 $ 12,830
2/29/2012 $ 12,102 $ 13,055
2/28/2013 $ 12,440 $ 13,194
2/28/2014 $ 12,549 $ 13,301
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 the contractual expense limitation currently in
effect through January 1, 2015, for Class C shares. There can be no assurance
that Pioneer will extend the expense limitation 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 | Semiannual Report | 2/28/14 13
Performance Update | 2/28/14 Class C2 Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C2 shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of February 28, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(7/8/04) 2.39% 2.39%
5 Years 3.90 3.90
1 Year 1.02 1.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.51% 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
2/28/2005 $ 10,042 $ 10,062
2/28/2006 $ 10,110 $ 10,294
2/28/2007 $ 10,486 $ 10,810
2/29/2008 $ 10,920 $ 11,732
2/28/2009 $ 10,379 $ 12,009
2/28/2010 $ 11,537 $ 12,581
2/28/2011 $ 11,925 $ 12,830
2/29/2012 $ 12,102 $ 13,055
2/28/2013 $ 12,440 $ 13,194
2/28/2014 $ 12,568 $ 13,301
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 the contractual expense limitation currently in
effect through January 1, 2015, for Class C2 shares. There can be no assurance
that Pioneer will extend the expense limitation 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 | Semiannual Report | 2/28/14
Performance Update | 2/28/14 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of February 28, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(7/8/04) 3.50% 3.50%
5 Years 4.97 4.97
1 Year 1.64 1.64
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.59%
--------------------------------------------------------------------------------
[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
2/28/2005 $ 5,057,307 $ 5,031,162
2/28/2006 $ 5,156,324 $ 5,146,787
2/28/2007 $ 5,414,585 $ 5,404,881
2/29/2008 $ 5,701,140 $ 5,865,962
2/28/2009 $ 5,471,510 $ 6,004,495
2/28/2010 $ 6,157,941 $ 6,290,306
2/28/2011 $ 6,436,466 $ 6,415,007
2/29/2012 $ 6,604,899 $ 6,527,462
2/28/2013 $ 6,859,139 $ 6,596,892
2/28/2014 $ 6,972,051 $ 6,650,632
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.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Short Term Income Fund
Based on actual returns from September 1, 2013, through February 28, 2014.
--------------------------------------------------------------------------------
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 9/1/13
--------------------------------------------------------------------------------
Ending Account $1,010.60 $1,005.50 $1,008.30 $1,009.70 $1,012.00
Value (after expenses)
on 2/28/14
--------------------------------------------------------------------------------
Expenses Paid $ 3.84 $ 8.95 $ 5.23 $ 4.98 $ 2.74
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.77%, 1.80%,
1.05%, 1.00%, and 0.55% for classes A, B C, C2, and Y shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365, (to reflect the one-half year period).
16 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Short Term Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from September 1, 2013, through February 28, 2014.
--------------------------------------------------------------------------------
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 9/1/13
--------------------------------------------------------------------------------
Ending Account $1,020.98 $1,015.87 $1,019.59 $1,019.84 $1,022.07
Value (after expenses)
on 2/28/14
--------------------------------------------------------------------------------
Expenses Paid $ 3.86 $ 9.00 $ 5.26 $ 5.01 $ 2.76
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.77%, 1.80%,
1.05%, 1.00%, and 0.55% for classes A, B C, C2, and Y shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365, (to reflect the one-half year period).
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 17
Schedule of Investments | 2/28/14 (unaudited)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.1%
INSURANCE -- 0.1%
Reinsurance -- 0.1%
112,497 0.00 NR/NR Altair Re, Floating Rate Note,
4/30/16 (Cat Bond) (c) $ 124,950
210,000 N/A NR/NR Altair Re, Floating Rate Note,
6/30/16 (Cat Bond) (c) 212,394
150,000 NR/NR Pangaea Re, 10/1/15 (Cat
Bond) (c) (e) 163,929
------------
$ 501,273
------------
Total Insurance $ 501,273
-----------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $471,762) $ 501,273
-----------------------------------------------------------------------------------------------------
ASSET BACKED
SECURITIES -- 17.2%
MATERIALS -- 0.0%+
Steel -- 0.0%+
240,000 0.56 CCC/A3 Accredited Mortgage Loan Trust
2005-2, Floating Rate Note, 7/25/35 $ 230,342
------------
Total Materials $ 230,342
-----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Railroads -- 0.1%
508,053 A/NR Trinity Rail Leasing LP, 2.266%,
1/15/43 (144A) $ 499,985
-----------------------------------------------------------------------------------------------------
Marine Ports & Services -- 0.1%
666,352 A/NR Global Container Assets 2013-1,
Ltd., 2.2%, 11/5/28 (144A) $ 667,900
------------
Total Transportation $ 1,167,885
-----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Automobile Manufacturers -- 0.1%
237,093 1.15 AA-/NR Hyundai Capital Auto Funding VIII,
Ltd., Floating Rate Note,
9/20/16 (144A) $ 235,671
600,000 0.36 AAA/Aaa Volkswagen Auto Lease Trust,
Floating Rate Note, 10/20/16 600,028
------------
$ 835,699
------------
Total Automobiles & Components $ 835,699
-----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
184,525 A/NR Westgate Resorts 2012-2 LLC,
3.0%, 1/20/25 (144A) $ 185,560
216,493 NR/NR Westgate Resorts 2012-A LLC,
2.25%, 8/20/25 (144A) 216,460
The accompanying notes are an integral part of these financial statements.
18 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise
Lines -- (continued)
300,851 NR/NR Westgate Resorts 2012-A LLC,
3.75%, 8/20/25 (144A) $ 297,928
153,449 A/NR Westgate Resorts LLC, 2.5%,
3/20/25 (144A) 153,797
------------
$ 853,745
------------
Total Consumer Services $ 853,745
-----------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Automotive Retail -- 0.3%
166,667 NR/Aaa Avis Budget Rental Car Funding
AESOP LLC, 2.09%, 4/20/15 (144A) $ 166,932
568,957 AAA/NR CarMax Auto Owner Trust 2012-1,
0.89%, 9/15/16 570,627
332,580 AAA/NR Ford Credit Auto Owner Trust 2013-C,
0.55%, 4/15/16 332,931
458,624 AAA/Aaa Harley-Davidson Motorcycle Trust
2012-1, 0.68%, 4/15/17 459,093
------------
$ 1,529,583
------------
Total Retailing $ 1,529,583
-----------------------------------------------------------------------------------------------------
BANKS -- 11.1%
Thrifts & Mortgage Finance -- 11.1%
66,255 0.34 BB+/Ba3 ACE Securities Corp. Home Equity
Loan Trust Series 2006-ASAP2,
Floating Rate Note, 3/25/36 $ 64,550
86,603 6.50 BB+/Baa2 ACE Securities Corp. Manufactured
Housing Trust Series 2003-MH1,
Floating Rate Note, 8/15/30 (144A) 86,740
321,093 0.43 BB+/Baa3 Aegis Asset Backed Securities Trust
2005-5, Floating Rate Note, 12/25/35 300,906
568,254 0.88 AAA/Aaa Aegis Asset Backed Securities Trust
Mortgage Pass- Through Ctfs Series
2004-3, Floating Rate Note, 9/25/34 556,064
185,016 1.26 AAA/Aaa Aegis Asset Backed Securities Trust
Mortgage Pass- Through Ctfs Series
2004-3, Floating Rate Note, 9/25/34 182,759
163,170 0.53 A+/Baa1 Aegis Asset Backed Securities Trust
Mortgage Pass-Through Ctfs Ser
2005-4, Floating Rate Note, 10/25/35 159,140
763,031 0.49 A+/A1 Ameriquest Mortgage Securities,
Inc., Asset Backed Pass-Through Ctfs
Series 2005-R11, Floating Rate
Note, 1/25/36 746,739
110,878 3.91 A/Baa1 Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Ctfs
Series 03-AR3, Floating Rate
Note, 6/25/33 114,704
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 19
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
702,275 0.90 AA+/A2 Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Ctfs
Series 2003-11, Floating Rate
Note, 12/25/33 $ 677,052
264,364 0.76 AA+/Aa1 Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Ctfs
Series 2004-R11, Floating Rate
Note, 11/25/34 261,814
396,487 0.61 AA+/A3 Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Ctfs
Series 2005-R1, Floating Rate
Note, 3/25/35 390,586
51,945 0.36 AA+/Aaa Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Ctfs
Series 2005-R6, Floating Rate
Note, 8/25/35 51,468
567,500 A+/Aaa Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Ctfs
Series 2005-R9, 4.627277%,
11/25/35 (Step) 566,600
221,061 0.71 BBB+/Aaa AMRESCO Residential Securities Corp
Mortgage Loan Trust 1997-3, Floating
Rate Note, 9/25/27 210,347
274,730 0.70 AAA/NR ARI Fleet Lease Trust 2012-A, Floating
Rate Note, 3/15/20 (144A) 275,244
260,000 AAA/NR ARI Fleet Lease Trust 2013-A, 0.7%,
12/15/15 (144A) 260,101
315,497 NR/NR Ascentium Equipment Receivables
LLC, 1.83%, 9/15/19 (144A) 315,361
834,580 3.68 A/A3 Asset Backed Securities Corp Home
Equity Loan Trust Series 2003-HE1,
Floating Rate Note, 1/15/33 854,001
147,918 0.86 BBB+/Baa3 Asset Backed Securities Corp Home
Equity Loan Trust Series 2005-HE3,
Floating Rate Note, 4/25/35 145,210
68,734 0.36 BB/Ba3 Asset Backed Securities Corp Home
Equity Loan Trust Series AEG 2006-HE1,
Floating Rate Note, 1/25/36 65,317
232,391 0.78 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 5/28/44 231,154
208,054 0.74 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 8/28/44 207,573
274,763 4.91 AA+/NR Bayview Financial Asset Trust 2003-A,
Floating Rate Note, 2/25/33 (144A) 278,244
750,000 0.65 A+/Baa3 Bayview Financial Mortgage
Pass-Through Trust 2005-C, Floating
Rate Note, 6/28/44 718,475
The accompanying notes are an integral part of these financial statements.
20 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
308,494 0.50 AAA/Aaa Bayview Financial Mortgage
Pass-Through Trust 2006-A, Floating
Rate Note, 2/28/41 $ 306,396
408,477 0.45 AA+/A1 Bayview Financial Mortgage
Pass-Through Trust 2006-B, Floating
Rate Note, 4/28/36 393,284
57,236 0.42 AA+/A1 Bayview Financial Mortgage
Pass-Through Trust 2006-B, Floating
Rate Note, 4/28/36 55,074
425,000 0.60 AA/Aa2 Bayview Financial Mortgage
Pass-Through Trust Series 2005-B,
Floating Rate Note, 4/28/39 416,627
146,645 NR/A1 BCMSC Trust 1998-A, 6.65%, 4/15/28 148,707
702,656 0.66 A+/Ba1 Bear Stearns Asset Backed Securities I
Trust 2005-FR1, Floating Rate
Note, 6/25/35 688,226
97,460 0.64 AA+/A3 Bear Stearns Asset Backed Securities I
Trust 2005-HE6, Floating Rate
Note, 6/25/35 96,606
232,987 0.66 AA+/NR Bear Stearns Asset Backed Securities I
Trust 2005-HE8, Floating Rate
Note, 8/25/35 232,293
322,443 4.61 AA+/Ba2 Bear Stearns Asset Backed Securities
Trust 2003-SD2, Floating Rate
Note, 6/25/43 319,125
77,128 1.36 AAA/NR Bear Stearns Asset Backed Securities
Trust 2004-2, Floating Rate
Note, 8/25/34 75,538
279,819 0.65 A+/NR Bear Stearns Asset Backed Securities
Trust 2006-SD2, Floating Rate
Note, 6/25/36 275,213
423,825 0.91 AAA/A3 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 2/25/35 421,859
274,952 1.16 BBB/A1 Bear Stearns Structured Products
Trust 2007-EMX1, Floating Rate
Note, 3/25/37 (144A) 267,971
15,690 NR/NR Bush Truck Leasing LLC, 5.0%,
9/25/18 (144A) 15,624
627,360 NR/NR CAM Mortgage Trust, 3.3515%,
12/15/53 (Step) (144A) 627,360
516,196 0.89 AA/A3 Carrington Mortgage Loan Trust
Series 2005-NC1, Floating Rate
Note, 2/25/35 515,449
1,224,753 0.34 BB+/Ba2 Carrington Mortgage Loan Trust
Series 2006-OPT1, Floating Rate
Note, 2/25/36 1,153,051
473,148 0.78 AA-/A2 CDC Mortgage Capital Trust 2002-HE1,
Floating Rate Note, 1/25/33 457,490
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 21
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
138,075 0.70 AAA/A3 Chase Funding Trust Series 2003-3,
Floating Rate Note, 4/25/33 $ 135,719
455,168 0.36 A/Baa1 Citigroup Mortgage Loan Trust
2006-SHL1, Floating Rate Note,
11/25/45 (144A) 436,933
78,176 1.18 BBB-/B1 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 11/25/34 72,437
898,265 1.65 AAA/A3 Conseco Finance Home Equity Loan
Trust 2002-C, Floating Rate
Note, 5/15/32 877,852
97,441 0.53 AA+/A1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/36 95,643
154,243 0.55 AAA/Aa3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/34 149,290
117,158 0.75 BBB/NR Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/35 (144A) 114,679
69,608 5.15 BB+/Ba2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 2/25/33 70,374
346,796 5.07 BB+/Ba2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 2/25/36 353,794
384,528 1.06 A+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 5/25/35 380,426
192,323 0.98 A+/Baa1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 5/25/36 191,000
77,013 0.34 B-/B2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/36 73,306
344,810 0.60 A+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 7/25/35 344,455
645,889 0.71 AAA/NR Countrywide Asset-Backed Certificates,
Floating Rate Note, 9/25/34 (144A) 610,429
214,583 A/NR Cronos Containers Program, Ltd.,
3.81%, 9/18/27 (144A) 216,713
82,299 AA/NR Direct Capital Funding V LLC, 1.673%,
12/20/17 (144A) 82,299
750,000 BBB/NR Direct Capital Funding V LLC, 4.83%,
11/20/20 (144A) 751,688
539,480 1.06 B-/Caa3 Ellington Loan Acquisition Trust
2007-1, Floating Rate Note,
5/28/37 (144A) 525,276
450,298 0.90 AAA/Aaa Equity One Mortgage Pass-Through
Trust 2003-1, Floating Rate
Note, 8/25/33 436,123
460,229 4.14 AAA/Aaa Equity One Mortgage Pass-Through
Trust 2004-1, Floating Rate
Note, 4/25/34 471,325
The accompanying notes are an integral part of these financial statements.
22 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
486,710 4.62 AAA/Aa1 Equity One Mortgage Pass-Through
Trust 2004-2, Floating Rate
Note, 7/25/34 $ 497,165
215,794 0.48 AA+/A1 Equity One Mortgage Pass-Through
Trust 2004-3, Floating Rate
Note, 7/25/34 183,566
517,135 2.16 NR/NR Fannie Mae Connecticut Avenue
Securities, Floating Rate
Note, 10/25/23 523,633
212,251 0.46 NR/Aaa FHLMC Structured Pass Through
Securities, Floating Rate
Note, 12/25/29 206,949
157,694 1.24 BB+/B1 Fieldstone Mortgage Investment Trust
Series 2005-1, Floating Rate
Note, 3/25/35 152,789
386,211 1.66 BBB/Ba3 First Franklin Mortgage Loan Trust
2002-FFA, Floating Rate Note, 9/25/32 372,891
484,385 1.46 B+/B2 First Franklin Mortgage Loan Trust
2003-FFC, Floating Rate Note, 11/25/32 470,708
453,752 0.67 NR/Baa1 First Franklin Mortgage Loan Trust
2005-FFH3, Floating Rate
Note, 9/25/35 444,087
100,390 AAA/NR First Investors Auto Owner Trust
2012-2, 1.47%, 5/15/18 (144A) 100,908
200,000 A/NR First Investors Auto Owner Trust
2013-1, 2.02%, 1/15/19 (144A) 197,383
131,331 AAA/NR First Investors Auto Owner Trust
2013-2, 1.23%, 3/15/19 (144A) 131,742
1,863,905 0.56 AA+/Aa2 First NLC Trust 2005-2, Floating
Rate Note, 9/25/35 1,824,417
92,885 0.62 AA+/A3 Fremont Home Loan Trust 2005-2,
Floating Rate Note, 6/25/35 92,678
200,000 NR/Aaa GE Equipment Small Ticket LLC Series
2013-1, 0.73%, 1/25/16 (144A) 200,295
480,000 NR/Aaa GE Equipment Transportation LLC
Series 2013-2, 0.61%, 6/24/16 480,361
627,717 NR/NR GMAT 2013-1 Trust, 3.9669%,
8/25/53 (Step) 626,586
264,906 0.83 A+/NR GreenPoint Mortgage Funding Trust
2005-HE1, Floating Rate Note, 9/25/34 260,721
84,274 0.60 A+/Ba3 GreenPoint Mortgage Funding Trust
2005-HE4, Floating Rate Note, 7/25/30 83,751
261,743 0.41 B+/B3 GSAA Home Equity Trust 2005-11,
Floating Rate Note, 10/25/35 261,847
377,878 0.59 BBB+/Ba3 GSAA Trust, Floating Rate Note, 6/25/35 357,081
340,694 0.88 AAA/Aaa GSAMP Trust 2004-HE2, Floating
Rate Note, 9/25/34 322,758
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 23
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
157,318 0.91 AA+/Ba1 GSAMP Trust 2005-HE1, Floating
Rate Note, 12/25/34 $ 154,542
36,303 0.80 A/Baa3 GSAMP Trust 2005-HE2, Floating
Rate Note, 3/25/35 35,969
663,983 0.46 A/NR GSAMP Trust 2006-SEA1, Floating
Rate Note, 5/25/36 (144A) 649,606
271,875 1.51 BBB+/Baa3 GSRPM Mortgage Loan Trust 2003-2,
Floating Rate Note, 6/25/33 260,144
209,080 0.46 AA+/A3 GSRPM Mortgage Loan Trust 2006-1,
Floating Rate Note, 3/25/35 (144A) 202,561
225,545 0.46 A+/Baa1 GSRPM Mortgage Loan Trust 2006-2,
Floating Rate Note, 9/25/36 (144A) 211,542
1,045,000 AAA/NR HLSS Servicer Advance Receivables
Trust, 1.4953%, 1/16/46 (144A) 1,042,910
250,000 AA/NR HLSS Servicer Advance Receivables
Trust, 1.7436%, 1/16/46 (144A) 249,250
350,000 BBB/NR HLSS Servicer Advance Receivables
Trust, 4.94%, 10/15/45 (144A) 358,330
44,866 0.82 AA/A1 Home Equity Asset Trust 2005-3,
Floating Rate Note, 8/25/35 44,772
2,966 0.34 BBB+/A1 Home Equity Asset Trust 2006-3,
Floating Rate Note, 7/25/36 2,964
88,929 0.33 BB+/A2 Home Equity Asset Trust 2006-4,
Floating Rate Note, 8/25/36 86,846
668,536 0.27 CCC/Ba1 Home Equity Asset Trust 2006-8,
Floating Rate Note, 3/25/37 654,540
315,599 BB+/B1 Home Equity Mortgage Trust, 5.821%,
4/25/35 (Step) 315,347
673,685 1.30 NR/Ba1 Home Equity Mortgage Trust, Floating
Rate Note, 7/25/35 661,137
117,856 A+/Baa1 Home Loan Trust 2003-HI1, 5.27%,
4/25/28 (Step) 122,392
295,075 0.58 NR/Baa1 HomeBanc Mortgage Trust 2005-2,
Floating Rate Note, 5/25/25 288,829
503,285 NR/A2 Horizon Funding Trust 2013-1, 3.0%,
5/15/18 (144A) 503,914
326,278 0.57 AA+/Aa1 HSBC Home Equity Loan Trust 2005-3,
Floating Rate Note, 1/20/35 323,872
1,005,000 0.39 AAA/Aa1 HSBC Home Equity Loan Trust USA
2006-3, Floating Rate Note, 3/20/36 975,104
750,000 2.00 NR/A2 Invitation Homes 2013-SFR1 Trust,
Floating Rate Note, 12/17/15 748,156
183,401 NR/Baa1 Irwin Home Equity Loan Trust 2005-1,
5.32%, 6/25/35 (Step) 179,366
338,504 1.66 A+/A3 Irwin Whole Loan Home Equity Trust
2003-C, Floating Rate Note, 6/25/28 333,942
The accompanying notes are an integral part of these financial statements.
24 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
164,233 3.16 A/Baa2 Irwin Whole Loan Home Equity Trust
2003-C, Floating Rate Note, 6/25/28 $ 164,855
248,855 4.66 BBB/Ba2 Irwin Whole Loan Home Equity Trust
2003-D, Floating Rate Note, 11/25/28 242,945
60,876 0.50 BB/A2 IXIS Real Estate Capital Trust 2005-HE4,
Floating Rate Note, 2/25/36 59,121
195,000 NR/Aaa Leaf Receivables Funding 8 LLC,
1.55%, 11/15/17 (144A) 196,211
1,128,220 0.60 AAA/A2 Lehman ABS Manufactured Housing
Contract Trust 2002-A, Floating Rate
Note, 6/15/33 1,093,454
253,744 0.41 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
2/25/30 (144A) 225,119
374,584 2.41 A+/A3 Madison Avenue Manufactured
Housing Contract Trust 2002-A,
Floating Rate Note, 3/25/32 374,196
536,431 BBB/NR Marriott Vacation Club Owner Trust
2012-1, 3.5%, 5/20/30 (144A) 550,408
752,365 0.62 AAA/Aa2 Morgan Stanley ABS Capital I Inc
Trust 2004-SD3, Floating Rate Note,
6/25/34 (144A) 745,672
465,473 0.89 AA-/Baa3 Morgan Stanley ABS Capital I Inc
Trust 2005-WMC5, Floating Rate
Note, 6/25/35 460,387
389,040 0.79 AA/A3 Morgan Stanley ABS Capital I, Inc.
