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, 2016 through August 31, 2017
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Short Term
Income Fund
--------------------------------------------------------------------------------
Annual Report | August 31, 2017
--------------------------------------------------------------------------------
Ticker Symbols:
Class A STABX
Class C PSHCX
Class C2 STIIX
Class K STIKX
Class Y PSHYX
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 17
Schedule of Investments 19
Financial Statements 83
Notes to Financial Statements 92
Report of Independent Registered Public Accounting Firm 104
Additional Information 105
Approval of New and Interim Management Agreements 107
Trustees, Officers and Service Providers 116
Pioneer Short Term Income Fund | Annual Report | 8/31/17 1
President's Letter
We are very pleased to announce that on July 3, 2017, Amundi Asset Management, a
large European asset manager, officially acquired Pioneer Investments and
announced the completion of a merger which combined Pioneer Investment
Management USA, Inc., in Boston and Amundi Smith Breeden in Durham, N.C., to
form Amundi Pioneer Asset Management, Inc. ("Amundi Pioneer"). Amundi Smith
Breeden, founded as Smith Breeden Associates in 1982, is a highly regarded
relative-value credit investor managing an extensive range of fixed-income
strategies tailored to the needs of institutional investors.
Our new brand, Amundi Pioneer, now signifies:
o Ownership by Amundi Asset Management ("Amundi"). Amundi is Europe's largest
asset manager and among the world's top 10 asset managers, as measured by
assets under management (AUM), with approximately $1.3 trillion AUM(1).
o The significantly larger scale and resources of the combined firms.
o Amundi's desire to maintain the strong brand recognition of Pioneer in the
U.S., which dates back to 1928.
We would like to stress to shareowners that all of the Pioneer mutual funds have
retained their previous names. In addition, there have been no changes to the
portfolio managers or the funds' investment strategies as a result of the
merger. Amundi Pioneer's newly combined investment team works together as one
unit, discussing investment ideas, participating in research meetings, and
collaborating across the expanded organization.
We are looking forward to the opportunity to leverage the broad global resources
of Amundi. In bringing together Pioneer and Amundi Smith Breeden, we have
combined organizations that share similar investment philosophies and corporate
cultures, and that value teamwork across a collegial, collaborative environment.
We are very excited about our future, as we believe the greater scale and
expanded global reach of the combined firm, with some 5,000 employees worldwide,
provides several opportunities to better meet the needs of today's investors by
exploring new, innovative investment solutions and integrating the abundance of
thought leadership resources at Amundi, while also maintaining our commitment to
providing existing shareowners with outstanding service locally.
(1) Source: IPE "Top 400 asset managers" published in June 2017 and based on
AUM as of end December 2016.
2 Pioneer Short Term Income Fund | Annual Report | 8/31/17
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future as we move into a new and exciting era.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
August 31, 2017
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 3
Portfolio Management Discussion | 8/31/17
Important Note: On July 3, 2017, Amundi acquired Pioneer Investments, a group of
asset management companies located throughout the world. Amundi, one of the
world's largest asset managers, is headquartered in Paris, France. As a result
of the transaction, Pioneer Investment Management, Inc., the Fund's investment
adviser, became an indirect wholly owned subsidiary of Amundi and Amundi's
wholly owned subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer
Investments was owned by Pioneer Global Asset Management S.p.A., a wholly owned
subsidiary of UniCredit S.p.A.
In connection with the transaction, the names of the Fund's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc. and
the name of Pioneer Funds Distributor, Inc. changed to Amundi Pioneer
Distributor, Inc.
This transaction does not impact your existing relationship with Pioneer
Investments, your advisor, or the methods you use to communicate with us, as the
investor contact telephone numbers and services you expect will remain the same.
We are excited, however, to be launching a new website representing the combined
company. Come visit us at: www.amundipioneer.com.
In the following interview, portfolio managers Charles Melchreit and Seth Roman
discuss the factors that influenced Pioneer Short Term Income Fund's performance
for the 12-month period ended August 31, 2017. Mr. Melchreit, Deputy Head of
Fixed Income, US, Director of Multi-Sector, a senior vice president, and
portfolio manager at Amundi Pioneer Asset Management, Inc. (Amundi Pioneer), and
Mr. Roman, a vice president and portfolio manager at Amundi Pioneer, are
responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the 12-month period ended
August 31, 2017?
A Pioneer Short Term Income Fund's Class A shares returned 1.82% at net asset
value during the 12-month period ended August 31, 2017, while the Fund's
benchmark, the Bloomberg Barclays One- to Three-Year Government/Credit Bond
Index (the Bloomberg Barclays Index), returned 0.90%. During the same period,
the average return of the 333 mutual funds in Lipper's Short Investment-Grade
Debt Funds category was 1.69%, and the average return of the 513 mutual funds
in Morningstar's Short-Term Bond Funds category was 1.51%.
4 Pioneer Short Term Income Fund | Annual Report | 8/31/17
Q How would you describe the market environment for fixed-income investors
over the 12-month period ended August 31, 2017?
A Entering the period in September 2016, credit sentiment in the markets
received support from moderate U.S. economic growth, improved employment
conditions and consumer balance sheets, and solid corporate earnings
results. In November, in the wake of U.S. election results which left the
Republicans with unified control of the White House and both houses of
Congress, U.S. Treasury rates rose sharply and riskier assets such as
equities and credit-sensitive debt rallied. The rally was fueled in part by
expectations that pro-growth, business-friendly policies, including lower
corporate tax rates, reduced regulatory oversight, and increased
infrastructure spending would be implemented by Congress and the new
administration. As the period progressed, however, the Republicans failed
to agree on a plan to repeal/replace the Affordable Care Act, thus clouding
the outlook for the passage of tax reform and other pro-growth measures.
Despite political difficulties in Washington, however, credit sentiment
continued to be supported by strong corporate and consumer fundamentals.
In December of 2016, the U.S. Federal Reserve (the Fed) implemented its
long-awaited second incremental increase in short-term rates, while
signaling the likelihood of two or three additional hikes in 2017 should
economic data meet expectations. While the Fed did raise its benchmark rate
again in both March and June of 2017, the outlook for another increase
before year-end became uncertain towards the end of the period, given
softening inflation data and the absence of upward pressure on wages.
During the 12 months between August 31, 2016, and August 31, 2017, Treasury
yields finished higher across the maturity scale. To illustrate, the
two-year Treasury yield rose by 53 basis points (bps), from 0.80% to 1.33%;
the five-year yield rose by 51 bps, from 1.19% to 1.70%; and the 10-year
yield rose by 54 bps, from 1.58% to 2.12%. (A basis point is equal to
1/100th of a percentage point).
Credit-oriented segments of the bond market significantly outperformed
Treasuries over the full 12-month period.
Q Can you review the investment strategies that affected the Fund's
benchmark-relative performance, either positively or negatively, during the
12-month period ended August 31, 2017?
A The Fund's significant underweighting of U.S. Treasuries relative to the
Bloomberg Barclays Index contributed positively to performance during the
period, as spread sectors outperformed over the 12 months. (Credit spreads
are commonly defined as the differences in yield between Treasuries and
other types of fixed-income securities with similar maturities.) As credit
Pioneer Short Term Income Fund | Annual Report | 8/31/17 5
spreads tightened over the period, the Fund's overweight among its non-
Treasury holdings with respect to price-sensitivity to changes in spreads
also aided benchmark-relative returns.
Other positive contributions to the Fund's benchmark-relative performance
came from the portfolio's exposure to a number of spread sectors that are
not part of the Bloomberg Barclays Index. In that vein, the Fund's
allocation to the securitized sectors led relative performance. In
particular, an allocation to asset-backed securities (ABS) such as those
backed by home equity loans, auto loans, and credit card receivables aided
returns. Within ABS, we have viewed issues backed by credit card
receivables as particular beneficiaries of the ongoing improvement in
consumer balance sheets. Meanwhile, we are taking a more cautious stance
with respect to sub-prime auto loans. Holdings of floating-rate commercial
mortgage-backed securities also contributed to relative performance within
the Fund's securitized holdings, driven largely by exposure to
hospitality-related issues. In addition, the Fund's position in non-agency
collateralized mortgage obligations (CMOs) contributed to relative
performance due to the continued favorable supply/demand dynamics within
the sector.
Exposure to floating-rate bank loans was another notable contributor to the
Fund's relative returns, as the asset class benefited from continued strong
fundamentals and low default rates, as well as from the outlook for rising
interest rates. With most bank loans trading over par (face) value, we are
taking care to manage the Fund's exposure to refinancing risk.
During the period, we maintained a modest Fund position in so-called
"catastrophe bonds," which are used by insurers to spread out the risk of
having to pay out claims on a major disaster such as a flood or earthquake,
principally as a means of adding diversification* to the portfolio. The
position helped the Fund's performance as investors continued to be
attracted to the asset class for the available yield and a lack of
correlation to traditional credit risk. In addition, the 12-month period
ended August 31, 2017, featured little in the way of natural disasters and
associated pay-outs by insurers.
Finally, exposure to corporate credit was a positive factor in the Fund's
benchmark-relative performance. Within that allocation, the portfolio was
overweight financials, which benefited from the post-election outlook for
deregulation, rising interest rates, and a steeper yield curve.
On the negative side, the Fund has been conservatively positioned with
respect to overall duration and corresponding portfolio sensitivity to
changes in interest rates, given the outlook for the Fed to continue to
raise its benchmark short-term rate. (Duration is a measure of the
sensitivity of
* Diversification does not assure a profit nor protect against loss.
6 Pioneer Short Term Income Fund | Annual Report | 8/31/17
the price, or the value of principal, of a fixed-income investment to a
change in interest rates, expressed as a number of years.) In taking the
conservative duration position, we accepted the loss of some income-
generation in exchange for improved price stability should interest rates
rise. The duration stance did, however, add to the Fund's benchmark-
relative returns over the full 12 months, as interest rates finished the
period higher all along the yield curve.
Q Can you discuss the factors that affected the Fund's income-generation (or
yield), either positively or negatively, during the 12-month period ended
August 31, 2017?
A As described earlier, our decision to focus on holdings with shorter
maturities in order to minimize the portfolio's exposure to any future rise
in rates acted as a constraint on the Fund's income-generation. Conversely,
yields on many floating-rate issues held in the Fund were reset higher
during the period in the wake of the Fed's three hikes in its benchmark
Federal funds rate.
Q What role did derivatives play in the Fund's investment process and results
during the 12-month period ended August 31, 2017?
A We used futures contracts to manage overall portfolio duration and to
express views on relative value along the yield curve. The use of
derivatives modestly added to the Fund's performance during the period,
with a short position in two-year contracts contributing to returns as
rates rose.
Q What is your assessment of the current climate for fixed-income investing?
A The Fed has outlined plans to begin unwinding its balance sheet over a
period of time by curtailing the reinvestment of principal received from
its portfolio of mortgage-backed and Treasury securities. While
implementation of the balance-sheet reduction will ultimately result in a
significant increase in supply as well as some upward pressure on rates,
the Fed has made it clear that it retains the flexibility to make a
mid-course correction in response to any deterioration in economic
conditions. In any event, we would not anticipate that the Fed will be
inclined to pull the rug out from under the housing market - and consumer
confidence - by doing anything to send mortgage rates sharply higher.
We continue to manage the Fund with the expectation that rates are
ultimately headed higher, maintaining a below-benchmark overall duration
and keeping approximately half of the portfolio in floating-rate assets. In
broad terms, we prefer to keep the Fund positioned in a way that could
limit the negative impact should the economy outperform and the pace of the
Fed's rate hikes exceed current expectations.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 7
We see little value in U.S. Treasuries at current yield levels, and so we
are keeping only a modest Treasury position in the portfolio to supply
liquidity should it be required by future market conditions. Despite the
weakened outlook for stimulative fiscal policies emanating from Washington,
we view credit fundamentals as strong based on the positive flow of U.S.
economic data. At the same time, credit spreads are tight by historical
standards, and we are closely monitoring the portfolio's positions to
ensure that the Fund is being properly compensated for the risk assumed,
rather than simply reaching for yield. In broad terms, the Fund has an
up-in-quality bias within each credit sector.
As always, 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 at the individual security selection level.
Please refer to the Schedule of Investments on pages 19-82 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of the issuers of the underlying securities and their inability to meet
their debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
Investments in high-yield or lower-rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
The securities issued by U.S. government sponsored entities (i.e. Fannie Mae,
Freddie Mac) are neither guaranteed nor issued by the U.S. government.
8 Pioneer Short Term Income Fund | Annual Report | 8/31/17
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 the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc., for
a prospectus or summary prospectus containing this information. Read it
carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is not a
guarantee of future results.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 9
Portfolio Summary | 8/31/17
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 29.0%
U.S. Corporate Bonds 28.4%
Asset Backed Securities 14.9%
U.S. Government Securities 10.4%
International Corporate Bonds 9.2%
Senior Secured Loans 5.0%
Temporary Cash Investments 3.1%
* Includes investments in insurance linked securities totaling 4.6% of total
investment portfolio.
10 Largest Holdings**
--------------------------------------------------------------------------------
1. U.S. Treasury Notes, 3.875%, 5/15/18 0.84%
--------------------------------------------------------------------------------
2. U.S. Treasury Notes, 1.125%, 8/31/21 0.67
--------------------------------------------------------------------------------
3. U.S. Treasury Notes, 2.25%, 7/31/21 0.56
--------------------------------------------------------------------------------
4. U.S. Treasury Notes, 0.75%, 4/30/18 0.50
--------------------------------------------------------------------------------
5. U.S. Treasury Notes, 1.0%, 5/15/18 0.49
--------------------------------------------------------------------------------
6. U.S. Treasury Notes, 2.625%, 4/30/18 0.49
--------------------------------------------------------------------------------
7. U.S. Treasury Notes, 1.625%, 6/30/19 0.46
--------------------------------------------------------------------------------
8. Chase Issuance Trust, Floating Rate Note, 5/17/21 0.45
--------------------------------------------------------------------------------
9. U.S. Treasury Notes, 2.0%, 8/31/21 0.43
--------------------------------------------------------------------------------
10. U.S. Treasury Notes, 1.125%, 7/31/21 0.38
--------------------------------------------------------------------------------
** 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 securities listed.
10 Pioneer Short Term Income Fund | Annual Report | 8/31/17
Prices and Distributions | 8/31/17
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 8/31/17 8/31/16
--------------------------------------------------------------------------------
A $9.54 $9.56
--------------------------------------------------------------------------------
C $9.53 $9.54
--------------------------------------------------------------------------------
C2 $9.53 $9.55
--------------------------------------------------------------------------------
K $9.56 $9.57
--------------------------------------------------------------------------------
Y $9.52 $9.54
--------------------------------------------------------------------------------
Distributions per Share: 9/1/16-8/31/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1920 $-- $--
--------------------------------------------------------------------------------
C $0.1690 $-- $--
--------------------------------------------------------------------------------
C2 $0.1689 $-- $--
--------------------------------------------------------------------------------
K $0.2229 $-- $--
--------------------------------------------------------------------------------
Y $0.2123 $-- $--
--------------------------------------------------------------------------------
The Bloomberg Barclays One- to Three-Year Government/Credit Index is an
unmanaged measure of the performance of the short-term (1 to 3 years) government
and investment-grade corporate bond markets. Index returns are calculated
monthly, assume reinvestment of dividends and, unlike Fund returns, do not
reflect any fees, expenses or sales charges. It is not possible to invest
directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-16.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 11
Performance Update | 8/31/17 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Short Term Income Fund at public
offering price during the periods shown, compared to that of the Bloomberg
Barclays One- to Three-Year Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net Public One- to
Asset Offering Three-Year
Value Price Government/
Period (NAV) (POP) Credit Index
--------------------------------------------------------------------------------
10 years 2.62% 2.36% 2.18%
5 years 1.47 0.96 0.96
1 year 1.82 -0.78 0.90
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.79%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays One- to Three-Year
Pioneer Short Term Income Fund Government/Credit Index
8/07 $ 9,750 $10,000
8/08 $ 9,963 $10,585
8/09 $10,351 $11,132
8/10 $11,095 $11,510
8/11 $11,282 $11,710
8/12 $11,734 $11,834
8/13 $11,934 $11,887
8/14 $12,123 $12,020
8/15 $12,213 $12,118
8/16 $12,397 $12,299
8/17 $12,622 $12,410
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
POP returns reflect deduction of maximum 2.50% sales charge. NAV results
represent the percent change in net asset value per share. Returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Short Term Income Fund | Annual Report | 8/31/17
Performance Update | 8/31/17 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Bloomberg Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
One- to
Three-Year
If If Government/
Period Held Redeemed Credit Index
--------------------------------------------------------------------------------
10 years 2.04% 2.04% 2.18%
5 years 1.15 1.15 0.96
1 year 1.69 1.69 0.90
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.05%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays One- to Three-Year
Pioneer Short Term Income Fund Government/Credit Index
8/07 $10,000 $10,000
8/08 $10,125 $10,585
8/09 $10,444 $11,132
8/10 $11,104 $11,510
8/11 $11,207 $11,710
8/12 $11,563 $11,834
8/13 $11,689 $11,887
8/14 $11,842 $12,020
8/15 $11,890 $12,118
8/16 $12,039 $12,299
8/17 $12,242 $12,410
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year were subject to a 1% contingent
deferred sales charge (CDSC) through July 31, 2013. The CDSC for Class C shares
was eliminated effective August 1, 2013. "If Held" results represent the percent
change in net asset value per share. Returns would have been lower had sales
charges been reflected. All results are historical and assume the reinvestment
of dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 13
Performance Update | 8/31/17 Class C2 Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C2 shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Bloomberg Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
One- to
Three-Year
If If Government/
Period Held Redeemed Credit Index
--------------------------------------------------------------------------------
10 years 2.05% 2.05% 2.18%
5 years 1.17 1.17 0.96
1 year 1.57 1.57 0.90
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.04%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays One- to Three-Year
Pioneer Short Term Income Fund Government/Credit Index
8/07 $10,000 $10,000
8/08 $10,125 $10,585
8/09 $10,444 $11,132
8/10 $11,104 $11,510
8/11 $11,207 $11,710
8/12 $11,563 $11,834
8/13 $11,690 $11,887
8/14 $11,850 $12,020
8/15 $11,911 $12,118
8/16 $12,063 $12,299
8/17 $12,253 $12,410
Call 1-800-225-6292 or visit www.amundipioneer.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.
"If Held" results represent the percent change in net asset value per share.
Class C2 shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Redeemed" returns for Class C2 shares shown in
the table above reflect the deduction of the 1% CDSC. Class C2 shares held for
one year or more are not subject to a CDSC. Returns would have been lower had
sales charges been reflected. All results are historical and assume the
reinvestment of dividends and capital gains. Other share classes are available
for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Short Term Income Fund | Annual Report | 8/31/17
Performance Update | 8/31/17 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Bloomberg Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net One- to
Asset Three-Year
Value Government/
Period (NAV) Credit Index
--------------------------------------------------------------------------------
10 years 2.73% 2.18%
5 years 1.69 0.96
1 year 2.25 0.90
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.50%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Bloomberg Barclays One- to Three-Year
Pioneer Short Term Income Fund Government/Credit Index
8/07 $5,000,000 $5,000,000
8/08 $5,108,954 $5,292,441
8/09 $5,307,967 $5,565,977
8/10 $5,689,673 $5,754,980
8/11 $5,785,647 $5,854,922
8/12 $6,017,039 $5,916,905
8/13 $6,119,923 $5,943,442
8/14 $6,216,792 $6,010,152
8/15 $6,285,109 $6,058,843
8/16 $6,398,946 $6,149,579
8/17 $6,543,157 $6,204,965
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 1, 2014, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. For the period
beginning December 1, 2014, the actual performance of Class K shares is
reflected. Class K shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 15
Performance Update | 8/31/17 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Bloomberg Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net One- to
Asset Three-Year
Value Government/
Period (NAV) Credit Index
--------------------------------------------------------------------------------
10 years 2.90% 2.18%
5 years 1.72 0.96
1 year 2.04 0.90
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.59%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Bloomberg Barclays One- to Three-Year
Pioneer Short Term Income Fund Government/Credit Index
8/07 $5,000,000 $5,000,000
8/08 $5,122,628 $5,292,441
8/09 $5,333,345 $5,565,977
8/10 $5,740,851 $5,754,980
8/11 $5,859,488 $5,854,922
8/12 $6,108,137 $5,916,905
8/13 $6,232,196 $5,943,442
8/14 $6,347,123 $6,010,152
8/15 $6,408,766 $6,058,843
8/16 $6,518,436 $6,149,579
8/17 $6,651,427 $6,204,965
Call 1-800-225-6292 or visit www.amundipioneer.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.
Please refer to the financial highlights for a more current expense ratio.
16 Pioneer Short Term Income Fund | Annual Report | 8/31/17
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Short Term Income Fund
Based on actual returns from March 1, 2017, through August 31, 2017.
--------------------------------------------------------------------------------
Share Class A C C2 K Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/17
--------------------------------------------------------------------------------
Ending Account $1,009.92 $1,009.93 $1,009.74 $1,012.58 $1,011.00
Value (after expenses)
on 8/31/17
--------------------------------------------------------------------------------
Expenses Paid $ 4.26 $ 5.32 $ 5.32 $ 2.49 $ 3.09
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.84%, 1.05%,
1.05%, 0.49%, and 0.61% for Class A, Class C, Class C2, Class K, and Class
Y shares, respectively, multiplied by the average account value over the
period, multiplied by 184/365, (to reflect the one-half year period).
Pioneer Short Term Income Fund | Annual Report | 8/31/17 17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Short Term Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from March 1, 2017, through August 31, 2017.
--------------------------------------------------------------------------------
Share Class A C C2 K Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/17
--------------------------------------------------------------------------------
Ending Account $1,020.97 $1,019.91 $1,019.91 $1,022.74 $1,022.13
Value (after expenses)
on 8/31/17
--------------------------------------------------------------------------------
Expenses Paid $ 4.28 $ 5.35 $ 5.35 $ 2.50 $ 3.11
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.84%, 1.05%,
1.05%, 0.49%, and 0.61% for Class A, Class C, Class C2, Class K, and Class
Y shares, respectively, multiplied by the average account value over the
period, multiplied by 184/365, (to reflect the one-half year period).
18 Pioneer Short Term Income Fund | Annual Report | 8/31/17
Schedule of Investments | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 100.3%
ASSET BACKED SECURITIES -- 15.0%
ENERGY -- 0.3%
Oil & Gas Exploration & Production -- 0.3%
499,954 AXIS Equipment Finance Receivables IV
LLC, 4.67%, 3/20/22 (144A) $ 499,578
25,469 1.97 1M LIBOR + Equity One Mortgage Pass-Through Trust
74bps 2003-1, Floating Rate Note, 8/25/33 25,453
500,000 Four Seas LP, 4.95%, 8/28/27 (144A) 501,190
569,926 PRPM 2016-1 LLC, 4.0%, 9/27/21
(Step) (144A) 569,069
--------------
$ 1,595,290
--------------
Total Energy $ 1,595,290
----------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Trucking -- 0.1%
12,800 1.63 1M LIBOR + Hertz Fleet Lease Funding LP, Floating
40bps Rate Note, 4/10/28 (144A) $ 12,800
500,000 4.58 1M LIBOR + Hertz Fleet Lease Funding LP, Floating
335bps Rate Note, 4/10/30 (144A) 514,246
--------------
$ 527,046
--------------
Total Transportation $ 527,046
----------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Hotels, Resorts & Cruise Lines -- 0.2%
165,597 Westgate Resorts 2014-1 LLC, 2.15%,
12/20/26 (144A) $ 165,252
827,983 Westgate Resorts 2014-1 LLC, 5.5%,
12/20/26 (144A) 842,022
--------------
$ 1,007,274
--------------
Total Consumer Services $ 1,007,274
----------------------------------------------------------------------------------------------------------------
RETAILING -- 0.0%+
Automotive Retail -- 0.0%+
200,000 2.73 1M LIBOR + Hertz Fleet Lease Funding LP, Floating
150bps Rate Note, 4/10/28 (144A) $ 199,841
--------------
Total Retailing $ 199,841
----------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.2%
Health Care Distributors -- 0.1%
300,000 OneMain Financial Issuance Trust 2015-1,
3.19%, 3/18/26 (144A) $ 303,465
----------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
784,265 3.80 3M LIBOR+ Drug Royalty III LP Series 2017-1A
250bps Class A1, Floating Rate Note, 4/15/27 $ 784,247
--------------
Total Health Care Equipment & Services $ 1,087,712
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 19
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
BANKS -- 12.5%
Thrifts & Mortgage Finance -- 12.5%
279,196 1.46 1M LIBOR + 321 Henderson Receivables I LLC,
23bps Floating Rate Note, 11/15/40 (144A) $ 265,744
292,887 1.43 1M LIBOR + 321 Henderson Receivables I LLC,
20bps Floating Rate Note, 3/15/42 (144A) 271,171
46,505 1.95 1M LIBOR + Aegis Asset Backed Securities Trust
110bps Mortgage Pass- Through Ctfs Series
2004-3, Floating Rate Note, 9/25/34 46,534
15,142 2.33 1M LIBOR + Aegis Asset Backed Securities Trust
110bps Mortgage Pass- Through Ctfs Series
2004-3, Floating Rate Note, 9/25/34 15,162
18,351 1.60 1M LIBOR + Aegis Asset Backed Securities Trust
37bps Mortgage Pass-Through Ctfs Ser 2005-4,
Floating Rate Note, 10/25/35 18,353
202,085 Alterna Funding II LLC, 3.2%,
2/15/24 (144A) 200,822
500,000 American Credit Acceptance Receivables
Trust 2016-4, 2.11%, 2/12/21 (144A) 499,895
986,784 American Credit Acceptance Receivables
Trust 2017-2, 1.84%, 7/13/20 (144A) 986,856
500,000 American Credit Acceptance Receivables
Trust 2017-3, 2.25%, 1/11/21 (144A) 499,973
238,674 1.65 1M LIBOR + Ameriquest Mortgage Securities Inc
42bps Asset-Backed Pass-Through Ctfs Ser
2004-R6, Floating Rate Note, 7/25/34 237,879
232,322 1.56 1M LIBOR + Ameriquest Mortgage Securities, Inc.,
33bps Asset Backed Pass-Through Ctfs Series
2005-R11, Floating Rate Note, 1/25/36 231,833
1,894 4.98 1M LIBOR + Ameriquest Mortgage Securities, Inc.,
375bps Asset-Backed Pass-Through Ctfs Series
03-AR3, Floating Rate Note, 6/25/33 1,893
510,000 Ascentium Equipment Receivables
2015-1 LLC, 3.24%, 1/10/22 (144A) 512,303
200,000 Ascentium Equipment Receivables
2015-1 LLC, 5.92%, 6/12/23 (144A) 203,086
700,000 Ascentium Equipment Receivables
2016-2 Trust, 4.2%, 9/10/22 (144A) 718,475
180,911 4.75 1M LIBOR + Asset Backed Securities Corp Home
352.5bps Equity Loan Trust Series 2003-HE1,
Floating Rate Note, 1/15/33 182,171
69,118 1.95 1M LIBOR + Asset Backed Securities Corp Home
72bps Equity Loan Trust Series 2004-HE6,
Floating Rate Note, 9/25/34 69,094
24,602 1.43 1M LIBOR + Asset Backed Securities Corp Home
20bps Equity Loan Trust Series AEG 2006-HE1,
Floating Rate Note, 1/25/36 24,414
299,996 Axis Equipment Finance Receivables III
LLC, 3.41%, 4/20/20 (144A) 296,116
The accompanying notes are an integral part of these financial statements.
20 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
782,989 Axis Equipment Finance Receivables III
LLC, 5.27%, 5/20/20 (144A) $ 761,590
1,225,000 1.62 1M LIBOR + BA Credit Card Trust, Floating Rate
39bps Note, 10/15/21 1,229,798
400,000 1.52 1M LIBOR + Barclays Dryrock Issuance Trust, Floating
30bps Rate Note, 5/15/23 400,278
109,929 4.91 Bayview Financial Asset Trust 2003-A,
Floating Rate Note, 2/25/33 (144A) 109,705
303,237 1.98 1M LIBOR + Bayview Financial Mortgage Pass-Through
50bps Trust 2005-C, Floating Rate Note, 6/28/44 302,820
156,101 1.98 1M LIBOR + Bear Stearns Asset Backed Securities I
75bps Trust 2005-FR1, Floating Rate
Note, 6/25/35 156,346
8,171 2.43 1M LIBOR + Bear Stearns Asset Backed Securities
120bps Trust 2004-2, Floating Rate Note, 8/25/34 8,181
78,693 1.72 1M LIBOR + Bear Stearns Asset Backed Securities Trust
49bps 2006-SD2, Floating Rate Note, 6/25/36 77,555
72,662 2.23 1M LIBOR + Bear Stearns Structured Products Trust
100bps 2007-EMX1, Floating Rate Note,
3/25/37 (144A) 72,933
1,500,000 1.68 1M LIBOR + Cabela's Credit Card Master Note Trust,
45bps Floating Rate Note, 7/15/22 1,506,134
656,881 CAM Mortgage Trust 2016-2, 3.25%,
6/15/57 (Step) (144A) 657,764
540,000 CarMax Auto Owner Trust 2013-3,
2.15%, 5/15/19 540,286
433,197 1.41 1M LIBOR + Carrington Mortgage Loan Trust Series
18bps 2006-OPT1, Floating Rate
Note, 12/26/35 430,641
255,874 1.85 1M LIBOR + CDC Mortgage Capital Trust 2002-HE1,
62bps Floating Rate Note, 1/25/33 251,532
62,928 1.77 1M LIBOR + Chase Funding Trust Series 2003-3,
54bps Floating Rate Note, 4/25/33 57,742
145,909 Chase Funding Trust Series 2003-6,
4.277%, 11/27/34 (Step) 148,927
155,350 2.38 1M LIBOR + Chesapeake Funding II LLC, Floating Rate
115bps Note, 3/15/28 (144A) 156,329
500,000 1.91 1M LIBOR + Chesapeake Funding II LLC, Floating Rate
34bps Note, 8/15/29 (144A) 500,250
100,000 1.48 1M LIBOR + Citibank Credit Card Issuance Trust,
25bps Floating Rate Note, 1/19/21 100,189
500,000 2.39 1M LIBOR + Citibank Credit Card Issuance Trust,
115bps Floating Rate Note, 1/23/20 502,180
600,000 1.66 1M LIBOR + Citibank Credit Card Issuance Trust,
42bps Floating Rate Note, 7/24/20 601,756
750,000 1.23 1M LIBOR + Citibank Credit Card Issuance Trust,
37bps Floating Rate Note, 8/8/24 752,551
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 21
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
200,000 1.66 1M LIBOR + Citibank Credit Card Issuance Trust,
43bps Floating Rate Note, 9/10/20 $ 200,720
7,785 1.43 1M LIBOR + Citigroup Mortgage Loan Trust 2006-SHL1,
20bps Floating Rate Note, 11/27/45 (144A) 7,783
43,309 2.25 1M LIBOR + Citigroup Mortgage Loan Trust, Inc.,
102bps Floating Rate Note, 11/25/34 43,485
61,497 1.98 1M LIBOR + Citigroup Mortgage Loan Trust, Inc.,
75bps Floating Rate Note, 5/25/35 (144A) 61,410
500,000 Conn Funding II LP, 5.11%,
5/15/20 (144A) 503,262
67,619 Conn's Receivables Funding 2016-B LLC,
3.73%, 10/15/18 (144A) 67,654
500,000 Conn's Receivables Funding 2016-B LLC,
7.34%, 3/15/19 (144A) 509,646
535,543 2.73 1M LIBOR + Conseco Finance Home Equity Loan Trust
150bps 2002-C, Floating Rate Note, 4/15/32 533,348
384,528 2.13 1M LIBOR + Countrywide Asset-Backed Certificates,
90bps Floating Rate Note, 3/25/35 381,196
352,951 2.33 1M LIBOR + Countrywide Asset-Backed Certificates,
110bps Floating Rate Note, 9/25/34 (144A) 345,196
300,000 CPS Auto Receivables Trust 2016-C,
2.48%, 9/15/20 (144A) 301,162
250,000 Credit Acceptance Auto Loan Trust 2016-2,
4.29%, 11/15/24 (144A) 257,043
499,510 CRG Issuer 2015-1, 4.07%,
7/11/22 (144A) 498,261
52,961 1.50 1M LIBOR + CSMC Trust 2006-CF3, Floating Rate Note,
54bps 10/27/36 (144A) 52,737
659,003 1.46 1M LIBOR + CWABS Asset-Backed Certificates Trust
23bps 2005-14, Floating Rate Note, 4/25/36 658,385
1,500,000 1.46 1M LIBOR + Discover Card Execution Note Trust,
23bps Floating Rate Note, 10/17/22 1,502,772
167,000 1.58 1M LIBOR + Discover Card Execution Note Trust,
35bps Floating Rate Note, 8/17/20 167,225
220,036 3.03 1M LIBOR + DRB Prime Student Loan Trust 2016-B,
180bps Floating Rate Note, 6/25/40 (144A) 226,662
400,000 Drive Auto Receivables Trust 2016-C,
3.02%, 11/15/21 (144A) 403,987
600,000 Drive Auto Receivables Trust 2017-1,
2.36%, 3/15/21 601,896
500,000 Drive Auto Receivables Trust 2017-2,
2.25%, 6/15/21 501,110
308,593 4.15 3M LIBOR+ Drug Royalty II LP 2, Floating Rate Note,
285bps 7/15/23 (144A) 310,297
400,000 DT Auto Owner Trust 2017-1, 2.26%,
2/15/21 (144A) 400,133
500,000 DT Auto Owner Trust 2017-2, 2.44%,
2/15/21 (144A) 501,850
The accompanying notes are an integral part of these financial statements.
