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, Amundi Pioneer Asset 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, 2017 through February 28, 2018
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Short Term
Income Fund
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Semiannual Report | February 28, 2018
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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 74
Notes to Financial Statements 83
Trustees, Officers and Service Providers 95
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 1
President's Letter
While 2017 delivered strong positive performance, 2018, thus far, has introduced
market volatility. Concerns about the sustainability of the pace of economic
growth, extended equity valuations, and rising interest rates drove a
significant stock market sell-off beginning in late January, approaching
correction levels. The market did recover from its initial slump, but this
year's significant fluctuations have served to remind investors that even the
strongest "bulls" cannot run forever.
Our view is that the pause in the market's near-continuous upward momentum over
the previous 15 months presents an opportunity for investors to enter the market
at healthier valuation levels. We believe fundamentals are still quite positive,
yet also believe that caution is warranted given that the market remains
vulnerable to corrections. Some areas, such as growth stocks, appear expensive,
but we do see opportunity in value stocks, with prices supported by better
corporate earnings due to the recent tax reforms in the U.S. as well as robust,
nominal gross domestic product (GDP) growth. In fact, GDP growth in the U.S.
remained well above 2% in the fourth quarter of 2017, after rising to better
than 3% in the second and third quarters.
In the fixed-income markets, we believe investors should consider positioning
their portfolios to defend against rising interest rates, with underweight
positions in U.S. Treasuries. We see more attractive valuations within
structured investment vehicles, such as mortgage-backed securities (MBS) in both
the agency and non-agency residential MBS sectors, as fundamentals within the
U.S. housing market remain positive. We believe that agency MBS, in particular,
offer investors reasonable value.
Since 1928, the foundation of Amundi Pioneer's investment approach has been
active management, which is especially important during periods of market
volatility. We believe investors can benefit from the experience and tenure of
our investment teams who make active and informed decisions across our funds. In
fact, the Pioneer Fund, the third-oldest mutual fund in the U.S., recently
celebrated its 90th birthday. We believe the Fund serves as an important
ambassador of our time-tested value style of investing and our early focus on
understanding the benefits of investing in companies with sustainable business
models. Over its nine decades of existence - a time period that included a Great
Depression, a devastating World War, a long Cold War, and enormous technological
as well as societal changes - the Fund has been well-served by this investment
approach.
2 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
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.
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
February 28, 2018
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 | Semiannual Report | 2/28/18 3
Portfolio Management Discussion | 2/28/18
In the following interview, portfolio managers Charles Melchreit and Seth Roman
discuss the factors that influenced the performance of Pioneer Short Term Income
Fund during the six-month period ended February 28, 2018. Mr. Melchreit, Senior
Managing Director, Deputy Head of Fixed Income, U.S., and a portfolio manager at
Amundi Pioneer Asset Management ("Amundi Pioneer"), and Mr. Roman, a vice
president and a portfolio manager at Amundi Pioneer, are responsible for the
daily management of the Fund.
Q How did the Fund perform during the six-month period ended February 28,
2018?
A Pioneer Short Term Income Fund's Class A shares returned -0.19% at net
asset value during the six-month period ended February 28, 2018, while the
Fund's benchmark, the Bloomberg Barclays One- to Three-Year
Government/Credit Bond Index, returned -0.69%. During the same period, the
average return of the 545 mutual funds in Morningstar's Short-Term Bond
Funds category was -0.50%.
Q How would you describe the market environment for fixed-income investors
during the six-month period ended February 28, 2018?
A For much of the period, sentiment in the bond market was supported by
robust corporate earnings, a positive macroeconomic backdrop, and a largely
restrained approach to normalizing interest rates on the part of the U.S.
Federal Reserve (the Fed).
In September of 2017, the Fed announced that it would begin the gradual
tapering of its mortgage-backed security (MBS) and Treasury holdings in
October. While less-supportive monetary policy and resulting higher
interest rates are generally not favorable for credit-sensitive assets such
as corporate bonds, the Fed's tapering plan had been extensively
foreshadowed, and so the market's reaction to the announcement of the
launch date was muted. December 2017 would see the Fed implement its third
incremental interest-rate hike of the calendar year, which was essentially
in line with expectations heading into 2017. As the calendar year drew to a
close, Congress passed legislation lowering the statutory corporate tax
rate from 35% to 21% while also allowing the immediate expensing of certain
capital expenditures. The news further boosted investor sentiment in the
credit markets.
4 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
As January 2018 progressed, longer-term Treasury yields, which had been
relatively stable in 2017 even as the short end of the yield curve rose
notably, began to drift higher. Against a backdrop of arguably full
employment and U.S. gross domestic product (GDP) growth consistently in the
3% range, the Fed began to signal a more hawkish stance. Over the full
six-month period, Treasury yields finished higher across all bond
maturities and credit-oriented segments of the market outperformed
interest-rate-sensitive segments, particularly Treasuries. To illustrate,
the two-year Treasury yield rose from 1.33% to 2.25% during the period,
while the five-year yield rose from 1.70% to 2.65%, and the 10-year yield
rose from 2.12% to 2.87%.