Trust 2005-NC2, Floating Rate
Note, 3/25/35 384,480
508,385 0.48 A+/Baa1 Morgan Stanley Home Equity Loan
Trust 2005-4, Floating Rate
Note, 9/25/35 490,802
396,100 0.66 AAA/NR Motor 2013-1 Plc, Floating Rate
Note, 2/25/21 (144A) 395,969
550,000 AAA/NR Nationstar Agency Advance Funding
Trust 2013-T1A, 0.997%,
2/15/45 (144A) 548,608
464,000 AAA/NR Nationstar Mortgage Advance Receivables
Trust 2013-T2, 1.679%, 6/20/46 (144A) 458,974
160,000 A/NR Nationstar Mortgage Advance Receivables
Trust 2013-T2, 2.19%, 6/20/46 (144A) 159,619
334,713 0.86 AAA/Aaa New Century Home Equity Loan Trust
2005-1, Floating Rate Note, 3/25/35 326,847
82,787 0.42 NR/Aaa New Century Home Equity Loan Trust
2005-2, Floating Rate Note, 6/25/35 82,704
71,570 0.43 AAA/Aa2 New Century Home Equity Loan Trust
2005-4, Floating Rate Note, 9/25/35 71,513
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 25
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
312,929 0.92 BBB/Ba2 NovaStar Mortgage Funding Trust Series
2003-1, Floating Rate Note, 5/25/33 $ 290,052
560,000 1.73 AA-/Baa1 NovaStar Mortgage Funding Trust Series
2004-3, Floating Rate Note, 12/25/34 520,793
1,457,000 1.81 AA/A1 NovaStar Mortgage Funding Trust Series
2004-4, Floating Rate Note, 3/25/35 1,436,990
513,769 0.42 AA+/Aa3 Option One Mortgage Loan Trust 2005-4
Asset-Backed Certificates Series
2005-4, Floating Rate Note, 11/25/35 504,149
350,610 1.28 NR/Baa1 Option One Woodbridge Loan Trust
2002-1, Floating Rate Note,
9/25/14 (144A) 345,832
240,772 5.46 AAA/Aa3 Origen Manufactured Housing Contract
Trust 2004-B, Floating Rate Note,
11/15/35 248,743
163,532 NR/A2 Oxford Finance Funding Trust 2012-1,
3.9%, 3/15/17 (144A) 164,963
660,000 1.28 A+/Baa1 Park Place Securities Inc Asset-Backed
Pass-Through Certificates Series
2004-MHQ, Floating Rate Note,
12/25/34 644,266
183,851 1.09 AA+/A3 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2004-WCW2, Floating Rate Note,
10/25/34 183,795
533,095 0.53 BBB+/Baa2 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2005-WHQ4, Floating Rate Note,
9/25/35 526,993
33,856 0.91 AA+/Baa3 People's Choice Home Loan Securities
Trust Series 2005-3, Floating Rate
Note, 8/25/35 33,729
700,000 0.85 AAA/Aaa PFS Financing Corp., Floating Rate
Note, 10/17/16 (144A) 701,174
750,000 0.75 AAA/Aaa PFS Financing Corp., Floating Rate
Note, 2/15/17 (144A) 750,034
502,368 BB-/Ba1 Popular ABS Mortgage Pass-Through
Trust 2004-4, 4.930136%,
9/25/34 (Step) 498,459
1,000,000 NR/NR Progreso Receivables Funding I LLC,
4.0%, 7/9/18 (144A) 1,002,500
1,217,589 0.82 AA/A1 Quest Trust, Floating Rate Note,
3/25/34 (144A) 1,183,952
422,432 1.11 A+/A2 RAAC Series 2005-RP1 Trust, Floating
Rate Note, 7/25/37 (144A) 416,285
434,848 0.81 AA/Aa2 RAAC Series 2005-RP2 Trust, Floating
Rate Note, 6/25/35 (144A) 430,575
The accompanying notes are an integral part of these financial statements.
26 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
500,235 0.41 B/Baa2 RAAC Series 2006-RP2 Trust, Floating
Rate Note, 2/25/37 (144A) $ 483,209
675,612 5.06 AA+/Ba1 RAMP Series 2003-RS9 Trust, Floating
Rate Note, 10/25/33 662,769
48,169 0.50 NR/A1 RAMP Series 2005-RS5 Trust, Floating
Rate Note, 5/25/35 47,869
236,884 0.66 AA+/A1 RAMP Series 2005-RS6 Trust, Floating
Rate Note, 6/25/35 232,897
204,473 0.42 AA+/A1 RAMP Series 2005-RZ4 Trust, Floating
Rate Note, 11/25/35 203,447
961,179 0.32 BB+/Ba1 RAMP Series 2006-RZ3 Trust, Floating
Rate Note, 8/25/36 923,910
21,646 0.64 AA+/Aa3 RASC Series 2005-EMX2 Trust, Floating
Rate Note, 7/25/35 21,241
270,585 0.60 AA+/A1 RASC Series 2005-KS7 Trust, Floating
Rate Note, 8/25/35 267,937
98,902 0.38 BBB+/A3 RASC Series 2006-KS1 Trust, Floating
Rate Note, 2/25/36 97,952
148,489 0.34 CCC/B2 RASC Series 2007-KS3 Trust, Floating
Rate Note, 4/25/37 145,654
184,644 1.66 A/Baa3 RFSC Series 2004-RP1 Trust, Floating
Rate Note, 11/25/42 (144A) 183,731
413,666 0.71 AA/A3 SASCO Mortgage Loan Trust 2005-GEL1,
Floating Rate Note, 12/25/34 401,909
225,754 0.44 AAA/Aa1 SASCO Mortgage Loan Trust 2005-GEL2,
Floating Rate Note, 4/25/35 221,370
204,974 2.63 A+/B2 SASCO Mortgage Pass-Through
Certificates Series 2004-S4, Floating
Rate Note, 12/25/34 205,183
471,000 0.62 A+/A3 Saxon Asset Securities Trust 2005-3,
Floating Rate Note, 11/25/35 448,381
639,508 0.39 AA+/Aa1 Saxon Asset Securities Trust 2005-4,
Floating Rate Note, 11/25/37 623,496
496,964 0.51 A+/A2 SBI Home Equity Loan Trust 2006-1,
Floating Rate Note, 8/25/36 (144A) 481,313
500,000 0.58 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 1/14/17 500,049
232,740 0.48 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 6/14/15 232,773
500,000 0.60 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 9/14/16 499,412
191,488 AA/NR SNAAC Auto Receivables Trust 2013-1,
1.14%, 7/16/18 (144A) 191,428
52,546 AA/NR SNAAC Auto Receivables Trust, 1.78%,
6/15/16 (144A) 52,585
460,000 BBB/NR SNAAC Auto Receivables Trust, 4.38%,
6/15/17 (144A) 469,723
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 27
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
125,940 0.94 AA/Baa3 Soundview Home Loan Trust 2005-3,
Floating Rate Note, 6/25/35 $ 124,351
277,986 0.42 BB+/NR Soundview Home Loan Trust 2005-OPT4,
Floating Rate Note, 12/25/35 268,607
790,207 0.46 BBB+/Ba2 Specialty Underwriting & Residential
Finance Trust Series 2006-BC1,
Floating Rate Note, 12/25/36 746,500
844,693 NR/NR Stanwich Mortgage Loan Trust, 2.9814%,
2/16/43 (144A) 852,531
336,952 A/NR STORE Master Funding LLC, 5.77%,
8/20/42 (144A) 366,654
712,588 1.61 NR/Baa1 Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 11/25/23 713,321
719,331 0.64 A/A3 Structured Asset Investment Loan Trust
2005-6, Floating Rate Note, 7/25/35 689,283
107,020 0.52 AA+/Aa2 Structured Asset Securities Corp.
Mortgage Loan Trust 2005-WF4,
Floating Rate Note, 11/25/35 106,580
58,020 0.27 BBB+/A3 Structured Asset Securities Corp.
Mortgage Loan Trust 2006-BC4,
Floating Rate Note, 12/25/36 57,864
1,033,041 A+/NR SVO 2012-A VOI Mortgage LLC, 2.0%,
9/20/29 (144A) 1,036,160
163,213 1.10 AA+/A1 Terwin Mortgage Trust Series
TMTS 2003-8HE, Floating Rate
Note, 12/25/34 159,675
199,992 0.61 AA+/A2 Terwin Mortgage Trust Series
TMTS 2005-10HE, Floating Rate
Note, 6/25/36 194,190
136,364 AA-/A2 Terwin Mortgage Trust Series
TMTS 2005-14HE, 4.8492%,
8/25/36 (Step) 141,057
425,000 2.55 AAA/Aaa Trafigura Securitisation Finance Plc,
Floating Rate Note, 10/15/15 (144A) 431,630
750,000 AA+/NR United Auto Credit Securitization
Trust 2012-1, 1.87%, 9/15/15 (144A) 750,083
825,000 AA/NR United Auto Credit Securitization
Trust 2013-1, 1.74%, 4/15/16 (144A) 824,640
197,968 0.90 AA+/A2 Wachovia Mortgage Loan Trust
Series 2005-WMC1, Floating Rate
Note, 10/25/35 194,891
85,667 0.57 AA+/NR Wells Fargo Home Equity Asset-Backed
Securities 2005-3 Trust, Floating
Rate Note, 12/25/35 84,243
The accompanying notes are an integral part of these financial statements.
28 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
298,084 0.66 AA/Ba2 WMC Mortgage Loan Trust 1998-B,
Floating Rate Note, 10/20/29 $ 287,305
------------
$ 69,317,125
------------
Total Banks $ 69,317,125
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.2%
Other Diversified Financial
Services -- 2.7%
1,500,000 1.22 NR/Aaa Ally Master Owner Trust, Floating Rate
Note, 8/15/17 $ 1,513,534
1,100,000 AAA/NR American Express Credit Account
Master Trust, 0.59%, 5/15/18 1,101,398
399,955 NR/NR AXIS Equipment Finance Receivables II
LLC, 3.81%, 12/20/16 400,155
209,809 NR/Aaa BMW Vehicle Lease Trust 2013-1,
0.4%, 1/20/15 209,802
23,630 NR/Aaa BMW Vehicle Owner Trust 2011-A,
0.76%, 8/25/15 23,662
413,000 A/Aa3 Capital Auto Receivables Asset Trust/
Ally, 1.74%, 10/22/18 411,113
125,000 BBB/Baa1 Capital Auto Receivables Asset Trust/
Ally, 2.19%, 9/20/21 123,756
425,000 0.75 NR/Aaa CNH Wholesale Master Note Trust,
Floating Rate Note, 8/15/19 (144A) 425,526
658,313 A+/NR Diamond Resorts Owner Trust 2013-2,
2.62%, 3/1/24 657,439
211,809 AA+/NR DT Auto Owner Trust 2011-1, 4.89%,
1/17/17 (144A) 212,197
629,000 AA/NR DT Auto Owner Trust 2013-1, 1.67%,
2/15/19 (144A) 632,613
206,720 0.52 AA+/Aa1 GE Business Loan Trust 2003-2,
Floating Rate Note, 11/15/31 (144A) 197,911
300,102 0.44 AA/Aa2 GE Business Loan Trust 2004-1,
Floating Rate Note, 5/15/32 (144A) 288,085
704,816 0.33 A/Aa3 GE Business Loan Trust 2006-2,
Floating Rate Note, 11/15/34 (144A) 646,742
330,000 0.85 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 2/15/17 (144A) 331,356
500,000 1.00 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 5/15/19 (144A) 500,230
300,000 0.85 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 6/15/17 (144A) 301,326
649,366 0.62 AAA/Aaa Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 1/25/35 643,084
350,000 AAA/Aaa Honda Auto Receivables 2011-2
Owner Trust, 1.55%, 8/18/17 352,146
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 29
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
307,800 AAA/NR Honda Auto Receivables 2012-2 Owner
Trust, 0.7%, 2/16/16 $ 308,416
259,798 AAA/NR Honda Auto Receivables 2013-1 Owner
Trust, 0.35%, 6/22/15 259,795
226,415 0.31 BB/Baa3 JP Morgan Mortgage Acquisition Trust
2006-ACC1, Floating Rate Note,
5/25/36 221,341
13,752 0.53 AA+/Aa3 Mastr Asset Backed Securities Trust
2005-WF1, Floating Rate Note, 6/25/35 13,594
90,651 0.83 AA+/A3 Mastr Asset Backed Securities Trust
2005-WMC1, Floating Rate Note,
3/25/35 90,185
813,210 0.39 BB+/Baa2 Mastr Asset Backed Securities Trust
2006-AB1, Floating Rate Note, 2/25/36 795,564
294,205 0.35 B-/Ba3 Mastr Asset Backed Securities Trust
2006-NC1, Floating Rate Note, 1/25/36 287,560
366,380 0.46 A/NR Mastr Specialized Loan Trust, Floating
Rate Note, 1/25/36 (144A) 343,310
510,000 0.83 NR/Aaa Navistar Financial Dealer Note Master
Trust, Floating Rate Note, 1/25/18
(144A) 510,094
650,000 NR/Baa2 Navitas Equipment Receivables LLC
2013-1, 3.63%, 2/15/17 650,283
250,000 0.72 AAA/Aaa Penarth Master Issuer Plc, Floating
Rate Note, 3/18/14 (144A) 250,080
117,678 0.92 A+/B2 SACO I Trust 2005-8, Floating Rate
Note, 11/25/35 116,861
599,003 A+/NR Sierra Timeshare 2012-2 Receivables
Funding LLC, 2.38%, 3/20/29 (144A) 606,705
663,236 A+/NR Sierra Timeshare 2012-3 Receivables
Funding LLC, 1.87%, 8/20/29 (144A) 667,358
87,375 BBB/NR Sierra Timeshare 2013-1 Receivables
Funding LLC, 2.39%, 11/20/29 (144A) 87,778
109,897 BBB/NR Sierra Timeshare 2013-2 Receivables
Funding LLC, 2.92%, 11/20/25 111,275
1,200,000 A/NR Springleaf Funding Trust 2013-A,
2.58%, 9/15/21 (144A) 1,205,647
490,000 A-/NR Textainer Marine Containers, Ltd.,
4.21%, 4/15/27 (144A) 491,568
375,000 0.40 A-/Baa1 Textainer Marine Containers, Ltd.,
Floating Rate Note, 5/15/20 (144A) 373,458
750,000 N/A AAA/NR World Financial Network Credit Card
Master Trust, Floating Rate
Note, 2/15/19 750,026
------------
$ 17,112,973
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
338,990 AAA/A3 Conseco Finance Corp., 7.55%,
4/15/32 (Step) $ 347,471
23,797 6.69 AAA/Aaa Conseco Finance Corp., Floating Rate
Note, 11/15/32 23,848
256,000 0.59 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 10/20/17 256,573
670,000 0.55 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 4/20/18 671,903
980,000 0.64 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 6/20/17 982,886
144,357 NR/A2 Hercules Capital Funding Trust 2012-1,
3.32%, 12/16/17 (144A) 144,763
------------
$ 2,427,444
-----------------------------------------------------------------------------------------------------
Consumer Finance -- 1.9%
196,456 AA/NR American Credit Acceptance Receivables
Trust 2013-2, 1.32%, 2/15/17 (144A) $ 196,579
485,752 AA/NR American Credit Acceptance Receivables
Trust 2014-1, 1.14%, 12/1/19 (144A) 485,942
135,143 A+/NR American Credit Acceptance Receivables
Trust, 1.64%, 11/15/16 (144A) 135,223
567,000 AA+/Aaa AmeriCredit Automobile Receivables
Trust 2010-2, 6.24%, 6/8/16 582,319
100,000 NR/Aaa AmeriCredit Automobile Receivables
Trust 2011-3, 4.04%, 7/10/17 104,223
500,000 A+/NR AmeriCredit Automobile Receivables
Trust 2012-4, 3.82%, 2/10/20 512,242
150,000 A+/NR AmeriCredit Automobile Receivables
Trust 2013-1, 1.57%, 1/8/19 149,065
500,000 AAA/Aaa AmeriCredit Automobile Receivables
Trust 2013-4, 0.74%, 11/8/16 500,726
500,000 BBB+/Baa1 AmeriCredit Automobile Receivables
Trust 2013-4, 3.31%, 10/8/19 509,822
507,900 1.60 AAA/NR Cabela's Master Credit Card Trust,
Floating Rate Note, 1/16/18 (144A) 513,096
158,190 NR/Aa2 California Republic Auto Receivables
Trust 2012-1, 1.18%, 8/15/17 (144A) 158,090
1,000,000 0.24 AAA/Aaa Capital One Multi-Asset Execution
Trust, Floating Rate Note, 8/15/18 998,519
700,000 AAA/Aaa Citibank Credit Card Issuance Trust,
4.85%, 3/10/17 731,834
369,000 0.40 AAA/Aaa Citibank Credit Card Issuance Trust,
Floating Rate Note, 2/7/18 369,595
540,000 0.26 AAA/Aaa Citibank Credit Card Issuance Trust,
Floating Rate Note, 4/24/17 539,937
553,656 A/A2 CPS Auto Receivables Trust 2013-A,
1.89%, 6/15/20 (144A) 551,256
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 31
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
114,106 AA-/A1 CPS Auto Receivables Trust 2013-B,
1.82%, 9/15/20 (144A) $ 113,309
1,000,000 AAA/NR Credit Acceptance Auto Loan Trust
2013-2, 1.5%, 4/15/21 (144A) 1,002,103
700,000 0.30 AAA/Aaa Dryrock Issuance Trust, Floating Rate
Note, 8/15/17 699,608
210,417 A/NR Global SC Finance II SRL, 4.11%,
7/19/27 (144A) 212,719
240,000 0.42 NR/Aaa Nissan Auto Lease Trust 2013-B,
Floating Rate Note, 1/15/16 240,216
137,327 NR/Aaa Santander Drive Auto Receivables
Trust 2011-2, 2.66%, 1/15/16 137,914
500,000 AA/Aaa Santander Drive Auto Receivables
Trust 2012-1, 3.78%, 11/15/17 516,167
750,000 AAA/Aaa Santander Drive Auto Receivables
Trust 2012-5, 0.83%, 12/15/16 751,252
125,000 A/Aa1 Santander Drive Auto Receivables
Trust 2012-5, 2.7%, 8/15/18 128,934
380,000 0.99 AAA/Aaa SLM Student Loan Trust 2004-10,
Floating Rate Note, 4/27/26 (144A) 378,160
415,000 NR/Aaa Volvo Financial Equipment LLC,
0.54%, 11/15/16 (144A) 414,999
------------
$ 11,633,849
-----------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.1%
447,025 0.56 B/NR Southern Pacific Secured Asset Corp.,
Floating Rate Note, 3/25/28 $ 344,034
-----------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.1%
402,319 0.91 AAA/Aaa Chesapeake Funding LLC, Floating
Rate Note, 11/7/23 (144A) $ 403,607
176,404 0.61 NR/Aaa Chesapeake Funding LLC, Floating
Rate Note, 5/7/24 (144A) 176,096
------------
$ 579,703
------------
Total Diversified Financials $ 32,098,003
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Real Estate Services -- 0.0%+
138,896 0.35 BBB+/Ba2 HSI Asset Securitization Corp.
Trust 2006-OPT1, Floating Rate
Note, 12/25/35 $ 135,201
------------
Total Real Estate $ 135,201
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Independent Power Producers
& Energy Traders -- 0.1%
712,022 AAA/Aaa Centerpoint Energy Transition Bond
Co II LLC, 5.17%, 8/1/19 $ 770,957
------------
Total Utilities $ 770,957
-----------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $106,831,756) $106,938,540
-----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 37.1%
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
704,673 A/NR Welk Resorts 2013-A LLC, 3.1%,
3/15/29 (144A) $ 703,120
------------
Total Consumer Services $ 703,120
-----------------------------------------------------------------------------------------------------
BANKS -- 20.5%
Thrifts & Mortgage Finance -- 20.5%
642,000 NR/NR A10 Securitization 2013-1 LLC,
2.4%, 11/15/25 (144A) $ 641,593
1,085,000 NR/NR A10 Term Asset Financing 2013-2
LLC, 2.62%, 11/15/27 (144A) 1,086,692
250,000 0.96 AA-/Aa1 ACA CLO 2006-2, Ltd., Floating
Rate Note, 1/20/21 (144A) 243,082
299,507 0.94 AAA/A1 Adjustable Rate Mortgage Trust
2005-2, Floating Rate Note, 6/25/35 293,515
337,532 0.44 A+/Baa2 Adjustable Rate Mortgage Trust
2005-5, Floating Rate Note, 9/25/35 310,180
166,563 0.61 CCC/NR Alternative Loan Trust 2003-14T1,
Floating Rate Note, 8/25/18 157,876
234,877 BB-/B2 Alternative Loan Trust 2003-J1,
4.75%, 10/25/33 242,646
200,469 0.61 BBB+/Baa1 Alternative Loan Trust 2004-18CB,
Floating Rate Note, 9/25/34 202,127
289,949 BB+/Ba2 Alternative Loan Trust 2004-4CB,
4.25%, 4/25/34 297,754
1,322,801 0.60 A+/Baa3 Alternative Loan Trust 2005-J4,
Floating Rate Note, 7/25/35 1,274,581
390,467 AAA/Aaa American Home Mortgage Investment
Trust 2004-3, 5.01%, 10/25/34 (Step) 406,234
225,890 2.33 AA+/Ba1 American Home Mortgage Investment
Trust 2005-1, Floating Rate
Note, 6/25/45 229,145
873,216 0.46 AA/NR ASG Resecuritization Trust 2010-3,
Floating Rate Note, 12/28/45 (144A) 845,052
229,287 0.61 NR/A3 Banc of America Alternative Loan
Trust 2003-10, Floating Rate
Note, 12/25/33 229,602
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 33
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
139,201 NR/B3 Banc of America Alternative Loan
Trust 2004-2, 5.5%, 3/25/19 $ 142,607
193,290 NR/B2 Banc of America Alternative Loan
Trust 2004-4, 5.25%, 5/25/34 196,115
148,792 BBB+/NR Banc of America Funding 2003-3
Trust, 5.5%, 10/25/33 158,576
620,358 0.51 AA+/Baa2 Banc of America Funding 2004-B
Trust, Floating Rate Note, 12/20/34 602,289
650,000 1.25 A-/Aaa Banc of America Large Loan Trust
2007-BMB1, Floating Rate Note,
8/15/29 (144A) 645,726
170,101 5.35 AAA/Aaa Banc of America Merrill Lynch
Commercial Mortgage, Inc., Floating
Rate Note, 6/10/39 170,427
642,839 4.86 AAA/Aaa Banc of America Merrill Lynch
Commercial Mortgage, Inc., Floating
Rate Note, 7/10/43 665,524
316,712 2.80 A-/NR Banc of America Mortgage 2003-F
Trust, Floating Rate Note, 7/25/33 325,881
1,232,530 2.77 NR/Baa3 Banc of America Mortgage 2003-H
Trust, Floating Rate Note, 9/25/33 1,215,437
17,862 B-/NR Banc of America Mortgage Trust
2004-7, 4.5%, 8/25/19 18,163
1,629,804 NR/Caa2 Bayview Commercial Asset Trust,
3.855%, 9/25/37 (Step) (144A) (d) 97,788
2,281,220 NR/Caa2 Bayview Commercial Asset Trust,
4.17207%, 7/25/37 (Step) (144A) (d) 34,218
872,131 0.53 AAA/Aa2 Bayview Commercial Asset Trust,
Floating Rate Note, 1/25/35 (144A) 801,235
666,245 NR/NR Bayview Opportunity Master Fund
Trust IIB LP, 3.9496%, 1/28/34 (Step) 666,553
1,814,761 2.94 NR/NR BCAP LLC 2009-RR13-I Trust, Floating
Rate Note, 9/26/35 (144A) 1,878,274
432,696 2.38 NR/NR BCAP LLC 2013-RR3 Trust, Floating
Rate Note, 5/26/36 (144A) 439,681
464,309 1.00 AA+/Baa1 Bear Stearns ALT-A Trust 2004-11,
Floating Rate Note, 11/25/34 451,780
726,856 0.86 AA+/Baa1 Bear Stearns ALT-A Trust 2004-12,
Floating Rate Note, 1/25/35 698,798
1,253,421 1.00 AA+/Baa1 Bear Stearns ALT-A Trust 2004-12,
Floating Rate Note, 1/25/35 1,209,463
235,388 0.86 AAA/A3 Bear Stearns ALT-A Trust 2004-12,
Floating Rate Note, 1/25/35 228,302
111,287 0.90 AA+/Baa1 Bear Stearns ALT-A Trust 2004-13,
Floating Rate Note, 11/25/34 110,361
992,874 0.76 A+/Ba1 Bear Stearns ALT-A Trust 2004-4,
Floating Rate Note, 6/25/34 944,665
The accompanying notes are an integral part of these financial statements.