22 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
277,544 2.23 1M LIBOR + Earnest Student Loan Program 2017-A
100bps LLC, Floating Rate Note, 1/25/41 (144A) $ 277,544
400,000 Elm 2016-1 Trust, 4.163%,
6/20/25 (144A) 406,750
500,000 Engs Commercial Finance Trust 2016-1,
3.45%, 3/22/22 (144A) 494,946
344,541 Enterprise Fleet Financing LLC, 1.74%,
2/22/22 (144A) 344,459
50,973 4.14 Equity One Mortgage Pass-Through Trust
2004-1, Variable Rate Note, 4/25/34 50,916
356,904 4.62 Equity One Mortgage Pass-Through Trust
2004-2, Variable Rate Note, 7/25/34 356,999
1,217,935 1.48 1M LIBOR + Fieldstone Mortgage Investment Trust
49bps Series 2005-3, Floating Rate
Note, 2/25/36 1,200,433
165,699 2.53 1M LIBOR + First Franklin Mortgage Loan Trust
130bps 2003-FFC, Floating Rate Note, 11/25/32 165,394
7,271 First Investors Auto Owner Trust 2013-3,
2.32%, 10/15/19 (144A) 7,273
500,000 First Investors Auto Owner Trust 2017-2,
3.0%, 8/15/23 (144A) 502,750
20,000 Flagship Credit Auto Trust 2014-2, 3.95%,
12/15/20 (144A) 20,217
106,036 Flagship Credit Auto Trust 2016-3, 1.61%,
12/15/19 (144A) 105,988
264,000 Flagship Credit Auto Trust 2016-3, 2.43%,
6/15/21 (144A) 264,296
895,037 Flagship Credit Auto Trust 2017-2, 1.85%,
7/15/21 (144A) 895,300
230,761 FNA 2015-1 Trust, 3.24%,
12/10/23 (144A) 229,810
100,000 Ford Credit Auto Owner Trust 2013-D,
1.54%, 3/15/19 100,001
481,883 Foursight Capital Automobile Receivables
Trust 2016-1, 2.87%, 10/15/21 (144A) 484,322
434,541 Foursight Capital Automobile Receivables
Trust 2017-1, 2.37%, 4/15/22 (144A) 434,469
355,634 1.46 1M LIBOR + Fremont Home Loan Trust 2005-E,
23bps Floating Rate Note, 1/25/36 351,495
919,403 GCAT 2017-1 LLC, 3.375%, 3/25/47
(Step) (144A) 918,419
583,025 GCAT 2017-4 LLC, 3.2282%, 5/25/22
(Step) (144A) 586,041
21,440 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 21,172
630,000 GLS Auto Receivables Trust 2017-1,
2.98%, 12/15/21 (144A) 631,205
68,068 4.54 GMACM Home Equity Loan Trust
2002-HE4, Variable Rate Note, 10/25/32 67,795
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 23
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
327,027 GMAT 2013-1 Trust, 6.9669%,
8/25/53 (Step) $ 327,448
426,721 GMAT 2015-1 Trust, 4.25%, 9/25/20
(Step) (144A) 426,614
500,000 Green Tree Agency Advance Funding Trust I,
4.0575%, 10/15/48 (144A) 497,555
427,508 1.66 1M LIBOR + GSAA Home Equity Trust 2005-8, Floating
43bps Rate Note, 6/25/35 423,079
17,890 1.98 1M LIBOR + GSAMP Trust 2005-HE1, Floating Rate
75bps Note, 12/25/34 17,901
171,207 2.58 1M LIBOR + GSRPM Mortgage Loan Trust 2003-2,
135bps Floating Rate Note, 6/25/33 170,542
87,353 1.53 1M LIBOR + GSRPM Mortgage Loan Trust 2006-1,
30bps Floating Rate Note, 3/25/35 (144A) 86,521
58,923 1.53 1M LIBOR + GSRPM Mortgage Loan Trust 2006-2,
30bps Floating Rate Note, 9/25/36 (144A) 58,731
105,954 Harley-Davidson Motorcycle Trust 2014-1,
1.1%, 9/15/19 105,898
171,587 Hero Residual Funding 2016-1R, 4.5%,
9/21/42 (144A) 172,767
47,000 HOA Funding LLC, 4.846%,
8/22/44 (144A) 45,025
105,896 Home Equity Mortgage Trust, 5.821%,
4/25/35 (Step) 106,977
170,882 2.88 1M LIBOR + Home Equity Mortgage Trust, Floating Rate
165bps Note, 8/25/34 167,894
209,607 Honor Automobile Trust Securitization
2016-1A, 2.94%, 11/15/19 (144A) 210,445
500,000 Hyundai Auto Receivables Trust 2014-B,
2.1%, 11/15/19 502,456
69,684 4.23 1M LIBOR + Invitation Homes 2014-SFR3 Trust REMICS,
300bps Floating Rate Note, 12/17/31 (144A) 69,684
114,631 2.73 1M LIBOR + Irwin Whole Loan Home Equity Trust
100bps 2003-C, Floating Rate Note, 6/25/28 113,660
96,616 4.23 1M LIBOR + Irwin Whole Loan Home Equity Trust
200bps 2003-C, Floating Rate Note, 6/25/28 95,933
195,650 1.94 1M LIBOR + Irwin Whole Loan Home Equity Trust
70.5bps 2005-B, Floating Rate Note, 12/25/29 195,286
475,000 Kabbage Asset Securitization LLC, 4.571%,
3/15/22 (144A) 489,541
471,000 Leaf Receivables Funding 12 LLC, 2.83%,
4/15/22 (144A) 471,900
300,000 Leaf Receivables Funding 12 LLC, 3.1%,
4/15/22 (144A) 300,690
872,823 1.69 1M LIBOR + Long Beach Mortgage Loan Trust 2006-WL1,
23bps Floating Rate Note, 1/25/46 871,141
186,562 3.50 Marriott Vacation Club Owner Trust 2012-1,
Floating Rate Note, 5/20/30 (144A) 188,401
The accompanying notes are an integral part of these financial statements.
24 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
11,234 1.86 1M LIBOR + Morgan Stanley ABS Capital I, Inc. Trust
63bps 2005-NC2, Floating Rate Note, 3/25/35 $ 11,235
327,340 MVW Owner Trust 2014-1, 2.7%,
9/22/31 (144A) 325,538
854,113 Nations Equipment Finance Funding II LLC,
3.276%, 1/22/19 (144A) 854,332
251,394 Nations Equipment Finance Funding III LLC,
3.61%, 2/22/21 (144A) 252,274
106,937 Nationstar HECM Loan Trust 2016-3,
2.0125%, 8/25/26 (144A) 108,031
900,000 Nationstar HECM Loan Trust 2017-1,
2.9419%, 5/25/27 (144A) 914,907
639,000 Navitas Equipment Receivables LLC 2015-1,
3.4%, 2/15/19 (144A) 644,244
600,000 Navitas Equipment Receivables LLC 2016-1,
5.05%, 12/15/21 (144A) 607,524
254,118 1.93 1M LIBOR + New Century Home Equity Loan Trust
70bps 2005-1, Floating Rate Note, 3/25/35 254,437
55,243 4.28 New Century Home Equity Loan Trust,
Variable Rate Note, 8/25/34 55,106
800,000 New Residential Advance Receivables Trust
Advance Receivables Backed Notes,
3.0199%, 10/15/49 (144A) 802,206
300,000 NextGear Floorplan Master Owner Trust,
2.61%, 10/15/19 (144A) 300,173
400,000 2.33 1M LIBOR + NextGear Floorplan Master Owner Trust,
110bps Floating Rate Note, 9/15/21 (144A) 400,570
476,710 2.01 1M LIBOR + NovaStar Mortgage Funding Trust Series
39bps 2003-1, Floating Rate Note, 5/25/33 462,311
560,000 2.81 1M LIBOR + NovaStar Mortgage Funding Trust Series
157bps 2004-3, Floating Rate Note, 12/25/34 544,490
201,447 2.88 1M LIBOR + NovaStar Mortgage Funding Trust Series
165bps 2004-4, Floating Rate Note, 3/25/35 201,856
76,618 1.88 1M LIBOR + NovaStar Mortgage Funding Trust Series
64bps 2005-2, Floating Rate Note, 10/25/35 76,692
1,370,000 1.91 1M LIBOR + NovaStar Mortgage Funding Trust Series
67bps 2005-3, Floating Rate Note, 1/25/36 1,358,866
861,323 1.39 1M LIBOR + NovaStar Mortgage Funding Trust Series
16bps 2006-1, Floating Rate Note, 5/25/36 838,976
77,393 NYCTL 2016-A Trust, 1.47%,
11/10/29 (144A) 76,966
500,000 Ocwen Master Advance Receivables Trust,
2.5207%, 8/17/48 (144A) 499,367
500,000 Ocwen Master Advance Receivables Trust,
3.2647%, 8/16/49 (144A) 500,905
600,000 Ocwen Master Advance Receivables Trust,
3.704%, 11/15/47 (144A) 600,000
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 25
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
600,000 Oportun Funding III LLC, 3.69%,
7/8/21 (144A) $ 606,302
300,000 1.97 1M LIBOR + Option One Mortgage Loan Trust 2005-3,
49bps Floating Rate Note, 8/25/35 293,443
88,800 Orange Lake Timeshare Trust 2012-A,
4.87%, 3/10/27 (144A) 89,707
362,197 OSAT 2016-NPL1 Trust, 3.75%, 7/25/56
(Step) (144A) 365,106
228,665 2.93 1M LIBOR + Oscar US Funding Trust IV, Floating Rate
170bps Note, 7/15/20 (144A) 229,311
300,000 2.02 1M LIBOR + OSCAR US Funding Trust VI LLC, Floating
80bps Rate Note, 5/11/20 (144A) 300,206
427,583 2.36 1M LIBOR + Park Place Securities Inc Asset-Backed
112.5bps Pass-Through Certificates Series 2004-MHQ,
Floating Rate Note, 12/25/34 429,577
67,940 1.97 1M LIBOR + Park Place Securities, Inc. Asset-Backed
37bps Pass-Through Certificates Series
2005-WHQ4, Floating Rate Note, 9/25/35 67,977
750,000 2.98 1M LIBOR + PFS Financing Corp., Floating Rate Note,
175bps 2/18/20 (144A) 752,124
300,000 2.18 1M LIBOR + PFS Financing Corp., Floating Rate Note,
95bps 3/15/21 (144A) 300,218
500,000 1.83 1M LIBOR + PFS Financing Corp., Floating Rate Note,
60bps 7/15/22 (144A) 500,000
387,522 Popular ABS Mortgage Pass-Through Trust
2004-4, 4.49476%, 9/25/34 (Step) 392,433
947,009 Pretium Mortgage Credit Partners I
2017-NPL3 LLC, 3.25%, 6/27/32
(Step) (144A) 947,085
1,100,000 Pretium Mortgage Credit Partners I
2017-NPL4 LLC, 3.25%, 8/27/32
(Step) (144A) 1,100,000
60,072 Purchasing Power Funding 2015-A LLC,
3.5%, 12/15/19 (144A) 60,110
319,449 1.89 1M LIBOR + Quest Trust REMICS, Floating Rate Note,
66bps 3/25/34 (144A) 316,469
100,563 1.48 1M LIBOR + RAAC Series 2006-RP2 Trust, Floating Rate
25bps Note, 2/25/37 (144A) 100,036
55,036 5.06 RAMP Series 2003-RS9 Trust, Variable
Rate Note, 10/25/33 54,358
600,000 1.73 1M LIBOR + RAMP Series 2005-RS7 Trust, Floating
50bps Rate Note, 7/25/35 593,456
213,826 RBSHD 2013-1 Trust, 7.6853%, 10/25/47
(Step) (144A) 214,212
750,000 RCO Mortgage LLC 2017-1, 3.375%,
8/25/22 (Step) (144A) 750,000
The accompanying notes are an integral part of these financial statements.
26 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
37,092 3.48 1M LIBOR + RFSC Series 2004-RP1 Trust, Floating Rate
225bps Note, 11/25/42 $ 36,917
151,294 2.06 1M LIBOR + SASCO Mortgage Loan Trust 2005-GEL1,
82.5bps Floating Rate Note, 12/25/34 151,086
35,957 1.69 1M LIBOR + Saxon Asset Securities Trust 2005-3,
46bps Floating Rate Note, 11/25/35 35,962
678,288 SCF Equipment Trust 2016-1 LLC, 3.62%,
11/20/21 (144A) 682,179
162,583 Sierra Auto Receivables Securitization Trust
2016-1, 2.85%, 1/18/22 (144A) 163,063
400,000 Skopos Auto Receivables Trust 2015-1,
5.43%, 12/15/23 (144A) 403,467
44,397 Skopos Auto Receivables Trust 2015-2,
3.55%, 2/17/20 (144A) 44,406
230,547 Sofi Consumer Loan Program 2017-1 LLC,
3.28%, 1/26/26 (144A) 234,022
136,458 2.33 1M LIBOR + SoFi Professional Loan Program 2016-C
110bps LLC, Floating Rate Note, 10/25/36 (144A) 138,485
50,395 1.49 1M LIBOR + Soundview Home Loan Trust 2005-OPT4,
26bps Floating Rate Note, 12/25/35 50,354
575,727 1.53 1M LIBOR + Specialty Underwriting & Residential
30bps Finance Trust Series 2006-BC1, Floating
Rate Note, 12/25/36 574,115
300,000 SPS Servicer Advance Receivables Trust
Advance Receivables Backed Notes
2016-T2, 3.1%, 11/15/49 (144A) 297,989
110,446 1.95 1M LIBOR + Structured Asset Investment Loan Trust
72bps 2005-6, Floating Rate Note, 7/25/35 110,569
353,742 SVO 2012-A VOI Mortgage LLC, 2.0%,
9/20/29 (144A) 351,022
300,000 Synchrony Credit Card Master Note Trust,
1.69%, 3/15/21 299,673
328,653 Tax Ease Funding LLC Series 16-1A,
3.13%, 6/15/28 328,802
549,495 1.61 1M LIBOR + Terwin Mortgage Trust 2006-1, Floating
38bps Rate Note, 1/25/37 (144A) 548,323
33,046 Terwin Mortgage Trust Series TMTS
2005-14HE, 4.8492%, 8/25/36 (Step) 33,243
40,351 Tidewater Auto Receivables Trust
2016-A, 2.3%, 9/15/19 (144A) 40,338
500,000 Tidewater Sales Finance Master Trust
Series 2017-A, 4.55%, 5/15/21 (144A) 500,625
700,000 2.18 1M LIBOR + Trafigura Securitisation Finance Plc 2014-1,
95bps Floating Rate Note, 4/16/18 (144A) 700,270
1,000,000 2.93 1M LIBOR + Trafigura Securitisation Finance Plc 2017-1,
170bps Floating Rate Note, 12/15/20 (144A) 1,005,584
236,294 United Auto Credit Securitization Trust
2016-1, 3.55%, 8/15/19 (144A) 236,907
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 27
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
400,000 United Auto Credit Securitization Trust
2016-2, 2.2%, 5/10/19 (144A) $ 399,926
850,000 United Auto Credit Securitization Trust
2017-1, 2.71%, 1/10/22 (144A) 849,842
452,862 Upstart Securitization Trust 2017-1,
2.639%, 6/20/24 (144A) 452,860
770,232 US Residential Opportunity Fund IV Trust
2016-1, 3.4747%, 7/27/36 (Step) (144A) 772,363
860,754 VOLT LIV LLC, 3.5%, 2/25/47 (Step) (144A) 869,737
549,576 VOLT LVIII LLC, 3.375%, 5/27/47
(Step) (144A) 553,729
428,312 VOLT LX LLC, 3.25%, 4/25/59
(Step) (144A) 430,746
48,371 VOLT XIX LLC, 3.875%, 4/26/55
(Step) (144A) 48,383
668,118 VOLT XXV LLC, 3.5%, 6/26/45 (Step) (144A) 669,503
259,926 VOLT XXXIII LLC, 3.5%, 3/25/55
(Step) (144A) 260,887
725,803 VOLT XXXVIII LLC, 3.875%, 9/25/45
(Step) (144A) 728,833
133,484 Westgate Resorts 2015-2 LLC, 3.2%,
7/20/28 (144A) 134,302
587,893 Westgate Resorts 2017-1 LLC, 4.05%,
12/20/30 (144A) 592,696
600,000 Westlake Automobile Receivables Trust
2016-1, 3.29%, 9/15/21 (144A) 605,335
1,000,000 Westlake Automobile Receivables Trust
2016-1, 4.55%, 9/15/21 (144A) 1,021,112
650,000 Westlake Automobile Receivables Trust
2017-2, 2.59%, 12/15/22 (144A) 649,986
1,115,000 1.71 1M LIBOR + World Financial Network Credit Card
48bps Master Trust, Floating Rate Note, 2/15/22 1,117,053
75,000 World Omni Automobile Lease Securitization
Trust 2017-A, 2.13%, 4/15/20 75,470
--------------
$ 75,031,864
--------------
Total Banks $ 75,031,864
----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.7%
Other Diversified Financial Services -- 0.2%
385,544 1.43 1M LIBOR + 321 Henderson Receivables I LLC, Floating
20bps Rate Note, 6/15/41 (144A) $ 376,060
143,780 Diamond Resorts Owner Trust 2013-2,
2.62%, 5/20/26 (144A) 143,492
106,692 1.53 1M LIBOR + Mastr Specialized Loan Trust, Floating Rate
30bps Note, 1/25/36 (144A) 105,246
155,337 PFS Tax Lien Trust 2014-1, 1.44%,
5/15/29 (144A) 154,940
The accompanying notes are an integral part of these financial statements.
28 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
148,362 Sierra Timeshare 2012-3 Receivables
Funding LLC, 1.87%, 8/20/29 (144A) $ 148,300
55,779 Sierra Timeshare 2013-1 Receivables
Funding LLC, 2.39%, 11/20/29 (144A) 55,770
43,969 2.92 Sierra Timeshare 2013-2 Receivables
Funding LLC, Floating Rate Note,
11/20/25 (144A) 44,026
98,931 4.75 Sierra Timeshare 2013-2 Receivables
Funding LLC, Floating Rate Note,
11/20/25 (144A) 99,218
68,185 TAL Advantage V LLC, 1.7%, 5/20/39 (144A) 68,069
--------------
$ 1,195,121
----------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
44,068 Alterna Funding I LLC, 1.639%,
2/15/21 (144A) $ 43,683
----------------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.5%
760,000 2.03 1M LIBOR + American Express Credit Account Secured
80bps Note Trust 2012-4, Floating Rate Note,
5/15/20 (144A) $ 760,385
550,000 AmeriCredit Automobile Receivables Trust
2013-4, 3.31%, 10/8/19 554,465
1,500,000 1.68 1M LIBOR + Capital One Multi-Asset Execution Trust,
45bps Floating Rate Note, 2/15/22 1,508,167
2,000,000 Chase Issuance Trust, 1.38%, 11/15/19 2,000,109
2,690,000 1.64 1M LIBOR + Chase Issuance Trust, Floating Rate
41bps Note, 5/17/21 2,704,188
75,295 CPS Auto Receivables Trust 2013-A, 1.89%,
6/15/20 (144A) 75,281
22,197 CPS Auto Receivables Trust 2013-B, 1.82%,
9/15/20 (144A) 22,191
181,000 CPS Auto Receivables Trust 2014-C, 3.77%,
8/17/20 (144A) 184,060
895,594 Credit Acceptance Auto Loan Trust 2014-2,
2.67%, 9/15/22 (144A) 896,074
--------------
$ 8,704,920
--------------
Total Diversified Financials $ 9,943,724
----------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Specialized REIT -- 0.0%+
272,158 2.07 Hilton Grand Vacations Trust 2014-A,
Floating Rate Note, 11/25/26 (144A) $ 269,344
----------------------------------------------------------------------------------------------------------------
Diversified REIT -- 0.0%+
3,466 1.42 1M LIBOR + HSI Asset Securitization Corp. Trust
19bps 2006-OPT1, Floating Rate Note, 12/25/35 $ 3,466
--------------
Total Real Estate $ 272,810
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 29
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.0%+
Government -- 0.0%+
146,638 1.53 1M LIBOR + FHLMC Structured Pass Through Securities,
30bps Floating Rate Note, 12/25/29 $ 142,781
--------------
Total Government $ 142,781
----------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $89,498,987) $ 89,808,342
----------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 29.0%
ENERGY -- 0.2%
Oil & Gas Exploration & Production -- 0.2%
300,000 2.93 1M LIBOR + Arbor Realty Commercial Real Estate Notes
170bps 2016-FL1, Ltd., Floating Rate Note,
9/15/26 (144A) $ 300,890
573,271 3.48 1M LIBOR + Oaktown Re, Ltd., Floating Rate Note,
225bps 4/25/27 (144A) 573,271
499,977 2.18 1M LIBOR + RAIT 2017-FL7 Trust, Floating Rate Note,
95bps 6/15/37 (144A) 500,191
--------------
$ 1,374,352
--------------
Total Energy $ 1,374,352
----------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Construction & Engineering -- 0.1%
225,651 3.68 1M LIBOR + Velocity Commercial Capital Loan Trust
245bps 2016-1, Floating Rate Note,
4/25/46 (144A) $ 229,967
--------------
Total Capital Goods $ 229,967
----------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
250,995 Welk Resorts 2013-A LLC, 3.1%,
3/15/29 (144A) $ 252,749
--------------
Total Consumer Services $ 252,749
----------------------------------------------------------------------------------------------------------------
BANKS -- 17.3%
Thrifts & Mortgage Finance -- 17.3%
1,500,000 0.00 1M LIBOR + A10 Term Asset Financing 2017-1 LLC,
85bps Floating Rate Note, 3/15/36 (144A) $ 1,500,000
122,682 1.79 1M LIBOR + Adjustable Rate Mortgage Trust 2005-5,
28bps Floating Rate Note, 9/25/35 122,125
34,678 1.68 1M LIBOR + Alternative Loan Trust 2003-14T1, Floating
45bps Rate Note, 8/25/18 26,670
147,237 1.81 1M LIBOR + Alternative Loan Trust 2004-6CB, Floating
58bps Rate Note, 4/25/34 147,957
462,260 3.48 1M LIBOR + AMSR 2016-SFR1 Trust, Floating Rate
225bps Note, 11/17/33 (144A) 470,527
500,000 2.98 1M LIBOR + Arbor Realty Collateralized Loan Obligation
175bps 2015-FL1, Ltd., Floating Rate Note,
3/15/25 (144A) 500,496
The accompanying notes are an integral part of these financial statements.
30 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,300,000 3.43 1M LIBOR + BAMLL Commercial Mortgage Securities
220bps Trust 2014-FL1, Floating Rate Note,
12/17/31 (144A) $ 1,303,249
950,000 2.33 1M LIBOR + BAMLL Commercial Mortgage Securities
110bps Trust 2014-ICTS, Floating Rate Note,
6/15/28 (144A) 950,562
1,100,000 4.23 1M LIBOR + BAMLL Commercial Mortgage Securities
300bps Trust 2016-ASHF, Floating Rate Note,
3/15/28 (144A) 1,118,485
800,000 0.00 BAMLL Re-REMIC Trust 2014-FRR5, Variable
Rate Note, 3/29/45 (144A) 796,299
402,474 5.84 Banc of America Commercial Mortgage
Trust 2006-1, Variable Rate Note, 9/10/45 402,164
350,062 6.44 Banc of America Commercial Mortgage
Trust 2008-1, Variable Rate Note, 2/10/51 351,546
109,079 1.85 1M LIBOR + Banc of America Funding 2005-A Trust,
31bps Floating Rate Note, 2/20/35 109,431
500,000 N/A 1M LIBOR + Bancorp Commercial Mortgage 2017-CRE2
85bps Trust, Floating Rate Note, 8/15/32 (144A) 500,000
462,305 3.23 1M LIBOR + Bayview Opportunity Master Fund IIIb Trust
200bps 2017-CRT2, Floating Rate Note,
11/25/27 (144A) 462,024
342,431 2.98 1M LIBOR + Bayview Opportunity Master Fund IVb Trust
175bps 2016-CRT1, Floating Rate Note,
10/27/27 (144A) 342,414
430,636 3.38 1M LIBOR + Bayview Opportunity Master Fund IVb Trust
215bps 2017-CRT1, Floating Rate Note,
10/25/28 (144A) 430,910
750,000 3.23 1M LIBOR + BBCMS Trust 2015-SLP, Floating Rate Note,
200bps 2/15/28 (144A) 743,611
625,938 1.46 1M LIBOR + BCAP LLC 2012-RR4 Trust, Floating Rate
23bps Note, 6/26/47 (144A) 618,855
135,889 2.07 1M LIBOR + Bear Stearns ALT-A Trust 2004-11, Floating
84bps Rate Note, 11/25/34 135,017
473,100 1.93 1M LIBOR + Bear Stearns ALT-A Trust 2004-12, Floating
70bps Rate Note, 1/25/35 463,594
168,487 2.07 1M LIBOR + Bear Stearns ALT-A Trust 2004-12, Floating
84bps Rate Note, 1/25/35 166,134
490,275 2.07 1M LIBOR + Bear Stearns ALT-A Trust 2004-12, Floating
84bps Rate Note, 1/25/35 485,172
52,326 1.97 1M LIBOR + Bear Stearns ALT-A Trust 2004-13, Floating
74bps Rate Note, 11/25/34 52,078
659,156 1.83 1M LIBOR + Bear Stearns ALT-A Trust 2004-4, Floating
60bps Rate Note, 6/25/34 657,883
79,951 1.73 1M LIBOR + Bear Stearns ALT-A Trust 2005-2, Floating
50bps Rate Note, 3/25/35 79,435
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 31
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
416,047 5.21 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR7, Variable Rate
Note, 2/11/41 $ 415,352
53,472 3.54 Bear Stearns Mortgage Securities, Inc.,
Variable Rate Note, 6/25/30 54,620
900,000 3.18 1M LIBOR + BHMS 2014-ATLS Mortgage Trust REMICS,
195bps Floating Rate Note, 7/8/33 (144A) 904,474
600,000 2.45 1M LIBOR + BX Trust 2017-APPL, Floating Rate Note,
115bps 7/15/34 (144A) 600,319
700,000 2.43 1M LIBOR + BX Trust 2017-SLCT, Floating Rate Note,
120bps 7/15/34 (144A) 697,950
800,000 4.08 1M LIBOR + BXHTL 2015-JWRZ Mortgage Trust, Floating
285bps Rate Note, 5/15/29 (144A) 801,468
146,205 Cendant Mortgage Corp., 6.25%,
3/25/32 (144A) 147,879
500,000 2.00 3M LIBOR+ Cent CDO 14, Ltd., Floating Rate Note,
70bps 4/15/21 (144A) 478,960
812,964 Cent CLO, 2.52%, 8/1/24 (144A) 812,906
800,000 3.38 1M LIBOR + CFCRE 2015-RUM Mortgage Trust, Floating
215bps Rate Note, 7/15/30 (144A) 786,043
765,000 5.83 1M LIBOR + CFCRE 2015-RUM Mortgage Trust, Floating
460bps Rate Note, 7/15/30 (144A) 746,695
540,133 3.08 1M LIBOR + CG-CCRE Commercial Mortgage Trust
185.4bps 2014-FL2 REMICS, Floating Rate Note,
11/15/31 (144A) 540,449
500,000 2.33 1M LIBOR + CGDB Commercial Mortgage Trust 2017-BIO,
110bps Floating Rate Note, 5/15/30 (144A) 499,156
1,000,000 2.20 1M LIBOR + CGDBB Commercial Mortgage Trust
97bps 2017-BIOC, Floating Rate Note,
7/15/28 (144A) 998,445
850,000 N/A 1M LIBOR + CGMS Commercial Mortgage Trust
130bps 2017-MDDR, Floating Rate Note,
7/15/30 (144A) 849,999
500,000 4.33 1M LIBOR + CGWF Commercial Mortgage Trust
310bps 2013-RKWH REMICS, Floating Rate Note,
11/15/30 (144A) 499,018
89,802 3.18 CHL Mortgage Pass-Through Trust 2004-14,
Variable Rate Note, 8/25/34 87,170
250,000 N/A 3M LIBOR+ CIFC Funding 2013-I, Ltd., Floating Rate
85bps Note, 7/16/30 (144A) 249,958
30,433 Citicorp Mortgage Securities REMIC
Pass-Through Certificates Trust Series
2005-4, 5.0%, 7/25/20 31,084
187,827 6.31 Citigroup Commercial Mortgage Trust
2008-C7, Variable Rate Note, 12/10/49 188,237
300,000 4.53 1M LIBOR + Citigroup Commercial Mortgage Trust
330bps 2015-SHP2, Floating Rate Note,
7/15/27 (144A) 303,431
The accompanying notes are an integral part of these financial statements.
32 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,500,000 3.33 1M LIBOR + Citigroup Commercial Mortgage Trust
210bps 2015-SSHP REMICS, Floating Rate Note,
9/15/27 (144A) $ 1,492,252
95,767 Citigroup Mortgage Loan Trust 2010-4
REMICS, 5.0%, 10/25/35 (144A) 96,613
13,045 Citigroup Mortgage Loan Trust, Inc.,
7.0%, 10/25/19 12,991
133,167 3.07 Citigroup Mortgage Loan Trust, Inc., Variable
Rate Note, 2/25/35 116,041
1,000,000 2.33 1M LIBOR + CLNS Trust 2017-IKPR, Floating Rate Note,
110bps 6/11/32 (144A) 996,222
1,300,000 2.58 1M LIBOR + Cold Storage Trust 2017-ICE3, Floating Rate
135bps Note, 4/15/24 (144A) 1,304,894
500,000 3.33 1M LIBOR + Cold Storage Trust 2017-ICE3, Floating Rate
210bps Note, 4/15/24 (144A) 505,428
173,123 Colony American Finance 2015-1, Ltd.,
2.896%, 10/18/47 (144A) 174,943
400,000 Colony American Finance 2016-1, Ltd.,
5.972%, 6/15/48 (Step) (144A) 426,546
700,000 3.08 1M LIBOR + Colony American Homes 2014-1, Floating
185bps Rate Note, 5/19/31 (144A) 705,533
92,221 3.12 1M LIBOR + Colony Mortgage Capital Series 2015-FL3,
195bps Ltd., Floating Rate Note, 9/5/32 (144A) 92,203
200,000 3.88 1M LIBOR + Colony Starwood Homes 2016-1 Trust,
265bps Floating Rate Note, 7/17/33 (144A) 206,503
400,000 2.98 1M LIBOR + Colony Starwood Homes 2016-2 Trust,
175bps Floating Rate Note, 12/19/33 (144A) 400,486
349,155 3.18 1M LIBOR + COMM 2014-FL4 Mortgage Trust, Floating
195bps Rate Note, 7/15/31 (144A) 352,006
1,410,000 3.38 1M LIBOR + COMM 2014-FL5 Mortgage Trust, Floating
215bps Rate Note, 10/15/31 (144A) 1,403,104
400,000 2.03 1M LIBOR + COMM 2014-PAT Mortgage Trust REMICS,
80bps Floating Rate Note, 8/13/27 (144A) 400,121
820,000 2.82 1M LIBOR + COMM 2014-PAT Mortgage Trust, Floating
165bps Rate Note, 8/13/27 (144A) 808,649
1,850,000 2.83 1M LIBOR + COMM 2014-TWC Mortgage Trust, Floating
160bps Rate Note, 2/13/32 (144A) 1,857,299
500,000 3.88 1M LIBOR + Cosmopolitan Hotel Trust 2016-COSMO,
265bps Floating Rate Note, 11/15/33 (144A) 504,789
119,612 Credit Suisse First Boston Mortgage
Securities Corp., 4.877%, 4/15/37 117,993
211,327 Credit Suisse First Boston Mortgage
Securities Corp., 7.5%, 5/25/32 226,126
17,532 CSFB Mortgage-Backed Trust Series
2004-7, 5.25%, 10/25/19 17,707
400,000 3.48 1M LIBOR + CSMC 2015-TWNI Trust, Floating Rate Note,
225bps 3/15/28 (144A) 400,100
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 33
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
635,055 2.50 CSMC Series 2013-14R REMICS, Variable
Rate Note, 10/27/37 (144A) $ 649,995
747,602 3.00 CSMC Trust 2014-OAK1, Floating Rate Note,
11/25/44 (144A) 758,816
995,402 3.00 CSMC Trust 2014-WIN2, Variable Rate Note,
10/25/44 (144A) 1,001,020
690,430 3.50 CSMC Trust 2015-3, Variable Rate Note,
3/25/45 (144A) 702,513
900,000 3.08 1M LIBOR + CSMC Trust 2015-DEAL, Floating Rate Note,
185bps 4/16/29 (144A) 901,388
1,400,000 1.93 1M LIBOR + DBCG 2017-BBG Mortgage Trust, Floating
70bps Rate Note, 6/15/34 (144A) 1,399,999
386,769 1.77 1M LIBOR + Fannie Mae Connecticut Avenue Securities,
55bps Floating Rate Note, 1/25/30 386,279
597,386 2.08 1M LIBOR + Fannie Mae Connecticut Avenue Securities,
85bps Floating Rate Note, 11/25/29 599,755
1,200,690 Fannie Mae, 2.5%, 7/25/39 1,207,465
259,257 Fannie Mae, 3.0%, 3/25/25 262,213
396,960 Fannie Mae, 3.0%, 5/25/38 400,815
346,000 4.49 Federal Home Loan Mortgage Corp. REMICS,
Variable Rate Note, 12/25/44 (144A) 370,988
154,117 FirstKey Lending 2015-SFR1 Trust REMICS,
2.553%, 3/9/47 (144A) 154,284
530,864 3.00 FirstKey Mortgage Trust 2014-1 REMICS,
Variable Rate Note, 11/25/44 (144A) 535,592
468,162 2.73 1M LIBOR + FORT CRE 2016-1 LLC, Floating Rate Note,
150bps 5/21/36 (144A) 468,660
481,057 2.43 1M LIBOR + Freddie Mac Structured Agency Credit Risk
120bps Debt Notes, Floating Rate Note, 8/25/29 485,075
106,497 Freddie Mac, 1.75%, 9/15/20 106,341
594,091 Freddie Mac, 4.0%, 8/15/25 625,255
1,000,000 5.54 FREMF Mortgage Trust 2010-K6, Variable
Rate Note, 12/25/46 (144A) 1,069,286
330,000 3.68 FREMF Mortgage Trust 2012-K711, Variable
Rate Note, 8/25/45 (144A) 337,854
1,400,000 3.48 FREMF Mortgage Trust 2013-K712, Variable
Rate Note, 5/25/45 (144A) 1,431,321
93,073 2.53 1M LIBOR + GAHR Commercial Mortgage Trust 2015-NRF,
130bps Floating Rate Note, 12/15/34 (144A) 93,235
120,690 Global Mortgage Securitization, Ltd., 5.25%,
4/25/32 (144A) 119,194
353,979 1.50 1M LIBOR + Global Mortgage Securitization, Ltd.,
27bps Floating Rate Note, 4/25/32 (144A) 335,523
860,240 Government National Mortgage Association,
2.5%, 8/20/37 865,421
1,000,000 2.78 1M LIBOR + GP Portfolio Trust 2014-GGP, Floating Rate
155bps Note, 2/15/27 (144A) 1,001,657
The accompanying notes are an integral part of these financial statements.
34 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,100,000 2.12 1M LIBOR + GS Mortgage Securities Corp Trust
90bps 2017-500K, Floating Rate Note,
7/15/32 (144A) $ 1,100,688
500,000 2.32 1M LIBOR + GS Mortgage Securities Corp Trust
110bps 2017-STAY, Floating Rate Note,
7/15/32 (144A) 501,473
1,500,000 4.97 GS Mortgage Securities RE-Remic Trust
2015-Frr1, Variable Rate Note, 6/27/41 1,499,397
21,764 2.01 1M LIBOR + GSAA Home Equity Trust 2004-6, Floating
78bps Rate Note, 6/25/34 21,964
166,675 5.70 3M LIBOR + Holmes Master Issuer Plc, Floating Rate
220bps Note, 10/15/54 (144A) 166,910
320,088 2.88 1M LIBOR + Home Partners of America 2016-1 Trust,
165bps Floating Rate Note, 3/17/33 (144A) 323,362
520,000 4.53 1M LIBOR + Home Partners of America 2016-1 Trust,
330bps Floating Rate Note, 3/18/33 (144A) 530,383
500,000 3.63 1M LIBOR + Home Partners of America 2016-2 Trust,
240bps Floating Rate Note, 10/17/33 (144A) 505,814
406,198 1.97 1M LIBOR + HomeBanc Mortgage Trust 2004-2,
74bps Floating Rate Note, 12/25/34 400,887
1,134,396 1.47 1M LIBOR + HomeBanc Mortgage Trust 2005-3,
24bps Floating Rate Note, 7/25/35 1,127,958
207,301 2.33 1M LIBOR + Homestar Mortgage Acceptance Corp.
110bps REMICS, Floating Rate Note, 9/25/34 206,484
948,992 1.87 1M LIBOR + Homestar Mortgage Acceptance Corp.,
64bps Floating Rate Note, 3/25/34 935,802
127,113 1.93 1M LIBOR + Homestar Mortgage Acceptance Corp.,
70bps Floating Rate Note, 6/25/34 127,897
700,000 4.78 1M LIBOR + Hospitality Mortgage Trust, Floating Rate
355bps Note, 5/8/30 (144A) 709,436
700,000 N/A 1M LIBOR + Hunt CRE 2017-FL1, Ltd., Floating Rate
100bps Note, 8/15/34 (144A) 700,000
57,679 3.86 1M LIBOR + Impac CMB Trust Series 2004-8, Floating
175bps Rate Note, 8/25/34 55,308
1,450,000 2.13 1M LIBOR + Impac Secured Assets Corp Series 2004-3,
90bps Floating Rate Note, 11/25/34 1,428,816
137,842 2.09 1M LIBOR + Impac Secured Assets Corp Series 2004-4,
86bps Floating Rate Note, 2/25/35 137,971
1,000,000 2.78 1M LIBOR + IMT Trust 2017-APTS, Floating Rate Note,
95bps 6/15/34 (144A) 1,001,657
55,289 3.73 IndyMac INDX Mortgage Loan Trust
2004-AR6, Variable Rate Note, 10/25/34 54,915
600,000 2.83 1M LIBOR + Invitation Homes 2014-SFR2 Trust, Floating
160bps Rate Note, 9/19/31 (144A) 599,999
1,000,000 2.73 1M LIBOR + J.P. Morgan Chase Commercial Mortgage
150bps Securities Trust 2016-ASH, Floating Rate
Note, 10/15/34 (144A) 1,004,742
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 35
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
500,000 3.33 1M LIBOR + J.P. Morgan Chase Commercial Mortgage
210bps Securities Trust 2016-WPT, Floating Rate
Note, 10/15/33 (144A) $ 502,663
950,000 2.58 1M LIBOR + J.P. Morgan Chase Commercial Mortgage
135bps Securities Trust 2016-WSP, Floating Rate
Note, 8/15/33 (144A) 955,074
68,667 4.84 JP Morgan Chase Commercial Mortgage
Securities Trust 2004-LN2, Variable Rate
Note, 7/15/41 (144A) 68,567
72,084 1.38 1M LIBOR + JP Morgan Chase Commercial Mortgage
15.5bps Securities Trust 2006-LDP9, Floating Rate
Note, 5/15/47 71,898
491,531 3.50 JP Morgan Chase Commercial Mortgage
Securities Trust 2013-A5, Variable Rate
Note, 7/25/20 498,347
700,000 3.18 1M LIBOR + JP Morgan Chase Commercial Mortgage
195bps Securities Trust 2014-CBM, Floating Rate
Note, 10/15/29 (144A) 700,423
270,000 3.43 1M LIBOR + JP Morgan Chase Commercial Mortgage
220bps Securities Trust 2014-FL4 REMICS, Floating
Rate Note, 12/16/30 (144A) 271,912
144,152 2.98 1M LIBOR + JP Morgan Chase Commercial Mortgage
175bps Securities Trust 2014-FL4, Floating Rate
Note, 12/16/30 (144A) 144,190
650,000 3.33 1M LIBOR + JP Morgan Chase Commercial Mortgage
210bps Securities Trust 2014-FL5 REMICS, Floating
Rate Note, 7/15/31 (144A) 643,025
490,000 2.58 1M LIBOR + JP Morgan Chase Commercial Mortgage
135bps Securities Trust 2014-FL5, Floating Rate
Note, 7/15/31 (144A) 492,878
928,723 2.63 1M LIBOR + JP Morgan Chase Commercial Mortgage
140bps Securities Trust 2014-FL6, Floating Rate
Note, 11/17/31 (144A) 931,317
1,100,000 3.08 1M LIBOR + JP Morgan Chase Commercial Mortgage
185bps Securities Trust 2014-PHH, Floating Rate
Note, 8/16/27 (144A) 1,100,083
318,686 2.48 1M LIBOR + JP Morgan Chase Commercial Mortgage
125bps Securities Trust 2015-FL7 REMICS, Floating
Rate Note, 5/15/28 (144A) 318,583
850,000 3.03 1M LIBOR + JP Morgan Chase Commercial Mortgage
180bps Securities Trust 2015-FL7, Floating Rate
Note, 5/15/28 (144A) 847,628
500,000 3.98 1M LIBOR + JP Morgan Chase Commercial Mortgage
275bps Securities Trust 2015-SGP, Floating Rate
Note, 7/15/36 (144A) 504,613
770,376 1.73 1M LIBOR + JP Morgan Seasoned Mortgage Trust 2014-1,
50bps Floating Rate Note, 5/25/33 (144A) 764,079
The accompanying notes are an integral part of these financial statements.
36 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,250,259 1.88 JP Morgan Seasoned Mortgage Trust
2014-1, Variable Rate Note, 5/25/33
(144A) $ 1,240,831
657,222 4.00 PNMR+-125bps La Hipotecaria Panamanian Mortgage
Trust 2007-1, Floating Rate Note,
12/23/36 (144A) 644,078
224,850 5.87 LB-UBS Commercial Mortgage Trust
2007-C7 REMICS, Variable Rate
Note, 9/15/45 224,988
58,501 1.45 1M LIBOR + Lehman Brothers Small Balance Commercial
22bps Mortgage Trust 2006-1, Floating Rate Note,
4/25/31 (144A) 58,106
58,116 1.46 1M LIBOR + Lehman Brothers Small Balance Commercial
23bps Mortgage Trust 2006-1, Floating Rate Note,
4/25/31 (144A) 57,712
1,300,000 2.99 1M LIBOR + LMREC 2015-CRE1, Inc., Floating Rate
175bps Note, 2/24/32 (144A) 1,310,790
809,765 3.23 1M LIBOR + LSTAR Securities Investment, Ltd. 2016-3,
200bps Floating Rate Note, 9/1/21 (144A) 809,765
808,567 3.23 1M LIBOR + LSTAR Securities Investment, Ltd. 2016-4,
200bps Floating Rate Note, 10/1/21 (144A) 806,626
828,671 3.23 1M LIBOR + LSTAR Securities Investment, Ltd. 2016-5,
200bps Floating Rate Note, 11/1/21 (144A) 828,256
1,220,424 3.23 1M LIBOR + LSTAR Securities Investment, Ltd. 2016-7,
200bps Floating Rate Note, 12/1/21 (144A) 1,218,898
846,126 3.23 1M LIBOR + LSTAR Securities Investment, Ltd. 2017-2,
200bps Floating Rate Note, 2/1/22 (144A) 846,295
731,120 3.23 1M LIBOR + LSTAR Securities Investment, Ltd. 2017-3,
200bps Floating Rate Note, 4/1/22 (144A) 733,167
189,900 MarketPlace Loan Trust 2016-BS1, 4.5%,
1/15/21 (144A) 190,256
17,253 1.58 1M LIBOR + MASTR Alternative Loan Trust 2005-1,
35bps Floating Rate Note, 2/25/35 17,240
408,366 1.97 1M LIBOR + Merrill Lynch Mortgage Investors Trust
74bps Series MLCC 2003-A, Floating Rate
Note, 3/25/28 390,793
363,072 1.89 1M LIBOR + Merrill Lynch Mortgage Investors Trust
66bps Series MLCC 2003-C REMICS, Floating
Rate Note, 6/25/28 348,522
373,168 2.15 6M LIBOR + Merrill Lynch Mortgage Investors Trust
70bps Series MLCC 2003-C, Floating Rate
Note, 6/25/28 369,802
126,893 1.87 1M LIBOR + Merrill Lynch Mortgage Investors Trust
64bps Series MLCC 2003-G, Floating Rate
Note, 1/25/29 122,340
31,135 2.79 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-G, Variable Rate
Note, 1/25/29 30,937
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 37
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
227,237 1.87 1M LIBOR + Merrill Lynch Mortgage Investors Trust
64bps Series MLCC 2003-H, Floating Rate
Note, 1/25/29 $ 224,479
115,498 2.05 6M LIBOR + Merrill Lynch Mortgage Investors Trust
60bps Series MLCC 2004-G, Floating Rate
Note, 1/25/30 112,735
267,380 1.69 1M LIBOR + Merrill Lynch Mortgage Investors Trust
46bps Series MLCC 2005-A, Floating Rate
Note, 3/25/30 258,618
80,042 5.54 Merrill Lynch Mortgage Trust 2005-CKI1,
Variable Rate Note, 11/12/37 79,942
70,648 5.52 ML-CFC Commercial Mortgage Trust 2006-3,
Floating Rate Note, 7/12/46 70,559
268,540 Morgan Stanley Capital I Trust 2007-HQ13,
5.569%, 12/15/44 268,897
480,094 5.57 Morgan Stanley Capital I Trust 2007-TOP25,
Variable Rate Note, 11/12/49 485,951
500,000 3.43 1M LIBOR + Morgan Stanley Capital I Trust 2015-XLF1,
220bps Floating Rate Note, 8/14/31 (144A) 502,019
600,000 3.98 1M LIBOR + Morgan Stanley Capital I Trust 2015-XLF1,
275bps Floating Rate Note, 8/17/26 (144A) 598,847
500,000 2.58 1M LIBOR + Morgan Stanley Capital I Trust 2017-PRME,
135bps Floating Rate Note, 2/15/34 (144A) 502,015
231,060 1.77 1M LIBOR + Morgan Stanley Mortgage Loan Trust
27bps 2005-5AR, Floating Rate Note, 9/25/35 231,008
210,109 1.51 1M LIBOR + Morgan Stanley Mortgage Loan Trust
28bps 2005-6AR, Floating Rate Note, 11/25/35 211,046
491,301 2.01 1M LIBOR + MortgageIT Trust 2004-1, Floating Rate
80bps Note, 11/25/34 480,805
1,400,000 0.00 1M LIBOR + Motel 6 Trust 2017, Mtl6 Series 2017-Mtl6
140bps Class C, Floating Rate Note,
8/15/34 (144A) 1,400,044
701,137 1.62 1M LIBOR + Opteum Mortgage Acceptance Corp Asset
39bps Backed Pass-Through Certificates 2005-4,
Floating Rate Note, 11/25/35 688,197
417,908 2.18 1M LIBOR + Pepper Residential Securities Trust NO 18,
95bps Floating Rate Note, 3/12/47 (144A) 418,383
97,565 2.68 1M LIBOR + PFP 2015-2, Ltd., Floating Rate Note,
145bps 7/14/34 (144A) 97,537
835,480 Pretium Mortgage Credit Partners I
2016-NPL5 LLC, 9/27/31 (Step) (144A) 839,287
397,193 2.73 1M LIBOR + Progress Residential 2016-SFR1 Trust,
150bps Floating Rate Note, 9/17/33 (144A) 403,364
500,000 3.73 1M LIBOR + Progress Residential 2016-SFR1 Trust,
250bps Floating Rate Note, 9/17/33 (144A) 509,532
400,000 2.98 1M LIBOR + Progress Residential 2016-SFR2 Trust,
175bps Floating Rate Note, 1/17/34 (144A) 404,146
The accompanying notes are an integral part of these financial statements.
38 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
300,000 Progress Residential 2017-SFR1 Trust,
3.017%, 8/17/34 (144A) $ 303,317
333,000 Progress Residential 2017-SFR1 Trust,
3.565%, 8/17/34 (144A) 338,131
282,342 RAAC Series 2004-SP2 Trust,
6.0%, 1/25/32 282,200
8,919 1.78 1M LIBOR + RALI Series 2002-QS16 Trust, Floating Rate
55bps Note, 10/25/17 8,910
5,788 RALI Series 2003-QS14 Trust,
5.0%, 7/25/18 5,791
1,470 6.58 RAMP Series 2004-SL4 Trust, Variable
Rate Note, 5/25/18 1,506
500,000 2.22 1M LIBOR + ReadyCap Commercial Mortgage Trust
85bps 2017-1, Floating Rate Note,
5/25/34 (144A) 500,000
754,105 2.68 1M LIBOR + RESI Finance LP 2003-CB1, Floating Rate
145bps Note, 7/9/35 677,146
216,810 1.94 3M LIBOR+ RESI MAC, 2014-1A, Floating Rate
70bps Note, 6/12/19 216,600
449,290 2.18 1M LIBOR + RESIMAC Premier Series 2017-1, Floating
95bps Rate Note, 9/11/48 (144A) 449,830
235,472 2.63 1M LIBOR + Resource Capital Corp 2015-CRE4, Ltd.,
140bps Floating Rate Note, 8/15/32 (144A) 235,017
700,000 2.03 1M LIBOR + Resource Capital Corp 2017-CRE5, Ltd.,
80bps Floating Rate Note, 7/15/34 (144A) 700,000
115,106 2.83 Sequoia Mortgage Trust 2004-7, Variable
Rate Note, 8/20/34 116,223
171,213 2.25 Sequoia Mortgage Trust 2013-8, Variable
Rate Note, 6/25/43 167,053
94,155 3.00 Sequoia Mortgage Trust 2013-8, Variable
Rate Note, 6/25/43 93,763
93,774 SilverLeaf Finance XVII LLC, 2.68%,
3/15/26 (144A) 93,639
15,688 Structured Asset Securities Corp. Mortgage
Loan Trust 2005-2XS, 4.65%,
2/25/35 (Step) 15,932
49,582 1.73 1M LIBOR + Structured Asset Securities Corp. Mortgage
50bps Pass-Through Certificates Series 2003-35,
Floating Rate Note, 12/25/33 49,532
1,000,000 3.19 Sutherland Commercial Mortgage Loans
2017-SBC6, Floating Rate Note,
5/25/37 (144A) 1,000,013
69,122 2.22 Thornburg Mortgage Securities Trust 2004-1,
Variable Rate Note, 3/25/44 69,586
113,022 2.63 Thornburg Mortgage Securities Trust 2004-4,
Variable Rate Note, 12/25/44 113,504
215,310 3.00 Towd Point Mortgage Trust 2015-1 REMICS,
Floating Rate Note, 10/25/53 (144A) 218,424
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 39
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
865,953 3.50 Towd Point Mortgage Trust 2015-4 REMICS,
Variable Rate Note, 4/25/55 (144A) $ 887,108
150,000 2.88 1M LIBOR + Tricon American Homes 2015-SFR1 Trust
165bps REMICS, Floating Rate Note,
5/19/32 (144A) 150,532
134,229 3.23 1M LIBOR + Velocity Commercial Capital Loan Trust
200bps 2014-1, Floating Rate Note,
9/25/44 (144A) 134,334
413,740 3.66 1M LIBOR + Velocity Commercial Capital Loan Trust
243bps 2015-1, Floating Rate Note,
6/25/45 (144A) 416,454
925,000 2.31 WaMu Commercial Mortgage Securities
Trust 2006-SL1, Variable Rate Note,
11/23/43 (144A) 890,890
1,250,000 3.08 1M LIBOR + Wells Fargo Commercial Mortgage Trust
185bps 2014-TISH REMICS, Floating Rate Note,
2/15/27 (144A) 1,253,650
800,000 4.73 1M LIBOR + Wells Fargo Commercial Mortgage Trust
350bps 2014-TISH, Floating Rate Note,
1/15/27 (144A) 799,997
42,105 1.83 1M LIBOR + Wells Fargo Mortgage Backed Securities
60bps 2005-4 Trust, Floating Rate Note, 4/25/35 41,561
--------------
$ 103,743,343
--------------
Total Banks $ 103,743,343
----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.5%
Other Diversified Financial Services -- 0.3%
454,599 5.88 Banc of America Commercial Mortgage
Trust 2007-3, Variable Rate Note, 6/10/49 $ 457,814
489,023 3.13 1M LIBOR + Colony American Homes 2014-2, Floating
190bps Rate Note, 7/19/31 (144A) 491,724
673,043 6.51 Morgan Stanley Capital I Trust 2008-TOP29
REMICS, Variable Rate Note, 1/11/43 677,768
446,870 3.47 Sequoia Mortgage Trust 2012-1, Variable
Rate Note, 1/25/42 454,303
--------------
$ 2,081,609
----------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
1,000,000 3.23 1M LIBOR + BAMLL Commercial Mortgage Securities
200bps Trust 2015-ASHF REMICS, Floating Rate
Note, 1/15/28 (144A) $ 1,002,459
--------------
Total Diversified Financials $ 3,084,068
----------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 10.8%
3,191 1.20 1M LIBOR + Collateralized Mortgage Obligation Trust 44,
95bps Floating Rate Note, 7/1/18 $ 3,194
252,612 3.23 1M LIBOR + Fannie Mae Connecticut Avenue Securities,
200bps Floating Rate Note, 10/25/23 255,145
The accompanying notes are an integral part of these financial statements.
40 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Government -- (continued)
294,498 2.18 1M LIBOR + Fannie Mae Connecticut Avenue Securities,
95bps Floating Rate Note, 5/25/24 $ 295,494
152,789 2.43 1M LIBOR + Fannie Mae Connecticut Avenue Securities,
120bps Floating Rate Note, 7/25/24 153,016
302,989 3.38 1M LIBOR + Fannie Mae Connecticut Avenue Securities,
215bps Floating Rate Note, 9/25/28 306,997
158,906 2.90 Fannie Mae Trust 2005-W4, Variable Rate
Note, 6/26/45 169,208
405,339 1.49 1M LIBOR + Fannie Mae Whole Loan, Floating Rate
26bps Note, 11/25/46 406,116
397,241 Fannie Mae, 1.5%, 4/25/27 392,180
123,167 Fannie Mae, 2.5%, 1/25/30 124,026
203,454 Fannie Mae, 2.5%, 11/25/25 205,698
72,322 Fannie Mae, 2.5%, 3/25/24 72,442
167,525 Fannie Mae, 2.5%, 6/25/24 168,275
501,826 Fannie Mae, 2.75%, 3/25/21 509,200
131,634 Fannie Mae, 3.0%, 1/25/29 132,173
124,589 Fannie Mae, 3.0%, 11/25/18 125,092
1,066,181 Fannie Mae, 3.0%, 6/25/22 1,078,828
138,733 Fannie Mae, 3.0%, 8/25/37 139,829
502,727 Fannie Mae, 3.5%, 2/25/26 518,215
84,201 Fannie Mae, 3.5%, 6/25/21 85,262
325,069 Fannie Mae, 3.5%, 8/25/25 328,875
123,773 Fannie Mae, 4.0%, 10/25/24 125,398
258,427 Fannie Mae, 4.0%, 4/25/37 259,609
301,587 Fannie Mae, 4.0%, 4/25/38 306,475
432,443 Fannie Mae, 4.25%, 3/25/25 440,171
960,640 Fannie Mae, 4.5%, 4/25/24 994,494
16,981 Fannie Mae, 4.5%, 9/25/35 16,972
442,347 Fannie Mae, 5.0%, 3/25/24 460,700
1,310,048 1.68 1M LIBOR + Fannie Mae, Floating Rate
45bps Note, 11/25/32 1,315,006
663,998 1.53 1M LIBOR + Fannie Mae, Floating Rate
30bps Note, 12/25/33 662,081
11,614 Federal Home Loan Mortgage Corp.
REMICS, 3.5%, 10/15/18 11,671
34,673 1.53 1M LIBOR + Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 1/15/36 34,652
394,544 1.53 1M LIBOR + Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 1/15/37 392,770
10,940 1.43 1M LIBOR + Federal Home Loan Mortgage Corp.
20bps REMICS, Floating Rate Note, 10/15/20 10,962
141,420 1.81 1M LIBOR + Federal Home Loan Mortgage Corp.
58bps REMICS, Floating Rate Note, 10/15/37 142,406
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 41
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Government -- (continued)
109,925 1.58 1M LIBOR + Federal Home Loan Mortgage Corp.
35bps REMICS, Floating Rate Note, 11/15/36 $ 109,937
53,069 1.58 1M LIBOR + Federal Home Loan Mortgage Corp.
35bps REMICS, Floating Rate Note, 11/15/36 53,075
239,351 1.60 1M LIBOR + Federal Home Loan Mortgage Corp.
37.5bps REMICS, Floating Rate Note, 11/15/37 239,821
33,189 1.63 1M LIBOR + Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 12/15/32 33,268
33,080 1.63 1M LIBOR + Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 12/15/32 33,148
196,209 1.55 1M LIBOR + Federal Home Loan Mortgage Corp.
32bps REMICS, Floating Rate Note, 12/15/35 195,611
150,902 1.93 1M LIBOR + Federal Home Loan Mortgage Corp.
70bps REMICS, Floating Rate Note, 12/15/39 152,938
106,282 1.53 1M LIBOR + Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 2/15/30 106,381
129,882 2.23 1M LIBOR + Federal Home Loan Mortgage Corp.
100bps REMICS, Floating Rate Note, 2/15/32 133,265
145,298 1.63 1M LIBOR + Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 2/15/33 145,432
114,156 1.53 1M LIBOR + Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 2/15/36 114,361
63,241 1.53 1M LIBOR + Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 2/15/39 63,443
155,884 1.73 1M LIBOR + Federal Home Loan Mortgage Corp.
50bps REMICS, Floating Rate Note, 2/15/41 156,032
103,907 1.78 1M LIBOR + Federal Home Loan Mortgage Corp.
55bps REMICS, Floating Rate Note, 2/15/42 104,848
92,088 2.23 1M LIBOR + Federal Home Loan Mortgage Corp.
100bps REMICS, Floating Rate Note, 3/15/32 94,229
159,822 2.23 1M LIBOR + Federal Home Loan Mortgage Corp.
100bps REMICS, Floating Rate Note, 3/15/32 164,376
59,669 1.63 1M LIBOR + Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 3/15/38 59,726
287,512 1.63 1M LIBOR + Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 3/15/41 288,262
141,086 1.78 1M LIBOR + Federal Home Loan Mortgage Corp.
55bps REMICS, Floating Rate Note, 4/15/27 142,876
133,475 1.73 1M LIBOR + Federal Home Loan Mortgage Corp.
50bps REMICS, Floating Rate Note, 4/15/28 134,019
64,838 1.53 1M LIBOR + Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 4/15/36 64,774
170,225 1.65 1M LIBOR + Federal Home Loan Mortgage Corp.
42bps REMICS, Floating Rate Note, 4/15/41 170,210
The accompanying notes are an integral part of these financial statements.
42 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Government -- (continued)
70,861 1.63 1M LIBOR + Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 5/15/36 $ 71,034
48,143 1.63 1M LIBOR + Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 5/15/41 48,274
70,643 1.65 1M LIBOR + Federal Home Loan Mortgage Corp.
42bps REMICS, Floating Rate Note, 6/15/36 70,813
157,401 1.66 1M LIBOR + Federal Home Loan Mortgage Corp.