34 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
316,832 2.50 BBB+/Baa2 Bear Stearns ARM Trust 2003-3,
Floating Rate Note, 5/25/33 $ 320,375
126,349 5.07 BBB/B2 Bear Stearns ARM Trust 2004-10,
Floating Rate Note, 1/25/35 128,663
102,535 2.91 BBB+/B3 Bear Stearns ARM Trust 2004-3,
Floating Rate Note, 7/25/34 102,655
139,318 3.09 BBB+/Ba1 Bear Stearns ARM Trust 2004-9,
Floating Rate Note, 11/25/34 143,713
150,000 5.21 NR/Ba1 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR7, Floating
Rate Note, 2/11/41 152,039
415,000 NR/A3 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR8,
4.75%, 6/11/41 430,528
1,160,000 4.99 BBB+/Baa2 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR9, Floating
Rate Note, 9/11/42 1,211,662
148,572 2.56 NR/A3 Bear Stearns Mortgage Securities, Inc.,
Floating Rate Note, 6/25/30 152,101
395,041 0.85 AA+/Baa3 Bella Vista Mortgage Trust 2004-1,
Floating Rate Note, 11/20/34 378,505
430,000 1.90 AA-/NR Boca Hotel Portfolio Trust 2013-BOCA,
Floating Rate Note, 8/15/26 (144A) 430,759
558,731 NR/NR Cendant Mortgage Corp., 6.25%,
3/25/32 (144A) 582,737
125,503 NR/B2 Chase Mortgage Finance Trust Series
2005-S1, 5.5%, 5/25/35 129,083
727,766 A/NR CHL Mortgage Pass-Through Trust
2002-J4, 5.5%, 10/25/32 752,128
189,950 4.95 BBB+/Ba3 CHL Mortgage Pass-Through Trust
2004-14, Floating Rate Note, 8/25/34 191,978
949,593 0.70 AA+/Baa1 CHL Mortgage Pass-Through Trust
2004-29, Floating Rate Note, 2/25/35 891,270
361,325 NR/Baa3 CHL Mortgage Pass-Through Trust
2004-9, 5.25%, 6/25/34 369,466
133,983 NR/Caa1 CHL Mortgage Pass-Through Trust
2005-19, 5.5%, 8/25/35 133,067
603,599 NR/Ba2 Citicorp Mortgage Securities REMIC
Pass-Through Certificates Trust
Series 2005-7, 5.0%, 10/25/35 623,125
394,359 5.35 AAA/Aaa Citigroup Commercial Mortgage
Trust 2004-C1, Floating Rate
Note, 4/15/40 395,938
580,444 0.36 A/Aa2 Citigroup Commercial Mortgage
Trust 2007-FL3, Floating Rate Note,
4/15/22 (144A) 576,927
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 35
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
610,657 1.15 AA+/NR Citigroup Mortgage Loan Trust 2010-7,
Floating Rate Note, 9/25/37 (144A) $ 610,641
121,410 NR/A3 Citigroup Mortgage Loan Trust, Inc.,
7.0%, 9/25/33 125,284
232,912 5.50 CC/NR Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 11/25/35 (d) 28,362
230,003 2.68 CC/NR Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 4/25/35 184,018
341,053 0.75 AA+/Aaa CNL Commercial Mortgage Loan
Trust 2002-1, Floating Rate Note,
10/25/28 (144A) 330,821
622,730 0.65 A/A2 CNL Commercial Mortgage Loan
Trust 2003-1, Floating Rate Note,
5/15/31 (144A) 564,358
120,829 0.59 BBB+/A2 CNL Commercial Mortgage Loan
Trust 2003-2, Floating Rate Note,
10/25/30 (144A) 103,110
62,951 1.20 NR/WR Collateralized Mortgage Obligation
Trust 44, Floating Rate Note, 7/1/18 63,426
137,495 5.43 AAA/Aaa COMM 2004-LNB3 Mortgage Trust,
Floating Rate Note, 7/10/37 137,871
830,880 0.29 AA-/A1 COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 826,674
510,176 0.32 BBB/A1 COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 507,545
146,711 0.33 A+/A1 COMM 2007-FL14 Mortgage Trust,
Floating Rate Note, 6/15/22 (144A) 145,435
1,000,000 1.52 AAA/NR COMM 2013-FL3 Mortgage Trust,
Floating Rate Note, 10/13/28 (144A) 1,004,915
560,774 2.11 AAA/NR Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
11/17/26 (144A) 563,319
870,000 1.75 NR/NR Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
2/13/32 (144A) 870,063
485,000 4.80 AAA/Aaa Commercial Mortgage Trust 2005-GG3,
Floating Rate Note, 8/10/42 495,184
1,000,000 4.89 A+/A2 Commercial Mortgage Trust 2005-GG3,
Floating Rate Note, 8/10/42 1,026,688
998,696 NR/Baa1 Credit Suisse Commercial Mortgage
Trust Series 2007-C1, 5.361%, 2/15/40 1,065,919
47,058 AAA/Aaa Credit Suisse First Boston Mortgage
Securities Corp., 4.691%, 10/15/39 47,496
198,716 AAA/Aaa Credit Suisse First Boston Mortgage
Securities Corp., 4.829%, 11/15/37 202,140
1,040,000 AAA/A1 Credit Suisse First Boston Mortgage
Securities Corp., 4.832%, 4/15/37 1,074,183
The accompanying notes are an integral part of these financial statements.
36 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
500,000 BBB/B1 Credit Suisse First Boston Mortgage
Securities Corp., 4.877%, 4/15/37 $ 505,394
77,182 BBB/NR Credit Suisse First Boston Mortgage
Securities Corp., 5.25%, 10/25/19 78,338
53,911 B-/NR Credit Suisse First Boston Mortgage
Securities Corp., 5.5%, 6/25/33 53,816
136,877 AA+/A3 Credit Suisse First Boston Mortgage
Securities Corp., 5.5%, 8/25/34 138,718
316,301 BBB+/Baa3 Credit Suisse First Boston Mortgage
Securities Corp., 7.5%, 5/25/32 327,459
91,081 2.55 BBB+/Ba2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate
Note, 11/25/33 91,171
50,253 1.51 AA+/A3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate
Note, 12/25/33 50,248
761,920 5.01 NR/Aaa Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate
Note, 2/15/38 780,616
539,780 5.11 NR/Aaa Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate
Note, 7/15/36 544,235
960,440 5.10 AAA/NR Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate
Note, 8/15/38 1,004,166
323,496 0.32 AAA/A1 Credit Suisse Mortgage Capital
Certificates, Floating Rate Note,
10/15/21 (144A) 321,892
908,330 2.77 NR/NR Credit Suisse Mortgage Capital
Certificates, Floating Rate Note,
7/27/36 (144A) 913,533
723,000 AAA/Aaa Extended Stay America Trust 2013-ESH,
1.2783%, 12/5/31 (144A) 709,335
200,000 0.86 AAA/Aaa Extended Stay America Trust 2013-ESH,
Floating Rate Note, 12/5/31 (144A) 200,282
200,000 1.26 AA-/NR Extended Stay America Trust 2013-ESH,
Floating Rate Note, 12/5/31 (144A) 200,009
915,990 NR/NR FDIC 2010-R1 Trust, 2.184%,
5/25/50 (144A) 922,280
61,628 2.59 BBB+/NR First Horizon Mortgage Pass-Through
Trust 2004-AR1, Floating Rate
Note, 2/25/34 61,552
70,262 2.57 NR/B2 First Horizon Mortgage Pass-Through
Trust 2004-AR5, Floating Rate
Note, 10/25/34 69,012
553,000 2.09 BBB+/Baa2 Four Corners CLO II, Ltd., Floating
Rate Note, 1/26/20 (144A) 523,608
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 37
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
289,231 0.58 A+/Aa2 GE Business Loan Trust 2003-1,
Floating Rate Note, 4/15/31 (144A) $ 271,681
678,333 0.37 AA-/Aa1 GE Business Loan Trust 2004-2,
Floating Rate Note, 12/15/32 (144A) 643,315
805,085 0.40 AA/Aa3 GE Business Loan Trust 2005-1,
Floating Rate Note, 6/15/33 (144A) 755,316
585,901 0.32 A/Aa3 GE Business Loan Trust 2007-1,
Floating Rate Note, 4/16/35 (144A) 529,855
500,000 5.17 BBB-/NR GE Capital Commercial Mortgage
Corp., Floating Rate Note,
7/10/45 (144A) 501,505
283,386 BB/Caa3 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 (144A) 278,507
992,281 0.43 BBB+/Ba2 Global Mortgage Securitization, Ltd.,
Floating Rate Note, 4/25/32 950,106
1,145,487 5.30 AAA/Aa3 GMAC Commercial Mortgage Securities,
Inc. Series 2004-C2 Trust, Floating
Rate Note, 8/10/38 1,156,947
1,019,000 AAA/NR GMAC Commercial Mortgage Securities,
Inc. Series 2005-C1 Trust,
4.697%, 5/10/43 1,051,898
191,343 3.34 BBB/Baa3 GMACM Mortgage Loan Trust 2003-AR1,
Floating Rate Note, 10/19/33 190,069
172,422 3.11 A+/NR GMACM Mortgage Loan Trust 2004-AR1,
Floating Rate Note, 6/25/34 174,306
105,000 A-/Ba1 GS Mortgage Securities Corp II Series
2005-GG4, 4.782%, 7/10/39 107,750
400,000 1.61 NR/Aa3 GS Mortgage Securities Corp. II,
Floating Rate Note, 11/8/29 (144A) 399,762
557,790 0.94 AA+/Baa1 GSAA Home Equity Trust 2004-6,
Floating Rate Note, 6/25/34 555,114
353,002 2.33 A+/NR GSR Mortgage Loan Trust 2003-9,
Floating Rate Note, 8/25/33 357,094
564,895 2.83 A+/B1 GSR Mortgage Loan Trust 2004-7,
Floating Rate Note, 6/25/34 549,898
449,662 BB-/NR GSR Mortgage Loan Trust 2005-1F,
6.0%, 2/25/35 463,567
180,389 2.37 AA+/Ba1 HarborView Mortgage Loan Trust
2004-1, Floating Rate Note, 4/19/34 179,821
1,250,000 AAA/NR HLSS Servicer Advance Receivables
Trust, 1.2437%, 1/17/45 1,250,464
250,000 2.44 AA/Aa3 Holmes Master Issuer Plc, Floating
Rate Note, 10/15/54 (144A) 255,152
1,095,972 0.80 A+/A1 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 3/25/34 1,045,367
394,087 0.51 AA+/Aa3 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 6/25/34 387,386
The accompanying notes are an integral part of these financial statements.
38 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
284,058 0.61 AAA/Aa2 Homestar Mortgage Acceptance
Corp., Floating Rate Note, 7/25/34 $ 280,300
1,147,538 0.92 AA+/A3 Impac CMB Trust Series 2003-11,
Floating Rate Note, 10/25/33 1,060,953
1,409,158 0.80 BB/Ba3 Impac CMB Trust Series 2004-4,
Floating Rate Note, 9/25/34 1,331,464
683,662 0.78 A-/Ba1 Impac CMB Trust Series 2004-4,
Floating Rate Note, 9/25/34 641,279
402,069 0.88 BBB/Baa2 Impac CMB Trust Series 2004-5,
Floating Rate Note, 10/25/34 387,311
90,106 0.96 B-/Ba1 Impac CMB Trust Series 2004-6,
Floating Rate Note, 10/25/34 86,697
1,508,111 0.94 B-/Baa1 Impac CMB Trust Series 2004-6,
Floating Rate Note, 10/25/34 1,431,258
94,126 0.90 BBB+/A3 Impac CMB Trust Series 2004-7,
Floating Rate Note, 11/25/34 88,446
97,223 2.78 BB+/NR Impac CMB Trust Series 2004-8,
Floating Rate Note, 8/25/34 90,990
510,619 0.51 AAA/Aaa Impac Secured Assets Trust 2006-1,
Floating Rate Note, 5/25/36 498,491
166,976 0.51 AAA/Aaa Impac Secured Assets Trust 2006-2,
Floating Rate Note, 8/25/36 163,285
183,433 0.36 BB+/Baa2 Impac Secured Assets Trust 2006-5,
Floating Rate Note, 12/25/36 167,289
82,568 2.71 BB-/B1 IndyMac INDX Mortgage Loan
Trust 2004-AR6, Floating Rate
Note, 10/25/34 82,676
40,991 5.41 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp Commercial Mortgage
Pass-Thr, Floating Rate Note, 5/15/41 41,035
1,100,000 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., 4.878%, 1/15/42 1,122,228
650,000 2.02 AA/Aa2 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
10/15/25 (144A) 651,512
945,000 2.16 A-/NR JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate
Note, 12/15/28 945,334
329,412 4.84 AAA/A1 JP Morgan Chase Commercial Mortgage
Securities Trust 2004-LN2, Floating
Rate Note, 7/15/41 (144A) 332,706
573,278 5.34 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2005-CIBC11, Floating
Rate Note, 8/12/37 592,824
985,000 5.04 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2005-LDP1, Floating
Rate Note, 3/15/46 1,008,001
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 39
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
85,394 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2006-CIBC17,
5.45%, 12/12/43 $ 85,297
439,297 0.28 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating
Rate Note, 11/15/18 (144A) 435,895
184,066 0.51 NR/Ba1 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating
Rate Note, 11/15/18 (144A) 174,404
125,839 0.31 AA/Aa3 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-LDP9, Floating
Rate Note, 5/15/47 125,296
293,527 5.71 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2007-CIBC19, Floating
Rate Note, 2/12/49 294,924
412,000 3.00 AA-/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2013-ALC, Floating
Rate Note, 7/17/26 (144A) 415,776
300,000 1.95 A-/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2013-FL3, Floating
Rate Note, 4/15/28 (144A) 299,332
770,000 2.30 NR/Aa3 JP Morgan Chase Commercial Mortgage
Securities Trust 2013-INN, Floating
Rate Note, 10/15/30 (144A) 770,888
1,550,000 0.93 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2013-JWRZ, Floating
Rate Note, 4/15/30 (144A) 1,539,448
587,407 2.03 A+/Baa1 JP Morgan Mortgage Trust 2003-A1,
Floating Rate Note, 10/25/33 586,712
369,828 2.49 AA+/Baa3 JP Morgan Mortgage Trust 2004-A1,
Floating Rate Note, 2/25/34 377,754
200,225 2.25 AA+/Baa2 JP Morgan Mortgage Trust 2004-A5,
Floating Rate Note, 12/25/34 201,498
177,431 B+/Baa3 JP Morgan Mortgage Trust 2004-S1,
5.0%, 9/25/34 185,176
828,067 5.01 BBB+/NR JP Morgan Mortgage Trust 2005-A3,
Floating Rate Note, 6/25/35 836,133
343,578 2.25 BBB+/Ba1 JP Morgan Mortgage Trust 2005-A4,
Floating Rate Note, 7/25/35 344,975
36,541 NR/Caa3 JP Morgan Mortgage Trust 2006-S3,
6.0%, 8/25/36 (d) 1,624
723,818 1.64 AAA/Aaa Lanark Master Issuer Plc, Floating
Rate Note, 12/22/54 (144A) 733,731
250,000 0.74 AAA/Aaa Lanark Master Issuer Plc, Floating
Rate Note, 12/22/54 (144A) 248,763
The accompanying notes are an integral part of these financial statements.
40 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
56,892 5.62 BBB+/NR LB-UBS Commercial Mortgage Trust
2002-C4, Floating Rate Note,
10/15/35 (144A) $ 56,999
35,490 AAA/Aaa LB-UBS Commercial Mortgage Trust
2004-C1, 4.568%, 1/15/31 36,866
951,486 5.02 AAA/NR LB-UBS Commercial Mortgage Trust
2004-C6, Floating Rate Note, 8/15/29 959,685
930,000 5.20 NR/Baa2 LB-UBS Commercial Mortgage Trust
2005-C2, Floating Rate Note, 4/15/30 965,307
1,135,809 5.20 AAA/NR LB-UBS Commercial Mortgage Trust
2005-C7, Floating Rate Note,
11/15/30 (144A) 1,192,911
122,646 6.16 AAA/Aaa LB-UBS Commercial Mortgage Trust
2008-C1, Floating Rate Note, 4/15/41 128,481
254,474 1.11 A+/Aa1 Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3
Class 1A4, Floating Rate Note,
10/25/37 (144A) 252,605
454,609 1.21 A+/Aa1 Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3,
Floating Rate Note, 10/25/37 (144A) 446,653
666,494 0.38 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
4/25/31 (144A) 606,656
854,574 0.39 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
4/25/31 (144A) 769,061
658,269 0.41 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
9/25/30 (144A) 600,422
339,476 0.68 BB/Ba1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
9/25/30 (144A) 201,174
9,583 AAA/NR MASTR Alternative Loan Trust 2004-13,
4.5%, 1/25/15 9,583
796,550 0.51 BBB-/NR MASTR Alternative Loan Trust 2005-1,
Floating Rate Note, 2/25/35 775,642
103,858 0.56 AA+/NR MASTR Asset Securitization Trust
2003-6, Floating Rate Note, 7/25/18 100,397
171,799 6.64 A-/NR MASTR Seasoned Securitization Trust
2005-1, Floating Rate Note, 9/25/32 179,833
276,297 0.63 AA+/Baa1 Mellon Residential Funding Corp.
Mortgage Pass-Through Trust Series
2000 TBC2, Floating Rate Note, 6/15/30 270,793
429,490 2.38 BBB/B1 Merrill Lynch Mortgage Investors Trust
Series 2005-2, Floating Rate Note,
10/25/35 435,016
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 41
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,421,492 0.43 AA+/A3 Merrill Lynch Mortgage Investors Trust
Series 2005-A3, Floating Rate
Note, 4/25/35 $ 1,360,601
865,938 0.90 A+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-A, Floating Rate
Note, 3/25/28 846,900
465,749 1.15 BBB+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-A, Floating Rate
Note, 3/25/28 466,414
436,213 0.82 BB/Baa1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-C, Floating Rate
Note, 6/25/28 415,586
403,489 1.05 BB/Baa1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-C, Floating Rate
Note, 6/25/28 403,228
524,751 0.78 BBB/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-E, Floating Rate
Note, 10/25/28 516,135
54,383 1.89 A+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-G, Floating Rate
Note, 1/25/29 54,205
413,889 0.80 AA+/Baa2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-H, Floating Rate
Note, 1/25/29 413,903
301,689 0.62 A+/Baa1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-A, Floating Rate
Note, 4/25/29 287,182
226,374 0.66 AA+/Baa1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-B, Floating Rate
Note, 5/25/29 223,709
656,467 0.72 AA+/Ba1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-C, Floating Rate
Note, 7/25/29 659,684
427,651 0.82 A+/Ba2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-E, Floating Rate
Note, 11/25/29 409,054
571,188 0.72 A+/Ba2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-G, Floating Rate
Note, 1/25/30 546,636
279,495 0.95 A+/Ba2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-G, Floating Rate
Note, 1/25/30 271,534
584,097 0.62 AA+/Ba3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2005-A, Floating Rate
Note, 3/25/30 574,519
118,666 2.49 BBB+/NR Merrill Lynch Mortgage Investors Trust
Series MLMI 2005-A2, Floating Rate
Note, 2/25/35 119,837
The accompanying notes are an integral part of these financial statements.