43bps REMICS, Floating Rate Note, 6/15/41 158,091
78,884 1.63 1M LIBOR + Federal Home Loan Mortgage Corp.
40bps REMICS, Floating Rate Note, 7/15/23 79,238
125,600 1.73 1M LIBOR + Federal Home Loan Mortgage Corp.
50bps REMICS, Floating Rate Note, 7/15/36 126,236
15,507 1.83 1M LIBOR + Federal Home Loan Mortgage Corp.
60bps REMICS, Floating Rate Note, 8/15/18 15,541
132,105 1.48 1M LIBOR + Federal Home Loan Mortgage Corp.
25bps REMICS, Floating Rate Note, 8/15/25 132,076
62,231 1.43 1M LIBOR + Federal Home Loan Mortgage Corp.
20bps REMICS, Floating Rate Note, 8/15/26 62,264
48,986 1.48 1M LIBOR + Federal Home Loan Mortgage Corp.
25bps REMICS, Floating Rate Note, 8/15/35 48,911
112,938 1.48 1M LIBOR + Federal Home Loan Mortgage Corp.
25bps REMICS, Floating Rate Note, 8/15/36 112,695
119,825 1.53 1M LIBOR + Federal Home Loan Mortgage Corp.
30bps REMICS, Floating Rate Note, 9/15/26 120,131
27,292 1.68 1M LIBOR + Federal Home Loan Mortgage Corp.
45bps REMICS, Floating Rate Note, 9/15/33 27,290
220,237 Federal Home Loan Mortgage Corp.,
2.75%, 11/15/25 223,071
187,870 Federal Home Loan Mortgage Corp.,
3.0%, 1/15/30 191,573
183,032 Federal Home Loan Mortgage Corp.,
3.0%, 12/15/24 183,583
76,118 Federal Home Loan Mortgage Corp.,
3.5%, 10/15/24 77,106
35,302 Federal Home Loan Mortgage Corp.,
3.5%, 8/15/28 35,690
70,925 Federal Home Loan Mortgage Corp.,
4.0%, 1/15/34 71,858
891,122 1.73 1M LIBOR + Federal Home Loan Mortgage Corp.,
50bps Floating Rate Note, 1/15/33 894,737
117,883 1.48 1M LIBOR + Federal Home Loan Mortgage Corp.,
25bps Floating Rate Note, 1/15/35 118,092
43,936 1.55 1M LIBOR + Federal Home Loan Mortgage Corp.,
32bps Floating Rate Note, 11/15/36 43,919
188,790 1.68 1M LIBOR + Federal Home Loan Mortgage Corp.,
45bps Floating Rate Note, 2/17/32 190,340
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 43
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Government -- (continued)
175,459 1.58 1M LIBOR + Federal Home Loan Mortgage Corp.,
35bps Floating Rate Note, 3/15/30 $ 175,980
202,818 1.80 1M LIBOR + Federal Home Loan Mortgage Corp.,
57bps Floating Rate Note, 3/15/32 203,705
598,025 1.54 1M LIBOR + Federal Home Loan Mortgage Corp.,
31bps Floating Rate Note, 4/15/33 595,997
325,144 1.58 1M LIBOR + Federal Home Loan Mortgage Corp.,
35bps Floating Rate Note, 4/15/36 325,732
10,315 1.38 1M LIBOR + Federal Home Loan Mortgage Corp.,
15bps Floating Rate Note, 7/15/19 10,304
185,868 1.73 1M LIBOR + Federal Home Loan Mortgage Corp.,
50bps Floating Rate Note, 7/15/28 187,828
345,247 1.73 1M LIBOR + Federal Home Loan Mortgage Corp.,
50bps Floating Rate Note, 7/15/31 346,883
67,991 1.53 1M LIBOR + Federal Home Loan Mortgage Corp.,
30bps Floating Rate Note, 8/15/19 67,953
591,016 3.69 Federal National Mortgage Association
2004-T2, Floating Rate Note, 7/25/43 625,714
53,213 Federal National Mortgage Association
REMICS, 1.5%, 11/25/20 52,997
123,960 Federal National Mortgage Association
REMICS, 1.75%, 12/25/22 123,258
163,297 Federal National Mortgage Association
REMICS, 3.0%, 1/25/21 164,749
61,244 Federal National Mortgage Association
REMICS, 3.0%, 4/25/40 62,286
117,094 Federal National Mortgage Association
REMICS, 3.5%, 10/25/39 120,983
57,290 Federal National Mortgage Association
REMICS, 6.0%, 6/25/29 64,388
38,600 1.88 1M LIBOR + Federal National Mortgage Association
65bps REMICS, Floating Rate Note, 1/18/32 39,190
49,823 1.73 1M LIBOR + Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 1/25/33 49,925
100,911 1.53 1M LIBOR + Federal National Mortgage Association
30bps REMICS, Floating Rate Note, 10/25/35 100,877
202,256 1.63 1M LIBOR + Federal National Mortgage Association
40bps REMICS, Floating Rate Note, 10/25/36 201,977
94,203 2.45 1M LIBOR + Federal National Mortgage Association
122bps REMICS, Floating Rate Note, 10/25/38 96,370
252,202 2.23 1M LIBOR + Federal National Mortgage Association
100bps REMICS, Floating Rate Note, 11/18/32 257,857
179,526 1.59 1M LIBOR + Federal National Mortgage Association
36bps REMICS, Floating Rate Note, 11/25/36 179,782
211,871 1.93 1M LIBOR + Federal National Mortgage Association
70bps REMICS, Floating Rate Note, 11/25/39 214,315
The accompanying notes are an integral part of these financial statements.
44 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Government -- (continued)
173,580 1.63 1M LIBOR + Federal National Mortgage Association
40bps REMICS, Floating Rate Note, 12/18/32 $ 173,742
334,496 2.23 1M LIBOR + Federal National Mortgage Association
100bps REMICS, Floating Rate Note, 12/25/23 338,027
65,214 2.13 1M LIBOR + Federal National Mortgage Association
90bps REMICS, Floating Rate Note, 12/25/31 66,065
383,641 1.73 1M LIBOR + Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 12/25/32 385,385
63,826 1.85 1M LIBOR + Federal National Mortgage Association
62bps REMICS, Floating Rate Note, 12/25/37 64,019
129,071 1.58 1M LIBOR + Federal National Mortgage Association
35bps REMICS, Floating Rate Note, 2/25/33 130,023
122,667 1.54 1M LIBOR + Federal National Mortgage Association
31bps REMICS, Floating Rate Note, 2/25/35 122,291
58,779 1.48 1M LIBOR + Federal National Mortgage Association
25bps REMICS, Floating Rate Note, 2/25/37 58,376
98,234 1.43 1M LIBOR + Federal National Mortgage Association
20bps REMICS, Floating Rate Note, 2/25/37 97,637
88,108 1.73 1M LIBOR + Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 3/25/24 89,040
201,916 1.63 1M LIBOR + Federal National Mortgage Association
40bps REMICS, Floating Rate Note, 3/25/34 201,993
111,984 1.63 1M LIBOR + Federal National Mortgage Association
40bps REMICS, Floating Rate Note, 3/25/34 112,365
73,389 1.58 1M LIBOR + Federal National Mortgage Association
35bps REMICS, Floating Rate Note, 3/25/35 73,633
799,524 1.53 1M LIBOR + Federal National Mortgage Association
30bps REMICS, Floating Rate Note, 3/25/36 795,621
100,125 1.48 1M LIBOR + Federal National Mortgage Association
25bps REMICS, Floating Rate Note, 3/25/37 99,437
77,601 1.59 1M LIBOR + Federal National Mortgage Association
36bps REMICS, Floating Rate Note, 3/25/37 77,965
68,067 1.48 1M LIBOR + Federal National Mortgage Association
25bps REMICS, Floating Rate Note, 3/25/37 67,918
121,448 1.58 1M LIBOR + Federal National Mortgage Association
35bps REMICS, Floating Rate Note, 3/25/37 120,619
519,081 1.45 1M LIBOR + Federal National Mortgage Association
22bps REMICS, Floating Rate Note, 3/25/45 506,554
339,979 2.13 1M LIBOR + Federal National Mortgage Association
90bps REMICS, Floating Rate Note, 4/25/32 344,705
340,272 2.23 1M LIBOR + Federal National Mortgage Association
100bps REMICS, Floating Rate Note, 4/25/32 350,165
37,379 1.63 1M LIBOR + Federal National Mortgage Association
40bps REMICS, Floating Rate Note, 4/25/34 37,607
161,723 1.48 1M LIBOR + Federal National Mortgage Association
25bps REMICS, Floating Rate Note, 4/25/36 161,101
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 45
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Government -- (continued)
382,751 1.73 1M LIBOR + Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 5/18/32 $ 384,305
58,740 1.73 1M LIBOR + Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 5/25/33 58,848
59,392 1.58 1M LIBOR + Federal National Mortgage Association
35bps REMICS, Floating Rate Note, 5/25/36 59,204
79,774 1.63 1M LIBOR + Federal National Mortgage Association
40bps REMICS, Floating Rate Note, 5/25/37 79,971
133,600 1.78 1M LIBOR + Federal National Mortgage Association
55bps REMICS, Floating Rate Note, 5/25/40 134,547
115,532 1.68 1M LIBOR + Federal National Mortgage Association
45bps REMICS, Floating Rate Note, 6/25/36 116,128
138,496 1.47 1M LIBOR + Federal National Mortgage Association
24bps REMICS, Floating Rate Note, 6/25/37 137,998
43,318 1.48 1M LIBOR + Federal National Mortgage Association
25bps REMICS, Floating Rate Note, 6/25/37 43,021
152,817 1.48 1M LIBOR + Federal National Mortgage Association
25bps REMICS, Floating Rate Note, 6/25/37 151,763
27,905 1.73 1M LIBOR + Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 6/25/38 28,005
65,730 1.63 1M LIBOR + Federal National Mortgage Association
40bps REMICS, Floating Rate Note, 7/25/34 65,767
100,921 1.53 1M LIBOR + Federal National Mortgage Association
30bps REMICS, Floating Rate Note, 7/25/35 100,799
229,014 1.48 1M LIBOR + Federal National Mortgage Association
25bps REMICS, Floating Rate Note, 7/25/35 228,687
184,060 2.13 1M LIBOR + Federal National Mortgage Association
90bps REMICS, Floating Rate Note, 7/25/38 187,444
292,014 1.53 1M LIBOR + Federal National Mortgage Association
30bps REMICS, Floating Rate Note, 8/25/40 293,547
276,625 1.73 1M LIBOR + Federal National Mortgage Association
50bps REMICS, Floating Rate Note, 9/25/33 277,241
88,227 1.58 1M LIBOR + Federal National Mortgage Association
35bps REMICS, Floating Rate Note, 9/25/36 88,298
51,689 1.80 1M LIBOR + Federal National Mortgage Association
57bps REMICS, Floating Rate Note, 9/25/36 52,074
164,005 1.80 1M LIBOR + Federal National Mortgage Association
57bps REMICS, Floating Rate Note, 9/25/37 165,328
177,411 1.81 1M LIBOR + Federal National Mortgage Association
58bps REMICS, Floating Rate Note, 9/25/37 179,116
44,090 1.80 1M LIBOR + Federal National Mortgage Association
57bps REMICS, Floating Rate Note, 9/25/37 44,597
39,967 1.78 1M LIBOR + Federal National Mortgage Association
55bps REMICS, Floating Rate Note, 9/25/39 40,234
83,568 Federal National Mortgage Association,
1.233%, 3/25/18 83,260
The accompanying notes are an integral part of these financial statements.
46 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Government -- (continued)
28,939 Federal National Mortgage Association,
2.5%, 4/25/36 $ 28,983
69,810 Federal National Mortgage Association,
2.75%, 6/25/20 70,029
41,636 Federal National Mortgage Association,
3.0%, 6/25/39 41,714
196,265 1.58 1M LIBOR + Federal National Mortgage Association,
35bps Floating Rate Note, 10/18/32 197,724
290,029 1.53 1M LIBOR + Federal National Mortgage Association,
30bps Floating Rate Note, 11/25/27 291,522
195,058 2.08 1M LIBOR + Federal National Mortgage Association,
85bps Floating Rate Note, 2/25/23 195,699
16,246 1.53 1M LIBOR + Federal National Mortgage Association,
30bps Floating Rate Note, 3/25/18 16,245
223,869 1.58 1M LIBOR + Federal National Mortgage Association,
35bps Floating Rate Note, 3/25/36 224,279
499,863 1.73 1M LIBOR + Federal National Mortgage Association,
50bps Floating Rate Note, 4/25/33 502,581
145,140 3.20 Federal National Mortgage Association,
Variable Rate Note, 4/25/35 149,020
312,091 1.73 1M LIBOR + Federal National Mortgage Association,
50bps Floating Rate Note, 6/25/32 315,584
424,740 1.63 1M LIBOR + Federal National Mortgage Association,
40bps Floating Rate Note, 6/25/36 426,072
211,186 1.53 1M LIBOR + Federal National Mortgage Association,
30bps Floating Rate Note, 8/25/35 211,234
51,393 2.11 T7Y+-5bps Federal National Mortgage Association,
Floating Rate Note, 9/25/22 51,359
168,133 Freddie Mac REMICS, 3.0%, 12/15/25 173,879
1,283,850 Freddie Mac REMICS, 3.0%, 8/15/39 1,320,508
1,010,457 Freddie Mac REMICS, 3.5%, 11/15/25 1,053,061
441,520 2.18 1M LIBOR + Freddie Mac REMICS,
95bps Floating Rate Note, 2/15/32 453,305
61,243 1.58 1M LIBOR + Freddie Mac Strips,
35bps Floating Rate Note, 12/15/36 61,316
149,903 1.53 1M LIBOR + Freddie Mac Strips,
30bps Floating Rate Note, 8/15/36 149,996
84,486 2.68 1M LIBOR + Freddie Mac Structured Agency Credit Risk
145bps Debt Notes, Floating Rate Note, 11/25/23 84,770
700,000 4.13 1M LIBOR + Freddie Mac Structured Agency Credit Risk
290bps Debt Notes, Floating Rate Note, 7/25/28 725,415
446,913 Freddie Mac, 1.4%, 7/15/23 442,507
109,576 Freddie Mac, 2.0%, 11/15/20 110,038
442,930 Freddie Mac, 2.0%, 12/15/32 443,969
637,154 Freddie Mac, 2.0%, 2/15/25 639,720
586,491 Freddie Mac, 2.0%, 3/15/27 587,626
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 47
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Government -- (continued)
616,249 Freddie Mac, 2.0%, 5/15/32 $ 618,792
121,716 Freddie Mac, 2.0%, 8/15/20 122,093
115,961 Freddie Mac, 2.0%, 8/15/20 116,305
298,454 Freddie Mac, 2.0%, 9/15/25 299,774
2,255,621 Freddie Mac, 2.25%, 1/15/26 2,271,897
766,524 Freddie Mac, 2.5%, 5/15/25 777,899
950,074 Freddie Mac, 2.5%, 7/15/28 957,409
509,780 Freddie Mac, 2.5%, 8/15/29 514,648
287,003 Freddie Mac, 3.0%, 10/15/25 289,706
1,020,783 Freddie Mac, 3.0%, 11/15/38 1,036,983
238,543 Freddie Mac, 3.0%, 2/15/24 239,754
129,717 Freddie Mac, 3.0%, 2/15/25 130,162
274,567 Freddie Mac, 3.0%, 5/15/29 277,467
722,688 Freddie Mac, 3.0%, 8/15/25 732,737
369,012 Freddie Mac, 3.1%, 2/15/25 371,097
176,007 Freddie Mac, 3.5%, 10/15/28 176,683
90,167 Freddie Mac, 3.5%, 11/15/28 91,537
176,173 Freddie Mac, 3.5%, 2/15/25 177,266
530,091 Freddie Mac, 3.5%, 3/15/25 541,290
438,027 Freddie Mac, 3.5%, 3/15/25 450,555
178,724 Freddie Mac, 3.5%, 6/15/24 180,184
680,955 Freddie Mac, 3.5%, 8/15/25 704,879
473,737 Freddie Mac, 4.0%, 10/15/18 478,475
145,267 Freddie Mac, 4.0%, 2/15/23 149,162
592,143 Freddie Mac, 4.0%, 4/15/29 617,784
174,389 Freddie Mac, 4.5%, 2/15/20 177,767
86,858 Freddie Mac, 4.5%, 3/15/19 87,816
630,311 Freddie Mac, 5.5%, 2/15/23 675,815
425,049 1.63 1M LIBOR + Freddie Mac, Floating Rate
40bps Note, 9/15/31 424,489
535,000 4.93 FREMF Mortgage Trust 2011-K702, Variable
Rate Note, 4/25/44 (144A) 541,273
1,500,000 5.05 FREMF Mortgage Trust 2011-K703, Variable
Rate Note, 7/25/44 (144A) 1,526,884
91,090 2.89 FREMF Mortgage Trust 2013-K502, Variable
Rate Note, 3/27/45 (144A) 90,926
297,042 4.48 1M LIBOR + FREMF Mortgage Trust 2014-KF04 REMICS,
325bps Floating Rate Note, 6/25/21 (144A) 300,381
572,653 5.23 1M LIBOR + FREMF Mortgage Trust 2014-KF05 REMICS,
400bps Floating Rate Note, 9/25/21 (144A) 580,998
843,146 6.22 1M LIBOR + FREMF Mortgage Trust 2014-KS02 REMICS,
500bps Floating Rate Note, 8/25/23 (144A) 839,562
The accompanying notes are an integral part of these financial statements.
48 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Government -- (continued)
944,513 5.46 1M LIBOR + FREMF Mortgage Trust 2015-KLSF REMICS,
440bps Floating Rate Note, 11/25/22 (144A) $ 954,611
1,543,918 Government National Mortgage Association
REMICS, 2.0%, 1/16/46 1,540,717
461,537 Government National Mortgage Association
REMICS, 3.0%, 8/16/26 474,547
632,785 Government National Mortgage Association
REMICS, 4.0%, 9/20/37 643,916
2,116,554 1.58 1M LIBOR + Government National Mortgage Association
35bps REMICS, Floating Rate Note, 1/20/47 2,123,026
98,416 Government National Mortgage Association,
2.0%, 3/16/23 98,421
79,231 Government National Mortgage Association,
2.75%, 12/20/37 79,464
14,836 Government National Mortgage Association,
3.0%, 12/20/38 14,897
133,978 Government National Mortgage Association,
3.0%, 4/20/41 136,786
204,202 Government National Mortgage Association,
3.5%, 5/20/39 207,852
13,183 Government National Mortgage Association,
3.5%, 8/20/38 13,182
155,047 Government National Mortgage Association,
4.5%, 2/20/38 158,616
17,422 Government National Mortgage Association,
5.0%, 4/20/36 17,706
162,439 1.48 1M LIBOR + Government National Mortgage Association,
25bps Floating Rate Note, 1/16/35 162,298
417,684 1.78 1M LIBOR + Government National Mortgage Association,
55bps Floating Rate Note, 1/16/40 420,492
546,364 1.78 1M LIBOR + Government National Mortgage Association,
55bps Floating Rate Note, 12/16/26 553,501
158,388 1.48 1M LIBOR + Government National Mortgage Association,
25bps Floating Rate Note, 2/20/35 157,640
107,292 1.73 1M LIBOR + Government National Mortgage Association,
50bps Floating Rate Note, 2/20/38 107,720
90,748 1.73 1M LIBOR + Government National Mortgage Association,
50bps Floating Rate Note, 4/16/32 91,474
415,298 1.78 1M LIBOR + Government National Mortgage Association,
55bps Floating Rate Note, 4/16/32 420,238
400,561 1.53 1M LIBOR + Government National Mortgage Association,
30bps Floating Rate Note, 5/16/33 401,494
500,564 1.63 1M LIBOR + Government National Mortgage Association,
40bps Floating Rate Note, 6/16/32 504,205
275,466 1.53 1M LIBOR + Government National Mortgage Association,
30bps Floating Rate Note, 8/20/40 272,192
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 49
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Government -- (continued)
182,610 1.75 1M LIBOR + NCUA Guaranteed Notes Trust REMICS,
53bps Floating Rate Note, 3/9/21 $ 182,265
130,498 1.73 1M LIBOR + Structured Asset Mortgage Investments II
50bps Trust 2005-F1 REMICS, Floating Rate
Note, 8/26/35 129,881
--------------
$ 64,654,492
--------------
Total Government $ 64,654,492
----------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $173,379,641) $ 173,338,971
----------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 37.8%
ENERGY -- 3.4%
Oil & Gas Equipment & Services -- 0.4%
775,000 National Oilwell Varco, Inc., 1.35%, 12/1/17 $ 774,174
550,000 Schlumberger Holdings Corp., 1.9%,
12/21/17 (144A) 550,359
1,130,000 Schlumberger Holdings Corp., 2.35%,
12/21/18 (144A) 1,137,661
--------------
$ 2,462,194
----------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.3%
1,405,000 BP Capital Markets Plc, 2.241%, 9/26/18 $ 1,414,653
155,000 1.72 3M LIBOR+ BP Capital Markets Plc, Floating Rate
54bps Note, 5/10/19 156,028
460,000 2.01 3M LIBOR+ BP Capital Markets Plc, Floating Rate
87bps Note, 9/16/21 467,989
560,000 Chevron Corp., 1.718%, 6/24/18 561,034
560,000 Chevron Corp., 1.991%, 3/3/20 565,504
600,000 1.69 3M LIBOR+ Chevron Corp., Floating Rate Note,
51bps 11/16/18 603,322
600,000 1.68 3M LIBOR+ Chevron Corp., Floating Rate
50bps Note, 5/16/18 601,985
1,000,000 ConocoPhillips Co., 1.05%, 12/15/17 998,853
1,000,000 1.80 3M LIBOR+ Exxon Mobil Corp., Floating Rate
60bps Note, 2/28/18 1,003,121
585,000 1.89 3M LIBOR+ Shell International Finance BV, Floating
58bps Rate Note, 11/10/18 588,801
500,000 1.58 3M LIBOR+ Shell International Finance BV, Floating
35bps Rate Note, 9/12/19 502,571
350,000 Statoil ASA, 1.15%, 5/15/18 349,188
--------------
$ 7,813,049
----------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.2%
850,000 Canadian Natural Resources, Ltd.,
1.75%, 1/15/18 $ 849,621
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
50 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.1%
500,000 GS Caltex Corp., 3.25%, 10/1/18 (144A) $ 504,381
200,000 Valero Energy Corp., 9.375%, 3/15/19 222,110
--------------
$ 726,491
----------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.4%
875,000 Enbridge Energy Partners LP, 6.5%, 4/15/18 $ 899,023
1,760,000 Energy Transfer LP, 2.5%, 6/15/18 1,768,391
1,175,000 Enterprise Products Operating LLC,
1.65%, 5/7/18 1,174,477
500,000 Enterprise Products Operating LLC,
2.55%, 10/15/19 504,196
345,000 Kinder Morgan Energy Partners LP,
5.95%, 2/15/18 351,198
700,000 Kinder Morgan, Inc. Delaware, 2.0%, 12/1/17 700,374
750,000 Spectra Energy Capital LLC, 6.2%, 4/15/18 768,673
495,000 TransCanada PipeLines, Ltd.,
1.625%, 11/9/17 495,085
875,000 TransCanada PipeLines, Ltd.,
1.875%, 1/12/18 875,346
199,000 TransCanada PipeLines, Ltd.,
3.125%, 1/15/19 202,447
500,000 2.09 3M LIBOR+ TransCanada PipeLines, Ltd., Floating Rate
79bps Note, 1/12/18 501,103
--------------
$ 8,240,313
--------------
Total Energy $ 20,091,668
----------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.1%
Diversified Chemicals -- 0.1%
570,000 EI du Pont de Nemours & Co., 2.2%, 5/1/20 $ 574,684
--------------
Total Materials $ 574,684
----------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.4%
Aerospace & Defense -- 1.0%
500,000 Precision Castparts Corp., 1.25%, 1/15/18 $ 499,671
2,075,000 Rockwell Collins, Inc., 1.95%, 7/15/19 2,077,620
1,050,000 The Boeing Co., 0.95%, 5/15/18 1,045,965
575,000 United Technologies Corp., 1.5%, 11/1/19 572,418
930,000 United Technologies Corp., 1.778%,
5/4/18 (Step) 931,003
570,000 United Technologies Corp., 1.9%, 5/4/20 570,252
--------------
$ 5,696,929
----------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.2%
1,445,000 Broadcom Corp., 2.375%, 1/15/20 (144A) $ 1,454,699
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 51
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
135,000 2.10 3M LIBOR+ General Electric Co., Floating Rate
80bps Note, 4/15/20 $ 136,863
----------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
360,000 Stanley Black & Decker, Inc.,
1.622%, 11/17/18 $ 359,544
----------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.1%
750,000 Aviation Capital Group Corp., 2.875%,
9/17/18 (144A) $ 756,145
--------------
Total Capital Goods $ 8,404,180
----------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.5%
Railroads -- 0.3%
535,000 Burlington Northern Santa Fe LLC,
5.75%, 3/15/18 $ 546,764
274,000 Norfolk Southern Corp., 5.75%, 4/1/18 280,399
500,000 TTX Co., 2.25%, 2/1/19 (144A) 501,105
470,000 Union Pacific Corp., 5.7%, 8/15/18 488,100
--------------
$ 1,816,368
----------------------------------------------------------------------------------------------------------------
Highways & Railtracks -- 0.2%
1,125,000 ERAC USA Finance LLC, 6.375%,
10/15/17 (144A) $ 1,130,712
--------------
Total Transportation $ 2,947,080
----------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 2.1%
Automobile Manufacturers -- 2.1%
520,000 Daimler Finance North America LLC,
1.65%, 3/2/18 (144A) $ 520,119
575,000 Daimler Finance North America LLC,
1.75%, 10/30/19 (144A) 571,684
565,000 Daimler Finance North America LLC,
2.3%, 1/6/20 (144A) 568,023
500,000 Ford Motor Credit Co LLC, 2.681%, 1/9/20 504,336
560,000 1.95 3M LIBOR+ Ford Motor Credit Co LLC, Floating Rate
83bps Note, 3/12/19 561,825
700,000 Ford Motor Credit Co. LLC, 1.724%, 12/6/17 700,423
250,000 Ford Motor Credit Co. LLC, 2.375%, 1/16/18 250,521
1,000,000 Ford Motor Credit Co. LLC, 2.875%, 10/1/18 1,010,000
750,000 1.63 3M LIBOR+ Ford Motor Credit Co. LLC, Floating Rate
52bps Note, 9/8/17 750,010
1,145,000 Nissan Motor Acceptance Corp., 1.55%,
9/13/19 (144A) 1,135,499
1,000,000 Nissan Motor Acceptance Corp., 2.65%,
9/26/18 (144A) 1,010,033
575,000 1.76 3M LIBOR+ Nissan Motor Acceptance Corp., Floating
52bps Rate Note, 9/13/19 (144A) 577,204
The accompanying notes are an integral part of these financial statements.
52 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- (continued)
670,000 Toyota Motor Credit Corp., 1.2%, 4/6/18 $ 669,127
600,000 Toyota Motor Credit Corp., 1.25%, 10/5/17 600,014
575,000 Toyota Motor Credit Corp., 1.55%, 10/18/19 573,322
570,000 Toyota Motor Credit Corp., 1.95%, 4/17/20 572,591
877,000 1.55 3M LIBOR+ Toyota Motor Credit Corp., Floating Rate
39bps Note, 1/17/19 880,491
600,000 2.00 3M LIBOR+ Toyota Motor Credit Corp., Floating Rate
82bps Note, 2/19/19 606,509
500,000 Volkswagen International Finance NV,
1.6%, 11/20/17 (144A) 499,815
--------------
$ 12,561,546
--------------
Total Automobiles & Components $ 12,561,546
----------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Homebuilding -- 0.1%
650,000 DR Horton, Inc., 4.0%, 2/15/20 $ 676,455
--------------
Total Consumer Durables & Apparel $ 676,455
----------------------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Broadcasting -- 0.3%
1,110,000 NBCUniversal Enterprise, Inc., 1.974%,
4/15/19 (144A) $ 1,115,458
860,000 1.84 3M LIBOR+ NBCUniversal Enterprise, Inc., Floating
68.5bps Rate Note, 4/15/18 (144A) 863,343
--------------
$ 1,978,801
--------------
Total Media $ 1,978,801
----------------------------------------------------------------------------------------------------------------
RETAILING -- 0.5%
Internet Retail -- 0.2%
775,000 Amazon.com, Inc., 1.9%, 8/21/20 (144A) $ 778,184
----------------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.1%
750,000 1.62 3M LIBOR+ The Home Depot, Inc., Floating Rate
37bps Note, 9/15/17 $ 750,075
----------------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.2%
625,000 AutoZone, Inc., 1.625%, 4/21/19 $ 622,354
500,000 Volkswagen Group of America Finance
LLC, 1.65%, 5/22/18 (144A) 499,432
--------------
$ 1,121,786
--------------
Total Retailing $ 2,650,045
----------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.2%
Brewers -- 0.2%
800,000 2.57 3M LIBOR+ Anheuser-Busch InBev Finance, Inc.,
126bps Floating Rate Note, 2/1/21 $ 825,778
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 53
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.7%
575,000 Danone SA, 1.691%, 10/30/19 (144A) $ 571,335
580,000 Kraft Heinz Foods Co., 2.0%, 7/2/18 581,394
300,000 1.88 3M LIBOR+ Kraft Heinz Foods Co., Floating Rate
57bps Note, 2/10/21 300,017
575,000 Mondelez International Holdings
Netherlands BV, 1.625%, 10/28/19 (144A) 570,336
585,000 1.92 3M LIBOR+ Mondelez International Holdings
61bps Netherlands BV, Floating Rate Note,
10/28/19 (144A) 587,277
575,000 Smithfield Foods, Inc., 2.7%,
1/31/20 (144A) 578,945
155,000 1.76 3M LIBOR+ Tyson Foods, Inc., Floating Rate
55bps Note, 6/2/20 155,759
1,000,000 Wm Wrigley Jr Co., 2.0%, 10/20/17 (144A) 1,000,596
--------------
$ 4,345,659
----------------------------------------------------------------------------------------------------------------
Tobacco -- 0.3%
600,000 1.90 3M LIBOR+ BAT Capital Corp., Floating Rate Note,
59bps 8/14/20 (144A) $ 600,358
1,335,000 Reynolds American, Inc., 2.3%, 6/12/18 1,340,276
--------------
$ 1,940,634
--------------
Total Food, Beverage & Tobacco $ 7,112,071
----------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.1%
500,000 Reckitt Benckiser Treasury Services Plc,
2.125%, 9/21/18 (144A) $ 502,339
--------------
Total Household & Personal Products $ 502,339
----------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.9%
Health Care Equipment -- 0.5%
1,115,000 Abbott Laboratories, 2.0%, 3/15/20 $ 1,119,864
500,000 Boston Scientific Corp., 2.65%, 10/1/18 504,924
1,270,000 2.05 3M LIBOR+ Medtronic, Inc., Floating Rate
80bps Note, 3/15/20 1,289,665
--------------
$ 2,914,453
----------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.4%
600,000 Aetna, Inc., 1.7%, 6/7/18 $ 600,440
570,000 1.87 3M LIBOR+ Aetna, Inc., Floating Rate
65bps Note, 12/8/17 570,794
585,000 UnitedHealth Group, Inc., 1.4%, 12/15/17 584,936
600,000 UnitedHealth Group, Inc., 1.9%, 7/16/18 601,898
--------------
$ 2,358,068
--------------
Total Health Care Equipment & Services $ 5,272,521
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
54 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 2.0%
Biotechnology -- 1.2%
560,000 AbbVie, Inc., 1.8%, 5/14/18 $ 560,573
1,125,000 AbbVie, Inc., 2.0%, 11/6/18 1,129,234
1,150,000 Amgen, Inc., 1.9%, 5/10/19 1,151,233
950,000 Amgen, Inc., 5.7%, 2/1/19 1,002,230
607,000 1.77 3M LIBOR+ Amgen, Inc., Floating Rate
60bps Note, 5/22/19 611,435
600,000 2.07 3M LIBOR+ Baxalta, Inc., Floating Rate
78bps Note, 6/22/18 602,388
550,000 Biogen, Inc., 2.9%, 9/15/20 562,882
600,000 Celgene Corp., 2.125%, 8/15/18 602,645
570,000 Celgene Corp., 2.875%, 8/15/20 584,502
750,000 Gilead Sciences, Inc., 1.85%, 9/4/18 753,183
--------------
$ 7,560,305
----------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.6%
750,000 Bayer US Finance LLC, 1.5%,
10/6/17 (144A) $ 749,972
550,000 Johnson & Johnson, 2.95%, 9/1/20 571,255
1,115,000 Mylan NV, 3.75%, 12/15/20 1,154,677
1,155,000 Shire Acquisitions Investments Ireland
DAC, 1.9%, 9/23/19 1,151,883
--------------
$ 3,627,787
----------------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.2%
1,000,000 Thermo Fisher Scientific, Inc., 2.4%, 2/1/19 $ 1,007,290
--------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 12,195,382
----------------------------------------------------------------------------------------------------------------
BANKS -- 10.3%
Diversified Banks -- 7.6%
1,155,000 ABN AMRO Bank NV, 1.8%, 9/20/19 (144A) $ 1,150,863
1,140,000 ABN AMRO Bank NV, 2.1%, 1/18/19 (144A) 1,145,519
1,290,000 Bank of America Corp., 2.0%, 1/11/18 1,291,853
1,135,000 Bank of America Corp., 2.6%, 1/15/19 1,146,523
300,000 Bank of America Corp., 5.75%, 12/1/17 302,932
585,000 2.23 3M LIBOR+ Bank of America Corp., Floating Rate
107bps Note, 3/22/18 587,716
750,000 Bank of America NA, 1.75%, 6/5/18 751,007
255,000 1.69 3M LIBOR+ Bank of Montreal, Floating Rate
44bps Note, 6/15/20 255,492
585,000 1.81 3M LIBOR+ Bank of Montreal, Floating Rate
65bps Note, 7/18/19 589,225
870,000 Banque Federative du Credit Mutuel
SA, 2.0%, 4/12/19 (144A) 872,551
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 55
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
220,000 Banque Federative du Credit Mutuel
SA, 2.75%, 1/22/19 (144A) $ 222,936
655,000 1.80 3M LIBOR+ Banque Federative du Credit Mutuel
49bps SA, Floating Rate Note, 7/20/20 (144A) 656,139
870,000 BPCE SA, 1.625%, 1/26/18 869,856
750,000 Citigroup, Inc., 1.8%, 2/5/18 750,485
600,000 Citigroup, Inc., 2.05%, 12/7/18 601,936
1,450,000 1.86 3M LIBOR+ Citigroup, Inc., Floating Rate
69bps Note, 4/27/18 1,454,548
1,220,000 2.88 3M LIBOR+ Citigroup, Inc., Floating Rate
170bps Note, 5/15/18 1,232,189
570,000 Citizens Bank NA, 2.2%, 5/26/20 571,752
560,000 Citizens Bank NA, 2.25%, 3/2/20 562,442
600,000 Citizens Bank NA, 2.5%, 3/14/19 605,406
750,000 1.49 3M LIBOR+ Commonwealth Bank of Australia,
27bps Floating Rate Note, 9/8/17 (144A) 750,007
580,000 1.69 3M LIBOR+ Cooperatieve Rabobank UA New York,
51bps Floating Rate Note, 8/9/19 583,485
639,000 Danske Bank AS, 1.65%, 9/6/19 (144A) 635,090
1,165,000 1.80 3M LIBOR+ Danske Bank AS, Floating Rate Note,
58bps 9/6/19 (144A) 1,166,886
575,000 Discover Bank, 2.0%, 2/21/18 575,894
1,725,000 Discover Bank, 2.6%, 11/13/18 1,738,942
140,000 Fifth Third Bank Cincinnati Ohio,
1.625%, 9/27/19 139,410
725,000 HSBC USA, Inc., 1.625%, 1/16/18 725,191
845,000 HSBC USA, Inc., 1.7%, 3/5/18 845,583
580,000 ING Bank NV, 2.0%, 11/26/18 (144A) 581,183
600,000 2.42 3M LIBOR+ ING Bank NV, Floating Rate Note,
113bps 3/22/19 (144A) 607,912
560,000 1.79 3M LIBOR+ ING Bank NV, Floating Rate Note,
61bps 8/15/19 (144A) 562,612
900,000 JPMorgan Chase & Co., 4.4%, 7/22/20 960,370
1,150,000 2.06 3M LIBOR+ JPMorgan Chase & Co., Floating Rate
90bps Note, 1/25/18 1,153,513
500,000 3.87 CPI YOY+ JPMorgan Chase & Co., Variable Rate
200bps Note, 2/25/21 496,650
585,000 1.60 3M LIBOR+ JPMorgan Chase Bank NA, Floating Rate
45bps Note, 9/21/18 586,752
600,000 Lloyds Bank Plc, 2.05%, 1/22/19 602,346
400,000 Macquarie Bank, Ltd., 2.6%, 6/24/19 (144A) 404,058
1,000,000 MUFG Union Bank NA, 2.625%, 9/26/18 1,008,750
620,000 National City Bank of Indiana,
4.25%, 7/1/18 632,954
575,000 Nordea Bank AB, 1.625%, 9/30/19 (144A) 573,030
The accompanying notes are an integral part of these financial statements.
56 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
575,000 Nordea Bank AB, 2.125%, 5/29/20 (144A) $ 578,579
590,000 Nordea Bank AB, 2.375%, 4/4/19 (144A) 595,738
560,000 Royal Bank of Canada, 2.125%, 3/2/20 563,804
580,000 1.65 3M LIBOR+ Royal Bank of Canada, Floating Rate
48bps Note, 7/29/19 582,780
750,000 1.71 3M LIBOR+ Santander UK Plc, Floating Rate
41bps Note, 9/29/17 750,140
560,000 Skandinaviska Enskilda Banken AB,
2.375%, 11/20/18 (144A) 564,466
570,000 1.69 3M LIBOR+ Skandinaviska Enskilda Banken AB,
57bps Floating Rate Note, 9/13/19 (144A) 573,369
575,000 Sumitomo Mitsui Banking Corp.,
1.762%, 10/19/18 575,242
565,000 1.70 3M LIBOR+ Sumitomo Mitsui Banking Corp., Floating
54bps Rate Note, 1/11/19 567,582
565,000 1.74 3M LIBOR+ Sumitomo Mitsui Banking Corp., Floating
58bps Rate Note, 1/16/18 565,906
560,000 Sumitomo Mitsui Trust Bank, Ltd.,
2.05%, 3/6/19 (144A) 560,782
750,000 1.59 3M LIBOR+ Svenska Handelsbanken AB, Floating
49bps Rate Note, 9/6/19 753,591
750,000 0.00 3M LIBOR+ Svenska Handelsbanken AB, Floating
36bps Rate Note, 9/8/20 751,328
500,000 The Bank of Nova Scotia, 1.45%, 4/25/18 499,767
585,000 The Bank of Nova Scotia, 1.65%, 6/14/19 584,740
550,000 The Bank of Nova Scotia, 2.05%, 6/5/19 552,808
305,000 The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
2.7%, 9/9/18 (144A) 307,861
500,000 1.42 3M LIBOR+ The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
31bps Floating Rate Note, 9/8/17 (144A) 500,006
500,000 The Toronto-Dominion Bank, 1.4%, 4/30/18 499,936
600,000 1.83 3M LIBOR+ The Toronto-Dominion Bank, Floating Rate
65bps Note, 8/13/19 605,103
900,000 UBS Group Funding Switzerland AG,
2.95%, 9/24/20 (144A) 917,406
750,000 1.56 3M LIBOR+ US Bancorp, Floating Rate
40bps Note, 4/25/19 753,510
600,000 Wells Fargo & Co., 5.625%, 12/11/17 606,538
575,000 1.78 3M LIBOR+ Wells Fargo & Co., Floating Rate
63bps Note, 4/23/18 577,096
--------------
$ 45,340,066
----------------------------------------------------------------------------------------------------------------
Regional Banks -- 2.7%
500,000 Branch Banking & Trust Co.,
1.35%, 10/1/17 $ 500,000
560,000 Branch Banking & Trust Co., 2.1%, 1/15/20 564,031
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 57
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
500,000 Branch Banking & Trust Co., 2.3%, 10/15/18 $ 503,467
500,000 Capital One NA, 1.85%, 9/13/19 497,908
1,000,000 Capital One NA, 2.35%, 8/17/18 1,004,941
250,000 Credit Suisse AG New York NY,
1.75%, 1/29/18 250,153
885,000 Credit Suisse AG New York NY,
4.375%, 8/5/20 943,205
985,000 Fifth Third Bancorp, 2.3%, 3/1/19 992,210
585,000 KeyBank NA Cleveland Ohio, 1.6%, 8/22/19 582,411
600,000 KeyBank NA Cleveland Ohio, 2.35%, 3/8/19 606,088
480,000 1.72 3M LIBOR+ KeyBank NA Cleveland Ohio, Floating
52bps Rate Note, 6/1/18 482,390
330,000 KeyCorp, 2.3%, 12/13/18 332,315
1,180,000 Manufacturers & Traders Trust Co.,
1.45%, 3/7/18 1,178,873
550,000 Manufacturers & Traders Trust Co.,
2.3%, 1/30/19 554,457
600,000 PNC Bank NA, 1.6%, 6/1/18 600,453
840,000 PNC Bank NA, 1.7%, 12/7/18 840,710
570,000 PNC Bank NA, 2.0%, 5/19/20 572,385
560,000 SunTrust Bank, 2.25%, 1/31/20 563,679
750,000 1.59 3M LIBOR+ The Toronto-Dominion Bank, Floating
44bps Rate Note, 7/2/19 753,175
565,000 US Bank NA Cincinnati Ohio, 2.0%, 1/24/20 568,143
1,450,000 1.75 3M LIBOR+ US Bank NA Cincinnati Ohio, Floating
58bps Rate Note, 1/29/18 1,452,443
575,000 Wells Fargo Bank NA, 1.75%, 5/24/19 575,382
590,000 1.89 3M LIBOR+ Wells Fargo Bank NA, Floating Rate
74bps Note, 1/22/18 591,572
580,000 1.65 3M LIBOR+ Wells Fargo Bank NA, Floating Rate
55bps Note, 9/7/17 580,010
--------------
$ 16,090,401
--------------
Total Banks $ 61,430,467
----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.9%
Multi-Sector Holdings -- 0.1%
575,000 Berkshire Hathaway Finance Corp.,
1.3%, 8/15/19 $ 572,054
----------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
1,414,000 MassMutual Global Funding II, 1.55%,
10/11/19 (144A) $ 1,406,300
598,000 MassMutual Global Funding II, 2.1%,
8/2/18 (144A) 601,111
150,000 NYSE Holdings LLC, 2.0%, 10/5/17 150,075
--------------
$ 2,157,486
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
58 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.1%
500,000 Ally Financial, Inc., 3.6%, 5/21/18 $ 504,625
570,000 American Express Credit Corp.,
1.875%, 5/3/19 571,840
585,000 American Express Credit Corp.,
2.25%, 8/15/19 590,248
1,000,000 1.46 3M LIBOR+ American Express Credit Corp., Floating
30bps Rate Note, 9/22/17 1,000,106
394,000 American Honda Finance Corp.,
1.55%, 12/11/17 394,135
585,000 American Honda Finance Corp.,
1.95%, 7/20/20 586,454
750,000 1.54 3M LIBOR+ American Honda Finance Corp., Floating
31bps Rate Note, 12/11/17 750,602
580,000 1.72 3M LIBOR+ American Honda Finance Corp., Floating
45bps Rate Note, 9/20/17 580,124
625,000 General Motors Financial Co, Inc.,
2.4%, 5/9/19 627,937
585,000 General Motors Financial Co, Inc.,
3.1%, 1/15/19 593,331
429,000 2.63 3M LIBOR+ General Motors Financial Co, Inc., Floating
145bps Rate Note, 5/9/19 434,811
--------------
$ 6,634,213
----------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.4%
770,000 State Street Corp., 4.956%, 3/15/18 $ 782,982
550,000 2.22 3M LIBOR+ State Street Corp., Floating Rate
90bps Note, 8/18/20 561,014
560,000 The Bank of New York Mellon Corp.,
2.45%, 11/27/20 568,232
240,000 1.73 3M LIBOR+ The Bank of New York Mellon Corp.,
56bps Floating Rate Note, 8/1/18 241,183
--------------
$ 2,153,411
----------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.8%
580,000 Morgan Stanley, 2.45%, 2/1/19 $ 585,067
750,000 1.89 3M LIBOR+ Morgan Stanley, Floating Rate
74bps Note, 1/5/18 751,483
275,000 3.10 3M LIBOR+ Morgan Stanley, Floating Rate
150bps Note, 11/9/18 277,794
500,000 2.54 3M LIBOR+ Morgan Stanley, Floating Rate
137.5bps Note, 2/1/19 507,156
650,000 North American Development Bank,
2.3%, 10/10/18 654,088
600,000 The Goldman Sachs Group, Inc.,
1.95%, 7/23/19 600,382
575,000 The Goldman Sachs Group, Inc.,
2.9%, 7/19/18 580,660
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 59
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- (continued)
465,000 2.17 3M LIBOR+ The Goldman Sachs Group, Inc.,
102bps Floating Rate Note, 10/23/19 $ 471,011
650,000 2.37 3M LIBOR+ The Goldman Sachs Group, Inc.,
120bps Floating Rate Note, 4/30/18 654,065
--------------
$ 5,081,706
----------------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.1%
750,000 2.98 3M LIBOR+ ICBCIL Finance Co, Ltd., Floating Rate
167bps Note, 11/13/18 (144A) $ 755,844
--------------
Total Diversified Financials $ 17,354,714
----------------------------------------------------------------------------------------------------------------
INSURANCE -- 6.5%
Life & Health Insurance -- 0.9%
890,000 AIG Global Funding, 2.15%, 7/2/20 (144A) $ 891,847
560,000 Jackson National Life Global Funding,
2.2%, 1/30/20 (144A) 562,616
570,000 Pricoa Global Funding I, 1.45%,
9/13/19 (144A) 565,220
575,000 Pricoa Global Funding I, 2.2%,
5/16/19 (144A) 578,869
565,000 Principal Life Global Funding II, 2.15%,
1/10/20 (144A) 567,289
1,400,000 1.70 3M LIBOR+ Principal Life Global Funding II, Floating
50bps Rate Note, 12/1/17 (144A) 1,401,561
413,000 Protective Life Corp., 7.375%, 10/15/19 456,016
565,000 Prudential Financial, Inc., 5.375%, 6/21/20 617,369
--------------
$ 5,640,787
----------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.9%
575,000 American International Group, Inc.,
2.3%, 7/16/19 $ 579,323
560,000 American International Group, Inc.,
5.85%, 1/16/18 568,272
865,000 Metropolitan Life Global Funding I,
1.55%, 9/13/19 (144A) 860,405
585,000 Metropolitan Life Global Funding I,
1.75%, 12/19/18 (144A) 585,371
585,000 Metropolitan Life Global Funding I,
2.05%, 6/12/20 (144A) 587,197
750,000 New York Life Global Funding, 1.45%,
12/15/17 (144A) 749,936
585,000 New York Life Global Funding, 1.5%,
10/24/19 (144A) 580,671
130,000 1.70 3M LIBOR+ New York Life Global Funding, Floating
39bps Rate Note, 10/24/19 (144A) 130,817
750,000 1.53 3M LIBOR+ New York Life Global Funding, Floating
28bps Rate Note, 12/15/17 (144A) 750,523
--------------
$ 5,392,515
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
60 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
550,000 CNA Financial Corp., 7.35%, 11/15/19 $ 612,200
----------------------------------------------------------------------------------------------------------------
Reinsurance -- 4.6%
250,000 Ailsa 2017 Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
6/15/18 (d)(e)(f) $ 239,750
350,000 4.81 T-BILL 3MO+ Alamo Re, Ltd., Floating Rate Note,
481bps 6/7/18 (Cat Bond) (144A) 350,140
350,000 0.50 T-BILL 3MO+ Alamo Re, Ltd., Floating Rate Note,
375bps 6/8/20 (Cat Bond) (144A) 336,945
400,000 6M LIBOR+ Aozora Re Ltd 2017-A, Floating Rate
200bps Note, 4/7/21 (Cat Bond) (144A) 406,160
250,000 3.49 6M LIBOR+ Aozora Re, Ltd., Floating Rate Note,
220bps 4/7/23 (Cat Bond) (144A) 254,550
100,000 Arlington Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
8/31/16 (d)(e)(f) 4,860
150,000 Arlington Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
8/31/17 (d)(e)(f) 19,575
500,000 4.49 3M LIBOR+ Atlas IX Capital DAC, Floating Rate Note,
325bps 1/17/19 (Cat Bond) (144A) 507,350
300,000 Berwick 2016-1 Segregated Account
(Artex SAC Ltd.), Variable Rate Notes,
2/1/18 (d)(e)(f) 14,250
300,000 Berwick Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 2/1/19 (d)(e)(f) 310,022
350,000 4.86 6M LIBOR+ Bonanza Re, Ltd., Floating Rate Note,
375bps 12/31/19 (Cat Bond) (144A) 349,930
400,000 5.85 T-BILL 3MO+ Caelus Re IV, Ltd., Floating Rate Note,
549bps 3/6/20 (Cat Bond) (144A) 420,400
250,000 5.46 T-BILL 3MO+ Caelus Re V, Ltd., Floating Rate Note,
450bps 6/5/20 (Cat Bond) (144A) 255,550
250,000 Carnoustie 2016-N, Segregated Account
(Artex SAC Ltd.), Variable Rate Notes,
11/30/20 (d)(e)(f) 27,050
250,000 Carnoustie 2017-N, Segregated Account
(Artex SAC Ltd.), Variable Rate Notes,
11/30/21 (d)(e)(f) 259,825
300,000 Casablanca Re, Variable Rate Notes,
6/4/20 (d)(e) 301,380
400,000 3.05 6M LIBOR+ Cranberry Re, Ltd., Floating Rate Note,
200bps 7/13/20 (Cat Bond) (144A) 402,560
250,000 Cypress 2017 Segregated Account
(Artex Sac Ltd.), Variable Rate Notes,
1/10/18 (d)(e)(f) 239,200
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 61
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
330,000 Denning 2017 Segregated Account
(Artex SAC Ltd.), Variable Rate Notes,
7/13/18 (d)(e)(f) $ 326,403
500,000 3.20 T-BILL 3MO+ East Lane Re VI, Ltd., Floating Rate
265bps Note, 3/14/18 (Cat Bond) (144A) 502,700
594,000 Eden Re II, Variable Rate Notes,
3/22/21 (d)(e)(f) 625,066
527 Eden Re II, Variable Rate Notes,
4/23/19 (d)(e)(f) 42,268
350,000 6.38 6M LIBOR+ Galilei Re, Ltd., Floating Rate Note,
525bps 1/8/20 (Cat Bond) (144A) 356,755
250,000 5.48 6M LIBOR+ Galilei Re, Ltd., Floating Rate Note,
450bps 1/8/20 (Cat Bond) (144A) 252,075
250,000 7.38 6M LIBOR+ Galilei Re, Ltd., Floating Rate Note,
625bps 1/8/20 (Cat Bond) (144A) 253,975
250,000 6.40 6M LIBOR+ Galilei Re, Ltd., Floating Rate Note,
525bps 1/8/21 (Cat Bond) (144A) 255,475
52,500 0.50 T-BILL 3MO+ Gator Re, Ltd., Floating Rate Note,
50bps 1/9/20 (Cat Bond) (144A) 1
300,000 Gleneagles Segregated Account (Artex
SAC Ltd), Variable Rate Notes,
11/30/20 (d)(e)(f) 35,160
750,000 3.31 T-BILL 3MO+ Golden State Re II, Ltd., Floating Rate
220bps Note, 1/8/19 (Cat Bond) (144A) 747,750
600,000 Gullane Segregated Account (Artex
SAC Ltd.), Variable Rate Note
11/30/20 (d)(e)(f) 13,080
550,000 Gullane Segregated Account (Artex
SAC Ltd.), Variable Rate Note
11/30/21 (d)(e)(f) 594,055
500,000 4.30 6M LIBOR+ Integrity Re, Ltd., Floating Rate Note,
325bps 6/10/20 (Cat Bond) (144A) 505,800
250,000 6.97 International Bank for Reconstruction &
Development, Floating Rate Note,
12/20/19 (Cat Bond) (144A) 249,992
250,000 8.36 International Bank for Reconstruction &
Development, Floating Rate Note,
7/15/20 (Cat Bond) 249,988
250,000 5.57 International Bank for Reconstruction &
Development, Floating Rate Note,
8/11/20 (Cat Bond) (144A) 250,018
400,000 7.15 6M LIBOR+ Kilimanjaro II Re, Ltd., Floating Rate
600bps Note, 4/20/21 (Cat Bond) (144A) 410,480
300,000 8.67 6M LIBOR+ Kilimanjaro II Re, Ltd., Floating Rate
750bps Note, 4/21/22 (Cat Bond) (144A) 305,310
750,000 4.76 T-BILL 3MO+ Kilimanjaro Re, Ltd., Floating Rate
375bps Note, 11/25/19 (Cat Bond) (144A) 763,725
The accompanying notes are an integral part of these financial statements.
62 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 7.25 T-BILL 3MO+ Kilimanjaro Re, Ltd., Floating Rate
675bps Note, 12/6/19 (Cat Bond) (144A) $ 254,800
250,000 9.95 T-BILL 3MO+ Kilimanjaro Re, Ltd., Floating Rate
925bps Note, 12/6/19 (Cat Bond) (144A) 259,750
650,000 5.76 T-BILL 3MO+ Kilimanjaro Re, Ltd., Floating Rate
475bps Note, 4/30/18 (Cat Bond) (144A) 657,020
350,000 5.51 T-BILL 3MO+ Kilimanjaro Re, Ltd., Floating Rate
450bps Note, 4/30/18 (Cat Bond) (144A) 353,010
300,000 Kingsbarns Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
5/15/18 (d)(e)(f) 290,940
450,000 3.03 T-BILL 3MO+ Kizuna Re II, Ltd., Floating Rate Note,
225bps 4/6/18 (Cat Bond) (144A) 451,350
250,000 Lahinch 2017, Variable Rate Notes,
5/10/22 (d)(e)(f) 246,975
300,000 Limestone Re, Ltd., Variable Rate
Notes, 8/31/21 (d)(e)(f) 306,930
750,000 4.05 ZERO+ Long Point Re III, Ltd., Floating Rate
350bps Note, 5/23/18 (Cat Bond) (144A) 757,350
500,000 Lorenz Re 2017, Variable Rate Notes,
3/31/20 (d)(e)(f) 525,450
600,000 Lorenz Re, Ltd., Variable Rate Notes,
3/31/19 (d)(e)(f) 33,600
300,000 Madison Re, Variable Rate Notes,
3/31/19 (d)(e)(f) 19,050
250,000 Madison Re, Variable Rate Notes,
3/31/20 (d)(e)(f) 259,600
400,000 4.81 T-BILL 3MO+ MetroCat Re, Ltd., Floating Rate Note,
370bps 5/8/20 (Cat Bond) (144A) 405,280
550,000 3.25 6M LIBOR+ Nakama Re, Ltd., Floating Rate Note,
220bps 10/13/21 (Cat Bond) (144A) 559,350
250,000 Oakmont Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
4/13/18 (d)(e)(f) 180,000
1,000,000 Pangaea Re, Series 2015-1, Principal
at Risk Notes, 2/1/19 (d)(e)(f) 4,500
500,000 Pangaea Re, Series 2015-1, Principal
at Risk Notes, 4/13/18 (d)(e)(f) 522,700
400,000 Pangaea Re, Series 2015-1, Principal
at Risk Notes, 5/31/22 (d)(e)(f) 400,000
1,000,000 Pangaea Re, Series 2015-2, Principal
at Risk Notes, 11/30/19 (d)(e)(f) 10,400
500,000 Pangaea Re, Series 2016-2, Principal at
Risk Notes, 11/30/20 (d)(e)(f) 32,900
800,000 Pangaea Re., Variable Rate Notes,
2/1/20 (d)(e)(f) 52,880
500,000 5.15 T-BILL 3MO+ PennUnion Re, Ltd., Floating Rate Note,
450bps 12/7/18 (Cat Bond) (144A) 505,600
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 63
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
500,000 Pinehurst Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
1/16/18 (d)(e)(f) $ 490,450
250,000 Portrush Segregated Account (Artex
SAC Ltd.), Variable Rate Notes,
6/15/18 (d)(e)(f) 235,325
500,000 6.73 T-BILL 3MO+ Queen Street X Re, Ltd., Floating Rate
575bps Note, 6/8/18 (Cat Bond) (144A) 502,900
250,000 7.13 T-BILL 3MO+ Queen Street XI Re Dac, Floating Rate
615bps Note, 6/7/19 (Cat Bond) (144A) 252,575
250,000 3.56 T-BILL 3MO+ Residential Reinsurance 2014, Ltd.,
356bps Floating Rate Note, 6/6/18 (Cat
Bond) (144A) 252,200
500,000 3.93 T-BILL 3MO+ Residential Reinsurance 2016, Ltd.,
393bps Floating Rate Note, 12/6/23 (Cat
Bond) (144A) 496,850
400,000 0.50 T-BILL 3MO+ Residential Reinsurance 2017, Ltd.,
300bps Floating Rate Note, 6/6/21 (Cat
Bond) (144A) 399,200
250,000 4.50 Resilience Re, Ltd., Floating Rate
Notes, 1/9/19 (d)(e)(f) 250,000
250,000 3.30 Resilience Re, Ltd., Floating Rate
Notes, 1/9/19 (d)(e)(f) 250,000
250,000 Resilience Re, Ltd., Variable Rate
Notes, 1/12/18 (d)(e)(f) 243,525
350,000 Resilience Re, Ltd., Variable Rate
Notes, 4/7/18 (d)(e)(f) 332,570
250,000 Resilience Re, Ltd., Variable Rate
Notes, 6/4/18 (d)(e)(f) 241,825
350,000 Resilience Re, Ltd., Variable Rate
Notes, 9/30/17 (d)(e)(f) 7,525
500,000 4.13 6M LIBOR+ Sanders Re, Ltd., Floating Rate Note,
300bps 12/6/21 (Cat Bond) (144A) 500,250
1,185 Sector Re V, Ltd., Variable Rate
Notes, 12/1/20 (144A) (d)(e)(f) 7,297
250,000 Sector Re V, Ltd., Variable Rate
Notes, 12/1/21 (144A) (d)(e)(f) 257,150
484 Sector Re V, Ltd., Variable Rate
Notes, 3/1/21 (d)(e)(f) 24,667
300,000 Sector Re V, Ltd., Variable Rate
Notes, 3/1/22 (d)(e)(f) 290,040
400,000 Silverton Re, Ltd., Variable Rate
Notes, 9/18/17 (144A) (d)(e)(f) 800
250,000 Silverton Re, Ltd., Variable Rate
Notes, 9/18/18 (144A) (d)(e)(f) 12,200
250,000 Silverton Re, Ltd., Variable Rate
Notes, 9/18/19 (144A) (d)(e)(f) 266,750
The accompanying notes are an integral part of these financial statements.
64 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
500,000 3.03 Skyline Re, Ltd., Floating Rate Note,
1/6/20 (Cat Bond) $ 499,400
300,000 St Andrews Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 2/1/19 (d)(e)(f) 318,576
347,597 St Andrews Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 4/30/18 (d)(e)(f) 353,022
300,000 St. Andrews Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 2/1/18 (d)(e)(f) 42,180
250,000 6.01 ZERO+ Tradewynd Re, Ltd., Floating Rate Note,
540bps 1/8/18 (Cat Bond) (144A) 250,500
400,000 3.50 ZERO+ Ursa Re, Ltd., Floating Rate Note,
350bps 5/27/20 (Cat Bond) (144A) 400,960
600,000 Versutus 2016, Class A-1, Variable Rate
Notes, 11/30/20 (d)(e)(f) 25,560
450,000 Versutus 2017, Class A-1, Variable Rate
Notes, 11/30/21 (d)(e)(f) 475,695
500,000 2.01 T-BILL 3MO+ Vitality Re V, Ltd., Floating Rate Note,
175bps 1/7/19 (Cat Bond) (144A) 500,600
400,000 2.47 T-BILL 3MO+ Vitality Re VII, Ltd., Floating Rate Note,
215bps 1/7/20 (Cat Bond) (144A) 404,120
250,000 3.15 T-BILL 3MO+ Vitality Re VII, Ltd., Floating Rate Note,
265bps 1/7/20 (Cat Bond) (144A) 254,450
--------------
$ 27,368,170
--------------
Total Insurance $ 39,013,672
----------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.9%
Diversified REIT -- 0.2%
560,000 Boston Properties LP, 3.7%, 11/15/18 $ 570,505
575,000 Boston Properties LP, 5.875%, 10/15/19 618,459
--------------
$ 1,188,964
----------------------------------------------------------------------------------------------------------------
Office REIT -- 0.2%
575,000 Alexandria Real Estate Equities, Inc.,
2.75%, 1/15/20 $ 581,421
575,000 Highwoods Realty LP, 7.5%, 4/15/18 594,157
--------------
$ 1,175,578
----------------------------------------------------------------------------------------------------------------
Health Care REIT -- 0.1%
500,000 Welltower, Inc., 2.25%, 3/15/18 $ 500,852
----------------------------------------------------------------------------------------------------------------
Residential REIT -- 0.1%
945,000 UDR, Inc., 4.25%, 6/1/18 $ 962,246
----------------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.3%
550,000 Ventas Realty LP, 2.7%, 4/1/20 $ 556,967
1,070,000 Ventas Realty LP, 4.0%, 4/30/19 1,101,000
--------------
$ 1,657,967
--------------
Total Real Estate $ 5,485,607
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 65
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.3%
Systems Software -- 0.3%
875,000 Microsoft Corp., 1.1%, 8/8/19 $ 868,773
300,000 Oracle Corp., 2.25%, 10/8/19 303,915
500,000 Oracle Corp., 2.375%, 1/15/19 505,843
--------------
$ 1,678,531
--------------
Total Software & Services $ 1,678,531
----------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.4%
Computer Hardware Storage & Peripherals -- 0.3%
585,000 Apple, Inc., 1.7%, 2/22/19 $ 587,098
550,000 Apple, Inc., 1.9%, 2/7/20 553,122
650,000 2.01 3M LIBOR+ Apple, Inc., Floating Rate
82bps Note, 2/22/19 657,535
--------------
$ 1,797,755
----------------------------------------------------------------------------------------------------------------
Electronic Components -- 0.1%
560,000 Amphenol Corp., 2.2%, 4/1/20 $ 562,599
67,000 Amphenol Corp., 2.55%, 1/30/19 67,559
--------------
$ 630,158
--------------
Total Technology Hardware & Equipment $ 2,427,913
----------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.5%
Semiconductors -- 0.5%
500,000 Altera Corp., 2.5%, 11/15/18 $ 505,987
700,000 Intel Corp., 1.35%, 12/15/17 699,973
570,000 Intel Corp., 1.85%, 5/11/20 571,025
150,000 Micron Semiconductor Asia Pte, Ltd.,
1.258%, 1/15/19 149,308
570,000 QUALCOMM, Inc., 1.85%, 5/20/19 572,468
575,000 TSMC Global, Ltd., 1.625%, 4/3/18 (144A) 574,372
--------------
$ 3,073,133
--------------
Total Semiconductors &
Semiconductor Equipment $ 3,073,133
----------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.7%
Integrated Telecommunication Services -- 0.7%
600,000 2.11 3M LIBOR+ AT&T, Inc., Floating Rate Note,
91bps 11/27/18 $ 604,780
425,000 1.79 3M LIBOR+ AT&T, Inc., Floating Rate
67bps Note, 3/11/19 426,869
575,000 British Telecommunications Plc,
2.35%, 2/14/19 578,939
300,000 Deutsche Telekom International
Finance BV, 1.5%, 9/19/19 (144A) 297,427
The accompanying notes are an integral part of these financial statements.