42 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
359,935 4.86 NR/Aaa Merrill Lynch Mortgage Trust 2004-KEY2,
Floating Rate Note, 8/12/39 $ 363,579
410,390 4.95 NR/Aa3 Merrill Lynch Mortgage Trust 2004-KEY2,
Floating Rate Note, 8/12/39 417,420
686,745 0.43 AA+/A3 Morgan Stanley Mortgage Loan Trust
2005-5AR, Floating Rate Note, 9/25/35 673,374
564,655 0.44 A+/Baa2 Morgan Stanley Mortgage Loan Trust
2005-6AR, Floating Rate Note,
11/25/35 559,867
567,451 0.43 A+/A2 Morgan Stanley Mortgage Loan Trust
2005-6AR, Floating Rate Note,
11/25/35 559,037
700,000 NR/NR Morgan Stanley Re-REMIC Trust
2010-R9, 5.0%, 11/26/36 (144A) 706,531
484,521 0.94 AA+/Baa1 MortgageIT Trust 2004-1, Floating
Rate Note, 11/25/34 466,972
554,475 3.75 AAA/NR Nationstar Mortgage Loan Trust
2013-A, Floating Rate Note,
12/25/52 (144A) 569,209
270,326 AA+/NR NCUA Guaranteed Notes Trust
REMICS, 1.6%, 10/29/20 272,401
443,449 0.69 NR/Aaa NCUA Guaranteed Notes Trust
REMICS, Floating Rate Note, 3/9/21 444,065
451,568 0.53 AA+/Aaa NCUA Guaranteed Notes Trust,
Floating Rate Note, 11/6/17 452,575
376,347 1.36 AAA/Aaa NorthStar 2012-1 Mortgage Trust,
Floating Rate Note, 8/25/29 (144A) 376,627
200,000 4.41 BBB/Baa3 NorthStar 2012-1 Mortgage Trust,
Floating Rate Note, 8/25/29 (144A) 202,604
777,995 2.01 NR/Aaa NorthStar 2013-1, Floating Rate
Note, 8/25/29 (144A) 778,287
53,125 0.46 AAA/Aa2 Opteum Mortgage Acceptance Corp
Asset Backed Pass-Through
Certificates 2005-1, Floating Rate
Note, 2/25/35 53,007
99,134 0.41 BB+/B2 Opteum Mortgage Acceptance Corp
Asset Backed Pass-Through
Certificates 2005-5, Floating Rate
Note, 12/25/35 97,442
500,000 0.46 NR/NR Pepper Residential Securities Trust,
Floating Rate Note, 10/18/14 (144A) 500,070
124,938 NR/A2 PHH Mortgage Capital LLC, 6.6%,
12/25/27 (Step) (144A) 127,178
510,564 BB+/Caa1 RAAC Series 2004-SP2 Trust, 6.0%,
1/25/32 520,524
296,496 0.71 NR/Baa3 RALI Series 2002-QS16 Trust,
Floating Rate Note, 10/25/17 281,904
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 43
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
471,301 BBB+/Baa3 RALI Series 2003-QR24 Trust,
4.0%, 7/25/33 $ 476,319
769,653 BBB-/Baa3 RALI Series 2003-QR24 Trust,
4.0%, 7/25/33 782,088
777,406 0.66 BB-/Ba1 RALI Series 2003-QS11 Trust,
Floating Rate Note, 6/25/33 741,063
47,680 NR/Ba1 RALI Series 2003-QS14 Trust,
5.0%, 7/25/18 48,555
196,609 BB/Ba3 RALI Series 2003-QS15 Trust,
5.5%, 8/25/33 205,077
616,071 0.61 NR/Ba2 RALI Series 2003-QS9 Trust, Floating
Rate Note, 5/25/18 594,319
859,142 BBB-/Ba2 RALI Series 2004-QR1 Trust,
5.25%, 10/25/34 871,427
333,376 BBB+/Baa2 RALI Series 2004-QS1 Trust,
4.25%, 1/25/34 336,630
78,709 0.71 BBB+/Baa2 RALI Series 2004-QS1 Trust, Floating
Rate Note, 1/25/34 78,561
198,946 NR/B3 RALI Series 2004-QS16 Trust, 5.5%,
12/25/34 202,952
143,998 BB+/Ba3 RALI Series 2004-QS5 Trust, 4.75%,
4/25/34 149,031
131,056 0.76 BB+/Ba3 RALI Series 2004-QS5 Trust, Floating
Rate Note, 4/25/34 128,514
112,436 6.26 BBB+/NR RAMP Series 2004-SL4 Trust, Floating
Rate Note, 5/25/18 114,468
1,015,336 0.66 NR/NR RBSSP Resecuritization Trust 2009-5,
Floating Rate Note, 8/26/37 (144A) 976,938
644,109 1.56 B-/Ba3 RESI Finance LP, Floating Rate Note,
9/10/35 (144A) 504,280
1,487,287 0.56 BBB+/NR Residential Asset Securitization Trust
2003-A2, Floating Rate Note, 5/25/33 1,371,155
385,453 B/NR Residential Asset Securitization Trust
2004-A9, 5.75%, 12/25/34 406,892
321,783 CCC/NR Residential Asset Securitization Trust
2005-A9, 5.5%, 7/25/35 320,373
400,000 0.51 NR/NR Resimac MBS Trust, Floating Rate Note,
3/7/14 (144A) 400,001
180,287 NR/B3 RFMSI Series 2005-S5 Trust, 5.25%,
7/25/35 186,329
341,820 NR/Baa3 RREF 2013 LT2 LLC, 2.8331%,
5/22/28 (144A) 343,561
245,967 0.77 AA+/Baa3 Sequoia Mortgage Trust 2003-5,
Floating Rate Note, 9/20/33 245,898
192,542 0.47 A+/Baa3 Sequoia Mortgage Trust 2004-10,
Floating Rate Note, 11/20/34 181,581
The accompanying notes are an integral part of these financial statements.
44 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
823,164 0.43 A/Baa3 Sequoia Mortgage Trust 2004-12,
Floating Rate Note, 1/20/35 $ 756,085
292,711 0.64 AA/Baa3 Sequoia Mortgage Trust 2004-12,
Floating Rate Note, 1/20/35 281,791
322,234 1.73 AA+/Ba1 Sequoia Mortgage Trust 2004-7,
Floating Rate Note, 8/20/34 327,216
694,143 0.49 A+/Baa2 Sequoia Mortgage Trust 2004-9,
Floating Rate Note, 10/20/34 656,120
512,778 0.58 AA+/Ba1 Sequoia Mortgage Trust 2005-1,
Floating Rate Note, 2/20/35 492,876
295,654 2.25 NR/Aaa Sequoia Mortgage Trust 2013-8,
Floating Rate Note, 6/25/43 279,755
153,440 3.00 NR/Aaa Sequoia Mortgage Trust 2013-8,
Floating Rate Note, 6/25/43 142,007
668,159 A/NR SilverLeaf Finance XVII LLC, 2.71%,
3/16/26 (144A) 667,719
290,000 1.89 AAA/Aaa Silverstone Master Issuer Plc,
Floating Rate Note, 1/21/55 (144A) 300,046
30,606 NR/Baa3 SMA Issuer I LLC, 3.5%, 8/20/25 (144A) 30,643
269,411 2.22 AAA/NR Springleaf Mortgage Loan Trust 2012-2,
Floating Rate Note, 10/25/57 (144A) 274,279
640,000 1.45 AAA/NR Starwood Property Mortgage Trust
2013-FV1, Floating Rate Note,
8/11/28 (144A) 640,019
188,461 2.86 BB/Ba2 Structured Adjustable Rate Mortgage
Loan Trust Class 1A1, Floating Rate
Note, 3/25/34 190,890
92,967 5.17 BBB+/Ba2 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 11/25/34 91,893
485,000 1.15 NR/A1 Structured Agency Credit Risk Debt
Notes, Floating Rate Note, 2/25/24 486,591
430,478 0.81 AA+/Baa1 Structured Asset Mortgage Investments II
Trust 2004-AR5, Floating Rate
Note, 10/19/34 409,648
599,674 3.78 CCC/Caa3 Structured Asset Mortgage Investments II
Trust 2005-AR2, Floating Rate
Note, 5/25/45 473,560
183,831 0.66 AA+/A1 Structured Asset Mortgage Investments II
Trust 2005-F1, Floating Rate
Note, 8/26/35 182,320
467,620 1.05 AA+/Baa2 Structured Asset Mortgage Investments
Trust 2002-AR5, Floating Rate
Note, 5/19/33 454,211
201,768 2.67 A+/Baa3 Structured Asset Securities Corp.
Mortgage Certificates Series 2003-31A,
Floating Rate Note, 10/25/33 203,240
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 45
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
264,537 BBB+/Ba2 Structured Asset Securities Corp.
Mortgage Loan Trust 2005-2XS,
4.65%, 2/25/35 (Step) $ 277,177
1,028,038 2.45 A+/Ba2 Structured Asset Securities Corp.
Mortgage Pass-Through Certificates
Series 2003-24A, Floating Rate
Note, 7/25/33 1,032,291
376,433 0.66 A+/Baa3 Structured Asset Securities Corp.
Mortgage Pass-Through Certificates
Series 2003-35, Floating Rate
Note, 12/25/33 370,777
144,929 2.34 NR/Baa2 Thornburg Mortgage Securities Trust
2003-3, Floating Rate Note, 6/25/43 143,783
261,774 1.64 AAA/A1 Thornburg Mortgage Securities Trust
2004-1, Floating Rate Note, 3/25/44 261,105
1,205,517 0.90 BBB+/Baa3 Thornburg Mortgage Securities Trust
2004-3, Floating Rate Note, 9/25/44 1,155,722
829,596 1.70 AA+/Baa3 Thornburg Mortgage Securities Trust
Class II2A, Floating Rate Note, 3/25/44 812,946
156,084 3.71 AAA/Ba1 Thornburg Mortgage Securities Trust
Class II4A, Floating Rate Note, 3/25/44 156,006
525,000 AAA/Aa1 TimberStar Trust 1, 5.668%,
10/15/36 (144A) 571,998
487,000 4.15 BBB/Baa2 Trafigura Securitisation Finance Plc,
Floating Rate Note, 10/15/15 (144A) 491,110
465,000 4.85 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2005-C16, Floating Rate
Note, 10/15/41 475,286
655,857 5.08 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2005-C17, Floating Rate
Note, 3/15/42 673,596
1,506,334 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2005-C18, 4.935%,
4/15/42 1,551,503
529,999 5.24 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2005-C21, Floating Rate
Note, 10/15/44 559,103
272,000 5.66 BB-/Ba3 Wachovia Bank Commercial Mortgage
Trust Series 2006-C24, Floating Rate
Note, 3/15/45 272,165
425,959 1.49 AA+/Ba3 WaMu Mortgage Pass-Through
Certificates Series 2002-AR6 Trust,
Floating Rate Note, 6/25/42 400,161
1,224,464 2.42 A+/Baa1 WaMu Mortgage Pass-Through
Certificates Series 2003-AR9 Trust,
Floating Rate Note, 9/25/33 1,253,612
The accompanying notes are an integral part of these financial statements.
46 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
797,176 AA+/NR WaMu Mortgage Pass-Through
Certificates Series 2003-S10,
5.0%, 10/25/18 $ 819,608
453,135 0.57 AA+/A1 Wells Fargo Alternative Loan 2005-2
Trust, Floating Rate Note, 10/25/35 447,572
68,430 BB+/Ba2 Wells Fargo Mortgage Backed Securities
2005-9 Trust, 5.5%, 10/25/35 68,493
289,726 4.99 NR/Ba2 Wells Fargo Mortgage Backed Securities
2005-AR6 Trust, Floating Rate
Note, 4/25/35 294,968
38,671 AA+/Baa1 Wells Fargo Mortgage Backed Securities
2006-16 Trust, 5.0%, 11/25/36 40,260
214,738 4.93 BBB+/Ba3 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 8/25/34 220,323
------------
$127,784,732
------------
Total Banks $127,784,732
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.8%
Other Diversified Financial
Services -- 1.7%
431,175 3.63 NR/NR CSMC Trust 2010-16, Floating Rate
Note, 6/25/50 (144A) $ 430,246
300,000 1.45 AA-/NR Del Coronado Trust 2013-DEL, Floating
Rate Note, 3/15/26 (144A) 299,429
399,000 2.10 BBB-/NR Del Coronado Trust 2013-DEL, Floating
Rate Note, 3/15/26 (144A) 396,379
500,000 2.92 BBB-/NR Hilton USA Trust 2013-HLF, Floating
Rate Note, 11/5/30 (144A) 501,732
175,000 1.67 AA-/NR Hilton USA Trust 2013-HLF, Floating
Rate Note, 11/5/30 (144A) 175,331
951,854 AAA/NR Morgan Stanley Capital I Trust
2004-HQ4, 4.97%, 4/14/40 957,472
446,447 5.11 AAA/NR Morgan Stanley Capital I Trust
2004-IQ8, Floating Rate Note, 6/15/40 450,590
1,215,000 AAA/NR Morgan Stanley Capital I Trust
2005-HQ6, 4.989%, 8/13/42 1,264,380
900,000 5.07 BBB-/NR Morgan Stanley Capital I Trust
2005-HQ6, Floating Rate Note, 8/13/42 937,298
843,025 5.23 AAA/Aaa Morgan Stanley Capital I Trust
2005-IQ10, Floating Rate Note, 9/15/42 883,640
614,967 AAA/NR Morgan Stanley Capital I Trust
2005-TOP17, 4.78%, 12/13/41 626,217
425,000 0.28 A+/Aa1 Morgan Stanley Capital I, Inc., Floating
Rate Note, 10/15/20 (144A) 414,837
215,499 A+/A3 Nomura Asset Acceptance Corp.
Alternative Loan Trust Series 2003-A3,
5.5%, 8/25/33 (Step) 225,112
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 47
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
350,787 NR/NR ORES NPL 2013-LV2 LLC, 3.081%,
9/25/25 (144A) $ 350,913
1,000,000 2.30 NR/NR Resource Capital Corp. CRE Notes
2013, Ltd., Floating Rate Note,
6/15/16 (144A) 1,000,000
475,000 3.62 NR/NR VOLT LLC VOLT_14-NPL2, Floating
Rate Note, 11/25/53 474,644
257,202 NR/NR VOLT XV LLC, 3.22162%, 5/27/53
(Step) (144A) 252,701
577,876 NR/NR VOLT XVI LLC, 4.25%, 8/25/58
(Step) (144A) 579,682
548,794 NR/NR VOLT XX LLC, 3.625%, 2/1/39
(Step) (144A) 550,509
------------
$ 10,771,112
-----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
100,000 1.74 AAA/Aaa Fosse Master Issuer Plc, Floating Rate
Note, 10/18/54 (144A) $ 102,102
375,000 1.69 AA+/Aaa KKR Financial CLO 2007-1 Corp.,
Floating Rate Note, 5/15/21 (144A) 363,975
------------
$ 466,077
-----------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.0%+
84,476 2.54 NR/NR Jefferies & Co., Inc., Floating Rate
Note, 5/26/37 (144A) $ 84,427
-----------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.0%+
283,064 NR/Aa2 Morgan Stanley Dean Witter Capital I
Trust 2001-TOP3, 6.79%, 7/15/33 $ 287,714
------------
Total Diversified Financials $ 11,609,330
-----------------------------------------------------------------------------------------------------
GOVERNMENT -- 14.7%
Government -- 14.7%
3,730,041 3.72 NR/Aa1 Fannie Mae Grantor Trust 2001-T1,
Floating Rate Note, 10/25/40 $ 3,569,049
275,109 2.22 NR/NR Fannie Mae Trust 2005-W4, Floating
Rate Note, 6/25/35 281,992
427,129 0.42 NR/NR Fannie Mae Whole Loan, Floating
Rate Note, 11/25/46 424,482
125,659 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 3.5%, 10/15/18 131,080
210,856 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 3.5%, 6/15/28 216,343
43,576 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 4.0%, 12/15/22 44,036
The accompanying notes are an integral part of these financial statements.
48 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
42,974 NR/Aa1 Federal Home Loan Mortgage Corp.
REMICS, 4.0%, 6/15/22 $ 43,135
82,962 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 5.0%, 6/15/34 84,341
129,310 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 5.5%, 10/15/35 133,170
103,022 0.45 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 1/15/36 103,088
1,314,718 0.45 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 1/15/37 1,312,752
400,357 0.60 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 1/15/41 401,763
246,603 0.35 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 10/15/20 246,963
264,685 0.55 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 10/15/35 264,962
356,689 0.73 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 10/15/37 358,434
282,239 0.50 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 11/15/36 282,265
131,457 0.50 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 11/15/36 131,479
68,467 0.40 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 11/15/36 68,359
674,185 0.53 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 11/15/37 675,259
267,989 0.55 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 11/15/37 268,405
207,810 0.55 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/32 208,459
92,861 0.55 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/32 93,125
152,280 0.45 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/34 151,888
441,571 0.47 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/35 441,126
708,070 0.43 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/36 706,481
308,395 0.85 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 12/15/39 312,490
311,850 0.45 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/30 311,555
297,154 1.15 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/32 305,381
333,471 0.55 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/33 335,411
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 49
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
200,718 0.45 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/36 $ 200,105
221,122 0.45 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/37 220,543
178,582 0.45 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/39 178,558
485,578 0.65 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/41 486,402
230,482 0.70 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/42 231,715
191,969 1.15 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 3/15/32 197,335
383,262 1.15 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 3/15/32 394,219
308,128 0.40 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 3/15/37 306,974
435,163 0.55 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 3/15/38 434,521
989,729 0.55 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 3/15/41 991,581
295,306 0.70 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 4/15/27 298,735
177,006 0.65 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 4/15/28 179,001
184,280 0.45 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 4/15/36 184,557
609,661 0.57 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 4/15/41 611,136
195,541 0.55 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 5/15/36 196,256
449,877 0.33 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 5/15/36 450,005
152,872 0.55 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 5/15/41 153,171
154,166 0.57 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 6/15/36 154,545
295,063 0.45 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 6/15/40 294,496
393,527 0.58 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 6/15/41 394,398
235,846 0.55 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 7/15/23 236,851
302,237 0.65 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 7/15/36 303,677
151,116 0.75 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 8/15/18 152,596
The accompanying notes are an integral part of these financial statements.
50 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
827,798 0.45 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 8/15/25 $ 829,806
371,167 0.40 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 8/15/25 371,115
161,595 0.35 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 8/15/26 162,303
444,136 0.60 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 8/15/31 448,274
113,533 0.40 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 8/15/35 113,464
360,904 0.40 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 8/15/36 359,779
258,777 0.45 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 9/15/26 259,273
264,099 0.60 AA+/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 9/15/33 265,108
198,030 NR/NR Federal Home Loan Mortgage Corp.,
3.5%, 8/15/28 206,842
390,775 NR/NR Federal Home Loan Mortgage Corp.,
4.0%, 1/15/34 412,498
232,033 NR/NR Federal Home Loan Mortgage Corp.,
4.0%, 5/15/37 236,032
380,301 NR/NR Federal Home Loan Mortgage Corp.,
5.0%, 4/15/32 386,678
204,492 NR/NR Federal Home Loan Mortgage Corp.,
5.75%, 2/15/34 207,056
2,119,219 0.65 NR/NR Federal Home Loan Mortgage Corp.,
Floating Rate Note, 1/15/33 2,131,423
127,916 0.47 NR/NR Federal Home Loan Mortgage Corp.,
Floating Rate Note, 11/15/36 127,829
847,563 0.50 NR/NR Federal Home Loan Mortgage Corp.,
Floating Rate Note, 4/15/36 847,592
1,020,255 3.35 NR/NR Federal National Mortgage
Association 2004-T2, Floating
Rate Note, 7/25/43 1,059,371
851,609 NR/NR Federal National Mortgage
Association 2006-48-T, 5.5%, 12/25/34 873,298
225,205 NR/NR Federal National Mortgage Association
REMICS, 1.5%, 11/25/20 226,411
381,306 NR/NR Federal National Mortgage Association
REMICS, 1.75%, 12/25/22 386,735
248,670 NR/NR Federal National Mortgage Association
REMICS, 3.0%, 1/25/21 258,526
219,599 NR/NR Federal National Mortgage Association
REMICS, 3.0%, 4/25/40 227,073
325,069 NR/NR Federal National Mortgage Association
REMICS, 3.5%, 10/25/39 336,045
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 51
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
2,000,000 NR/NR Federal National Mortgage Association
REMICS, 4.0%, 5/25/29 $ 2,140,960
82,722 NR/NR Federal National Mortgage Association
REMICS, 4.0%, 6/25/37 83,463
25,288 NR/NR Federal National Mortgage Association
REMICS, 5.0%, 9/25/39 25,876
22,604 NR/NR Federal National Mortgage Association
REMICS, 5.5%, 5/25/30 22,658
110,551 NR/NR Federal National Mortgage Association
REMICS, 6.0%, 3/25/35 114,132
135,373 NR/NR Federal National Mortgage Association
REMICS, 6.0%, 6/25/29 150,676
89,119 0.80 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 1/18/32 90,492
453,407 1.01 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 1/25/24 456,075
120,185 0.66 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 1/25/33 121,173
2,005,625 0.51 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 1/25/34 2,005,491
230,967 0.46 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 10/25/35 230,577
559,259 0.56 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 10/25/36 560,605
248,074 1.38 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 10/25/38 255,495
1,375,920 0.35 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 10/27/37 1,372,248
544,212 1.15 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 11/18/32 559,333
176,971 0.52 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 11/25/36 177,123
618,891 0.86 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 11/25/39 625,390
2,220,108 0.56 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 11/25/40 2,223,816
119,388 0.55 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/18/32 119,437
205,295 1.06 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/31 210,394
889,312 0.66 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/32 897,189
376,550 0.52 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/36 376,587
250,575 0.78 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/37 253,185
The accompanying notes are an integral part of these financial statements.
52 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
302,159 0.51 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/33 $ 303,798
228,274 0.47 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/35 227,993
260,796 0.41 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/37 259,875
256,727 0.36 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/37 255,392
218,859 0.61 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 2/25/38 219,680
191,486 0.66 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/24 193,397
324,216 0.56 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/34 325,033
262,568 0.56 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/34 263,096
341,133 0.51 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/35 341,651
391,513 0.46 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/35 390,342
1,923,804 0.46 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/36 1,924,041
270,457 0.41 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/37 269,837
355,800 0.52 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/37 355,796
171,431 0.41 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/37 170,789
405,138 0.51 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/37 405,186
744,583 0.38 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/45 742,869
677,974 1.06 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 4/25/32 694,274
752,831 1.16 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 4/25/32 774,374
94,945 0.56 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 4/25/34 95,641
403,315 0.41 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 4/25/36 402,321
225,901 0.41 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 4/25/37 225,587
803,160 0.65 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 5/18/32 812,131
230,439 0.56 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/17 231,251
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 53
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
123,512 0.66 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/33 $ 124,444
297,133 0.51 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/36 297,150
310,495 0.56 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/37 310,901
405,237 0.71 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/40 407,607
1,298,741 0.61 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 5/25/41 1,302,222
734,030 0.46 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/35 733,572
295,943 0.61 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/36 297,022
220,255 0.46 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/36 219,828
335,984 0.40 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/37 334,246
657,598 0.40 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/37 655,324
120,397 0.41 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/37 119,984
433,067 0.41 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/37 431,633
242,081 0.66 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 6/25/38 243,527
126,336 0.56 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/34 127,111
190,320 0.46 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/35 189,766
112,836 0.41 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/35 112,566
166,657 0.64 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/36 167,475
438,444 1.06 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/38 447,218
560,947 0.58 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 8/25/36 563,258
395,109 0.46 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 8/25/40 395,174
652,594 0.66 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/33 656,392
222,893 0.51 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/36 222,901
303,021 0.73 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/36 304,518
The accompanying notes are an integral part of these financial statements.
54 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
131,968 0.61 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/37 $ 132,529
401,506 0.73 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/37 404,218
426,757 0.74 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/37 430,975
107,531 0.73 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/37 108,273
136,642 0.71 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/39 137,499
521,832 0.71 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/41 526,508
267,714 NR/NR Federal National Mortgage Association,
2.5%, 4/25/36 274,392
374,685 NR/NR Federal National Mortgage Association,
3.0%, 6/25/39 385,296
798,449 NR/NR Federal National Mortgage Association,
3.5%, 1/25/24 820,518
394,820 NR/NR Federal National Mortgage Association,
3.5%, 3/25/28 406,851
359,094 NR/NR Federal National Mortgage Association,
3.5%, 7/25/24 373,759
302,813 NR/NR Federal National Mortgage Association,
4.5%, 3/25/37 309,960
1,249,825 NR/NR Federal National Mortgage Association,
4.5%, 6/25/40 1,341,240
499,916 NR/NR Federal National Mortgage Association,
5.0%, 6/25/32 509,333
436,039 NR/NR Federal National Mortgage Association,
5.0%, 7/25/32 450,248
408,899 NR/NR Federal National Mortgage Association,
5.0%, 8/25/22 416,464
584,856 0.56 NR/NR Federal National Mortgage Association,
Floating Rate Note, 10/25/40 585,914
452,149 1.01 NR/NR Federal National Mortgage Association,
Floating Rate Note, 2/25/23 461,126
581,117 0.51 NR/NR Federal National Mortgage Association,
Floating Rate Note, 3/25/36 580,930
1,174,952 0.66 NR/NR Federal National Mortgage Association,
Floating Rate Note, 4/25/33 1,180,965
244,920 2.69 NR/NR Federal National Mortgage Association,
Floating Rate Note, 4/25/45 260,784
965,893 0.56 NR/NR Federal National Mortgage Association,
Floating Rate Note, 6/25/36 967,827
1,241,775 0.56 NR/NR Federal National Mortgage Association,
Floating Rate Note, 6/25/36 1,241,151
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 55
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
1,055,512 2.81 NR/NR Federal National Mortgage Association,
Floating Rate Note, 7/25/42 $ 1,030,957
425,259 0.46 NR/NR Federal National Mortgage Association,
Floating Rate Note, 8/25/35 424,186
1,133,939 1.10 NR/NR Freddie Mac REMICS, Floating Rate
Note, 2/15/32 1,164,439
197,737 0.50 NR/NR Freddie Mac Strips, Floating Rate
Note, 12/15/36 197,419
479,027 0.45 NR/NR Freddie Mac Strips, Floating Rate
Note, 8/15/36 478,276
409,000 3.49 NR/A2 FREMF Mortgage Trust Class B, Floating
Rate Note, 11/25/46 (144A) 420,569
3,222,392 NR/NR Government National Mortgage
Association REMICS, 4.0%, 9/20/37 3,445,552
203,986 NR/NR Government National Mortgage
Association, 3.0%, 12/20/38 210,903
1,804,593 NR/NR Government National Mortgage
Association, 3.0%, 12/20/38 1,858,787
276,461 NR/NR Government National Mortgage
Association, 3.0%, 4/20/41 288,484
251,990 NR/NR Government National Mortgage
Association, 3.5%, 2/20/33 254,488
667,512 NR/NR Government National Mortgage
Association, 3.5%, 5/20/39 698,212
16,544 NR/NR Government National Mortgage
Association, 4.5%, 5/20/33 16,590
738,837 NR/NR Government National Mortgage
Association, 5.0%, 1/20/16 752,654
145,182 NR/NR Government National Mortgage
Association, 5.0%, 4/20/36 154,823
373,483 NR/NR Government National Mortgage
Association, 5.0%, 5/20/35 383,346
244,279 NR/NR Government National Mortgage
Association, 5.0%, 7/20/31 248,995
105,649 NR/NR Government National Mortgage
Association, 5.75%, 8/20/36 106,182
322,714 0.40 NR/NR Government National Mortgage
Association, Floating Rate
Note, 1/16/35 320,628
829,726 0.70 NR/NR Government National Mortgage
Association, Floating Rate
Note, 1/16/40 837,129
286,079 0.60 NR/NR Government National Mortgage
Association, Floating Rate
Note, 1/20/34 286,296
2,176,967 1.14 NR/NR Government National Mortgage
Association, Floating Rate Note,
10/16/43 (d) 101,569
The accompanying notes are an integral part of these financial statements.
56 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
243,102 0.80 NR/NR Government National Mortgage
Association, Floating Rate
Note, 2/16/30 $ 246,075
9,765,086 0.68 AAA/Aa1 Government National Mortgage
Association, Floating Rate
Note, 2/16/52 (d) 354,170
1,944,515 1.03 NR/NR Government National Mortgage
Association, Floating Rate
Note, 2/16/53 (d) 156,399
324,596 0.40 NR/NR Government National Mortgage
Association, Floating Rate
Note, 2/20/35 323,006
280,519 0.65 NR/NR Government National Mortgage
Association, Floating Rate
Note, 2/20/38 282,288
1,164,897 1.05 NR/NR Government National Mortgage
Association, Floating Rate
Note, 3/16/53 (d) 90,049
286,827 0.45 NR/NR Government National Mortgage
Association, Floating Rate
Note, 4/16/31 287,705
161,786 0.65 NR/NR Government National Mortgage
Association, Floating Rate
Note, 4/16/32 162,811
694,791 0.70 NR/NR Government National Mortgage
Association, Floating Rate
Note, 4/16/32 700,441
1,933,312 1.08 NR/NR Government National Mortgage
Association, Floating Rate
Note, 8/16/52 (d) 135,717
230,431 0.55 NR/NR Government National Mortgage
Association, Floating Rate
Note, 8/20/35 230,729
755,194 0.45 NR/NR Government National Mortgage
Association, Floating Rate
Note, 8/20/40 744,640
1,741,553 1.07 NR/NR Government National Mortgage
Association, Floating Rate
Note, 9/16/52 (d) 144,612
147,327 0.45 NR/NR Government National Mortgage
Association, Floating Rate
Note, 9/20/33 147,400
------------
$ 91,505,035
------------
Total Government $ 91,505,035
-----------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $232,792,197) $231,602,217
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 57
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 33.0%
ENERGY -- 1.2%
Integrated Oil & Gas -- 0.4%
700,000 A/A1 ConocoPhillips Co., 1.05%, 12/15/17 $ 694,186
750,000 0.45 AA/Aa1 Shell International Finance BV,
Floating Rate Note, 11/15/16 751,010
1,115,000 0.62 AA-/Aa1 Total Capital Canada, Ltd., Floating
Rate Note, 1/15/16 1,121,911
------------
$ 2,567,107
-----------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.4%
430,000 BBB+/Baa1 Canadian Natural Resources, Ltd.,
1.45%, 11/14/14 $ 433,019
1,000,000 45.00 BBB+/Baa1 Devon Energy Corp.,
Floating Rate Note, 12/15/15 1,002,654
651,000 BBB/Baa1 Marathon Oil Corp.,
0.9%, 11/1/15 653,081
250,000 A/Aa3 Ras Laffan Liquefied Natural Gas
Co, Ltd. III, 5.5%, 9/30/14 (144A) 256,375
------------
$ 2,345,129
-----------------------------------------------------------------------------------------------------
Oil & Gas Refining &
Marketing -- 0.1%
500,000 BBB/Baa3 GS Caltex Corp., 3.25%,
10/1/18 (144A) $ 506,116
-----------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 0.3%
500,000 0.90 A-/Baa1 Enbridge, Inc., Floating Rate
Note, 10/1/16 $ 501,404
650,000 A-/A3 TransCanada PipeLines, Ltd.,
0.75%, 1/15/16 650,535
750,000 BBB/Baa2 Williams Partners LP, 3.8%, 2/15/15 771,752
------------
$ 1,923,691
------------
Total Energy $ 7,342,043
-----------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Diversified Metals & Mining -- 0.2%
500,000 0.50 A+/A1 BHP Billiton Finance USA, Ltd.,
Floating Rate Note, 9/30/16 $ 500,771
560,000 1.08 A-/A3 Rio Tinto Finance USA Plc, Floating
Rate Note, 6/17/16 564,824
------------
$ 1,065,595
-----------------------------------------------------------------------------------------------------
Steel -- 0.3%
1,000,000 BBB/Baa2 Glencore Funding LLC, 6.0%,
4/15/14 (144A) $ 1,005,977
The accompanying notes are an integral part of these financial statements.
58 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Steel -- (continued)
1,000,000 1.39 BBB/Baa2 Glencore Funding LLC, Floating
Rate Note, 5/27/16 (144A) $ 997,214
------------
$ 2,003,191
------------
Total Materials $ 3,068,786
-----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.0%
Aerospace & Defense -- 0.4%
360,000 BB-/Ba3 Bombardier, Inc., 4.25%,
1/15/16 (144A) $ 374,400
500,000 A-/A2 Precision Castparts Corp.,
1.25%, 1/15/18 493,996
1,050,000 A/A2 The Boeing Co., 0.95%, 5/15/18 1,022,764
500,000 0.74 A/A2 United Technologies Corp.,
Floating Rate Note, 6/1/15 503,092
------------
$ 2,394,252
-----------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.3%
1,000,000 AA+/Aa3 General Electric Co., 0.85%, 10/9/15 $ 1,006,102
640,000 BBB+/Baa2 Tyco Electronics Group SA,
1.6%, 2/3/15 645,800
------------
$ 1,651,902
-----------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.2%
1,125,000 A/A2 Caterpillar Financial Services Corp.,
1.35%, 9/6/16 $ 1,140,993
500,000 0.34 A/NR John Deere Capital Corp.,
Floating Rate Note, 2/25/16 500,000
------------
$ 1,640,993
-----------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.1%
750,000 BBB/Baa2 GATX Corp., 1.25%, 3/4/17 $ 750,313
------------
Total Capital Goods $ 6,437,460
-----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Railroads -- 0.1%
730,000 0.44 A/A3 Canadian National Railway Co.,
Floating Rate Note, 11/6/15 $ 730,491
-----------------------------------------------------------------------------------------------------
Trucking -- 0.2%
969,000 BBB-/Baa3 Penske Truck Leasing Co. LP,
2.5%, 7/11/14 (144A) $ 975,404
------------
Total Transportation $ 1,705,895
-----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.0%
Auto Parts & Equipment -- 0.0%+
250,000 BBB+/Baa1 Johnson Controls, Inc., 1.75%, 3/1/14 $ 250,000
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 59
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.0%
1,000,000 A-/A3 Daimler Finance North America LLC,
1.3%, 7/31/15 (144A) $ 1,008,284
1,000,000 A-/A3 Daimler Finance North America LLC,
1.45%, 8/1/16 (144A) 1,009,347
1,000,000 BBB+/Baa1 Hyundai Motor Manufacturing
Czech s.r.o., 4.5%, 4/15/15 (144A) 1,038,507
1,000,000 BBB+/A3 Nissan Motor Acceptance Corp.,
2.65%, 9/26/18 (144A) 1,019,773
100,000 BBB+/A3 Nissan Motor Acceptance Corp.,
4.5%, 1/30/15 (144A) 103,494
500,000 0.79 BBB+/A3 Nissan Motor Acceptance Corp.,
Floating Rate Note, 3/3/17 (144A) 499,250
750,000 A-/A3 Volkswagen International Finance NV,
1.125%, 11/18/16 (144A) 751,385
500,000 A-/A3 Volkswagen International Finance NV,
1.6%, 11/20/17 (144A) 502,230
300,000 A-/A3 Volkswagen International Finance NV,
1.875%, 4/1/14 (144A) 300,330
------------
$ 6,232,600
------------
Total Automobiles & Components $ 6,482,600
-----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Restaurants -- 0.1%
605,000 A-/Baa1 Starbucks Corp., 0.875%, 12/5/16 $ 604,501
-----------------------------------------------------------------------------------------------------
Education Services -- 0.1%
848,000 AAA/Aaa Yale University, 2.9%, 10/15/14 $ 861,694
------------
Total Consumer Services $ 1,466,195
-----------------------------------------------------------------------------------------------------
MEDIA -- 0.6%
Broadcasting -- 0.5%
750,000 BBB/Baa2 Discovery Communications LLC,
3.7%, 6/1/15 $ 778,029
871,000 0.78 A-/A3 NBCUniversal Enterprise, Inc.,
Floating Rate Note, 4/15/16 (144A) 873,341
1,224,000 A-/A3 NBCUniversal Media LLC, 2.1%, 4/1/14 1,225,619
------------
$ 2,876,989
-----------------------------------------------------------------------------------------------------
Publishing -- 0.1%
250,000 BBB+/Baa2 Thomson Reuters Corp.,
0.875%, 5/23/16 $ 249,492
500,000 BBB+/Baa2 Thomson Reuters Corp., 1.3%,
2/23/17 499,626
------------
$ 749,118
------------
Total Media $ 3,626,107
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
60 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.3%
Drug Retail -- 0.3%
1,746,000 0.74 BBB/Baa1 Walgreen Co., Floating Rate
Note, 3/13/14 $ 1,745,963
------------
Total Food & Staples Retailing $ 1,745,963
-----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.8%
Brewers -- 0.4%
225,000 A/A3 Anheuser-Busch Companies LLC,
5.0%, 1/15/15 $ 233,817
500,000 0.43 A/A3 Anheuser-Busch InBev Finance, Inc.,
Floating Rate Note, 1/27/17 500,146
500,000 A/A3 Anheuser-Busch InBev Worldwide,
Inc., 1.5%, 7/14/14 502,029
430,000 A/A3 Anheuser-Busch InBev Worldwide,
Inc., 4.125%, 1/15/15 443,696
500,000 BBB+/Baa1 SABMiller Holdings, Inc., 1.85%,
1/15/15 (144A) 505,985
------------
$ 2,185,673
-----------------------------------------------------------------------------------------------------
Soft Drinks -- 0.0%+
189,000 BBB/A3 Coca-Cola Enterprises, Inc.,
2.125%, 9/15/15 $ 192,808
-----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.4%
735,000 0.54 BBB+/A2 Campbell Soup Co., Floating Rate
Note, 8/1/14 $ 735,748
250,000 BBB+/A3 General Mills, Inc., 0.875%, 1/29/16 250,704
565,000 0.44 BBB+/A3 General Mills, Inc., Floating Rate
Note, 1/28/16 565,003
1,000,000 BBB+/Baa2 Wm Wrigley Jr Co., 2.0%,
10/20/17 (144A) 1,007,830
------------
$ 2,559,285
------------
Total Food, Beverage & Tobacco $ 4,937,766
-----------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.1%
Household Products -- 0.1%
500,000 A+/A1 Reckitt Benckiser Treasury Services
Plc, 2.125%, 9/21/18 (144A) $ 501,798
------------
Total Household & Personal Products $ 501,798
-----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.7%
Health Care Equipment -- 0.2%
500,000 A/A3 Baxter International, Inc.,
0.95%, 6/1/16 $ 501,822
500,000 BBB-/Baa3 Boston Scientific Corp., 2.65%, 10/1/18 507,293
510,000 A/Baa1 St. Jude Medical, Inc., 2.5%, 1/15/16 525,451
------------
$ 1,534,566
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 61
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Health Care Distributors -- 0.1%
500,000 A-/Baa2 Cardinal Health, Inc., 4.0%, 6/15/15 $ 520,914
-----------------------------------------------------------------------------------------------------
Health Care Services -- 0.3%
492,000 BBB+/Baa3 Express Scripts Holding Co.,
2.1%, 2/12/15 $ 498,864
400,000 BBB+/Baa3 Express Scripts Holding Co.,
2.75%, 11/21/14 406,445
1,000,000 BBB+/Baa3 Express Scripts Holding Co.,
3.125%, 5/15/16 1,045,882
------------
$ 1,951,191
-----------------------------------------------------------------------------------------------------
Managed Health Care -- 0.1%
500,000 A/A3 UnitedHealth Group, Inc., 1.875%,
11/15/16 $ 512,335
------------
Total Health Care Equipment
& Services $ 4,519,006
-----------------------------------------------------------------------------------------------------
PHARMACEUTICALS,
BIOTECHNOLOGY & LIFE
SCIENCES -- 0.5%
Biotechnology -- 0.1%
500,000 A/Baa1 Amgen, Inc., 2.5%, 11/15/16 $ 519,135
-----------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
434,000 0.33 AAA/Aaa Johnson & Johnson, Floating Rate
Note, 5/15/14 $ 434,088
500,000 BBB-/Baa2 Zoetis, Inc., 1.15%, 2/1/16 502,304
------------
$ 936,392
-----------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.3%
620,000 BBB+/NR Agilent Technologies, Inc.,
5.5%, 9/14/15 $ 664,518
1,000,000 BBB/Baa3 Thermo Fisher Scientific, Inc.,
2.4%, 2/1/19 1,002,186
------------
$ 1,666,704
------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 3,122,231
-----------------------------------------------------------------------------------------------------
BANKS -- 8.8%
Diversified Banks -- 4.9%
500,000 A/A2 ABN AMRO Bank NV, 1.375%,
1/22/16 (144A) $ 504,988
750,000 1.04 A/A2 ABN AMRO Bank NV, Floating Rate
Note, 10/28/16 (144A) 753,752
1,000,000 AA-/Aa3 ANZ New Zealand Int'l, Ltd. London,
1.125%, 3/24/16 (144A) 1,003,800
500,000 A+/Aa3 Bank of Montreal, 0.8%, 11/6/15 502,696
500,000 A+/Aa2 Bank of Nova Scotia, 1.1%, 12/13/16 502,383
The accompanying notes are an integral part of these financial statements.
62 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
500,000 A+/Aa2 Bank of Nova Scotia, 1.375%,
7/15/16 $ 507,000
500,000 A+/Aa2 Bank of Nova Scotia, 1.45%, 4/25/18 493,938
1,000,000 1.28 A+/Aa2 Bank of Nova Scotia, Floating Rate
Note, 1/12/15 1,008,956
229,000 0.81 A/A2 Barclays Bank Plc, Floating Rate
Note, 2/17/17 229,603
500,000 BBB-/Baa3 BBVA US Senior SAU, 3.25%, 5/16/14 502,413
550,000 1.49 A/A2 BPCE SA, Floating Rate Note, 4/25/16 556,751
500,000 0.72 AA-/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, Floating Rate
Note, 3/18/16 503,144
500,000 A+/Aa3 Export-Import Bank of Korea,
1.25%, 11/20/15 504,104
1,000,000 1.09 A+/Aa3 Export-Import Bank of Korea, Floating
Rate Note, 9/17/16 1,002,503
750,000 NR/A2 HSBC Bank Middle East, Ltd., 3.0%,
10/21/15 766,950
3,000,000 AAA/Aaa International Bank for Reconstruction
& Development, 0.58%, 11/30/16 2,991,750
500,000 BBB/Baa2 Intesa Sanpaolo S.p.A., 3.125%,
1/15/16 513,085
750,000 1.19 AA-/Aa2 National Australia Bank, Ltd., Floating
Rate Note, 7/25/14 (144A) 752,934
250,000 0.70 AA-/Aa3 Nordea Bank AB, Floating Rate Note,
5/13/16 (144A) 250,946
1,000,000 AA-/Aa3 Royal Bank of Canada, 1.45%, 9/9/16 1,016,745
550,000 0.57 AA-/Aa3 Royal Bank of Canada, Floating
Rate Note, 1/23/17 549,845
750,000 22.00 AA-/Aa3 Royal Bank of Canada, Floating Rate
Note, 12/16/15 751,065
500,000 A+/A2 Standard Chartered Plc, 3.85%,
4/27/15 (144A) 517,650
500,000 1.18 A+/A2 Standard Chartered Plc, Floating Rate
Note, 5/12/14 (144A) 501,070
750,000 0.67 A+/Aa3 Sumitomo Mitsui Banking Corp., Floating
Rate Note, 1/10/17 751,907
300,000 0.91 A+/Aa3 Sumitomo Mitsui Banking Corp., Floating
Rate Note, 7/19/16 302,272
500,000 1.02 A+/A1 Sumitomo Mitsui Trust Bank, Ltd., Floating
Rate Note, 9/16/16 (144A) 503,384
1,000,000 0.72 AA-/Aa3 Svenska Handelsbanken AB, Floating
Rate Note, 9/23/16 1,004,562
200,000 0.53 NR/Aa3 Svenska Handelsbanken New York NY,
Floating Rate Note, 1/16/15 200,396
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 63
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
500,000 0.70 AAA/Aaa Swedbank Hypotek AB, Floating
Rate Note, 3/28/14 (144A) $ 500,153
1,000,000 A+/Aa3 The Bank of Tokyo-Mitsubishi UFJ,
Ltd., 1.55%, 9/9/16 (144A) 1,012,475
1,000,000 A+/Aa3 The Korea Development Bank,
1.0%, 1/22/16 1,001,014
750,000 0.86 NR/Aa3 The Korea Development Bank, Floating
Rate Note, 1/22/17 750,968
345,000 AA-/Aa1 The Toronto-Dominion Bank, 1.375%,
7/14/14 346,412
500,000 AA-/Aa1 The Toronto-Dominion Bank, 1.4%,
4/30/18 493,750
500,000 0.44 AA-/Aa1 The Toronto-Dominion Bank, Floating
Rate Note, 11/6/15 500,500
1,000,000 0.42 AA-/Aa1 The Toronto-Dominion Bank, Floating
Rate Note, 5/1/15 1,001,690
644,000 0.54 AA-/Aa1 The Toronto-Dominion Bank, Floating
Rate Note, 7/14/14 644,729
500,000 0.70 AA-/Aa1 The Toronto-Dominion Bank, Floating
Rate Note, 9/9/16 501,996
1,185,000 A/A3 Wachovia Corp., 5.25%, 8/1/14 1,208,503
500,000 A+/A2 Wells Fargo & Co., 1.25%, 7/20/16 505,810
1,050,000 A+/A2 Wells Fargo & Co., 1.5%, 7/1/15 1,064,301
575,000 0.87 A+/A2 Wells Fargo & Co., Floating Rate
Note, 4/23/18 578,778
250,000 0.45 A+/A1 Wells Fargo Bank NA, Floating Rate
Note, 5/16/16 248,697
------------
$ 30,310,368
-----------------------------------------------------------------------------------------------------
Regional Banks -- 3.4%
1,300,000 0.69 A-/A2 American Express Centurion Bank,
Floating Rate Note, 11/13/15 $ 1,306,308
103,000 A-/A2 BB&T Corp., 1.6%, 8/15/17 103,891
500,000 A-/A2 BB&T Corp., 2.05%, 4/28/14 500,558
500,000 A-/A2 BB&T Corp., 5.7%, 4/30/14 504,079
1,875,000 0.94 A-/A2 BB&T Corp., Floating Rate Note,
4/28/14 1,876,618
500,000 A/A1 Branch Banking & Trust Co., 2.3%,
10/15/18 507,510
250,000 0.56 A-/A2 Branch Banking & Trust Co., Floating
Rate Note, 9/13/16 248,570
1,500,000 A/A1 Credit Suisse New York NY, 5.5%, 5/1/14 1,512,446
730,000 0.67 BBB/Baa2 Fifth Third Bancorp, Floating Rate
Note, 12/20/16 723,396
750,000 A-/A3 Fifth Third Bank Cincinnati Ohio,
1.15%, 11/18/16 753,483
The accompanying notes are an integral part of these financial statements.
64 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
500,000 0.64 A-/A3 Fifth Third Bank Cincinnati Ohio,
Floating Rate Note, 2/26/16 $ 500,726
500,000 A-/A3 KeyBank NA Cleveland Ohio,
1.1%, 11/25/16 502,010
1,000,000 A-/A3 KeyBank NA Cleveland Ohio,
1.65%, 2/1/18 999,180
1,025,000 BBB+/Baa1 KeyBank NA Cleveland Ohio,
5.8%, 7/1/14 1,042,626
931,000 BBB+/Baa1 KeyCorp, 3.75%, 8/13/15 970,821
500,000 0.61 A/A2 Manufacturers & Traders Trust Co.,
Floating Rate Note, 1/30/17 499,648
250,000 0.59 A-/A3 National City Bank Cleveland Ohio,
Floating Rate Note, 12/15/16 247,948
450,000 A/A2 PNC Bank NA, 1.125%, 1/27/17 450,487
550,000 A/A2 PNC Bank NA, 1.3%, 10/3/16 555,069
500,000 0.55 A/A2 PNC Bank NA, Floating Rate Note,
1/28/16 500,613
500,000 0.56 A/A2 PNC Bank NA, Floating Rate Note,
4/29/16 500,354
190,000 A-/A3 PNC Funding Corp., 5.4%, 6/10/14 192,510
550,000 0.44 A+/A1 State Street Bank & Trust Co., Floating
Rate Note, 12/8/15 549,330
500,000 0.68 BBB+/A3 SunTrust Bank, Floating Rate Note,
2/15/17 499,857
430,000 0.55 BBB/Baa1 SunTrust Bank, Floating Rate Note,
4/1/15 429,189
500,000 BBB/Baa1 SunTrust Banks, Inc., 3.5%, 1/20/17 530,124
600,000 4.45 BBB/Baa3 The PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) 600,600
1,000,000 A+/A2 Union Bank NA, 2.625%, 9/26/18 1,029,156
1,285,000 A+/A1 US Bancorp, 4.2%, 5/15/14 1,294,823
1,000,000 0.59 AA-/Aa3 US Bank NA Cincinnati Ohio, Floating
Rate Note, 1/30/17 1,000,856
------------
$ 20,932,786
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.5%
325,000 BBB-/Baa2 Astoria Financial Corp., 5.0%, 6/19/17 $ 352,426
2,269,000 BBB/Baa2 Santander Holdings USA, Inc.