66 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- (continued)
570,000 1.74 3M LIBOR+ Deutsche Telekom International
58bps Finance BV, Floating Rate Note,
1/17/20 (144A) $ 571,843
1,000,000 GTP Acquisition Partners I LLC, 2.35%,
6/15/45 (144A) 1,000,943
575,000 Orange SA, 1.625%, 11/3/19 572,233
--------------
$ 4,053,034
--------------
Total Telecommunication Services $ 4,053,034
----------------------------------------------------------------------------------------------------------------
UTILITIES -- 2.7%
Electric Utilities -- 1.9%
500,000 American Electric Power Co., Inc.,
1.65%, 12/15/17 $ 500,062
215,000 Duke Energy Corp., 2.1%, 6/15/18 215,589
635,000 Duke Energy Corp., 6.25%, 6/15/18 657,265
440,000 1.37 3M LIBOR+ Duke Energy Progress LLC, Floating
20bps Rate Note, 11/20/17 440,128
550,000 Edison International, 2.125%, 4/15/20 552,907
818,000 Electricite de France SA, 2.15%,
1/22/19 (144A) 821,845
490,000 Eversource Energy, 1.45%, 5/1/18 489,779
1,520,000 Georgia Power Co., 2.0%, 3/30/20 1,522,508
575,000 NextEra Energy Capital Holdings, Inc.,
1.649%, 9/1/18 574,322
750,000 NextEra Energy Capital Holdings, Inc.,
2.056%, 9/1/17 750,000
600,000 NextEra Energy Capital Holdings, Inc.,
2.3%, 4/1/19 604,840
763,000 Northern States Power Co., 5.25%, 3/1/18 776,017
400,000 Ohio Power Co., 6.05%, 5/1/18 410,886
755,000 PECO Energy Co., 5.35%, 3/1/18 768,824
1,534,000 PPL Capital Funding, Inc., 1.9%, 6/1/18 1,535,289
600,000 The Southern Co., 1.85%, 7/1/19 600,496
--------------
$ 11,220,757
----------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.3%
600,000 DCP Midstream Operating LP, 2.5%, 12/1/17 $ 599,250
664,000 Kinder Morgan Finance Co LLC, 6.0%,
1/15/18 (144A) 673,488
255,000 Panhandle Eastern Pipe Line Co LP,
7.0%, 6/15/18 264,656
480,000 Southern California Gas Co., 1.55%, 6/15/18 479,599
--------------
$ 2,016,993
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 67
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.5%
380,000 Dominion Energy, Inc., 1.5%,
9/30/18 (144A) $ 377,955
320,000 Dominion Energy, Inc., 1.6%, 8/15/19 317,825
850,000 Dominion Energy, Inc., 1.875%, 1/15/19 850,289
575,000 Dominion Energy, Inc., 1.9%, 6/15/18 576,075
285,000 Dominion Energy, Inc., 2.579%, 7/1/20 287,727
500,000 Sempra Energy, 9.8%, 2/15/19 556,132
--------------
$ 2,966,003
--------------
Total Utilities $ 16,203,753
----------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $225,038,176) $ 225,687,596
----------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- 10.5%
1,005,693 Fannie Mae, 2.0%, 11/1/23 $ 1,015,934
1,110,075 Fannie Mae, 2.5%, 3/1/28 1,132,897
216,920 Fannie Mae, 2.5%, 6/1/23 220,935
686,511 Fannie Mae, 3.0%, 10/1/27 709,237
901,485 Fannie Mae, 3.0%, 11/1/27 933,199
350,321 Fannie Mae, 3.0%, 5/1/21 361,918
154,445 Fannie Mae, 4.0%, 12/1/19 159,753
145,370 Fannie Mae, 4.5%, 1/1/41 157,886
273,973 Fannie Mae, 4.5%, 5/1/39 299,732
458,995 Fannie Mae, 4.5%, 5/1/39 502,172
339,876 Fannie Mae, 5.0%, 10/1/41 371,654
85,673 Fannie Mae, 5.0%, 11/1/20 88,165
21,482 Fannie Mae, 5.5%, 12/1/35 23,806
161,169 Fannie Mae, 5.5%, 8/1/37 180,409
210,196 Fannie Mae, 6.0%, 10/1/22 224,061
15,621 Fannie Mae, 6.0%, 2/1/34 17,552
15,451 Fannie Mae, 6.0%, 4/1/38 17,413
188,283 Fannie Mae, 6.5%, 4/1/29 214,701
4,074 Fannie Mae, 6.5%, 7/1/32 4,751
10,793 Fannie Mae, 7.0%, 1/1/36 12,157
40,417 3.61 6M LIBOR+ Fannie Mae, Floating Rate
223.5bps Note, 1/1/25 41,084
71,445 2.66 H15T1Y+ Fannie Mae, Floating Rate
215.5bps Note, 10/1/29 72,708
284,797 2.82 12M LIBOR+ Fannie Mae, Floating Rate
139.6bps Note, 10/1/36 287,167
66,008 3.55 6M LIBOR+ Fannie Mae, Floating Rate
217.5bps Note, 11/1/24 68,352
The accompanying notes are an integral part of these financial statements.
68 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
U.S. Government and Agency Obligations -- (continued)
1,204 2.83 H15T1Y+ Fannie Mae, Floating Rate
212bps Note, 11/1/25 $ 1,255
27,182 2.23 12MTA+ Fannie Mae, Floating Rate
140bps Note, 11/1/40 26,867
42,499 3.37 H15T1Y+ Fannie Mae, Floating Rate
232bps Note, 12/1/28 44,083
113,308 4.30 COF 11+ Fannie Mae, Floating Rate
192.6bps Note, 12/1/36 120,109
561 4.35 6M LIBOR+ Fannie Mae, Floating Rate
285.3bps Note, 2/1/33 591
2,672 3.34 H15T1Y+ Fannie Mae, Floating Rate
246.3bps Note, 4/1/28 2,697
1,983 3.08 H15T1Y+ Fannie Mae, Floating Rate
221.8bps Note, 4/1/29 2,024
30,279 3.58 12M LIBOR+ Fannie Mae, Floating Rate
180.4bps Note, 7/1/36 31,974
501,580 2.44 12M LIBOR+ Fannie Mae, Floating Rate
160.1bps Note, 7/1/45 513,604
605,000 1.25 USBMMY3M+ Federal Farm Credit Banks, Floating Rate
23bps Note, 10/17/17 605,218
586,641 Federal Home Loan Mortgage Corp.,
2.5%, 10/1/27 598,748
91,082 Federal Home Loan Mortgage Corp.,
4.0%, 5/1/24 95,453
51,264 Federal Home Loan Mortgage Corp.,
4.5%, 7/1/19 52,406
49,125 Federal Home Loan Mortgage Corp.,
4.5%, 7/1/19 50,220
49,312 Federal Home Loan Mortgage Corp.,
5.0%, 12/1/39 53,923
28,775 Federal Home Loan Mortgage Corp.,
5.0%, 2/1/21 30,058
16,658 Federal Home Loan Mortgage Corp.,
5.5%, 8/1/23 17,542
1,611 3.06 H15T1Y+ Federal Home Loan Mortgage Corp., Floating
235.7bps Rate Note, 1/1/28 1,685
114,005 3.16 12M LIBOR+ Federal Home Loan Mortgage Corp., Floating
190.6bps Rate Note, 10/1/31 115,740
3,819 2.77 H15T1Y+ Federal Home Loan Mortgage Corp., Floating
225bps Rate Note, 11/1/31 4,022
168,534 3.53 12M LIBOR+ Federal Home Loan Mortgage Corp., Floating
190.8bps Rate Note, 12/1/31 168,936
7,941 3.67 6M LIBOR+ Federal Home Loan Mortgage Corp., Floating
229.2bps Rate Note, 4/1/25 8,138
1,830 3.01 12MTA+ Federal Home Loan Mortgage Corp., Floating
250bps Rate Note, 4/1/29 1,852
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 69
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
U.S. Government and Agency Obligations -- (continued)
2,903 2.75 H15T1Y+ Federal Home Loan Mortgage Corp., Floating
207.5bps Rate Note, 5/1/25 $ 2,904
201 2.88 H15T3Y+ Federal Home Loan Mortgage Corp., Floating
0bps Rate Note, 7/1/18 200
37,750 3.66 12M LIBOR+ Federal Home Loan Mortgage Corp., Floating
190.8bps Rate Note, 8/1/31 39,209
1,036,086 Federal National Mortgage Association,
2.0%, 8/1/23 1,046,653
870,162 Federal National Mortgage Association,
2.5%, 9/1/22 883,256
345,687 Federal National Mortgage Association,
3.0%, 12/1/21 357,131
294,308 Federal National Mortgage Association,
4.0%, 1/1/20 304,422
387,166 Federal National Mortgage Association,
4.0%, 10/1/20 400,471
410,980 Federal National Mortgage Association,
4.0%, 3/1/21 425,104
90,500 Federal National Mortgage Association,
4.0%, 8/1/19 93,610
111,208 Government National Mortgage Association I,
5.0%, 8/15/19 115,270
75,929 Government National Mortgage Association I,
6.0%, 11/15/36 86,040
38,466 Government National Mortgage Association I,
6.0%, 12/15/31 43,849
20,423 Government National Mortgage Association I,
6.5%, 10/15/37 23,895
20,334 Government National Mortgage Association I,
6.5%, 5/15/31 23,943
6,721 Government National Mortgage Association I,
6.5%, 7/15/35 7,392
31,605 Government National Mortgage Association I,
7.5%, 10/15/36 33,581
135,968 Government National Mortgage Association II,
6.0%, 10/20/21 141,214
89,541 Government National Mortgage Association II,
6.0%, 11/20/22 93,574
89,783 Government National Mortgage Association II,
6.0%, 4/20/22 93,199
27,274 Government National Mortgage Association II,
6.0%, 8/20/19 27,783
500,000 U.S. Treasury Bonds, 8.125%, 8/15/21 625,098
1,975,000 U.S. Treasury Notes, 0.625%, 6/30/18 1,965,125
2,980,000 U.S. Treasury Notes, 0.75%, 4/30/18 2,970,920
2,250,000 U.S. Treasury Notes, 0.75%, 9/30/18 2,237,607
The accompanying notes are an integral part of these financial statements.
70 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
U.S. Government and Agency Obligations -- (continued)
1,150,000 U.S. Treasury Notes, 1.0%, 3/15/19 $ 1,144,789
2,965,000 U.S. Treasury Notes, 1.0%, 5/15/18 2,960,599
1,410,000 U.S. Treasury Notes, 1.0%, 6/30/19 1,402,124
1,970,000 U.S. Treasury Notes, 1.125%, 1/31/19 1,965,229
595,000 U.S. Treasury Notes, 1.125%, 5/31/19 593,094
2,335,000 U.S. Treasury Notes, 1.125%, 7/31/21 2,293,681
4,100,000 U.S. Treasury Notes, 1.125%, 8/31/21 4,023,926
2,000,000 U.S. Treasury Notes, 1.25%, 11/30/18 1,999,297
2,000,000 U.S. Treasury Notes, 1.5%, 12/31/18 2,005,625
1,945,000 U.S. Treasury Notes, 1.5%, 3/31/19 1,951,230
865,000 U.S. Treasury Notes, 1.625%, 11/30/20 868,582
2,760,000 U.S. Treasury Notes, 1.625%, 6/30/19 2,774,770
1,385,000 U.S. Treasury Notes, 1.625%, 7/31/19 1,392,574
2,550,000 U.S. Treasury Notes, 2.0%, 8/31/21 2,588,449
3,295,000 U.S. Treasury Notes, 2.25%, 7/31/21 3,375,959
2,895,000 U.S. Treasury Notes, 2.625%, 4/30/18 2,921,688
1,865,000 U.S. Treasury Notes, 3.125%, 5/15/19 1,921,606
4,915,000 U.S. Treasury Notes, 3.875%, 5/15/18 5,006,776
--------------
$ 62,896,236
----------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $63,169,103) $ 62,896,236
----------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN INTERESTS -- 5.1%**
MATERIALS -- 0.3%
Commodity Chemicals -- 0.1%
438,579 4.80 LIBOR+ Tronox Pigments Holland BV, New Term
350bps Loan, 3/19/20 $ 440,582
----------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
289,677 4.74 LIBOR+ MacDermid, Inc., Tranche B-5 Term
350bps Loan, 6/7/20 $ 292,367
916,214 4.23 LIBOR+ MacDermid, Inc., Tranche B-6 Term
300bps Loan, 6/7/23 921,613
118,103 3.31 LIBOR+ WR Grace & Co-Conn, U.S. Term
200bps Loan, 1/23/21 118,487
--------------
$ 1,332,467
----------------------------------------------------------------------------------------------------------------
Construction Materials -- 0.0%+
20,271 3.95 LIBOR+ CeramTec Acquisition Corp., Initial Dollar
275bps Term B-2 Loan, 8/30/20 $ 20,340
49,493 3.95 LIBOR+ CeramTec GmbH, Dollar Term B-3
275bps Loan, 8/30/20 49,663
163,190 4.07 LIBOR+ CeramTec GmbH, Initial Dollar Term B-1
275bps Loan, 8/30/20 163,751
--------------
$ 233,754
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 71
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
63,153 4.48 LIBOR+ BWAY Corp., Initial Term
325bps Loan, 3/23/24 $ 63,311
--------------
Total Materials $ 2,070,114
----------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.6%
Aerospace & Defense -- 0.2%
340,017 3.99 LIBOR+ DigitalGlobe, Inc., Term
275bps Loan, 12/22/23 $ 340,088
400,000 2.75 LIBOR+ MacDonald, Dettwiler and Associates,
275bps Ltd., Term Loan B, 7/6/24 398,900
414,502 3.80 LIBOR+ Wesco Aircraft Hardare Corp., Tranche B
250bps Term Loan (First Lien), 2/24/21 404,658
--------------
$ 1,143,646
----------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
390,741 3.73 LIBOR+ Southwire Co., Term
250bps Loan, 1/31/21 $ 392,858
332,650 6.82 LIBOR+ WireCo WorldGroup, Inc., Initial Term
550bps Loan (First Lien), 7/22/23 336,253
--------------
$ 729,111
----------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
325,202 4.24 LIBOR+ Milacron LLC, Term B
300bps Loan, 9/25/23 $ 326,421
----------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.1%
393,000 5.24 LIBOR+ Navistar, Inc., Tranche B Term
400bps Loan, 8/7/20 $ 396,848
251,889 3.51 LIBOR+ Terex Corp., Incremental Term
225bps Loan, 1/31/24 252,046
--------------
$ 648,894
----------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
491,083 5.49 LIBOR+ NN, Inc., Tranche B Term
425bps Loan, 10/19/22 $ 491,927
----------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
34,913 4.24 PRIME+ WESCO Distribution, Inc., Tranche B-1
200bps -- Loan, 12/12/19
LIBOR+
300 bps $ 35,065
--------------
Total Capital Goods $ 3,375,064
----------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Office Services & Supplies -- 0.0%+
173,253 3.76 LIBOR+ West Corp., Refinanced Term B-12
250bps Loan, 6/17/23 $ 173,308
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
72 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.0%+
137,741 4.31 LIBOR+ TMS International
300bps Corp., 8/9/24 $ 138,430
----------------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.1%
384,445 5.32 PRIME+ Garda World Security Corp., Term B
300bps - Loan, 5/3/24
LIBOR+
400 bps $ 388,530
----------------------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.0%+
92,308 3.23 LIBOR+ On Assignment, Inc., 6/5/22
200bps $ 92,770
--------------
Total Commercial Services & Supplies $ 793,038
----------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airlines -- 0.1%
735,000 3.23 LIBOR+ American Airlines, Inc., 2017 Replacement
200bps Term Loan (New), 10/10/21 $ 736,510
96,465 3.73 LIBOR+ Delta Air Lines, Inc., 2014 Term B-1
250bps Loan, 10/18/18 97,233
--------------
$ 833,743
--------------
Total Transportation $ 833,743
----------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.3%
Auto Parts & Equipment -- 0.2%
480,150 3.49 LIBOR+ American Axle & Manufacturing, Inc.,
225bps Tranche B Term Loan, 3/9/24 $ 479,400
522,667 6.23 LIBOR+ BBB Industries US, Initial Term
450bps Loan, 10/15/21 528,703
461,763 3.99 LIBOR+ TI Group Automotive Systems LLC,
275bps Initial US Term Loan, 6/25/22 463,783
--------------
$ 1,471,886
----------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
345,386 3.23 LIBOR+ Chrysler Group LLC, Tranche B Term
200bps Loan, 12/29/18 $ 346,897
--------------
Total Automobiles & Components $ 1,818,783
----------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Housewares & Specialties -- 0.0%+
191,605 3.99 LIBOR+ Prestige Brands, Inc., Term B-4
275bps Loan, 1/20/24 $ 192,428
--------------
Total Consumer Durables & Apparel $ 192,428
----------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.4%
Casinos & Gaming -- 0.1%
710,053 3.25 LIBOR+ Scientific Games International, Inc., Term
325bps Loan B-4, 8/14/24 $ 716,583
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 73
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
313,015 3.23 LIBOR+ Hilton Worldwide Finance LLC, Series B-2
200bps Term Loan, 10/25/23 $ 314,491
----------------------------------------------------------------------------------------------------------------
Education Services -- 0.2%
387,924 3.48 LIBOR+ Bright Horizons Family Solutions LLC
225bps (f.k.a. Bright Horizons Family Solutions,
Inc.), Term B Loan, 11/3/23 $ 390,268
731,108 4.70 LIBOR+ Nord Anglia Education, Initial Term
350bps Loan, 3/31/21 732,174
--------------
$ 1,122,442
--------------
Total Consumer Services $ 2,153,516
----------------------------------------------------------------------------------------------------------------
MEDIA -- 0.9%
Broadcasting -- 0.5%
310,077 4.72 PRIME+ Entercom Radio LLC, Term B
250bps- Loan, 11/1/23
PRIME+
350bps $ 311,201
797,027 3.73 LIBOR+ Gray Television, Inc., Term B-2
250bps Loan, 2/7/24 802,008
193,451 3.56 LIBOR+ Quebecor Media, Inc., Facility B-1
225bps Tranche, 8/17/20 194,418
800,000 2.75 LIBOR+ Raycom TV Broadcasting
275bps LLC, 8/18/24 804,000
428,340 3.49 LIBOR+ Sinclair Television Group, Inc., Tranche B
225bps Term Loan, 1/31/24 429,545
33,254 4.71 LIBOR+ Tribune Media Co., Term B
300bps Loan, 12/27/20 33,442
414,475 4.24 LIBOR+ Tribune Media Co., Term C
300bps Loan, 1/18/24 416,806
--------------
$ 2,991,420
----------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.3%
388,028 3.45 LIBOR+ Mediacom Illinois LLC, Tranche K Term
225bps Loan, 2/19/24 $ 389,806
1,025,000 3.73 LIBOR+ Ziggo Secured Finance Partnership,
250bps Term Loan E Facility, 4/25/25 1,027,135
--------------
$ 1,416,941
----------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
240,688 3.48 LIBOR+ AMC Entertainment, Inc., Initial Term
225bps Loan, 4/30/20 $ 240,086
496,256 3.50 LIBOR+ Live Nation Entertainment, Inc., Term B-3
225bps Loan, 10/27/23 498,970
--------------
$ 739,056
--------------
Total Media $ 5,147,417
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
74 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Specialty Stores -- 0.1%
450,000 5.00 LIBOR+ Staples, Inc., Term Loan B,
400bps 8/15/24 $ 447,502
--------------
Total Retailing $ 447,502
----------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Retail -- 0.1%
450,424 4.32 LIBOR+ Albertson's LLC, 2017-1 Term B-6
300bps Loan, 6/22/23 $ 438,506
--------------
Total Food & Staples Retailing $ 438,506
----------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Agricultural Products -- 0.1%
472,938 3.74 LIBOR+ Darling International, Inc., Term B USD
250bps Loan, 12/19/20 $ 477,815
----------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
475,893 3.80 PRIME+ JBS USA Lux SA (f.k.a. JBS USA, LLC),
150bps- Initial Term Loan, 10/30/22
LIBOR+
250bps $ 472,845
--------------
Total Food, Beverage & Tobacco $ 950,660
----------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
454,229 4.32 LIBOR+ Party City Holdings, Inc., 2016
300bps Replacement Term Loan, 8/19/22 $ 455,470
--------------
Total Household & Personal Products $ 455,470
----------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.5%
Health Care Supplies -- 0.2%
260,788 3.99 LIBOR+ Halyard Health, Inc., Term
275bps Loan, 11/1/21 $ 263,153
580,000 4.55 LIBOR+ Kinetic Concepts, Inc., Dollar Term
325bps Loan, 2/1/24 575,771
294,761 4.23 LIBOR+ Sterigenics-Nordion Holdings LLC,
300bps Incremental Term Loan, 5/15/22 294,854
--------------
$ 1,133,778
----------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
493,769 4.30 LIBOR+ Envision Healthcare Corp., Initial Term
300bps Loan, 11/17/23 $ 497,842
640,250 5.55 LIBOR+ US Renal Care, Inc., Initial Term Loan
425bps (First Lien), 11/16/22 629,046
--------------
$ 1,126,888
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 75
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
65,140 4.05 LIBOR+ CHS, Incremental 2019 Term G
275bps Loan, 12/31/19 $ 65,104
120,280 4.21 LIBOR+ CHS, Incremental 2021 Term H
300bps Loan, 1/27/21 120,043
268,093 4.81 LIBOR+ Kindred Healthcare, Inc., Tranche B Loan
350bps (First Lien), 4/10/21 268,219
263,956 4.73 LIBOR+ Vizient, Inc., Term B-3
350bps Loan, 2/13/23 267,354
--------------
$ 720,720
--------------
Total Health Care Equipment & Services $ 2,981,386
----------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.2%
Pharmaceuticals -- 0.2%
240,000 5.50 LIBOR+ Endo Luxembourg Finance Co., S.a r.l.,
425bps Initial Term Loan, 4/12/24 $ 241,457
273,721 4.05 LIBOR+ Mallinckrodt International Finance SA,
275bps 2017 Term B Loan, 9/24/24 274,423
391,003 5.99 LIBOR+ Valeant Pharmaceuticals, Series
475bps F-1, 3/11/22 397,946
--------------
$ 913,826
--------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 913,826
----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Other Diversified Financial Services -- 0.1%
423,530 3.30 LIBOR+ Delos Finance S.a r.l., New
200bps Loan, 10/6/23 $ 425,560
326,625 3.56 LIBOR+ Fly Funding II Sarl,
225bps Loan, 8/9/19 327,101
--------------
$ 752,661
----------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
520,862 3.51 LIBOR+ Restaurant Brands, 1st Lien Term
225bps Loan B, 2/17/24 $ 520,753
194,000 3.49 LIBOR+ SBA Senior Finance II LLC, Incremental
225bps Tranche B-1 Term Loan, 3/31/21 194,566
--------------
$ 715,319
----------------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.1%
288,750 3.48 LIBOR+ Outfront Media Capital LLC, Term
225bps Loan, 3/10/24 $ 290,856
--------------
Total Diversified Financials $ 1,758,836
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
76 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Hotel & Resort REIT -- 0.0%+
311,063 3.49 LIBOR+ MGM Growth Properties Operating
225bps Partnership LP, Term B Loan, 4/7/23 $ 312,132
--------------
Total Real Estate $ 312,132
----------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Internet Software & Services -- 0.0%+
184,857 3.73 LIBOR+ Vantiv LLC, Term B
250bps Loan, 6/12/21 $ 186,276
----------------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.1%
392,955 3.30 LIBOR+ CDW LLC, Term
200bps Loan, 8/16/23 $ 394,797
77,412 5.98 LIBOR+ Evergreen Skills Lux Sarl, Initial Term
475bps Loan (First Lien), 4/23/21 72,260
--------------
$ 467,057
----------------------------------------------------------------------------------------------------------------
Application Software -- 0.0%+
246,588 3.56 LIBOR+ Verint Systems, Inc., Initial Term
225bps Loan, 6/29/24 $ 247,513
----------------------------------------------------------------------------------------------------------------
Systems Software -- 0.1%
345,941 3.81 LIBOR+ MA FinanceCo., LLC (a.k.a. Micro Focus
250bps International Plc), Tranche B-2 Term
Loan, 11/20/21 $ 346,536
--------------
Total Software & Services $ 1,247,382
----------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Communications Equipment -- 0.0%+
276,128 3.73 LIBOR+ Ciena Corp., Refinancing Term
250bps Loan, 2/25/22 $ 277,336
----------------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.1%
321,136 3.31 LIBOR+ Zebra Technologies Corp., Tranche B Term
200bps Loan, 10/27/21 $ 321,640
--------------
Total Technology Hardware & Equipment $ 598,976
----------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
606,038 3.55 LIBOR+ Sensata Technologies BV, Sixth Amendment
225bps Term Loan, 10/14/21 $ 610,502
----------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
139,012 3.49 LIBOR+ ON Semiconductor Corp., 2017 New
225bps Replacement Term Loan, 3/31/23 $ 139,596
--------------
Total Semiconductors & Semiconductor
Equipment $ 750,098
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 77
Schedule of Investments | 8/31/17 (continued)
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication Services -- 0.1%
366,277 3.49 LIBOR+ GCI Holdings, Inc., New Term B Loan
225bps (2016), 2/2/22 $ 367,879
225,000 3.48 LIBOR+ Level 3 Financing, Inc., Tranche B 2024
225bps Term Loan, 2/17/24 225,216
--------------
$ 593,095
----------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.0%+
235,662 3.98 LIBOR+ Virgin Media Bristol LLC, I
275bps Facility, 1/31/25 $ 236,473
--------------
Total Telecommunication Services $ 829,568
----------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.4%
Electric Utilities -- 0.4%
838,412 6.30 LIBOR+ APLP Holdings LP, Term
425bps Loan, 4/12/23 $ 845,399
651,326 3.74 LIBOR+ Calpine Construction Finance Co. LP,
250bps Term B-2 Loan, 1/3/22 650,613
692,712 5.23 LIBOR+ TPF II Power, LLC, Term
375bps Loan, 10/2/21 695,091
--------------
$ 2,191,103
--------------
Total Utilities $ 2,191,103
----------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $30,024,644) $ 30,259,548
----------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 2.9%
Commercial Paper -- 1.4%
590,000 Agrium, Inc., Commercial Paper, 9/18/17 (c) $ 589,565
613,000 Agrium, Inc., Commercial Paper, 9/26/17 (c) 612,343
295,000 Agrium, Inc., Commercial Paper, 9/27/17 (c) 294,671
300,000 Autozone, Inc., Commercial Paper, 9/29/17 299,640
655,000 Bell Canada, Commercial Paper, 9/7/17 (c) 654,818
590,000 Canadian Natural Resources, Inc.,
Commercial Paper, 9/25/17 (c) 589,323
185,000 Electricite De France, Commercial
Paper, 9/19/17 (c) 184,856
1,495,000 Federation, Commercial Paper, 9/1/17 (c) 1,494,950
585,000 Macquarie Bank, Commercial Paper,
9/19/17 (c) 584,617
595,000 Mondelez Int, Inc., Commercial Paper,
9/22/17 (c) 594,462
634,000 Oneok, Inc., Commercial Paper, 9/12/17 (c) 633,592
1,462,000 Oneok, Inc., Commercial Paper, 9/18/17 (c) 1,460,589
655,000 Udr, Inc., Commercial Paper, 9/1/17 (c) 654,974
--------------
$ 8,648,400
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
78 Pioneer Short Term Income Fund | Annual Report | 8/31/17
----------------------------------------------------------------------------------------------------------------
Reference
Principal Floating Index +
Amount ($) Rate (a) Spread (b) Value
----------------------------------------------------------------------------------------------------------------
Certificate of Deposit -- 1.5%
1,250,000 1.95 3M LIBOR+ Bank of Montreal, Floating Rate
70bps Note, 3/16/18 $ 1,249,830
705,000 1.52 BNP Paribas NY Banch, Floating Rate
Note, 9/12/17 705,077
575,000 1.69 3M LIBOR+ Cooperatieve Rabobank UA New York,
47bps Floating Rate Note, 9/8/17 575,067
308,000 2.41 3M LIBOR+ Credit Suisse AG New York NY, Floating
130bps Rate Note, 3/8/18 308,417
960,000 1.30 KBC Bank NV, Floating Rate Note, 10/24/17 960,075
600,000 2.01 3M LIBOR+ Mizuho Bank, Ltd. New York, Floating Rate
85bps Note, 10/12/17 600,656
585,000 1.66 3M LIBOR+ Mizuho Bank, Ltd. New York, Floating Rate
50bps Note, 9/24/18 584,877
570,000 1.00 1M LIBOR + Mizuho Securities USA LLC, Floating Rate
54bps Note, 10/11/17 569,994
555,000 1.40 Natixis NY, Floating Rate Note, 10/17/17 555,155
655,000 1.98 3M LIBOR+ Natixis SA New York NY, Floating Rate
69bps Note, 9/25/17 655,348
345,000 1.85 3M LIBOR+ Sumitomo Mitsui Trust Bank, Ltd., Floating
70bps Rate Note, 9/20/17 345,143
570,000 1.23 1M LIBOR + Toronto-Dominion Bank New York, Floating
26bps Rate Note, 5/9/18 570,477
810,000 1.42 UBS AG Stamford Branch, Floating Rate
Note, 11/2/17 810,171
--------------
$ 8,490,287
----------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $17,142,693) $ 17,138,687
----------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN UNAFFILIATED
ISSUERS -- 100.3%
(Cost $598,253,244) $ 599,129,380
----------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (0.3)% $ (1,756,111)
----------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 597,373,269
================================================================================================================
+ Amount rounds to less than 0.1%.