Pennsylvania, 3.0%, 9/24/15 2,346,754
600,000 BBB/Baa2 Santander Holdings USA, Inc.
Pennsylvania, 3.45%, 8/27/18 625,772
------------
$ 3,324,952
------------
Total Banks $ 54,568,106
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 65
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 6.9%
Other Diversified Financial
Services -- 2.5%
575,000 A-/Baa2 Bank of America Corp., 1.25%,
1/11/16 $ 578,837
500,000 A-/Baa2 Bank of America Corp., 1.35%,
11/21/16 500,989
500,000 A-/Baa2 Bank of America Corp., 3.7%, 9/1/15 521,074
450,000 A-/Baa2 Bank of America Corp., 5.45%, 7/15/14 456,953
2,000,000 1.07 A-/Baa2 Bank of America Corp., Floating Rate
Note, 3/22/16 2,013,032
500,000 A/A2 Bank of America NA, 1.25%, 2/14/17 500,492
500,000 A-/Baa2 Citigroup, Inc., 1.3%, 4/1/16 502,808
1,500,000 BBB+/Baa3 Citigroup, Inc., 5.0%, 9/15/14 1,535,139
750,000 0.92 A-/Baa2 Citigroup, Inc., Floating Rate Note,
11/15/16 753,704
907,000 0.52 A-/Baa2 Citigroup, Inc., Floating Rate Note,
11/5/14 907,172
500,000 1.04 A-/Baa2 Citigroup, Inc., Floating Rate Note,
4/1/16 502,992
750,000 1.20 A-/Baa2 Citigroup, Inc., Floating Rate Note,
7/25/16 758,366
485,000 AA+/A1 General Electric Capital Corp.,
1.625%, 7/2/15 492,808
750,000 0.47 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 1/14/16 750,697
215,000 0.84 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 1/8/16 216,552
500,000 0.94 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 4/24/14 500,374
500,000 0.87 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 4/7/14 500,305
350,000 0.43 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 5/11/16 349,492
500,000 1.38 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 8/1/17 500,218
823,000 A/A3 JPMorgan Chase & Co., 1.875%,
3/20/15 834,250
265,000 A/A3 JPMorgan Chase & Co., 3.4%, 6/24/15 274,453
500,000 0.76 A/A3 JPMorgan Chase & Co., Floating Rate
Note, 2/15/17 501,024
500,000 3.58 A/A3 JPMorgan Chase & Co., Floating Rate
Note, 2/25/21 505,000
500,000 0.94 A-/Baa1 JPMorgan Chase & Co., Floating Rate
Note, 3/31/16 496,114
------------
$ 15,452,845
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
66 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.1%
1,000,000 0.39 AA/Aa2 Berkshire Hathaway Finance Corp.,
Floating Rate Note, 1/10/17 $ 1,001,420
-----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.5%
175,000 A-/Baa1 Harley-Davidson Financial Services,
Inc., 3.875%, 3/15/16 (144A) $ 184,946
500,000 AA+/Aa2 MassMutual Global Funding II,
2.875%, 4/21/14 (144A) 501,656
750,000 12.00 AA+/Aa2 MassMutual Global Funding II, Floating
Rate Note, 12/11/15 (144A) 750,530
500,000 0.54 A/A2 National Rural Utilities Cooperative
Finance Corp., Floating Rate
Note, 11/23/16 500,668
930,000 0.49 A/A2 National Rural Utilities Cooperative
Finance Corp., Floating Rate
Note, 4/4/14 930,243
150,000 A/A3 NYSE Euronext, 2.0%, 10/5/17 153,315
------------
$ 3,021,358
-----------------------------------------------------------------------------------------------------
Consumer Finance -- 2.3%
500,000 A-/A2 American Express Credit Corp.,
1.3%, 7/29/16 $ 505,150
553,000 A-/A2 American Express Credit Corp.,
5.125%, 8/25/14 565,430
500,000 1.10 A-/A2 American Express Credit Corp.,
Floating Rate Note, 6/24/14 501,260
500,000 A+/A1 American Honda Finance Corp.,
1.125%, 10/7/16 504,086
200,000 A+/A1 American Honda Finance Corp.,
1.85%, 9/19/14 (144A) 201,792
175,000 0.61 A+/A1 American Honda Finance Corp.,
Floating Rate Note, 5/26/16 (144A) 175,794
500,000 BB/Ba1 Banque PSA Finance SA, 3.375%,
4/4/14 (144A) 499,935
475,000 BBB/Baa1 Capital One Financial Corp.,
1.0%, 11/6/15 476,293
1,559,000 BBB/Baa1 Capital One Financial Corp.,
2.125%, 7/15/14 1,568,463
1,000,000 BBB/Baa1 Capital One Financial Corp.,
2.15%, 3/23/15 1,016,877
750,000 0.88 BBB/Baa1 Capital One Financial Corp., Floating
Rate Note, 11/6/15 752,457
500,000 BBB-/Baa3 Ford Motor Credit Co LLC,
2.75%, 5/15/15 511,713
500,000 BBB-/Baa3 Ford Motor Credit Co LLC,
2.875%, 10/1/18 513,246
250,000 BBB-/Baa3 Ford Motor Credit Co. LLC,
2.375%, 1/16/18 253,451
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 67
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
200,000 BBB-/Baa3 Ford Motor Credit Co. LLC,
3.875%, 1/15/15 $ 205,524
500,000 BBB+/Baa1 Hyundai Capital America, 1.875%,
8/9/16 (144A) 507,384
598,000 A/A2 John Deere Capital Corp., 1.05%,
10/11/16 600,832
950,000 A/A2 John Deere Capital Corp., 2.95%,
3/9/15 975,013
1,090,000 0.53 A/A2 John Deere Capital Corp., Floating
Rate Note, 10/11/16 1,092,268
1,055,000 0.49 A+/A1 PACCAR Financial Corp., Floating
Rate Note, 6/5/14 1,055,653
750,000 AA-/Aa3 Toyota Motor Credit Corp., 0.75%,
3/5/17 (Step) 749,599
1,075,000 0.53 AA-/Aa3 Toyota Motor Credit Corp., Floating
Rate Note, 5/17/16 1,079,297
------------
$ 14,311,517
-----------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.4%
300,000 AA-/A1 Franklin Resources, Inc.,
3.125%, 5/20/15 $ 309,232
265,000 A+/A1 State Street Corp., 4.3%, 5/30/14 267,547
750,000 0.59 A+/A1 State Street Corp., Floating Rate
Note, 3/7/14 750,016
1,000,000 A+/A1 The Bank of New York Mellon Corp.,
1.7%, 11/24/14 1,008,765
220,000 A+/A1 The Bank of New York Mellon Corp.,
3.1%, 1/15/15 225,234
110,000 0.51 A+/A1 The Bank of New York Mellon Corp.,
Floating Rate Note, 7/28/14 110,107
------------
$ 2,670,901
-----------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 1.1%
275,000 3.10 A-/Baa2 Morgan Stanley, Floating Rate
Note, 11/9/18 $ 279,744
500,000 1.48 A-/Baa2 Morgan Stanley, Floating Rate
Note, 2/25/16 507,396
500,000 1.25 A-/Baa2 Morgan Stanley, Floating Rate
Note, 6/6/16 497,420
1,000,000 NR/Aa1 North American Development
Bank, 2.3%, 10/10/18 996,200
283,000 BBB/Baa2 Raymond James Financial, Inc.,
4.25%, 4/15/16 301,271
500,000 A/A3 TD Ameritrade Holding Corp.,
4.15%, 12/1/14 513,787
The accompanying notes are an integral part of these financial statements.
68 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- (continued)
1,500,000 0.62 A/A3 The Bear Stearns Companies LLC,
Floating Rate Note, 11/21/16 $ 1,495,182
250,000 A/A2 The Charles Schwab Corp.,
0.85%, 12/4/15 250,713
340,000 A-/Baa1 The Goldman Sachs Group, Inc.,
3.7%, 8/1/15 353,482
300,000 A-/Baa1 The Goldman Sachs Group, Inc.,
5.0%, 10/1/14 307,677
500,000 0.74 A-/Baa1 The Goldman Sachs Group, Inc.,
Floating Rate Note, 1/12/15 501,080
250,000 1.23 A-/Baa1 The Goldman Sachs Group, Inc.,
Floating Rate Note, 11/21/14 251,192
475,000 0.70 A-/Baa1 The Goldman Sachs Group, Inc.,
Floating Rate Note, 3/22/16 473,758
------------
$ 6,728,902
------------
Total Diversified Financials $ 43,186,943
-----------------------------------------------------------------------------------------------------
INSURANCE -- 6.2%
Life & Health Insurance -- 0.8%
500,000 A-/A3 Aflac, Inc., 3.45%, 8/15/15 $ 521,532
500,000 0.42 BBB+/A3 Hartford Life Global Funding Trusts,
Floating Rate Note, 6/16/14 499,938
500,000 0.43 AA/A1 Jackson National Life Global Funding,
Floating Rate Note, 3/17/14 (144A) 500,034
1,000,000 0.60 AA/A1 Jackson National Life Global Funding,
Floating Rate Note, 9/30/15 (144A) 1,003,601
250,000 A-/Baa1 Lincoln National Corp., 4.3%, 6/15/15 261,245
500,000 0.61 AA-/Aa3 MetLife Institutional Funding II,
Floating Rate Note, 1/6/15 (144A) 501,372
500,000 0.46 AA-/A1 Pricoa Global Funding I, Floating Rate
Note, 6/24/16 (144A) 496,705
390,000 0.60 A+/A1 Principal Life Global Funding II, Floating
Rate Note, 5/27/16 (144A) 390,604
425,000 A/Baa1 Prudential Covered Trust 2012-1,
2.997%, 9/30/15 (144A) 437,674
500,000 A/Baa1 Prudential Financial, Inc., 3.875%,
1/14/15 514,435
------------
$ 5,127,140
-----------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.8%
300,000 BBB+/Baa2 Assurant, Inc., 2.5%, 3/15/18 $ 300,667
500,000 BBB-/Baa3 Genworth Holdings, Inc., 5.75%,
6/15/14 506,955
350,000 BBB-/Baa2 Liberty Mutual Group, Inc., 5.75%,
3/15/14 (144A) 350,484
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 69
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Multi-line Insurance -- (continued)
410,000 BBB-/Baa2 Liberty Mutual Group, Inc., 7.3%,
6/15/14 (144A) $ 417,038
230,000 AA-/Aa3 Metropolitan Life Global Funding I,
5.125%, 6/10/14 (144A) 232,972
300,000 0.77 AA-/Aa3 Metropolitan Life Global Funding I,
Floating Rate Note, 7/15/16 (144A) 302,053
1,250,000 A/A2 Metropolitan Life Insurance Co.,
7.7%, 11/1/15 (144A) 1,376,104
500,000 AA+/Aaa New York Life Global Funding,
1.125%, 3/1/17 (144A) 500,718
1,050,000 0.59 AA+/Aaa New York Life Global Funding, Floating
Rate Note, 5/23/16 (144A) 1,055,829
------------
$ 5,042,820
-----------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.2%
1,500,000 A-/Baa2 XLIT, Ltd., 5.25%, 9/15/14 $ 1,536,459
-----------------------------------------------------------------------------------------------------
Reinsurance -- 4.4%
2,385,000 4.25 BB+/NR Armor Re, Ltd., Floating Rate Note,
5/14/14 (Cat Bond) (144A) $ 2,388,100
500,000 3.62 BB/NR Atlas IX Capital, Ltd., Floating Rate
Note, 1/17/19 (Cat Bond) (144A) 510,700
250,000 8.12 BB-/NR Atlas Reinsurance VII, Ltd., Floating
Rate Note, 1/7/16 (Cat Bond) (144A) 262,475
250,000 4.30 BB+/NR Blue Danube II, Ltd., Floating Rate
Note, 5/23/16 (Cat Bond) (144A) 254,700
250,000 2.56 BB+/NR Bosphorus 1 Re, Ltd., Floating Rate
Note, 5/3/16 (Cat Bond) (144A) 249,850
250,000 5.31 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 252,850
750,000 6.91 NR/NR Caelus Re, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) 778,050
400,000 10.24 NR/Ba2 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 423,480
1,000,000 4.74 NR/Baa1 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 1,016,800
375,000 10.31 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 389,475
500,000 6.66 BB/NR East Lane Re, Ltd., Floating Rate Note,
3/13/15 (Cat Bond) (144A) 516,400
250,000 6.68 BB-/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 2/4/16 (Cat Bond) (144A) 253,025
1,850,000 17.77 B+/NR Everglades Re, Ltd., Floating Rate Note,
4/30/14 (Cat Bond) (144A) 1,895,140
500,000 5.03 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) (144A) 510,650
500,000 7.44 NR/NR Galileo Re, Ltd., Floating Rate Note,
1/9/19 (Cat Bond) (144A) 520,400
The accompanying notes are an integral part of these financial statements.
70 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 4.00 BB+/NR Ibis Re II, Ltd., Floating Rate Note,
6/28/16 (Cat Bond) (144A) $ 254,050
750,000 6.96 BB-/NR Johnston Re, Ltd., Floating Rate
Note, 5/8/14 (Cat Bond) (144A) 755,550
1,550,000 7.66 BB-/NR Johnston Re, Ltd., Floating Rate
Note, 5/8/14 (Cat Bond) (144A) 1,563,485
250,000 N/A NR/NR Loma Reinsurance, Ltd. Bermuda,
Floating Rate Note, 1/8/18 (Cat
Bond) (144A) 255,250
250,000 4.05 BB/NR Longpoint Re, Ltd. III, Floating Rate
Note, 5/18/16 (Cat Bond) (144A) 254,750
500,000 6.24 BB+/NR Longpoint Re, Ltd., Floating Rate
Note, 6/12/15 (Cat Bond) (144A) 520,650
500,000 8.53 NR/Ba3 Mythen Re, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 529,050
500,000 8.03 NR/Ba3 Mythen Re, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 531,150
750,000 8.55 B+/NR Mythen Re, Ltd., Series 2012-2
Class A, Floating Rate Note, 1/5/17
(Cat Bond) (144A) 800,250
250,000 8.00 NR/NR Mythen Re, Ltd., Series 2013-1
Class B, Floating Rate Note, 7/9/15
(Cat Bond) (144A) 260,125
500,000 7.25 BB-/NR Northshore Re, Ltd., Floating Rate
Note, 7/5/16 (Cat Bond) (144A) 520,200
500,000 3.53 NR/NR Queen City Re, Floating Rate Note,
1/6/19 (Cat Bond) (144A) 498,200
250,000 7.56 CC/NR Queen Street II Capital, Ltd., Floating
Rate Note, 4/9/14 (Cat Bond) (144A) 250,800
500,000 7.56 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) 513,950
500,000 8.56 BB-/NR Queen Street V Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 518,600
500,000 8.66 B/NR Queen Street VII Re, Ltd., Floating Rate
Note, 4/8/16 (Cat Bond) (144A) 525,300
500,000 6.56 NR/NR Queen Street VIII Re, Ltd., Floating Rate
Note, 6/8/16 (Cat Bond) (144A) 510,700
250,000 8.80 B+/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 264,950
500,000 9.06 BB-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat
Bond) (144A) 528,550
1,150,000 4.57 BB+/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 1,191,515
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 71
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 8.07 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) $ 275,325
250,000 9.32 B-/NR Residential Reinsurance 2013, Ltd.,
Floating Rate Note, 6/6/17 (Cat
Bond) (144A) 260,500
750,000 4.06 BB/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 749,175
750,000 3.56 BB+/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 750,150
250,000 NR/NR Sector Re V, Ltd., 3/1/18 (Cat Bond)
(144A) (c) (e) 311,875
250,000 NR/NR Silverton Re, Ltd., 9/16/16 (Cat
Bond) (144A) (e) 256,425
750,000 BBB/Baa3 Sirius International Group, Ltd.,
6.375%, 3/20/17 (144A) 844,560
250,000 8.66 B+/NR Tar Heel Re, Ltd., Floating Rate Note,
5/9/16 (Cat Bond) (144A) 266,225
250,000 6.25 NR/NR Tradewynd Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 252,025
250,000 3.00 BBB-/NR Vita Capital IV, Ltd., Floating Rate
Note, 1/15/16 (Cat Bond) (144A) 253,675
750,000 0.04 BBB-/NR Vita Capital V, Ltd., Floating Rate
Note, 1/15/17 (Cat Bond) (144A) 762,825
500,000 2.81 BBB+/NR Vitality Re IV, Ltd., Floating Rate
Note, 1/9/17 (Cat Bond) (144A) 510,500
500,000 N/A BBB+/NR Vitality Re V, Ltd., Floating Rate
Note, 1/7/19 (Cat Bond) (144A) 500,000
------------
$ 27,262,430
------------
Total Insurance $ 38,968,849
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.6%
Diversified REIT -- 0.2%
500,000 BBB-/Baa3 ARC Properties Operating
Partnership LP, 2.0%, 2/6/17 (144A) $ 500,338
650,000 BBB/Baa2 Digital Realty Trust LP, 4.5%, 7/15/15 675,038
------------
$ 1,175,376
-----------------------------------------------------------------------------------------------------
Office REIT -- 0.2%
1,000,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 1/15/15 $ 1,035,045
-----------------------------------------------------------------------------------------------------
Specialized REIT -- 0.2%
500,000 BBB/Baa2 Health Care Real Estate Investment
Trust, Inc., 2.25%, 3/15/18 $ 504,007
290,000 BBB-/Baa3 Senior Housing Properties Trust,
4.3%, 1/15/16 302,145
The accompanying notes are an integral part of these financial statements.