(Cat Bond) Catastrophe or event-linked bond. At August 31, 2017, the value of
these securities amounted to $17,305,144 or 2.9% of total net
assets. See Notes to Financial Statements -- Note 1H.
LIBOR London-Interbank Offer Rate.
BPS Basis Point.
PRIME U.S. Federal Funds Rate.
H15T1Y US Treasury Yield Curve Rate T Note Constant Maturity 1 Yr.
H15T3Y US Treasury Yield Curve Rate T Note Constant Maturity 3 Yr.
12MTA Federal Reserve US 12 Month Cumulative Avg 1 Yr CMT.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 79
Schedule of Investments | 8/31/17 (continued)
COF 11 Cost of Funds for the 11th District of San Francisco.
ZERO Zero Constant Index.
PNMR Panamanian Mortgage Reference Rate.
T7Y US Treasury Yield Curve Rate T Note Constant Maturity 7 Yr.
CPI YOY US CPI Urban Consumers YoY NSA.
USBMMY3M US Treasury 3 Month Bill Money Market Yield.
T-BILL 3MO US Treasury 3 Month Bill.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At August 31, 2017, the value of these securities
amounted to $211,850,080 or 35.5% of net assets.
REMICS Real Estate Mortgage Investment Conduits.
REIT Real Estate Investment Trust.
Strips Separate trading of Registered interest and principal of securities.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major U.S. banks,
(iii) the certificate of deposit or (iv) other base lending rates
used by commercial lenders. The rate shown is the coupon rate at
period end.
(a) Debt obligation with a variable interest rate. Rate shown is rate at
period end.
(b) Floating rate note. Reference index and spread shown at period end.
(c) Security issued with a zero coupon. Income is earned through
accretion of discount.
(d) Structured reinsurance investment. At August 31, 2017, the value of
these securities amounted to $9,710,004 or 1.6% of net assets. See
Notes to Financial Statements -- Note 1H.
(e) Rate to be determined.
(f) Securities that used significant unobservable inputs to determine
their value.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended August 31, 2017 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government $102,184,357 $ 93,446,251
Other Long-Term Securities 306,038,772 303,484,373
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain Funds and accounts for which Amundi Pioneer Asset
Management, Inc., formerly Pioneer Investment Management, Inc. (the Adviser)
serves as investment adviser, as set forth in Rule 17a-7 under the Investment
Company Act of 1940, pursuant to procedures adopted by the Board of Trustees.
Under these procedures, cross trades are effected at current market prices.
During the year ended August 31, 2017, the Fund engaged in purchases and sales
pursuant to these procedures amounting to $6,785,944 and $17,015,861,
respectively, which resulted in a net realized loss of $70,449.
The accompanying notes are an integral part of these financial statements.
80 Pioneer Short Term Income Fund | Annual Report | 8/31/17
FUTURES CONTRACTS
FIXED INCOME INDEX FUTURES CONTRACTS
--------------------------------------------------------------------------------------------------------
Settlement
Contracts Month/ Notional Market Unrealized
Long Description Year Amount Value Appreciation
--------------------------------------------------------------------------------------------------------
630 U.S. 2 Yr Note 12/17 136,237,484 $136,276,874 $ 39,390
--------------------------------------------------------------------------------------------------------
Total
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Settlement
Contracts Month/ Notional Market Unrealized
(Short) Description Year Amount Value Depreciation
--------------------------------------------------------------------------------------------------------
(74) U.S. 5 Yr Note 12/17 (8,756,342) $ (8,769,000) $(12,658)
--------------------------------------------------------------------------------------------------------
Total $(12,658)
--------------------------------------------------------------------------------------------------------
Total Futures Contracts $ 26,732
--------------------------------------------------------------------------------------------------------
At August 31, 2017, the net unrealized appreciation on investments based on cost
for federal income tax purposes of $599,726,066 was as follows:
Aggregate gross unrealized appreciation for all investments in which there
is an excess of value over tax cost $ 1,621,367
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (2,191,321)
------------
Net unrealized depreciation $ (569,954)
============
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes to
Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 81
Schedule of Investments | 8/31/17 (continued)
The following is a summary of the inputs used as of August 31, 2017, in valuing
the Fund's investments:
----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 89,808,342 $ -- $ 89,808,342
Collateralized Mortgage Obligations -- 173,338,971 -- 173,338,971
Corporate Bonds
Insurance
Reinsurance -- 17,606,524 9,761,646 27,368,170
All Other Corporate Bonds -- 198,319,426 -- 198,319,426
U.S. Government and Agency Obligations -- 62,896,236 -- 62,896,236
Senior Floating Rate Loan Interests -- 30,259,548 -- 30,259,548
Commercial Paper -- 8,648,400 -- 8,648,400
Certificates of Deposit -- 8,490,287 -- 8,490,287
----------------------------------------------------------------------------------------------
Total $ -- $ 589,367,734 $ 9,761,646 $599,129,380
----------------------------------------------------------------------------------------------
Other Financial Instruments
Net unrealized appreciation on
futures contracts $ 26,732 $ -- $ -- $ 26,732
----------------------------------------------------------------------------------------------
Total Other Financial Instruments $ 26,732 $ -- $ -- $ 26,732
----------------------------------------------------------------------------------------------
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
--------------------------------------------------------------------------------
Corporate
Bonds
--------------------------------------------------------------------------------
Balance as of 8/31/16 $ 9,834,965
Realized gain (loss)(1) (3,040)
Change in unrealized appreciation (depreciation)(2) 437,433
Purchases 8,117,015
Sales (8,624,727)
Transfers in to Level 3* --
Transfers out of Level 3* --
--------------------------------------------------------------------------------
Balance as of 8/31/17 $ 9,761,646
================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values. During the year
ended August 31, 2017, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments
still held as of 8/31/17 $1,414,221
----------
The accompanying notes are an integral part of these financial statements.
82 Pioneer Short Term Income Fund | Annual Report | 8/31/17
Statement of Assets and Liabilities | 8/31/17
ASSETS:
Investment in unaffiliated issuers at value (cost $598,253,244) $599,129,380
Cash 1,471,751
Futures collateral 328,000
Receivables --
Investment securities sold 27,159
Fund shares sold 2,240,333
Interest 1,989,669
Variation margin for futures contracts 4,640
Net unrealized appreciation on futures contracts 26,732
Other assets 49,777
--------------------------------------------------------------------------------
Total assets $605,267,441
--------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 5,339,817
Fund shares repurchased 1,944,572
Distributions 201,702
Trustee fees 3,760
Due to broker for futures 26,732
Due to affiliates 73,370
Accrued expenses 304,219
--------------------------------------------------------------------------------
Total liabilities $ 7,894,172
--------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $611,939,122
Distributions in excess of net investment income (91,196)
Accumulated net realized loss on investments (15,377,525)
Net unrealized appreciation on investments 902,868
--------------------------------------------------------------------------------
Net assets $597,373,269
--------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $162,375,296/17,013,388 shares) $ 9.54
Class C (based on $83,649,237/8,779,670 shares) $ 9.53
Class C2 (based on $2,069,824/217,181 shares) $ 9.53
Class K (based on $15,453,993/1,617,232 shares) $ 9.56
Class Y (based on $333,824,919/35,052,961 shares) $ 9.52
MAXIMUM OFFERING PRICE:
Class A ($9.54 (divided by) 97.5%) $ 9.78
================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 83
Statement of Operations
For the year ended 8/31/17
INVESTMENT INCOME:
Interest from unaffiliated issuers $14,330,945
---------------------------------------------------------------------------------------------------
Total investment income $14,330,945
---------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 2,019,043
Transfer agent fees
Class A 240,217
Class C 53,163
Class C2 1,630
Class K 145
Class Y 351,404
Distribution fees
Class A 343,384
Class C 439,569
Class C2 13,133
Shareholder communications expense 22,844
Administrative expense 205,737
Custodian fees 119,726
Registration fees 127,058
Professional fees 65,377
Printing expense 46,686
Fees and expenses of nonaffiliated Trustees 23,236
Miscellaneous 228,986
---------------------------------------------------------------------------------------------------
Total expenses $ 4,301,338
---------------------------------------------------------------------------------------------------
Net investment income $10,029,607
---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments from unaffiliated issuers $ (245,128)
Futures contracts (273,192)
Other assets and liabilities denominated in
foreign currencies 3,012 $ (515,308)
---------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments from unaffiliated issuers $ 1,495,031
Futures contracts 79,828 $ 1,574,859
---------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ 1,059,551
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $11,089,158
===================================================================================================
The accompanying notes are an integral part of these financial statements.
84 Pioneer Short Term Income Fund | Annual Report | 8/31/17
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------
Year Ended Year Ended
8/31/17 8/31/16*
-----------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 10,029,607 $ 8,719,199
Net realized gain (loss) on investments (515,308) (1,065,864)
Change in net unrealized appreciation (depreciation)
on investments 1,574,859 1,792,249
-----------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 11,089,158 $ 9,445,584
-----------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.19 and $0.15 per share, respectively) $ (3,462,089) $ (3,226,254)
Class C ($0.17 and $0.13 per share, respectively) (1,561,362) (1,384,199)
Class C2 ($0.17 and $0.13 per share, respectively) (46,852) (44,578)
Class K ($0.22 and $0.18 per share, respectively) (363,296) (277,479)
Class Y ($0.21 and $0.17 per share, respectively) (6,616,467) (4,913,027)
-----------------------------------------------------------------------------------------
Total distributions to shareowners $ (12,050,066) $ (9,845,537)
=========================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 280,503,960 $ 320,569,300
Reinvestment of distributions 9,767,875 8,167,268
Cost of shares repurchased (266,958,230) (350,725,882)
-----------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ 23,313,605 $ (21,989,314)
-----------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 22,352,697 $ (22,389,267)
NET ASSETS:
Beginning of year $ 575,020,572 $ 597,409,839
-----------------------------------------------------------------------------------------
End of year $ 597,373,269 $ 575,020,572
-----------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net
investment income $ (91,196) $ 435,630
=========================================================================================
* The Fund was audited by another independent registered public accounting
firm other than Ernst & Young LLP.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 85
Statements of Changes in Net Assets (continued)
-------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
8/31/17 8/31/17 8/31/16* 8/31/16*
Shares Amount Shares Amount
-------------------------------------------------------------------------------------------
Class A
Shares sold 5,884,460 $ 56,033,924 7,920,973 $ 75,411,797
Reinvestment of distributions 314,822 3,001,290 298,715 2,848,521
Less shares repurchased (7,996,253) (76,240,420) (10,872,579) (103,673,378)
-------------------------------------------------------------------------------------------
Net decrease (1,796,971) $ (17,205,206) (2,652,891) $ (25,413,060)
===========================================================================================
Class C
Shares sold 3,155,621 $ 30,044,298 5,709,801 $ 54,341,633
Reinvestment of distributions 159,338 1,516,582 140,618 1,338,300
Less shares repurchased (4,701,605) (44,761,514) (6,001,794) (57,127,721)
-------------------------------------------------------------------------------------------
Net decrease (1,386,646) $ (13,200,634) (151,375) $ (1,447,788)
===========================================================================================
Class C2
Shares sold 32,796 $ 312,873 161,411 $ 1,535,562
Reinvestment of distributions 2,133 20,313 1,951 18,584
Less shares repurchased (124,645) (1,187,287) (171,799) (1,636,013)
-------------------------------------------------------------------------------------------
Net decrease (89,716) $ (854,101) (8,437) $ (81,867)
===========================================================================================
Class K
Shares sold 121,903 $ 1,161,557 1,776,384 $ 16,995,201
Reinvestment of distributions 1,308 12,486 -- --
Less shares repurchased (229,997) (2,199,882) (287,286) (2,738,090)
-------------------------------------------------------------------------------------------
Net increase (decrease) (106,786) $ (1,025,839) 1,489,098 $ 14,257,111
===========================================================================================
Class Y
Shares sold 20,278,455 $ 192,951,308 18,121,505 $ 172,285,107
Reinvestment of distributions 548,385 5,217,204 416,374 3,961,863
Less shares repurchased (14,985,173) (142,569,127) (19,487,306) (185,550,680)
-------------------------------------------------------------------------------------------
Net increase (decrease) 5,841,667 $ 55,599,385 (949,427) $ (9,303,710)
===========================================================================================
* The Fund was audited by another independent registered public accounting
firm other than Ernst & Young LLP.
The accompanying notes are an integral part of these financial statements.
86 Pioneer Short Term Income Fund | Annual Report | 8/31/17
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/17 8/31/16** 8/31/15** 8/31/14** 8/31/13
-----------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.56 $ 9.57 $ 9.66 $ 9.66 $ 9.72
-----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.16(a) $ 0.13(a) $ 0.10 $ 0.13 $ 0.21
Net realized and unrealized gain (loss) on investments 0.01 0.01 (0.03) 0.02 (0.04)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.17 $ 0.14 $ 0.07 $ 0.15 $ 0.17
-----------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.19) $ (0.15) $ (0.16) $ (0.15) $ (0.23)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.02) $ (0.01) $ (0.09) $ -- $ (0.06)
-----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.54 $ 9.56 $ 9.57 $ 9.66 $ 9.66
=======================================================================================================================
Total return* 1.82% 1.50% 0.74% 1.58% 1.71%
Ratio of net expenses to average net assets 0.84% 0.79% 0.82% 0.79% 0.88%
Ratio of net investment income (loss) to average net assets 1.64% 1.41% 1.12% 1.34% 1.95%
Portfolio turnover rate 70% 44% 48% 41% 28%
Net assets, end of period (in thousands) $162,375 $179,870 $205,451 $ 230,938 $169,587
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.84% 0.79% 0.82% 0.79% 0.98%
Net investment income (loss) to average net assets 1.64% 1.41% 1.12% 1.34% 1.85%
=======================================================================================================================
* 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.
** The Fund was audited by another independent registered public accounting
firm other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 87
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/17 8/31/16** 8/31/15** 8/31/14** 8/31/13
-----------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.54 $ 9.55 $ 9.65 $ 9.65 $ 9.70
-----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14(a) $ 0.11(a) $ 0.08 $ 0.11 $ 0.15
Net realized and unrealized gain (loss) on investments 0.02 0.01 (0.04) 0.02 (0.04)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.16 $ 0.12 $ 0.04 $ 0.13 $ 0.11
-----------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.17) $ (0.13) $ (0.14) $ (0.13) $ (0.16)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.01) $ (0.01) $ (0.10) $ -- $ (0.05)
-----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.53 $ 9.54 $ 9.55 $ 9.65 $ 9.65
=======================================================================================================================
Total return* 1.69% 1.25% 0.40% 1.31% 1.09%
Ratio of net expenses to average net assets 1.05% 1.05% 1.06% 1.06% 1.53%
Ratio of net investment income (loss) to average net assets 1.42% 1.16% 0.87% 1.07% 1.39%
Portfolio turnover rate 70% 44% 48% 41% 28%
Net assets, end of period (in thousands) $83,649 $97,028 $98,585 $ 93,355 $52,072
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.05% 1.05% 1.06% 1.06% 1.54%
Net investment income (loss) to average net assets 1.42% 1.16% 0.87% 1.07% 1.38%
=======================================================================================================================
* 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.
** The Fund was audited by another independent registered public accounting
firm other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
88 Pioneer Short Term Income Fund | Annual Report | 8/31/17
------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 8/1/13
8/31/17 8/31/16*** 8/31/15*** 8/31/14*** to 8/31/13
------------------------------------------------------------------------------------------------------------------------
Class C2
Net asset value, beginning of period $ 9.55 $ 9.56 $ 9.65 $ 9.65 $ 9.65
------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14(a) $ 0.11(a) $ 0.08 $ 0.13 $ 0.02
Net realized and unrealized gain (loss) on investments 0.01 0.01 (0.03) 0.00(b) (0.01)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.15 $ 0.12 $ 0.05 $ 0.13 $ 0.01
------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.17) $ (0.13) $ (0.14) $ (0.13) $ (0.01)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.02) $ (0.01) $ (0.09) $ -- $ --
------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.53 $ 9.55 $ 9.56 $ 9.65 $ 9.65
========================================================================================================================
Total return* 1.57% 1.28% 0.51% 1.37% 0.15%
Ratio of net expenses to average net assets 1.05% 1.04% 1.04% 1.05% 1.01%**
Ratio of net investment income (loss) to average net assets 1.42% 1.17% 0.90% 1.13% 2.07%**
Portfolio turnover rate 70% 44% 48% 41% 28%**
Net assets, end of period (in thousands) $ 2,070 $ 2,930 $ 3,014 $ 2,934 $ 26
========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
*** The Fund was audited by another independent registered public accounting
firm other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 per share.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 89
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------
Year Year
Ended Ended 12/1/14 to
8/31/17 8/31/16**** 8/31/15****
--------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.57 $ 9.58 $ 9.65
--------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.19(a) $ 0.17(a) $ (0.18)
Net realized and unrealized gain (loss)
on investments 0.02 0.00(b) 0.26
--------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ 0.21 $ 0.17 $ 0.08
--------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.22) $ (0.18) $ (0.15)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.01) $ (0.01) $ (0.07)
--------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.56 $ 9.57 $ 9.58
==================================================================================================
Total return* 2.25% 1.81% 0.84%***
Ratio of net expenses to average net assets 0.49% 0.50% 0.50%**
Ratio of net investment income (loss) to average
net assets 1.99% 1.74% 1.26%**
Portfolio turnover rate 70% 44% 48%
Net assets, end of period (in thousands) $15,454 $16,502 $ 2,251
==================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
*** Not annualized.
**** The Fund was audited by another independent registered public accounting
firm other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 per share.
The accompanying notes are an integral part of these financial statements.
90 Pioneer Short Term Income Fund | Annual Report | 8/31/17
-----------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/17 8/31/16** 8/31/15** 8/31/14** 8/31/13
-----------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.54 $ 9.55 $ 9.64 $ 9.64 $ 9.70
-----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.18(a) $ 0.15(a) $ 0.11 $ 0.16 $ 0.24
Net realized and unrealized gain (loss) on investments 0.01 0.01 (0.02) 0.02 (0.04)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.19 $ 0.16 $ 0.09 $ 0.18 $ 0.20
-----------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.21) $ (0.17) $ (0.18) $ (0.18) $ (0.26)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.02) $ (0.01) $ (0.09) $ -- $ (0.06)
-----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.52 $ 9.54 $ 9.55 $ 9.64 $ 9.64
=======================================================================================================================
Total return* 2.04% 1.71% 0.97% 1.84% 2.03%
Ratio of net expenses to average net assets 0.61% 0.59% 0.60% 0.57% 0.59%
Ratio of net investment income (loss) to average net assets 1.88% 1.61% 1.33% 1.57% 2.34%
Portfolio turnover rate 70% 44% 48% 41% 28%
Net assets, end of period (in thousands) $333,825 $278,689 $288,108 $ 403,710 $264,018
=======================================================================================================================
* 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.
** The Fund was audited by another independent registered public accounting
firm other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 per share.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 91
Notes to Financial Statements | 8/31/17
1. Organization and Significant Accounting Policies
Pioneer Short Term Income Fund (the Fund) is a Delaware statutory trust
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to seek a
high level of current income to the extent consistent with a relatively high
level of stability of principal.
The Fund offers five classes of shares designated as Class A, Class C, Class C2,
Class K and Class Y shares. Each class of shares represents an interest in the
same portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes can
bear different rates of class-specific fees and expenses, such as transfer agent
and distribution fees. Differences in class-specific fees and expenses will
result in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The Amended
and Restated Declaration of Trust of the Fund gives the Board of Trustees the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class K or Y shares.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Fund's investment adviser,
became an indirect wholly owned subsidiary of Amundi and Amundi's wholly owned
subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer Investments was
owned by Pioneer Global Asset Management S.p.A., a wholly owned subsidiary of
UniCredit S.p.A.
In connection with the transaction, the names of the Fund's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the Adviser) and the name of Pioneer Funds Distributor, Inc. changed to Amundi
Pioneer Distributor, Inc. (the Distributor).
92 Pioneer Short Term Income Fund | Annual Report | 8/31/17
In October 2016, the Securities and Exchange Commission (SEC) released its Final
Rule on Investment Company Reporting Modernization. In addition to introducing
two new regulatory reporting forms (Form N-PORT and Form N-CEN), the Final Rule
amends Regulation S-X, which impacts financial statement presentation,
particularly related to the presentation of derivative investments. Financial
statements with a period end date on or after August 1, 2017 are required to be
in compliance with the amendments to Regulation S-X. The Fund's financial
statements were prepared in compliance with the amendments to Regulation S-X.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the management
of the Fund to make estimates and assumptions that affect the reported amounts
of assets and liabilities, the disclosure of contingent assets and liabilities
at the date of the financial statements, and the reported amounts of income,
expenses and gains and losses on investments during the reporting period. Actual
results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to supply
prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 93
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the price
information is deemed to be unreliable, price information will be obtained
from an alternative loan interest pricing service. If no reliable price
quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other
insurance-linked securities (including sidecars, collateralized reinsurance
and industry loss warranties) may be valued at the bid price obtained from
an independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods or
techniques to provide an estimated value of the instrument.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Repurchase
agreements are valued at par. Cash may include overnight time deposits at
approved financial institutions.
Securities or loan interests for which independent pricing services or
broker-dealers 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 the Adviser, pursuant to procedures adopted by the Fund's
Board of Trustees. The Adviser's fair valuation team uses fair value
methods approved by the Valuation Committee of the Board of Trustees. The
Adviser'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
94 Pioneer Short Term Income Fund | Annual Report | 8/31/17
disasters, terrorist activity or trading halts. Thus, the valuation of the
Fund's securities may differ significantly from exchange prices and such
differences could be material.
At August 31, 2017, there were no securities valued using fair value
methods (other than securities valued using prices supplied by independent
pricing services, broker-dealers or using a third party insurance industry
pricing model).
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income, including
interest on income-bearing cash accounts, is recorded on the accrual basis.
Dividend and interest income are reported net of unrecoverable foreign
taxes withheld at the applicable country rates.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income. Interest and dividend income payable by delivery of
additional shares is reclassified as PIK (payment-in-kind) income upon
receipt and is included in interest and dividend income, respectively.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. 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.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 95
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required. As of August 31, 2017, the Fund did not accrue any interest or
penalties related to uncertain tax positions, which, if applicable, would
be recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years remain subject to examination by
federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from (U.S. GAAP). Distributions in excess of net
investment income or net realized gains are temporary overdistributions for
financial statement purposes resulting from differences in the recognition
or classification of income or distributions for financial statement and
tax purposes. Capital accounts within the financial statements are adjusted
for permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences. At August 31, 2017, the Fund
reclassified $1,493,633 to decrease Distributions in excess of net
investment income, $927,106 to increase accumulated net realized loss on
investments and $566,527 to decrease paid-in capital to reflect permanent
book/tax differences. These adjustments have no impact on net assets or the
results of operations.
At August 31, 2017, the Fund was permitted to carry forward indefinitely
$4,501,506 of short-term losses and $8,245,252 of long-term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation. Additionally, at August 31, 2017, the Fund had a net capital
loss carryforward of $2,050,826 of which the following amounts will expire
between 2018 and 2019 if not utilized: $1,062,928 in 2018, and $987,898 in
2019. In addition, the Fund had a capital loss carryforward of $566,527,
which expired during the year ended August 31, 2017.
The tax character of distributions during the years ended August 31, 2017
and August 31, 2016 were as follows:
---------------------------------------------------------------------------
2017 2016
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $12,050,066 $9,845,537
---------------------------------------------------------------------------
Total $12,050,066 $9,845,537
===========================================================================
96 Pioneer Short Term Income Fund | Annual Report | 8/31/17
The following shows the components of distributable earnings (losses) on a
federal income tax basis at August 31, 2017:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,003,387
Capital loss carryforward (14,797,584)
Current year dividend payable (201,702)
Unrealized depreciation (569,954)
---------------------------------------------------------------------------
Total $(14,565,853)
===========================================================================
The difference between book-basis and tax-basis net unrealized depreciation
is attributable to the tax deferral on wash sales, adjustments relating to
catastrophe bonds and reinsurance sidecars, the tax treatment of premium
and amortization and the market to market of futures contracts.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $7,318 in underwriting commissions on the sale of Class
A shares during the year ended August 31, 2017.
F. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day. Distribution fees are calculated based on the average daily net
asset value attributable to Class A, Class C, Class C2, and Class K shares
of the Fund, respectively (see Note 4). Class K or Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent
for its services are allocated among the classes of shares based on the
number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C, Class C2, Class K and
Class Y shares can reflect different transfer agent and distribution
expense rates.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 97
G. Risks
Interest rates in the U.S. recently have been historically low, so the Fund
faces a heightened risk that interest rates may rise. A general rise in
interest rates may cause investors to move out of fixed-income securities
on a large scale, which could adversely affect the price and liquidity of
fixed-income securities and could also result in increased redemptions from
the Fund. When interest rates rise, the prices of fixed-income securities
in the Fund will generally fall. Conversely, when interest rates fall, the
prices of fixed-income securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of underlying issuers and their inability to meet their debt
obligations. The Fund's prospectus contains unaudited information regarding
the Fund's principal risks. Please refer to that document when considering
the Fund's principal risks.
H. Insurance-linked securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event occurs, as defined within the
terms of an event-linked bond, the Fund may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
Fund is entitled to receive principal and interest payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, event-linked bonds
may expose the Fund to other risks, including but not limited to issuer
(credit) default, adverse regulatory or jurisdictional interpretations and
adverse tax consequences.
The Fund's investments in ILS may include special purpose vehicles ("SPVs")
or similar instruments structured to comprise a portion of a reinsurer's
catastrophe-oriented business, known as quota share instruments (sometimes
referred to as reinsurance sidecars), or to provide reinsurance relating to
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments also may include industry loss warranties ("ILWs").
A traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange traded instruments.
98 Pioneer Short Term Income Fund | Annual Report | 8/31/17
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, generally are subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance of underlying reinsurance contracts, the Fund
has limited transparency into the individual underlying contracts and
therefore must rely upon the risk assessment and sound underwriting
practices of the issuer. Accordingly, it may be more difficult for the
Adviser to fully evaluate the underlying risk profile of the Fund's
structured reinsurance investments and therefore the Fund's assets are
placed at greater risk of loss than if the Adviser had more complete
information. Structured reinsurance instruments generally will be
considered illiquid securities by the Fund. These securities may be
difficult to purchase, sell or unwind. Illiquid securities also may be
difficult to value. If the Fund is forced to sell an illiquid asset, the
Fund may be forced to sell at a loss.
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The Adviser is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Fund is entitled to sell the securities,
but the Fund may not be able to sell them for the price at which they were
purchased, thus causing a loss to the Fund. Additionally, if the
counterparty becomes insolvent, there is some risk that the Fund will not
have a right to the securities, or the immediate right to sell the
securities. For the year ended August 31, 2017, the Fund had no open
repurchase agreements.
J. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures
Pioneer Short Term Income Fund | Annual Report | 8/31/17 99
exchange. Upon entering into a futures contract, the Fund is required to
deposit with a broker an amount of cash or securities equal to the minimum
"initial margin" requirements of the associated futures exchange. The
amount of cash deposited with the broker as collateral at August 31, 2017
was $328,000 and is recorded as "Futures Collateral" on the Statement of
Assets and Liabilities. Subsequent payments for futures contracts
(variation margin) are paid or received by the Fund, depending on the daily
fluctuation in the value of the contracts, and are recorded by the Fund as
unrealized appreciation or depreciation. When the contract is closed, the
Fund realizes a gain or loss equal to the difference between the opening
and closing value of the contract as well as any fluctuation in foreign
currency exchange rates where applicable. The use of futures contracts are
subject to market risk, interest rate risk and currency exchange rate risk.
Changes in value of the contracts may not directly correlate to the changes
in value of the underlying securities. The average value of contracts open
during the year ended August 31, 2017 was $120,656,626. Open futures
contracts at August 31, 2017 are listed in the Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund's portfolio. Management fees are calculated daily
at the annual rate of 0.35% of the Fund's average daily net assets up to $1
billion and 0.30% on assets over $1 billion. For the year ended August 31, 2017,
the effective management fee (excluding waivers and/or assumption of expenses)
was equivalent to 0.35% of the Fund's average daily net assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting, and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$54,754 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at August 31, 2017.
3. Transfer Agent
Boston Financial Data Services, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
100 Pioneer Short Term Income Fund | Annual Report | 8/31/17
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the year
ended August 31, 2017, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $14,982
Class C 2,479
Class C2 1
Class K 151
Class Y 5,231
--------------------------------------------------------------------------------
Total $22,844
================================================================================
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays the Distributor 0.20% of the average daily
net assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Further pursuant to the Plan, the Fund also pays the Distributor
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 $18,616 in distribution fees payable to the
Distributor at August 31, 2017.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C and Class C2 shares within
12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost
or market value of shares being redeemed. Shares purchased as part of an
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class K or Y shares. Proceeds from the CDSCs
are paid to the Distributor. For the year ended August 31, 2017, CDSCs in the
amount of $12,377 were paid to the Distributor.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 101
5. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may subject it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Portfolio.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at August 31,
2017 was as follows:
-----------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Assets and Liabilities Rate Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------
Assets
Net unrealized
appreciation of
futures contracts $26,732 $-- $-- $-- $--
-----------------------------------------------------------------------------------
Total Value $26,732 $-- $-- $-- $--
===================================================================================
102 Pioneer Short Term Income Fund | Annual Report | 8/31/17
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at August 31, 2017 was as follows:
----------------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Operations Rate Risk Risk Rate Risk Risk Risk
----------------------------------------------------------------------------------------------
Net realized gain
(loss) on
Futures contracts $(273,192) $-- $-- $-- $--
----------------------------------------------------------------------------------------------
Total Value $(273,192) $-- $-- $-- $--
==============================================================================================
Change in net
unrealized
appreciation
(depreciation) on
Futures contracts $ 79,828 $-- $-- $-- $--
----------------------------------------------------------------------------------------------
Total Value $ 79,828 $-- $-- $-- $--
==============================================================================================
6. Results of Shareholder Meeting
At a special meeting held on June 13, 2017, shareholders of the Fund were asked
to consider the proposals described below. A report of the total votes cast by
the Fund's shareholders follows:
----------------------------------------------------------------------------------------------
For Against Abstain Broker Non-Votes
----------------------------------------------------------------------------------------------
Proposal 1 - To approve 24,171,474.896 160,931.896 596,388.255 9,399,929.400
an New Management
Agreement with
the Adviser
----------------------------------------------------------------------------------------------
For Withhold
----------------------------------------------------------------------------------------------
Proposal 2 - To elect Trustees
----------------------------------------------------------------------------------------------
David R. Bock 33,511,497.849 817,226.598
----------------------------------------------------------------------------------------------
Benjamin M. Friedman 33,510,333.039 818,391.408
----------------------------------------------------------------------------------------------
Margaret B.W. Graham 33,527,536.739 801,187.708
----------------------------------------------------------------------------------------------
Lisa M. Jones 33,537,268.412 791,456.035
----------------------------------------------------------------------------------------------
Lorraine H. Monchak 33,545,281.163 783,443.284
----------------------------------------------------------------------------------------------
Thomas J. Perna 33,529,171.039 799,553.408
----------------------------------------------------------------------------------------------
Marguerite A. Piret 33,527,111.549 801,612.898
----------------------------------------------------------------------------------------------
Fred J. Ricciardi 33,517,296.939 811,427.508
----------------------------------------------------------------------------------------------
Kenneth J. Taubes 33,533,035.849 795,688.598
----------------------------------------------------------------------------------------------
Pioneer Short Term Income Fund | Annual Report | 8/31/17 103
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareholders of
Pioneer Short Term Income Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Short Term Income Fund (the "Fund"), including the schedule of investments, as
of August 31, 2017, and the related statements of operations, changes in net
assets and the financial highlights for the year then ended and the financial
highlights for the year ended August 31, 2013. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The statement of changes in net assets
for the year ended August 31, 2016 and the financial highlights in the periods
ended August 31, 2014, August 31, 2015 and August 31, 2016 were audited by
another independent registered public accounting firm whose report, dated
October 24, 2016, expressed an unqualified opinion on the statement of changes
in net assets and those financial highlights.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audit included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of August 31, 2017, by correspondence with the custodian,
brokers and others or by other appropriate auditing procedures where replies
from brokers and others were not received. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Short Term Income Fund at August 31, 2017, the results of its
operations, the changes in its net assets and the financial highlights for the
year then ended and the financial highlights for the year ended August 31, 2013
in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
October 27, 2017
104 Pioneer Short Term Income Fund | Annual Report | 8/31/17
ADDITIONAL INFORMATION
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 77.61%.