72 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Specialized REIT -- (continued)
500,000 BBB+/Baa1 Ventas Realty LP, 3.125%, 11/30/15 $ 520,394
------------
$ 1,326,546
------------
Total Real Estate $ 3,536,967
-----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Systems Software -- 0.1%
500,000 A+/A1 Oracle Corp., 2.375%, 1/15/19 $ 510,934
------------
Total Software & Services $ 510,934
-----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.2%
Communications Equipment -- 0.1%
500,000 0.29 NR/A1 Cisco Systems, Inc., Floating Rate
Note, 9/3/15 $ 500,224
-----------------------------------------------------------------------------------------------------
Computer Hardware -- 0.1%
400,000 0.29 AA+/Aa1 Apple, Inc., Floating Rate Note, 5/3/16 $ 399,936
470,000 BBB+/Baa1 Hewlett-Packard Co., 2.625%, 12/9/14 477,303
------------
$ 877,239
------------
Total Technology Hardware
& Equipment $ 1,377,463
-----------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.3%
Semiconductors -- 0.3%
500,000 A-/Baa1 Altera Corp., 2.5%, 11/15/18 $ 504,824
700,000 A+/A1 Intel Corp., 1.35%, 12/15/17 699,847
500,000 NR/NR Micron Semiconductor Asia Pte,
Ltd., 1.258%, 1/15/19 498,476
------------
$ 1,703,147
------------
Total Semiconductors &
Semiconductor Equipment $ 1,703,147
-----------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 1.4%
Integrated Telecommunication
Services -- 1.1%
500,000 A-/A3 AT&T, Inc., 0.875%, 2/13/15 $ 502,115
1,000,000 BBB+/Baa1 Deutsche Telekom International
Finance BV, 4.875%, 7/8/14 1,014,962
500,000 NR/A2 GTP Acquisition Partners I LLC,
4.347%, 6/15/16 (144A) 525,771
550,000 NR/A2 GTP Towers Issuer LLC, 4.436%,
2/15/15 (144A) 563,671
1,070,000 NR/Ba2 GTP Towers Issuer LLC, 8.112%,
2/15/15 (144A) 1,103,749
500,000 A-/A2 Qtel International Finance, Ltd.,
3.375%, 10/14/16 (144A) 526,900
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 73
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Integrated Telecommunication
Services -- (continued)
750,000 BB+/Ba1 Telecom Italia Capital SA,
4.95%, 9/30/14 $ 764,062
500,000 BBB/Baa2 Telefonica Emisiones SAU,
3.992%, 2/16/16 525,544
519,000 BBB+/Baa1 Verizon Communications, Inc.,
1.95%, 3/28/14 519,549
500,000 BBB+/Baa1 Verizon Communications, Inc.,
3.0%, 4/1/16 522,082
535,000 1.77 BBB+/Baa1 Verizon Communications, Inc., Floating
Rate Note, 9/15/16 549,878
------------
$ 7,118,283
-----------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.3%
1,000,000 1.24 A-/A2 America Movil SAB de CV, Floating
Rate Note, 9/12/16 $ 1,013,477
500,000 NR/A2 Crown Castle Towers LLC, 3.214%,
8/15/15 (144A) 509,674
275,000 0.62 A-/A3 Vodafone Group Plc, Floating Rate
Note, 2/19/16 275,541
------------
$ 1,798,692
------------
Total Telecommunication Services $ 8,916,975
-----------------------------------------------------------------------------------------------------
UTILITIES -- 1.1%
Electric Utilities -- 0.8%
500,000 BBB-/Baa1 American Electric Power Co, Inc.,
1.65%, 12/15/17 $ 500,072
500,000 A-/A2 Commonwealth Edison Co.,
1.95%, 9/1/16 512,202
500,000 A/A1 Duke Energy Florida, Inc.,
0.65%, 11/15/15 501,218
303,000 0.59 A/Aa3 Duke Energy Indiana, Inc., Floating
Rate Note, 7/11/16 303,081
750,000 0.70 A+/Aa3 Electricite de France, Floating Rate
Note, 1/20/17 (144A) 750,270
350,000 0.56 A/A3 Georgia Power Co., Floating Rate
Note, 3/15/16 349,652
500,000 0.64 A/A3 Georgia Power Co., Floating Rate
Note, 8/15/16 500,387
1,000,000 BBB/Baa1 Iberdrola Finance Ireland, Ltd.,
3.8%, 9/11/14 (144A) 1,015,169
341,000 0.48 A-/A2 NSTAR Electric Co., Floating Rate
Note, 5/17/16 340,576
------------
$ 4,772,627
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
74 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.2%
580,000 BBB+/Baa2 Dominion Resources, Inc. Virginia,
1.8%, 3/15/14 $ 580,239
1,050,000 BBB+/Baa1 Sempra Energy, 2.0%, 3/15/14 1,050,503
------------
$ 1,630,742
-----------------------------------------------------------------------------------------------------
Independent Power Producers
& Energy Traders -- 0.1%
500,000 BBB+/Baa1 PSEG Power LLC, 2.75%, 9/15/16 $ 522,357
------------
Total Utilities $ 6,925,726
-----------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.2%
Government -- 0.2%
1,000,000 BBB/Baa2 Banco Nacional de Desenvolvimento
Economico e Social, 3.375%,
9/26/16 (144A) $ 1,018,750
------------
Total Government $ 1,018,750
-----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $204,348,160) $205,669,710
-----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- 6.5%
312,512 AAA/Aaa Fannie Mae, 4.5%, 1/1/41 $ 336,693
529,115 AAA/Aaa Fannie Mae, 4.5%, 5/1/39 573,186
902,478 AAA/Aaa Fannie Mae, 4.5%, 5/1/39 981,963
841,859 AAA/Aaa Fannie Mae, 5.0%, 10/1/41 926,683
30,236 AAA/Aaa Fannie Mae, 5.0%, 7/1/15 32,445
87,586 AAA/Aaa Fannie Mae, 5.5%, 12/1/35 97,075
411,595 AAA/Aaa Fannie Mae, 5.5%, 8/1/37 456,841
347,904 AAA/Aaa Fannie Mae, 6.0%, 10/1/22 379,375
46,430 AAA/Aaa Fannie Mae, 6.0%, 2/1/34 51,684
49,444 AAA/Aaa Fannie Mae, 6.0%, 4/1/38 54,950
319,029 AAA/Aaa Fannie Mae, 6.5%, 4/1/29 358,969
54 AAA/Aaa Fannie Mae, 6.5%, 6/1/14 54
3,715 AAA/Aaa Fannie Mae, 6.5%, 6/1/15 3,725
3,202 AAA/Aaa Fannie Mae, 6.5%, 6/1/16 3,318
8,603 AAA/Aaa Fannie Mae, 6.5%, 7/1/32 9,704
84 AAA/Aaa Fannie Mae, 6.5%, 8/1/14 84
22,626 AAA/Aaa Fannie Mae, 6.5%, 8/1/17 23,841
36,736 AAA/Aaa Fannie Mae, 7.0%, 1/1/36 39,522
156,457 AAA/Aaa Fannie Mae, 7.0%, 10/1/19 171,112
59,541 AAA/Aaa Fannie Mae, 7.0%, 7/1/17 62,846
59,531 2.60 AAA/Aaa Fannie Mae, Floating Rate
Note, 1/1/25 60,742
107,516 2.57 AAA/Aaa Fannie Mae, Floating Rate
Note, 10/1/29 115,141
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 75
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
88,048 2.28 AAA/Aaa Fannie Mae, Floating Rate
Note, 10/1/29 $ 92,280
320,456 2.02 AAA/Aaa Fannie Mae, Floating Rate
Note, 10/1/36 336,895
93,340 2.55 AAA/Aaa Fannie Mae, Floating Rate
Note, 11/1/24 94,675
3,919 2.24 AAA/Aaa Fannie Mae, Floating Rate
Note, 11/1/25 4,138
116,661 1.53 AAA/Aaa Fannie Mae, Floating Rate
Note, 11/1/40 121,759
53,695 2.44 AAA/Aaa Fannie Mae, Floating Rate
Note, 12/1/28 57,741
283,784 4.40 AAA/Aaa Fannie Mae, Floating Rate
Note, 12/1/36 301,805
18,147 2.45 AAA/Aaa Fannie Mae, Floating Rate Note, 2/1/27 18,380
1,744 2.89 AAA/Aaa Fannie Mae, Floating Rate Note, 2/1/33 1,848
3,422 2.59 AAA/Aaa Fannie Mae, Floating Rate Note, 4/1/28 3,660
2,961 2.36 AAA/Aaa Fannie Mae, Floating Rate Note, 4/1/29 3,146
61,951 2.59 AAA/Aaa Fannie Mae, Floating Rate Note, 7/1/36 66,468
302,040 AA+/NR Federal Home Loan Banks,
2.9%, 4/20/17 312,713
5,000,000 0.21 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 6/11/14 5,002,290
287,486 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.0%, 5/1/24 306,988
228,801 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.5%, 7/1/19 243,995
254,062 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.5%, 7/1/19 270,954
119,127 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 12/1/39 129,855
96,231 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 2/1/21 103,195
79,157 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.5%, 8/1/23 86,108
12,898 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 7/1/16 13,511
2,798 2.48 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 1/1/28 2,996
444,894 2.56 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 10/1/31 449,193
1,000,000 0.50 AA+/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 10/24/16 1,001,552
6,633 2.38 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 11/1/31 7,055
The accompanying notes are an integral part of these financial statements.
76 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
275,612 2.53 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 12/1/31 $ 277,980
18,529 2.60 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 4/1/25 18,734
2,033 2.66 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 4/1/29 2,056
6,880 2.16 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 5/1/25 6,935
5,461 2.35 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 7/1/18 5,789
111,193 2.66 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 8/1/31 114,531
1,523 2.38 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 8/1/31 1,525
1,513,949 AAA/Aaa Federal National Mortgage
Association, 2.5%, 9/1/22 1,562,569
1,100,928 AAA/Aaa Federal National Mortgage
Association, 3.0%, 12/1/21 1,153,222
1,533,124 AAA/Aaa Federal National Mortgage
Association, 4.0%, 1/1/20 1,638,250
1,539,141 AAA/Aaa Federal National Mortgage
Association, 4.0%, 10/1/20 1,644,888
1,558,433 AAA/Aaa Federal National Mortgage
Association, 4.0%, 3/1/21 1,665,507
400,569 AAA/Aaa Government National Mortgage
Association I, 5.0%, 8/15/19 437,317
192,762 AAA/Aaa Government National Mortgage
Association I, 6.0%, 11/15/36 215,899
64,656 AAA/Aaa Government National Mortgage
Association I, 6.0%, 12/15/31 73,371
300,122 AAA/Aaa Government National Mortgage
Association I, 6.0%, 3/15/17 312,194
55,711 AAA/Aaa Government National Mortgage
Association I, 6.5%, 10/15/37 62,798
39,158 AAA/Aaa Government National Mortgage
Association I, 6.5%, 5/15/31 45,381
19,167 AAA/Aaa Government National Mortgage
Association I, 6.5%, 7/15/35 21,637
52,999 AAA/Aaa Government National Mortgage
Association I, 7.5%, 10/15/36 61,382
3,109 AAA/Aaa Government National Mortgage
Association I, 7.5%, 6/15/14 3,123
676,606 AAA/Aaa Government National Mortgage
Association II, 6.0%, 10/20/21 733,210
314,495 AAA/Aaa Government National Mortgage
Association II, 6.0%, 11/20/22 338,873
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 77
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
227,753 AAA/Aaa Government National Mortgage
Association II, 6.0%, 4/20/22 $ 245,655
193,918 AAA/Aaa Government National Mortgage
Association II, 6.0%, 8/20/19 205,779
1,000,000 AA+/Aaa U.S. Treasury Notes, 0.25%, 10/15/15 1,000,078
7,500,000 AA+/Aaa U.S. Treasury Notes, 0.375%, 2/15/16 7,507,912
7,500,000 AA+/Aaa U.S. Treasury Notes, 1.5%, 8/31/18 7,549,782
-----------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $40,301,455) $ 40,679,530
-----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.8%
Municipal Airport -- 0.1%
300,000 A/A2 Massachusetts Port Authority,
5.0%, 7/1/14 $ 304,068
475,000 A/A2 Massachusetts Port Authority,
5.0%, 7/1/16 513,332
------------
$ 817,400
-----------------------------------------------------------------------------------------------------
Municipal Development -- 0.1%
250,000 3.00 AA-/Aa2 Massachusetts Development Finance
Agency, Floating Rate Note, 2/15/36 $ 262,695
500,000 AA/Aa2 State of Ohio, 3.0%, 6/15/15 517,360
------------
$ 780,055
-----------------------------------------------------------------------------------------------------
Municipal General -- 0.2%
500,000 AA/A2 JobsOhio Beverage System,
0.872%, 1/1/15 $ 502,360
500,000 BBB/A3 Texas Municipal Gas Acquisition &
Supply Corp III, 5.0%, 12/15/15 539,170
------------
$ 1,041,530
-----------------------------------------------------------------------------------------------------
Municipal Higher Education -- 0.1%
500,000 AA/Aa1 University of California,
0.966%, 5/15/17 $ 499,545
-----------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.2%
1,000,000 A-/Baa1 County of Power Idaho, 5.625%,
10/1/14 $ 1,000,390
-----------------------------------------------------------------------------------------------------
Municipal Power -- 0.1%
890,000 1.03 NR/A1 South Carolina State Public Service
Authority, Floating Rate Note, 6/1/15 $ 893,952
-----------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $4,996,823) $ 5,032,872
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
78 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 5.0%**
ENERGY -- 0.2%
Oil & Gas Exploration &
Production -- 0.2%
998,750 3.88 BB-/Ba2 Fieldwood Energy LLC, Term
Loan 9/25/18 $ 1,003,016
-----------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
249,375 5.50 B+/Ba3 Foresight Energy LLC, Term Loan
8/21/20 $ 252,180
------------
Total Energy $ 1,255,196
-----------------------------------------------------------------------------------------------------
MATERIALS -- 0.1%
Specialty Chemicals -- 0.1%
72,296 2.49 NR/NR WR Grace & Co., Delayed Draw
Term Loan, 1/23/21 $ 72,364
202,430 3.00 NR/NR WR Grace & Co., U.S. Term Loan,
1/23/21 202,620
------------
$ 274,984
-----------------------------------------------------------------------------------------------------
Construction Materials -- 0.0%+
21,008 4.25 B/Ba3 CeramTec Acquisition Corp., Term
Loan, 8/30/20 $ 21,100
64,893 4.25 B/Ba3 CeramTec GmbH, Term Loan, 8/30/20 65,177
213,349 4.25 B/Ba3 CeramTec Service GmbH, 8/30/20 214,282
------------
$ 300,559
-----------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
193,050 4.50 B/B1 BWAY Holding Co., Initial Term
Loan, 8/31/17 $ 194,468
-----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
98,753 4.25 NR/NR Fortescue Metals Group Ltd., Bank
Loan, 6/30/19 $ 99,863
------------
Total Materials $ 869,874
-----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.5%
Aerospace & Defense -- 0.1%
250,000 3.50 BBB-/NR Alliant Techsystems, Inc., Term
Loan, 10/22/20 $ 251,594
245,625 3.75 BBB-/Ba1 Spirit AeroSystems, Inc., Term
Loan, 4/18/19 247,506
------------
$ 499,100
-----------------------------------------------------------------------------------------------------
Building Products -- 0.1%
250,000 5.25 NR/NR Norcraft Cos. Inc., Initial Loan,
11/12/20 $ 251,875
-----------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.0%+
150,000 6.75 B+/B2 International Equipment Solutions
LLC, Term Loan, 8/16/19 $ 150,656
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 79
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Electrical Components &
Equipment -- 0.1%
498,734 4.61 NR/NR Pelican Products, Inc., Repriced Term
Loan (First Lien), 6/9/18 $ 503,255
305,000 0.00 NR/NR Southwire Co., Term Loan, 1/31/21 305,381
------------
$ 808,636
-----------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.2%
400,000 5.75 B/Ba3 Navistar, Inc., 8/17/17 $ 406,417
259,634 3.50 NR/NR Terex Corp., Term Loan, 4/28/17 261,743
294,000 4.50 B+/B2 Waupaca Foundry, Inc., 6/29/17 294,735
------------
$ 962,895
-----------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.0%+
61,163 3.75 BB/Ba3 WESCO Distribution, Inc., 12/12/19 $ 61,392
------------
Total Capital Goods $ 2,734,554
-----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 0.7%
Diversified Support Services -- 0.4%
511,570 0.50 NR/NR Allied Security Holdings LLC, Delayed
Draw Term Loan (First Lien), 2/12/21 $ 511,890
850,000 0.00 NR/NR Seadrill Operating LP, Initial Term
Loan, 2/14/21 854,857
150,000 4.50 B+/Ba3 TMS International Corp., 10/2/20 151,594
875,000 0.00 NR/NR WESCO Aircraft Hardare Corp.,
Tranche B Term Loan (First Lien),
2/24/21 876,916
------------
$ 2,395,257
-----------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.3%
500,000 3.00 BBB/NR Allegion US Holding Co, Inc., 12/26/20 $ 500,938
123,797 4.00 NR/NR Garda World Security Corp., Term B
Delayed Draw Loan, 11/8/20 124,339
483,933 4.00 NR/NR Garda World Security Corp., Term B
Loan, 11/1/20 486,051
498,744 3.25 BB/Ba3 The Geo Group, Inc., 4/3/20 501,394
------------
$ 1,612,722
-----------------------------------------------------------------------------------------------------
Human Resource & Employment
Services -- 0.0%+
171,522 3.50 BB-/Ba2 On Assignment, Inc., 5/15/20 $ 171,592
------------
Total Commercial Services & Supplies $ 4,179,571
-----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airlines -- 0.0%+
100,000 0.00 BB/NR Delta Air Lines, Inc., 2014 Term B-1
Loan, 10/18/18 $ 100,429
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
80 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Marine -- 0.1%
463,838 5.25 BB/Ba3 Navios Maritime Partners LP, 6/27/18 $ 472,728
------------
Total Transportation $ 573,157
-----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Auto Parts & Equipment -- 0.1%
748,111 4.25 NR/NR Metaldyne LLC, Tranche B Term
Loan, 12/18/18 $ 752,086
------------
Total Automobiles & Components $ 752,086
-----------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.2%
Housewares & Specialties -- 0.0%+
249,375 2.90 BBB-/Ba1 Jarden Corp., 9/30/20 $ 250,101
-----------------------------------------------------------------------------------------------------
Leisure Products -- 0.2%
955,000 0.00 NR/NR Party City Holdings, Inc., 2014
Replacement Term Loan, 7/27/19 $ 957,388
-----------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury
Goods -- 0.0%+
78,498 3.25 BBB-/Ba1 PVH Corp., Tranche B Term Loan,
12/19/19 $ 78,785
------------
Total Consumer Durables & Apparel $ 1,286,274
-----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.3%
Casinos & Gaming -- 0.2%
250,000 3.25 NR/NR Las Vegas Sands llc, Tranche B-2
Term Loan (First Lien), 12/19/20 $ 249,844
346,500 3.50 BB/Ba2 MGM Resorts International, 12/20/19 346,608
460,000 3.25 BB+/Ba1 Penn National Gaming, Inc., 10/25/20 461,265
------------
$ 1,057,717
-----------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
457,895 3.75 BB/Ba3 Hilton Worldwide Finance LLC, 9/23/20 $ 460,154
-----------------------------------------------------------------------------------------------------
Education Services -- 0.0%+
299,244 4.00 B+/B1 Bright Horizons Family Solutions, Inc.,
Term B Loan, 1/14/20 $ 301,052
------------
Total Consumer Services $ 1,818,923
-----------------------------------------------------------------------------------------------------
MEDIA -- 0.7%
Advertising -- 0.0%+
248,750 4.25 B+/B1 Acosta, Inc., 3/2/18 $ 250,538
-----------------------------------------------------------------------------------------------------
Broadcasting -- 0.5%
250,000 4.75 BB/Ba3 Gray Television, Inc., Initial Term
Loan, 10/11/19 $ 252,110
400,000 0.00 BB+/Ba3 Mediacom Illinois LLC, 3/31/18 399,000
443,884 3.00 NR/Ba1 Sinclair Television Group, Inc., 4/19/20 443,382
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 81
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Broadcasting -- (continued)
875,000 4.00 NR/NR Tribune Co., Tranche B Term Loan
(First Lien), 11/20/20 $ 874,043
449,291 0.00 NR/NR Ziggo BV, Tranche B-1 Term Loan
(first Lien), 1/15/22 447,817
289,532 3.50 NR/NR Ziggo BV, Tranche B-2 Term Loan
(first Lien), 1/15/22 288,582
476,177 0.00 NR/NR Ziggo BV, Tranche B-3 Term Loan
(first Lien), 1/15/22 474,614
------------
$ 3,179,548
-----------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
249,372 3.50 BB-/Ba2 AMC Entertainment, Inc., Initial Term
Loan, 4/30/20 $ 250,092
196,457 3.75 NR/Baa3 Cinedigm Digital Funding I LLC,
2/28/18 197,194
516,705 3.50 BB/Ba3 Live Nation Entertainment, Inc., 8/17/20 518,316
------------
$ 965,602
------------
Total Media $ 4,395,688
-----------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Automotive Retail -- 0.3%
906,750 3.50 BB+/Ba1 Chrysler Group LLC, 5/24/17 $ 909,662
600,000 3.25 NR/NR Chrysler Group LLC, Tranche B Term
Loan, 12/29/18 599,250
------------
$ 1,508,912
------------
Total Retailing $ 1,508,912
-----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Retail -- 0.1%
650,000 4.75 BB-/NR Albertsons LLC, 3/21/19 $ 656,338
------------
Total Food & Staples Retailing $ 656,338
-----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Agricultural Products -- 0.2%
709,248 4.50 B/B1 Arysta Lifescience SPC LLC, 5/29/20 $ 715,011
525,000 3.25 NR/NR Darling International, Inc., Term B USD
Loan, 12/19/20 525,315
------------
$ 1,240,326
------------
Total Food, Beverage & Tobacco $ 1,240,326
-----------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.1%
Household Products -- 0.1%
299,250 4.50 B/B1 Britax US Holdings, Inc., 10/7/20 $ 302,149
88,000 4.50 B/B1 Polarpak, Inc., 6/7/20 88,440
162,000 4.50 B/B1 Polarpak, Inc., 6/7/20 162,810
------------
$ 553,399
------------
Total Household & Personal Products $ 553,399
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
82 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.3%
Health Care Equipment -- 0.1%
498,413 3.25 BBB-/Ba2 Hologic, Inc., 8/1/19 $ 499,534
-----------------------------------------------------------------------------------------------------
Health Care Services -- 0.1%
498,750 2.25 BBB-/Baa3 Fresenius US Finance I, Inc., 8/7/19 $ 499,062
250,000 6.50 B/B2 Gentiva Health Services, Inc.,
10/10/19 252,812
------------
$ 751,874
-----------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
100,378 3.45 BB/Ba2 CHS, 1/25/17 $ 101,067
267,540 0.00 NR/NR CHS, 2021 Term D Loan, 1/27/21 270,278
299,248 6.75 B/B2 Steward Health Care System
LLC, 4/10/20 299,061
------------
$ 670,406
------------
Total Health Care Equipment
& Services $ 1,921,814
-----------------------------------------------------------------------------------------------------
PHARMACEUTICALS,
BIOTECHNOLOGY & LIFE
SCIENCES -- 0.2%
Pharmaceuticals -- 0.2%
500,000 2.50 NR/NR Endo Luxembourg Finance I Company
Sarl, Tranche B Term Loan (First
Lien), 11/5/20 $ 500,312
650,000 4.11 NR/NR Par Pharmaceutical Companies, Inc.,
Term B-2 Loan, 9/28/19 651,828
------------
$ 1,152,140
------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 1,152,140
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Other Diversified Financial
Services -- 0.1%
395,000 4.50 BBB-/B1 Fly Funding II Sarl, Term Loan, 8/9/18 $ 401,254
199,500 3.75 BB/Ba2 JBS USA LLC, 9/18/20 199,168
------------
$ 600,422
-----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
425,000 0.00 NR/NR Delos Finance SARL, Tranche B Term
Loan, 2/27/21 $ 427,059
400,000 5.75 NR/B1 Hyperion Insurance Group, Ltd.,
10/4/19 399,500
100,000 3.25 NR/NR SBA Senior Finance II LLC, Delayed
Draw Term Loan, 3/31/21 100,012
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 83
Schedule of Investments | 2/28/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Specialized Finance -- (continued)
100,000 3.25 NR/NR SBA Senior Finance II LLC,
Incremental Tranche B-1- A Term
Loan, 3/31/21 $ 100,012
------------
$ 1,026,583
-----------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.0%+
147,386 3.25 BB-/Ba2 LPL Holdings, Inc., 3/29/19 $ 147,724
------------
Total Diversified Financials $ 1,774,729
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Mortgage REIT -- 0.0%+
199,497 3.50 BB+/Ba3 Starwood Property Trust, Inc., 4/17/20 $ 199,539
------------
Total Real Estate $ 199,539
-----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Internet Software & Services -- 0.0%+
243,125 4.00 BBB-/Ba3 AutoTrader.com, Inc., 12/15/16 $ 244,341
-----------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.0%+
166,042 3.91 BB/Ba3 SunGard Data Systems, Inc., 2/28/17 $ 167,001
-----------------------------------------------------------------------------------------------------
Application Software -- 0.1%
600,000 0.00 NR/NR Verint Systems, Inc., Tranche B-2 Term
Loan (First Lien), 9/6/19 $ 602,025
-----------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.1%
450,000 3.25 BBB/Baa3 Activision Blizzard, Inc., 7/26/20 $ 451,887
------------
Total Software & Services $ 1,465,254
-----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.0%+
Electronic Components -- 0.0%+
249,375 3.25 BB/Baa2 Belden Finance 2013 LP, 9/9/20 $ 250,500
------------
Total Technology Hardware
& Equipment $ 250,500
-----------------------------------------------------------------------------------------------------
UTILITIES -- 0.4%
Electric Utilities -- 0.1%
675,000 0.00 BB/NR Calpine Construction Finance Co LP,
Term B-2 Loan, 1/3/22 $ 667,969
-----------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.3%
330,831 3.75 BB+/Ba1 AES Corp. Virginia, 6/1/18 $ 332,991
1,175,000 0.00 NR/NR Atlantic Power LP, Term Loan B,
2/20/21 1,183,078
198,166 3.75 BB+/Ba1 NSG Holdings LLC, 12/11/19 199,157
------------
$ 1,715,226
------------
Total Utilities $ 2,383,195
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
84 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $30,781,302) $ 30,971,469
-----------------------------------------------------------------------------------------------------
TEMPORARY CASH
INVESTMENTS -- 0.2%
Commercial Paper -- 0.2%
350,000 0.41 AA-/Aa3 Svenska Handelsbanken New York
NY, Floating Rate Note, 11/17/14 $ 350,219
750,000 0.18 NR/NR Wells Fargo Bank NA, Floating Rate
Note, 6/16/14 750,046
------------
$ 1,100,265
-----------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $1,100,000) $ 1,100,265
-----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 99.9%
(Cost $621,623,455) (a) $622,495,876
-----------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.1% $ 914,818
-----------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $623,410,694
=====================================================================================================
+ Amount rounds to less than 0.1%.
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
(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.
(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.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At February 28, 2014, the value of these securities
amounted to $148,269,648 or 23.8% of total net assets.
Strips Separate trading of Registered interest and principal of securities.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 85
Schedule of Investments | 2/28/14 (unaudited) (continued)
(a) At February 28, 2014, the net unrealized appreciation on investments based
on cost for federal income tax purposes of $622,186,161 was as follows:
Aggregate gross unrealized appreciation for all investments in which there
is an excess of value over tax cost $ 4,164,912
Aggregate gross unrealized depreciation for all investments in which there
is an excess of tax cost over value (3,855,197)
------------
Net unrealized appreciation $ 309,715
============
(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.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended February 28, 2014 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government $62,042,944 $61,858,883
Other Long-Term Securities $243,369,185 $56,097,264
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 following is a summary of the inputs used as of February 28, 2014, in
valuing the Fund's assets:
------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------
Preferred Stocks $ -- $ -- $ 501,273 $ 501,273
Asset Backed Securities -- 106,938,540 -- 106,938,540
Collateralized Mortgage Obligations -- 231,602,217 -- 231,602,217
Corporate Bonds -- 205,101,410 568,300 205,669,710
U.S. Government Agency Obligations -- 40,679,530 -- 40,679,530
Municipal Bonds -- 5,032,872 -- 5,032,872
Senior Floating Rate Loan Interests -- 30,971,469 -- 30,971,469
Temporary Cash Investments -- 1,100,265 -- 1,100,265
------------------------------------------------------------------------------------------
Total $ -- $ 621,426,303 $1,069,573 $622,495,876
==========================================================================================
The accompanying notes are an integral part of these financial statements.
86 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
----------------------------------------------------------------------------------------
Preferred Corporate
Stocks Bonds Total
----------------------------------------------------------------------------------------
Balance as of 8/31/13 $ 413,767 $263,900 $ 677,667
Realized gain (loss)(1) 11,084 -- 11,084
Change in unrealized appreciation (depreciation)(2) 3,925 54,400 58,325
Net purchases 210,000 250,000 460,000
Net sales (137,503) -- (137,503)
Transfers in and out of Level 3 -- -- --
----------------------------------------------------------------------------------------
Balance as of 2/28/14 $ 501,273 $568,300 $1,069,573
========================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended February 28, 2014, there were no transfers between Levels 1, 2
and 3.
Net change in unrealized appreciation (depreciation) of investments still held
as of 2/28/14 $(76,913)
---------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 87
Statement of Assets and Liabilities | 2/28/14 (unaudited)
ASSETS:
Investment in securities (cost $621,623,455) $622,495,876
Cash 14,311,393
Receivables --
Investment securities sold 783,488
Fund shares sold 6,151,714
Interest 1,776,917
Due from Pioneer Investment Management, Inc. 592
Prepaid expenses 68,353
---------------------------------------------------------------------------------------------------
Total assets $645,588,333
---------------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 18,465,139
Fund shares repurchased 3,292,253
Dividends 280,355
Due to affiliates 96,877
Accrued expenses 43,015
---------------------------------------------------------------------------------------------------
Total liabilities $ 22,177,639
---------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $632,945,193
Distributions in excess of net investment income (1,135,056)
Accumulated net realized loss on investments and foreign
currency transactions (9,271,864)
Net unrealized appreciation on investments 872,421
---------------------------------------------------------------------------------------------------
Total net assets $623,410,694
===================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, Unlimited number of shares authorized)
Class A (based on $203,446,438/21,010,795 shares) $ 9.68
Class B (based on $1,184,463/122,447 shares) $ 9.67
Class C (based on $66,949,428/6,926,919 shares) $ 9.67
Class C2 (based on $2,127,843/220,101 shares) $ 9.67
Class Y (based on $349,702,522/36,190,196 shares) $ 9.66
MAXIMUM OFFERING PRICE:
Class A ($9.68 (divided by) 97.5%) $ 9.93
===================================================================================================
The accompanying notes are an integral part of these financial statements.
88 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
Statement of Operations (unaudited)
For the Six Months Ended 2/28/14
INVESTMENT INCOME:
Interest $5,913,892
---------------------------------------------------------------------------------------------------
Total investment income $5,913,892
---------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 989,719
Transfer agent fees and expenses
Class A 20,957
Class B 1,935
Class C 6,240
Class C2 53
Class Y 1,439
Distribution fees
Class A 192,126
Class B 6,240
Class C 150,577
Class C2 1,537
Shareholder communications expense 199,468
Administrative reimbursements 97,814
Custodian fees 49,069
Registration fees 55,409
Professional fees 41,415
Printing expense 14,532
Fees and expenses of nonaffiliated trustees 9,095
Miscellaneous 88,155
---------------------------------------------------------------------------------------------------
Total expenses $1,925,780
---------------------------------------------------------------------------------------------------
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (757)
---------------------------------------------------------------------------------------------------
Net expenses $1,925,023
---------------------------------------------------------------------------------------------------
Net investment income $3,988,869
---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FOREIGN CURRENCY TRANSACTIONS, AND FUTURES CONTRACTS:
Net realized gain (loss) on:
Investments $ (657,453)
Class actions 1,782
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 674 $ (654,997)
---------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on:
Investments $2,918,409
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 1,535 $2,919,944
---------------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $2,264,947
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $6,253,816
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 89
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------------
Six Months
Ended
2/28/14 Year Ended
(unaudited) 8/31/13
---------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 3,988,869 $ 6,053,413
Net realized gain (loss) on investments, class actions,
futures contracts and foreign currency transactions (654,997) (132,363)
Change in net unrealized appreciation (depreciation)
on investments, futures contracts and foreign
currency transactions 2,919,944 (1,190,306)
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 6,253,816 $ 4,730,744
---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.08 and $0.23 per share, respectively) $ (1,624,624) $ (1,944,653)
Class B ($0.03 and $0.14 per share, respectively) (4,271) (20,529)
Class C ($0.07 and $0.16 per share, respectively) (431,484) (497,174)
Class C2 ($0.07 and $0.01 per share, respectively) (4,339) (29)
Class Y ($0.10 and $0.26 per share, respectively) (3,074,717) (4,319,285)
---------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (5,139,435) $ (6,781,670)
===================================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 308,292,394 $367,436,637
Reinvestment of distributions 3,533,436 3,364,702
Cost of shares repurchased (176,583,961) (96,077,090)
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ 135,241,869 $274,724,249
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 136,356,250 $272,673,323
NET ASSETS:
Beginning of period 487,054,444 214,381,121
---------------------------------------------------------------------------------------------------
End of period $ 623,410,694 $487,054,444
---------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net
investment income $ (1,135,056) $ 15,510
===================================================================================================
The accompanying notes are an integral part of these financial statements.
90 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
--------------------------------------------------------------------------------------------------
'14 Shares '14 Amount
(unaudited) (unaudited) '13 Shares '13 Amount
--------------------------------------------------------------------------------------------------
Class A
Shares sold 10,596,410 $102,526,574 15,001,697 $145,544,235
Reinvestment of distributions 136,755 1,323,339 164,880 1,601,577
Less shares repurchased (7,272,954) (70,387,216) (3,297,973) (32,054,482)
--------------------------------------------------------------------------------------------------
Net increase (decrease) 3,460,211 $ 33,462,697 11,868,604 $115,091,330
===================================================================================================
Class B
Shares sold or exchanged 33,361 $ 322,311 79,686 $ 774,285
Reinvestment of distributions 441 4,260 2,078 20,189
Less shares repurchased (51,295) (495,921) (116,310) (1,131,897)
--------------------------------------------------------------------------------------------------
Net decrease (17,493) $ (169,350) (34,546) $ (337,423)
===================================================================================================
Class C
Shares sold 3,322,884 $ 32,093,554 3,898,344 $ 37,731,520
Reinvestment of distributions 40,729 393,579 43,153 418,409
Less shares repurchased (1,835,105) (17,729,446) (1,103,953) (10,700,367)
--------------------------------------------------------------------------------------------------
Net increase 1,528,508 $ 14,757,687 2,837,544 $ 27,449,562
===================================================================================================
Class C2*
Shares sold 218,273 $ 2,109,634 2,690 $ 25,960
Reinvestment of distributions 188 1,818 1 14
Less shares repurchased (1,051) (10,153) -- --
--------------------------------------------------------------------------------------------------
Net increase 217,410 $ 2,101,299 2,691 $ 25,974
===================================================================================================
Class Y
Shares sold 17,734,517 $171,240,321 18,944,925 $183,360,637
Reinvestment of distributions 187,350 1,810,440 136,685 1,324,513
Less shares repurchased (9,105,256) (87,961,225) (5,380,101) (52,190,344)
--------------------------------------------------------------------------------------------------
Net increase 8,816,611 $ 85,089,536 13,701,509 $132,494,806
===================================================================================================
* 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 | Semiannual Report | 2/28/14 91
Financial Highlights
-------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/28/14 Ended Ended Ended Ended Ended
(unaudited) 8/31/13 8/31/12 8/31/11 8/31/10 8/31/09
-------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.66 $ 9.72 $ 9.64 $ 9.75 $ 9.40 $ 9.52
-------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.07 $ 0.21 $ 0.28 $ 0.23 $ 0.31 $ 0.37
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.03 (0.04) 0.10 (0.07) 0.36 (0.03)
-------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.10 $ 0.17 $ 0.38 $ 0.16 $ 0.67 $ 0.34
-------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.08) $ (0.23) $ (0.30) $ (0.27) $ (0.32) $ (0.46)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.02 $ (0.06) $ 0.08 $ (0.11) $ 0.35 $ (0.12)
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.68 $ 9.66 $ 9.72 $ 9.64 $ 9.75 $ 9.40
===============================================================================================================================
Total return* 1.06% 1.71% 4.00% 1.69% 7.19% 3.90%
Ratio of net expenses to average net assets 0.77%** 0.88% 0.90% 0.90% 0.90% 0.90%
Ratio of net investment income to average net assets 1.33%** 1.95% 2.94% 2.48% 2.78% 3.59%
Portfolio turnover rate 42%** 28% 43% 54% 42% 43%
Net assets, end of period (in thousands) $203,446 $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 0.77%** 0.98% 1.30% 0.99% 1.06% 1.15%
Net investment income 1.33%** 1.85% 2.54% 2.39% 2.61% 3.35%
===============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period,
reinvestment of all distributions, the complete redemption of the investment at
net asset value at the end of each period, and no sales charges. Total return
would be reduced if sales charges were taken into account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
92 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
-------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/28/14 Ended Ended Ended Ended Ended
(unaudited) 8/31/13 8/31/12 8/31/11 8/31/10 8/31/09
-------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.65 $ 9.71 $ 9.63 $ 9.75 $ 9.39 $ 9.50
-------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.01 $ 0.12 $ 0.20 $ 0.14 $ 0.22 $ 0.28
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.04 (0.04) 0.09 (0.07) 0.37 (0.01)
-------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.05 $ 0.08 $ 0.29 $ 0.07 $ 0.59 $ 0.27
-------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.03) $ (0.14) $ (0.21) $ (0.19) $ (0.23) $ (0.38)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.02 $ (0.06) $ 0.08 $ (0.12) $ 0.36 $ (0.11)
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.67 $ 9.65 $ 9.71 $ 9.63 $ 9.75 $ 9.39
===============================================================================================================================
Total return* 0.55% 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% 1.80%
Ratio of net investment income to average net assets 0.28%** 1.33% 2.10% 1.64% 2.37% 3.15%
Portfolio turnover rate 42%** 28% 43% 54% 42% 43%
Net assets, end of period (in thousands) $ 1,184 $ 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 1.92%** 2.02% 1.99% 1.87% 1.88% 1.95%
Net investment income 0.16%** 1.11% 1.90% 1.57% 2.29% 3.00%
===============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 93
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/28/14 Ended Ended Ended Ended Ended
(unaudited) 8/31/13 8/31/12 8/31/11 8/31/10 8/31/09
-------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.65 $ 9.70 $ 9.62 $ 9.73 $ 9.38 $ 9.49
-------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.05 $ 0.15 $ 0.20 $ 0.16 $ 0.23 $ 0.29
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.04 (0.04) 0.10 (0.07) 0.36 (0.01)
-------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.09 $ 0.11 $ 0.30 $ 0.09 $ 0.59 $ 0.28
-------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.07) $ (0.16) $ (0.22) $ (0.20) $ (0.24) $ (0.39)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.02 $ (0.05) $ 0.08 $ (0.11) $ 0.35 $ (0.11)
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.67 $ 9.65 $ 9.70 $ 9.62 $ 9.73 $ 9.38
===============================================================================================================================
Total return* 0.83% 1.09% 3.18% 0.93% 6.32% 3.14%
Ratio of net expenses to average net assets 1.05%** 1.53% 1.71% 1.67% 1.70% 1.79%
Ratio of net investment income to average net assets 1.04%** 1.39% 2.08% 1.61% 2.27% 2.74%
Portfolio turnover rate 42%** 28% 43% 54% 42% 43%
Net assets, end of period (in thousands) $66,949 $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 1.05%** 1.54% 1.71% 1.67% 1.70% 1.79%
Net investment income 1.04%** 1.38% 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
94 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
--------------------------------------------------------------------------------------------------------
Six Months
Ended
2/28/14 8/1/13 (a)
(unaudited) to 8/31/13
--------------------------------------------------------------------------------------------------------
Class C2
Net asset value, beginning of period $ 9.65 $ 9.65
--------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.07 $ 0.02
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.02 (0.01)
--------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.09 $ 0.01
--------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.07) $ (0.01)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.02 $ --
--------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.67 $ 9.65
========================================================================================================
Total return* 0.97% 0.15%
Ratio of net expenses to average net assets 1.00%** 1.01%**
Ratio of net investment income to average net assets 1.14%** 2.07%**
Portfolio turnover rate 42%** 28%**
Net assets, end of period (in thousands) $ 2,128 $ 26
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction for
fees paid indirectly:
Total expenses 1.00%** 1.01%**
Net investment income 1.14%** 2.07%**
========================================================================================================
(a) Class C2 shares were first publicly offered on August 1, 2013.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 95
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/28/14 Ended Ended Ended Ended Ended
(unaudited) 8/31/13 8/31/12 8/31/11 8/31/10 8/31/09
-------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.64 $ 9.70 $ 9.63 $ 9.74 $ 9.38 $ 9.51
-------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.08 $ 0.24 $ 0.31 $ 0.27 $ 0.34 $ 0.40
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.04 (0.04) 0.09 (0.07) 0.37 (0.04)
-------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.12 $ 0.20 $ 0.40 $ 0.20 $ 0.71 $ 0.36
-------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.10) $ (0.26) $ (0.33) $ (0.31) $ (0.35) $ (0.49)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.02 $ (0.06) $ 0.07 $ (0.11) $ 0.36 $ (0.13)
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.66 $ 9.64 $ 9.70 $ 9.63 $ 9.74 $ 9.38
===============================================================================================================================
Total return* 1.20% 2.03% 4.24% 2.06% 7.64% 4.11%
Ratio of net expenses to average net assets 0.55%** 0.59% 0.61% 0.54% 0.57% 0.63%
Ratio of net investment income to average net assets 1.54%** 2.34% 3.18% 2.78% 3.52% 4.36%
Portfolio turnover rate 42%** 28% 43% 54% 42% 43%
Net assets, end of period (in thousands) $349,703 $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 0.55%** 0.59% 0.61% 0.54% 0.57% 0.63%
Net investment income 1.54%** 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
96 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
Notes to Financial Statements | 2/28/14 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Short Term Income Fund (the Fund) is a Delaware statutory trust
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to seek a
high level of current income to the extent consistent with a relatively high
level of stability of principal.
The Fund offers five classes of shares designated as Class A, Class 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.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 97
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, an independent pricing service. If
price information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited. 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 a
fair valuation team comprised of certain personnel of Pioneer Investment
Management, Inc. (PIM), the Trust's investment adviser, pursuant to
procedures adopted by the Trust's Board of Trustees. PIM's fair valuation
team uses fair value methods approved by the Valuation Committee of the
Board of Trustees. PIM's fair valuation team is responsible for monitoring
developments that may impact fair valued securities and for discussing and
assessing fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural
98 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
disasters, terrorist activity or trading halts. Thus, the valuation of the
Fund's securities may differ significantly from exchange prices and such
differences could be material.
At February 28, 2014, four 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
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 the market prices 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 appreciation or depreciation
is 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
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 99
these contracts from the potential inability of counterparties to meet the
terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (see Note 6).
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of February 28, 2014, the Fund did not accrue any interest or penalties
related to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax filed within
the prior three years remain subject to examination by federal and state
tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the fiscal years ended August 31, 2013 were as follows:
---------------------------------------------------------------------------
2013
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $6,781,670
---------------------------------------------------------------------------
Total $6,781,670
===========================================================================
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)
===========================================================================
100 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
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 $19,575 in underwriting commissions on the sale of
Class A shares during the six months ended February 28, 2014.
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 six months ended February 28, 2014, the Fund
recognized gains of $1,782 in settlement of class action lawsuits from one
company, 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.
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.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 101
H. 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.
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 six months
ended February 28, 2014, the effective management fee (excluding waivers and/or
assumption of expenses) was equivalent to 0.35% 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 six months ended
February 28, 2014 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.
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
$16,898 in management fees, administrative costs and certain other
reimbursements payable to PIM at February 28, 2014.
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.
102 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
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 six months ended February 28, 2014 such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 66,302
Class B 844
Class C 17,114
Class C2 68
Class Y 115,140
--------------------------------------------------------------------------------
Total $199,468
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $75,812 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at February 28, 2014.
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 $4,167 in distribution
fees payable to PFD at February 28, 2014.
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 12 months of purchase are subject to a
CDSC of 1.00%, based on the lower of cost or market value of shares being
redeemed. There is no CDSC for Class C shares purchased on or
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 103
after July 1, 2013. 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 six months
ended February 28, 2014, CDSCs in the amount of $122,386 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 six months ended February 28, 2014, the Fund's
expenses were not reduced under such arrangements.
6. 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 until February 12, 2014 was in the amount of $215
million. As of February 12, 2014, the facility is in the amount of $240 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% (0.85% as of
February 12, 2014) 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 six months ended February
28, 2014, the Fund had no borrowings under the credit facility.
104 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Short Term Income Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in March 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2013 and September 2013. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, and November, 2013 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at regularly scheduled meetings.
At a meeting held on November 12, 2013, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. In all quintile rankings referred to throughout this
disclosure, first quintile is most favorable to the Fund's shareowners. Thus,
highest relative performance would be first quintile and lowest relative
expenses would also be first quintile. The Trustees did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment management services to the Fund.
They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 105
considered the non-investment resources and personnel of PIM involved in
PIM's services to the Fund, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
the Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the first quintile of its Morningstar
category for the one year period ended June 30, 2013 and in the second quintile
of its Morningstar category for the three and five year periods ended June 30,
2013. The Trustees also considered that the Fund's yield (for the twelve months
ended June 30, 2013) exceeded the yield of the Fund's benchmark index for the
same period. The Trustees noted the discussions held throughout the year
regarding the Fund's performance and confirmed that those discussions were
factored into the Trustees' deliberations concerning the renewal of the advisory
agreement. The Trustees concluded that the investment performance of the Fund
was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the
106 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
Independent Trustees for this purpose using data provided by Strategic Insight
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2013 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees noted that, effective July 1, 2013, the Fund's management fee was
reduced by five basis points.
The Trustees considered that the expense ratio of the Fund's Class A shares for
the twelve months ended June 30, 2013 was in the fifth quintile relative to its
Morningstar peer group and in the fourth quintile relative to its Strategic
Insight peer group, in each case for the comparable period. They also considered
that the expense ratio of the Fund's Class Y shares for the twelve months ended
June 30, 2013 was in the fourth quintile relative to both its Morningstar peer
group and its Strategic Insight peer group, in each case for the comparable
period. The Trustees noted that the expense ratio of the Fund's Class A shares
was approximately ten basis points higher than the median expense ratio of its
Morningstar peer group and approximately five basis points higher than the
median expense ratio of its Strategic Insight peer group. They also noted that
the expense ratio of the Fund's Class Y shares was approximately six basis
points higher than each median expense ratio of its Morningstar peer group and
its Strategic Insight peer group. The Trustees noted that PIM was waiving fees
and/or reimbursing expenses in order to limit the ordinary operating expenses of
the Fund. They also noted that, effective July 1, 2013, the expense cap for the
Fund's Class A shares was reduced by five basis points. The Trustees considered
the impact of transfer agency, sub-transfer agency, and other non-management fee
expenses on the expense ratios of the Fund, and noted the impact of expenses
relating to small accounts and omnibus accounts on transfer and sub-transfer
agency expenses generally. The Trustees noted that they separately review the
Fund's transfer agency, sub-transfer agency and intermediary arrangements.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 107
demands, resources and complexity associated with the Fund and client accounts.
The Trustees noted that, in some instances, the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the different
entrepreneurial risks associated with PIM's management of the Fund and Pioneer's
management of the other client accounts. The Trustees concluded that the
management fee payable by the Fund to PIM was reasonable in relation to the
nature and quality of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
recognize that economies of scale are difficult to identify and quantify, rarely
identifiable on a fund-by-fund basis, and that, among other factors that may be
relevant, are the following: fee levels, expense subsidization, investment by
PIM in research and analytical capabilities and PIM's commitment and resource
allocation to the Fund. The Trustees noted that profitability also may be an
indicator of the availability of any economies of scale, although profitability
may vary for other reasons particularly, for example during the recent difficult
periods for financial markets, as the level of services was maintained
notwithstanding a significant decline in PIM's fee revenues from the Fund.
Accordingly, the Trustees concluded that economies of scale, if any, were being
appropriately shared with the Fund.
108 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 108
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with the
Fund and the other Pioneer funds. The Trustees concluded that the receipt of
these benefits was reasonable in the context of the overall relationship between
PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 109
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Daniel K. Kingsbury, President*
David R. Bock Mark D. Goodwin, Executive
Benjamin M. Friedman Vice President
Margaret B.W. Graham Mark E. Bradley, Treasurer**
Daniel K. Kingsbury Christopher J. Kelley, Secretary
Marc O. Mayer
Marguerite A. Piret
Kenneth J. Taubes
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
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.
* Chief Executive Officer of the Fund.
** Chief Financial and Accounting Officer of the Fund.
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This page for your notes.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 111
This page for your notes.
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Pioneer Short Term Income Fund | Semiannual Report | 2/28/14 113
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116 Pioneer Short Term Income Fund | Semiannual Report | 2/28/14
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) 2014 Pioneer Investments 19127-08-0414
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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Short Term Income Fund
By (Signature and Title)* /s/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date April 29, 2014
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/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date April 29, 2014
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date April 29, 2014
* Print the name and title of each signing officer under his or her signature.