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the "Adviser"), the
Funds' investment adviser, was an indirect, wholly owned subsidiary of UniCredit
S.p.A. ("UniCredit"). On that date, UniCredit completed the sale of its Pioneer
Investments business, which includes the Adviser, to Amundi (the "Transaction").
As a result of the Transaction, the Adviser became an indirect, wholly-owned
subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A. Amundi is
headquartered in Paris, France, and, as of September 30, 2016, had more than
$1.1 trillion in assets under management worldwide.
Deloitte & Touche LLP ("D&T"), the Funds' previous independent registered public
accounting firm, informed the Audit Committee and the Board that it would no
longer be independent with respect to the Funds upon the completion of the
Transaction as a result of certain services being provided to Amundi and Credit
Agricole, and, accordingly, that it intended to resign as the Funds' independent
registered public accounting firm upon the completion of the Transaction. D&T's
resignation was effective on July 3, 2017, when the Transaction was completed.
During the periods as to which D&T has served as the Funds' independent
registered public accounting firm, including the Funds' two most recent fiscal
years preceding the fiscal year ended August 31, 2017, D&T's reports on the
Funds' financial statements have not contained an adverse opinion or disclaimer
of opinion and have not been qualified or modified as to uncertainty, audit
scope or accounting principles. Further, there have been no disagreements with
D&T on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which, if not resolved to the
satisfaction of D&T, would have caused D&T to make reference to the subject
matter of the disagreement in connection with its report on the financial
statements. In addition, there have been no reportable events of the kind
described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange
Act of 1934.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
a new independent registered public accounting firm, Ernst & Young LLP ("EY"),
for the Funds' fiscal year ended August 31, 2017.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 105
Prior to its engagement, EY had advised the Funds' Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries during
the period commencing July 1, 2016, that it determined to be inconsistent with
the auditor independence rules set forth by the Securities and Exchange
Commission ("SEC"): (a) project management support services to UniCredit in the
Czech Republic, Germany, Italy, Serbia and Slovenia in relation to twenty-two
projects, that were determined to be inconsistent with Rule 2-01(c)(4)(vi) of
Regulation S-X (management functions); (b) two engagements for UniCredit in
Italy where fees were contingent/success based and that were determined to be
inconsistent with Rule 2-01(c)(5) of Regulation S-X (contingent fees); (c) four
engagements where legal and expert services were provided to UniCredit in the
Czech Republic and Germany, and twenty engagements where the legal advisory
services were provided to UniCredit in Austria, Czech Republic, Italy and
Poland, that were determined to be inconsistent with Rule 2-01(c)(4)(ix) and (x)
of Regulation S-X (legal and expert services); and (d) two engagements for
UniCredit in Italy involving assistance in the sale of certain assets, that were
determined to be inconsistent with Rule 2-01(c)(4)(viii) of Regulation S-X
(broker-dealer, investment advisor or investment banking services). None of the
foregoing services involved the Funds, any of the other funds in the Pioneer
Family of Funds or any other Pioneer entity sold by UniCredit in the
Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Funds under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Funds, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
106 Pioneer Short Term Income Fund | Annual Report | 8/31/17
Approval of New and Interim Management Agreements
Amundi Pioneer Asset Management, Inc. (Amundi Pioneer), formerly Pioneer
Investment Management, Inc., serves as the investment adviser to Pioneer Short
Term Income Fund (the Fund) pursuant to an investment management agreement
between Amundi Pioneer and the Fund.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world (the "Transaction"). As a
result of the Transaction, Amundi Pioneer became an indirect wholly-owned
subsidiary of Amundi and Amundi's wholly-owned subsidiary, Amundi USA, Inc.
Prior to July 3, 2017, Pioneer Investments was owned by Pioneer Global Asset
Management S.p.A. ("PGAM"), a wholly-owned subsidiary of UniCredit S.p.A.
("UniCredit").
Under the Investment Company Act of 1940, the Fund's current investment
management agreement (the "Current Management Agreement") terminated
automatically upon the consummation of the Transaction. In order for
Amundi Pioneer to continue to manage the Fund after the consummation of the
Transaction, the Trustees and shareholders of the Fund were required to approve
a new investment management agreement for the Fund (the "New Management
Agreement"). As discussed below, the Board of Trustees of the Fund approved the
New Management Agreement at a meeting held on March 6-7, 2017. The New
Management Agreement was approved by the shareholders of the Fund at a meeting
held on June 13, 2017. The Board of Trustees of the Fund also approved an
interim investment management agreement between Amundi Pioneer and the Fund (the
"Interim Management Agreement") at the March 6-7, 2017 meeting. The Interim
Management Agreement would have taken effect upon the closing of the Transaction
in the event that the shareholders of the Fund did not approve the New
Management Agreement.
Board Evaluation of the New and Interim Management Agreements
The Board evaluated the Transaction and the New Management Agreement and Interim
Management Agreement for the Fund. In connection with their evaluation of the
Transaction and the New Management Agreement for the Fund, the Trustees
requested such information as they deemed reasonably necessary, including: (a)
the structure of the Transaction and the strategy underlying the Transaction;
(b) the anticipated benefits of the Transaction to the Fund and its
shareholders; (c) the post-Transaction plans for Amundi Pioneer, including
Amundi's plans for integration of Pioneer Investments and
Pioneer Short Term Income Fund | Annual Report | 8/31/17 107
Amundi Pioneer with its existing asset management businesses and plans for the
future development of Amundi Pioneer; (d) the effect of the Transaction on the
ongoing services provided to the Fund, including the need to select a new
independent registered public accounting firm for the Fund, and any plans to
modify the operations of the Fund; (e) the stability and continuity of Amundi
Pioneer's management and key employees, including compensation and benefits to
Amundi Pioneer's key employees, and retention plans and incentive plan
structure; (f) the post-Transaction indebtedness and financial resources of
Amundi Pioneer; (g) Amundi's legal and operational structure, its principal
shareholders and senior management, its investment management, risk management,
administrative, legal and compliance functions; (h) certain regulatory matters
relating to Amundi's affiliates; and (i) Amundi's commitment to the United
States, including the role of Amundi Pioneer in the larger Amundi business.
The Trustees also requested and obtained the following information in connection
with their evaluation of the Transaction and the New Management Agreement for
the Fund: (i) memoranda provided by Fund counsel that summarized the legal
standards and other considerations that are relevant to the Trustees in their
deliberations regarding the New Management Agreement; (ii) the qualifications of
the investment management teams for the Fund, as well as the level of investment
by the Fund's portfolio managers in the Fund; (iii) the Fund's management fees
and total expense ratios, the financial statements of Amundi Pioneer and its
pre- and post-Transaction parent companies, profitability analyses from Amundi
Pioneer, and analyses from Amundi Pioneer as to possible economies of scale;
(iv) the profitability of the institutional business of Amundi Pioneer and
Amundi Pioneer's affiliate, Amundi Pioneer Institutional Asset Management, Inc.
("Amundi Pioneer Institutional") as compared to that of Amundi Pioneer's fund
management business; and (v) the differences between the fees and expenses of
the Fund and the fees and expenses of Amundi Pioneer's and Amundi Pioneer
Institutional's institutional accounts, as well as the different services
provided by Adviser to the Fund and by Amundi Pioneer and Amundi Pioneer
Institutional to the institutional accounts. In addition, the Trustees
considered the information provided at regularly scheduled meetings throughout
the year regarding the Fund's performance and risk attributes, including through
meetings with investment management personnel, and took into account other
information related to the Fund provided to the Trustees at regularly scheduled
meetings. The Trustees also considered information they had received in their
review of the continuance of the Current Management Agreement for the Fund in
September 2016.
108 Pioneer Short Term Income Fund | Annual Report | 8/31/17
At meetings held on January 9, 2017 and January 10, 2017, the Trustees met with
representatives of Amundi and PGAM, including separate meetings of the Trustees
who are not "interested persons" of the Fund Complex ("Independent Trustees")
and counsel with representatives of Amundi and PGAM, and subsequently with
representatives of Amundi. In those meetings, they received an extensive
presentation from the representatives of Amundi, including the chief executive
officer of Amundi, describing Amundi's background and history, its global asset
management activities, the growth of its business, and its status as the largest
asset management firm in Europe and one of the largest globally; its capital
structure and financial resources, including information as to the financing of
the Transaction; its principal investors, including its majority investor Credit
Agricole S.A., and Credit Agricole's long-term commitment to the asset
management business; the philosophy and strategy underlying the Transaction and
the complementarity of Amundi's and Pioneer Investments' respective asset
management businesses; Amundi's various operating and investment committees and
how they would likely interact with Amundi Pioneer; the proposed integration
process, including the progress to date and the establishment of various
integration work streams; Amundi's plans for management of Amundi Pioneer;
Amundi's philosophy as to compensation of key employees and its general
intentions with respect to incentive plans for key employees of Amundi Pioneer;
Amundi's preliminary plans to achieve cost and other synergies; and
opportunities to further develop the business of Amundi Pioneer and Amundi
Pioneer Institutional, including in the area of institutional asset management,
and how that would benefit shareholders of the Pioneer Funds.
In those meetings, the representatives of Amundi confirmed their intention that
the Chief Executive Officer and Chief Investment Officer of Amundi Pioneer would
remain in their current positions, and confirmed that they do not currently
foresee major changes in the day-to-day investment management operations of
Amundi Pioneer with respect to the Fund as a direct result of the Transaction.
They discussed incentive arrangements for key personnel that would continue
after the closing of the Transaction and their plans to establish a new
long-term incentive plan following the closing. They also generally discussed
ways in which Amundi Pioneer could potentially draw on the expanded global
resources of Amundi post-Transaction. At those meetings, the Independent
Trustees identified certain areas to which they requested further information,
including as to trading and execution of securities transactions, research and
portfolio management and potential changes in investment process, particularly
where asset classes managed by Amundi Pioneer would overlap with asset classes
managed by Amundi, the continued availability of resources currently at Pioneer
Investments or elsewhere within
Pioneer Short Term Income Fund | Annual Report | 8/31/17 109
Amundi to assist in management of certain Funds, and any anticipated significant
changes in operations. The Independent Trustees considered the uncertainty as to
whether the Fund's independent registered public accounting firm could continue
to act in that capacity after the closing of the Transaction. The Independent
Trustees also met with counsel to review the information they had received to
date and to discuss next steps.
Subsequently, the Trustees received further information from Amundi, including
written responses to questions raised by the Independent Trustees, and received
from Amundi Pioneer the information requested of it. The Independent Trustees
reviewed the information provided with counsel at telephonic meetings held on
February 16, 2017 and February 27, 2017. The Trustees held a special in-person
Board meeting on March 6-7, 2017 for further consideration of the New Management
Agreements, the Interim Management Agreements and the Transaction. The Trustees
met again with senior executives of Amundi at the March 6-7, 2017 meeting.
At the March 6-7, 2017 meeting, based on their evaluation of the information
provided by Amundi Pioneer and Amundi, the Trustees including the Independent
Trustees voting separately, approved the New Management Agreement and the
Interim Management Agreement for the Fund. In considering the New Management
Agreement for the Fund, the Trustees considered various factors that they
determined were relevant, including the factors described below. The Trustees
did not identify any single factor as the controlling factor in their
determinations. The Trustees considered the same factors with respect to the
Interim Management Agreement for the Fund.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by Amundi Pioneer to the Fund and that are expected to be provided
by Amundi Pioneer to the Fund following the consummation of the Transaction. The
Trustees reviewed the terms of the New Management Agreement, and noted that such
terms are substantially similar to the terms of the Current Management
Agreement, except for different execution dates, effective dates and termination
dates. The Trustees reviewed Amundi Pioneer's investment approach for the Fund
and its research process. The Trustees considered the resources of Amundi
Pioneer and the personnel of Amundi Pioneer who provide investment management
services to the Fund. They also reviewed the amount of non-investment resources
and personnel of Amundi Pioneer that are involved in Amundi Pioneer's services
to the Fund, including Amundi Pioneer's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by Amundi Pioneer's senior management to the Pioneer Fund complex.
110 Pioneer Short Term Income Fund | Annual Report | 8/31/17
The Trustees considered that Amundi Pioneer 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 and that Amundi Pioneer would continue to
provide those investment management and research services and resources to the
Fund following the consummation of the Transaction. The Trustees also considered
that, as administrator, Amundi Pioneer would continue to be responsible for the
administration of the Fund's business and other affairs. The Trustees considered
the fees to be paid to Amundi Pioneer for the provision of administration
services.
The Trustees considered that Deloitte & Touche LLP informed the Board that it
would no longer be independent with respect to the Fund upon the completion of
the Transaction and, accordingly, that it would be necessary for the Board to
engage a new independent registered public accounting firm for the Fund.
The Trustees considered that the Transaction was not expected to have a material
adverse impact on the nature, scope and overall quality of services provided to
the Fund and its shareholders, including investment management, risk management,
administrative, compliance, legal and other services, as a result of the
Transaction.
In that regard, the Trustees considered that Amundi is one of the largest asset
managers globally, and that Amundi Pioneer may have access to additional
research and portfolio management capabilities as a result of the Transaction
and that Amundi Pioneer, as part of Amundi, is expected to have an enhanced
global presence that may contribute to an increase in the overall scale and
resources of Amundi Pioneer. Furthermore, in considering whether the Transaction
would be expected to have a material adverse impact on the nature, scope and
overall quality of services provided to the Fund and its shareholders, the
Trustees considered the statements by representatives of Amundi that they expect
the Chief Executive Officer and Chief Investment Officer of Amundi Pioneer to
remain in their current positions and that they do not currently foresee major
changes in the day-to-day investment management operations of Amundi Pioneer as
a direct result of the Transaction, or the risk management, legal or compliance
services provided by Amundi Pioneer, with respect to the Fund. They further
considered the current incentive arrangements for key personnel of Amundi
Pioneer that would continue after the closing of the Transaction. They also
noted Amundi's stated intention to establish a new long-term incentive plan
following the closing.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 111
The Trustees also took into account their experience in evaluating the proposed
combination of Pioneer Investments and Santander Asset Management, which was
announced in September, 2014 and abandoned in July, 2016. In light of, among
other things, this experience, the Trustees determined that they were not able
to identify any realistic alternatives to approving the New Management Agreement
that would provide the level of services to the Fund and its shareholders that
are expected to be provided by Amundi Pioneer after the closing of the
Transaction.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that Amundi Pioneer would continue to provide to the
Fund under the New Management Agreement would be satisfactory and consistent
with the terms of the New Management Agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly reviewed and
discussed throughout the year data prepared by Amundi Pioneer and information
comparing the Fund's performance with the performance of its peer group of
funds, as classified by each of Morningstar, Inc. (Morningstar) and Lipper, and
the performance of the Fund's benchmark index. They also discussed the Fund's
performance with Amundi Pioneer on a regular basis.
The Trustees' regular reviews and discussions were factored into the Trustees'
deliberations concerning the approval of the New Management Agreement.
Management Fee and Expenses
The Trustees noted that the stated management fees to be paid by the Fund are
identical under the Current Management Agreement and the New Management
Agreement. 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
Independent Trustees for this purpose using data provided by Strategic Insight
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party. In all quintile rankings referred to below, first quintile is most
favorable to the Fund's shareowners. To the extent applicable, the Trustees also
considered the impact of transfer agency, sub-transfer agency, and other
non-management fee expenses on the expense ratios of the Fund. The Trustees
noted that they separately review the Fund's transfer agency, sub-transfer
agency and intermediary arrangements and that the results of the most recent
such review were considered in the consideration of the Fund's expense ratio.
112 Pioneer Short Term Income Fund | Annual Report | 8/31/17
The Trustees considered that the Fund's management fee as of September 30, 2016
was in the first quintile relative to the management fees paid by other funds in
its Morningstar category for the comparable period. The Trustees also considered
the breakpoint in the management fee schedule and the reduced fee rate above a
certain asset level. The Trustees considered that the expense ratio of the
Fund's Class A shares as of September 30, 2016 was in the third quintile
relative to its Morningstar category and in the third quintile relative to its
Strategic Insight peer group, in each case for the comparable period. The
Trustees considered that the expense ratio of the Fund's Class Y shares as of
September 30, 2016 was in the fourth quintile relative to its Morningstar
category and in the fifth quintile relative to its Strategic Insight peer group,
in each case for the comparable period. The Trustees noted the impact of
expenses relating to small accounts and omnibus accounts on transfer and sub-
transfer agency expenses generally.
The Trustees reviewed management fees charged by Amundi Pioneer and Amundi
Pioneer Institutional to institutional and other clients, including publicly
offered European funds sponsored by Amundi Pioneer's affiliates, unaffiliated
U.S. registered investment companies (in a sub-advisory capacity), and
unaffiliated foreign and domestic separate accounts. The Trustees also
considered Amundi Pioneer's costs in providing services to the Fund and Amundi
Pioneer's and Amundi Pioneer Institutional'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
Amundi Pioneer's and Amundi Pioneer Institutional's client accounts, the
Trustees took into account the respective demands, resources and complexity
associated with the Fund and other 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 both the Current Management
Agreement and the New Management Agreement, Amundi Pioneer would perform
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 risks associated with Amundi Pioneer's management of
the Fund and Amundi Pioneer's and Amundi Pioneer Institutional's management of
the other client accounts.
The Trustees concluded that the management fee payable by the Fund to Amundi
Pioneer was reasonable in relation to the nature and quality of the services to
be provided by Amundi Pioneer.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 113
Profitability
The Trustees considered information provided by Amundi Pioneer regarding the
profitability of Amundi Pioneer with respect to the advisory services provided
by Amundi Pioneer to the Fund, including the methodology used by Amundi Pioneer
in allocating certain of its costs to the management of the Fund. The Trustees
also considered Amundi Pioneer's profit margin in connection with the overall
operation of the Fund. They further reviewed the financial results, including
the profit margins, realized by Amundi Pioneer and Amundi Pioneer Institutional
from non-fund businesses. The Trustees considered Amundi Pioneer'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 Amundi Pioneer's profitability
with respect to the management of the Fund was not unreasonable.
Economies of Scale
The Trustees considered Amundi Pioneer'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 the Fund and Fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify, and that, among other factors that may be relevant, are the following:
fee levels, expense subsidization, investment by Amundi Pioneer in research and
analytical capabilities and Amundi Pioneer's commitment and resource allocation
to the Fund. The Trustees noted that profitability also may be an indicator of
the availability of any economies of scale, although profitability may vary for
other reasons including due to reductions in expenses. The Trustees concluded
that economies of scale, if any, were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits that Amundi Pioneer enjoys from its
relationship with the Fund. The Trustees considered the character and amount of
fees paid or to be paid by the Fund, other than under the Current Management
Agreement or the New Management Agreement, for services provided by Amundi
Pioneer and its affiliates. The Trustees further considered the revenues and
profitability of Amundi Pioneer's businesses other than the Fund business. To
the extent applicable, the Trustees also considered the benefits to the Fund and
to Amundi Pioneer and its affiliates from the use of "soft" commission dollars
generated by the Fund to pay for research and brokerage services.
114 Pioneer Short Term Income Fund | Annual Report | 8/31/17
The Trustees considered that following the completion of the Transaction, Amundi
Pioneer will be the principal U.S. asset management business of Amundi, and that
Amundi's worldwide asset management business will manage over $1.38 trillion in
assets (including the Pioneer Funds). This may create opportunities for Amundi
Pioneer, Amundi Pioneer Institutional and Amundi that derive from Amundi
Pioneer's relationships with the Fund, including Amundi's ability to market the
services of Amundi Pioneer globally. The Trustees noted that Amundi Pioneer may
have access to additional research capabilities as a result of the Transaction
and Amundi's enhanced global presence that may contribute to an increase of the
overall scale of Amundi Pioneer. The Trustees considered that Amundi Pioneer and
the Fund are expected to receive reciprocal intangible benefits from the
relationship, including mutual brand recognition and, for the Fund, direct and
indirect access to the resources of a large global asset manager. The Trustees
concluded that any such benefits received by Amundi Pioneer as a result of its
relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including the Independent Trustees, concluded that the New Management
Agreement and the Interim Management Agreement for the Fund, including the fees
payable thereunder, were fair and reasonable and voted to approve the New
Management Agreement and the Interim Management Agreement, and to recommend that
shareholders approve the New Management Agreement.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 115
Trustees, Officers and Service Providers
Investment Adviser
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended August 31 is publicly available to shareowners
at www.amundipioneer.com. This information is also available on the Securities
and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations and other directorships they have held during at least the past five
years. Trustees who are interested persons of the Fund within the meaning of the
1940 Act are referred to as Interested Trustees. Trustees who are not interested
persons of the Fund are referred to as Independent Trustees. Each of the
Trustees serves as a Trustee of each of the 46 U.S. registered investment
portfolios for which Amundi Pioneer serves as investment adviser (the "Pioneer
Funds"). The address for all Trustees and all officers of the Fund is 60 State
Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
116 Pioneer Short Term Income Fund | Annual Report | 8/31/17
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (66) Trustee since 2006. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee successor trustee is Executive Officer (2008 - 2012), Quadriserv, communications and securities
elected or earlier Inc. (technology products for securities processing provider for financial
retirement or removal. lending industry); and Senior Executive Vice services industry) (2009 -
President, The Bank of New York (financial and present); Director, Quadriserv,
securities services) (1986 - 2004) Inc. (2005 - 2013); and
Commissioner, New Jersey State
Civil Service Commission (2011 -
2015)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (73) Trustee since 2005. Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee Serves until a (corporate advisory services company) (1997 - Trust (publicly-traded mortgage
successor trustee is 2004 and 2008 - present); Interim Chief REIT) (2004 - 2009, 2012 -
elected or earlier Executive Officer, Oxford Analytica, Inc. present); Director of The Swiss
retirement or removal. (privately held research and consulting Helvetia Fund, Inc. (closed-end
company) (2010); Executive Vice President and fund) (2010 - present); Director
Chief Financial Officer, I-trax, Inc. (publicly of Oxford Analytica, Inc. (2008 -
traded health care services company) (2004 - present); and Director of
2007); and Executive Vice President and Chief Enterprise Community Investment,
Financial Officer, Pedestal Inc. Inc. (privately-held affordable
(internet-based mortgage trading company) (2000 housing finance company) (1985 -
- 2002); Private Consultant (1995 - 1997); 2010)
Managing Director, Lehman Brothers (1992 -
1995); Executive, The World Bank (1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (73) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and Mellon
successor trustee is Institutional Funds Master
elected or earlier Portfolio (oversaw 17 portfolios
retirement or removal. in fund complex) (1989 - 2008)
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (70) Trustee since 2004. Founding Director, Vice-President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee is firm) (1982 - present); Desautels Faculty of
elected or earlier Management, McGill University (1999 - present);
retirement or removal. and Manager of Research Operations and
Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Short Term Income Fund | Annual Report | 8/31/17 117
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine H. Monchak (61) Trustee since 2017. Chief Investment Officer, 1199 SEIU Funds None
Trustee (Advisory Trustee from (healthcare workers union pension funds) (2001
2014 - 2017). Serves - present); Vice President - International
until a successor Investments Group, American International
trustee is elected or Group, Inc. (insurance company) (1993 - 2001);
earlier retirement or Vice President, Corporate Finance and Treasury
removal. Group, Citibank, N.A. (1980 - 1986 and 1990 -
1993); Vice President - Asset/Liability
Management Group, Federal Farm Funding
Corporation (government-sponsored issuer of
debt securities) (1988 - 1990); Mortgage
Strategies Group, Shearson Lehman Hutton, Inc.
(investment bank) (1987 - 1988); Mortgage
Strategies Group, Drexel Burnham Lambert, Ltd.
(investment bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (69) Trustee since 2004. President and Chief Executive Officer, Newbury Director of New America High
Trustee Serves until a Piret Company (investment banking firm) (1981 - Income Fund, Inc. (closed-end
successor trustee is present) investment company) (2004 -
elected or earlier present); and Member, Board of
retirement or removal. Governors, Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (70) Trustee since 2014. Consultant (investment company services) (2012 None
Trustee Serves until a - present); Executive Vice President, BNY
successor trustee is Mellon (financial and investment company
elected or earlier services) (1969 - 2012); Director, BNY
retirement or removal. International Financing Corp. (financial
services) (2002 - 2012); Director, Mellon
Overseas Investment Corp. (financial services)
(2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
118 Pioneer Short Term Income Fund | Annual Report | 8/31/17
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (55)* Trustee since 2017. Chair, Director, CEO and President of Amundi None
Trustee, President and Serves until a Pioneer Asset Management USA, Inc. (since
Chief Executive Officer successor trustee is September 2014); Chair, Director and CEO of
elected or earlier Amundi Pioneer Asset Management, Inc. (since
retirement or removal September 2014); Chair, Director and CEO of
Amundi Pioneer Distributor, Inc. (since
September 2014); Chair, Director, CEO and
President of Amundi Pioneer Institutional Asset
Management, Inc. (since September 2014);
Managing Director, Morgan Stanley Investment
Management (2010 - 2013); Director of
Institutional Business, CEO of International,
Eaton Vance Management (2005 - 2010)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (59)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since
successor trustee is 2010) of Amundi Pioneer Asset Management USA,
elected or earlier Inc.; Executive Vice President and Chief
retirement or removal Investment Officer, U.S. of Amundi Pioneer
(since 2008); Executive Vice President of
Amundi Pioneer Institutional Asset Management,
Inc. (since 2009); Portfolio Manager of Amundi
Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Short Term Income Fund | Annual Report | 8/31/17 119
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley Since 2004. Serves at Vice President and Associate General Counsel of None
(52) the discretion of the Amundi Pioneer since January 2008; Secretary
Secretary and Board and Chief Legal Officer of all of the Pioneer
Chief Legal Officer Funds since June 2010; Assistant Secretary of
all of the Pioneer Funds from September 2003 to
May 2010; Vice President and Senior Counsel of
Amundi Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (56) Since 2010. Serves at Fund Governance Director of Amundi Pioneer None
Assistant Secretary the discretion of the since December 2006 and Assistant Secretary of
Board all the Pioneer Funds since June 2010; Manager
- Fund Governance of Amundi Pioneer from
December 2003 to November 2006; and Senior
Paralegal of Amundi Pioneer from January 2000
to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (54) Since 2010. Serves at Senior Counsel of Amundi Pioneer since May 2013 None
Assistant Secretary the discretion of the and Assistant Secretary of all the Pioneer
Board Funds since June 2010; Counsel of Amundi
Pioneer from June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (57) Since 2008. Serves at Vice President - Fund Treasury of Amundi None
Treasurer and the discretion of the Pioneer; Treasurer of all of the Pioneer Funds
Chief Financial and Board since March 2008; Deputy Treasurer of Amundi
Accounting Officer Pioneer from March 2004 to February 2008; and
Assistant Treasurer of all of the Pioneer Funds
from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (52) Since 2004. Serves at Director - Fund Treasury of Amundi Pioneer; and None
Assistant Treasurer the discretion of the Assistant Treasurer of all of the Pioneer Funds
Board
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (59) Since 2004. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Amundi Pioneer; and Assistant Treasurer of all
Board of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (37) Since 2009. Serves at Fund Administration Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Amundi Pioneer since November 2008; Assistant
Board Treasurer of all of the Pioneer Funds since
January 2009; Client Service Manager -
Institutional Investor Services at State Street
Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
120 Pioneer Short Term Income Fund | Annual Report | 8/31/17
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (64) Since 2010. Serves at Chief Compliance Officer of Amundi Pioneer and None
Chief Compliance Officer the discretion of the of all the Pioneer Funds since March 2010;
Board Chief Compliance Officer of Amundi Pioneer
Institutional Asset Management, Inc. since
January 2012; Chief Compliance Officer of
Vanderbilt Capital Advisors, LLC since July
2012: Director of Adviser and Portfolio
Compliance at Amundi Pioneer since October
2005; Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003 to
October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (46) Since 2006. Serves at Director - Transfer Agency Compliance of Amundi None
Anti-Money the discretion of the Pioneer and Anti-Money Laundering Officer of
Laundering Officer Board all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers
or directors of the fund's investment adviser and certain of its
affiliates.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 121
This page is for your notes.
122 Pioneer Short Term Income Fund | Annual Report | 8/31/17
This page is for your notes.
Pioneer Short Term Income Fund | Annual Report | 8/31/17 123
This page is for your notes.
124 Pioneer Short Term Income Fund | Annual Report | 8/31/17
How to Contact Amundi 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:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.amundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.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] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Amundi Pioneer Asset Management 19427-11-1017
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
The audit fees for the Fund was $35,000
payable to Ernst & Young LLP for the year ended
August 31, 2017 and $47,962 payable to Deloitte & Touche LLP
for the year ended August 31, 2016.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
There were no audit-related services in 2017 or 2016.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
The tax fees for the Fund were $8,028
payable to Ernst & Young LLP for the year ended
August 31, 2017 and $7,128 payable to Deloitte & Touche LLP
for the year ended August 31, 2016.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
There were no other fees in 2017 or 2016.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Fund. For the
years ended August 31 2017 and 2016, there were no
services provided to an affiliate that required the
Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund were $8,028
payable to Ernst & Young LLP for the year ended
August 31, 2017 and $7,128 to Deloitte & Touche LLP
for the year ended August 31, 2016.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Short Term Income Fund
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date October 30, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date October 30, 2017
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date October 30, 2017
* Print the name and title of each signing officer under his or her signature.