Q Can you review your principal investment strategies in managing the Fund
during the six-month period ended February 28, 2018, and how those
strategies affected performance relative to the Fund's benchmark?
A The Fund's significant underweighting of U.S. Treasuries relative to its
benchmark contributed positively to performance during the period, as
spread sectors outperformed over the six months. In addition, within its
non-Treasury holdings, the Fund was overweight versus the benchmark with
respect to price sensitivity to changes in credit spreads, which also aided
relative returns as spreads tightened over the period. (Credit spreads are
commonly defined as the differences in yield between Treasuries and other
types of fixed-income securities with similar maturities.)
Specific positive contributors to the Fund's benchmark-relative performance
included the portfolio's exposures to a number of sectors that are not
included in the benchmark Bloomberg Barclays One- to Three-Year
Government/Credit Bond Index (the Bloomberg Barclays Index). In that vein,
the Fund's allocation to securitized sectors was a leading contributor to
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 relative performance. Within ABS, we continue to view
issues backed by credit card receivables as being particular beneficiaries
of the ongoing improvement in consumer balance sheets. Meanwhile, we have
been taking a more cautious stance with respect to investing in sub-prime
auto loans.
Holdings of floating-rate commercial MBS also contributed to relative
returns within the Fund's allocation to securitized holdings, driven
largely by exposure to hospitality-related issues. The Fund's position in
non-agency collateralized mortgage obligations (CMOs) was another positive
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 5
contributor to benchmark-relative performance during the period, due to the
continued favorable supply/demand dynamics of the sector. Exposure to
floating-rate bank loans also aided the Fund's benchmark-relative returns,
as the asset class benefited from continued strong fundamentals and low
default rates as well as the outlook for rising interest rates. With most
bank loans trading over par (face) value, however, we are taking care to
manage the Fund's exposure to refinancing risk.
The Fund maintained a modest position in catastrophe bonds (or "cat bonds")
during the period. Cat bonds are used by insurers to spread out the risk of
having to pay damage claims due to major disasters such as floods or
earthquakes. While cat bonds can offer the portfolio a valuable source of
diversification* and incremental income, they struggled during the
six-month period in the wake of a severe 2017 Atlantic hurricane season, a
7.1 magnitude earthquake in Mexico, and severe California wild fires, all
of which occurred during the late-summer and early fall of 2017 and
generated numerous damage claims. Despite the problems the asset class
faced during the period, we continue to view modest strategic exposure to
cat bonds in the portfolio as helping to improve the Fund's long-term total
return profile.
The Fund has been conservatively positioned with respect to overall
portfolio duration and corresponding sensitivity to changes in interest
rates, given the outlook for the Fed to continue raising its benchmark
short-term rate. In keeping the short-duration position relative to the
Fund's benchmark, we accepted the loss of some income generation in
exchange for improved price stability should interest rates rise. The
short-duration stance contributed to the Fund's returns relative to the
benchmark during the period as rates all along the yield curve ended the
six months higher than where they began. (Duration is a measure of the
sensitivity of the price, or the value of principal, of a fixed-income
investment to changes in interest rates, expressed as a number of years.)
Q Can you discuss the factors that affected the Fund's income-generation
during the six-month period ended February 28, 2018?
A As described earlier, our decision to focus the portfolio's investments
on securities with shorter maturities in an attempt to minimize exposure to
any future rise in rates acted as a constraint on the Fund's income
generation during the period. On the positive side, the yields on many
floating-rate issues held in the Fund were reset higher during the period
following the Fed's rate hikes.
* Diversification does not assure a profit nor protect against loss.
6 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
Q What role did derivatives play in the Fund's investment process and
results during the six-month period ended February 28, 2018?
A We used futures contracts to manage the overall duration of the
portfolio, and to express views on relative value along the yield curve.
The use of derivatives during the period detracted from the Fund's
performance, given that the securities were used to add duration during a
rising-rate environment.
Q What is your assessment of the current climate for fixed-income investing?
A We continue to manage the Fund with the expectation that interest rates
are ultimately headed higher, with a below-benchmark overall duration and
approximately half of the portfolio invested in floating-rate assets as of
the end of the period. In broad terms, we prefer to position the portfolio
with an eye toward limiting the potential impact should the economy
outperform and the Fed's rate hikes exceed current expectations. The Fund's
overall duration at the end of February 2018 was 1.50 years, compared with
1.96 years for the Bloomberg Barclays Index.
We continue to see little value in U.S. Treasuries at current yield levels,
and are keeping only a modest Treasury position in the Fund to supply
liquidity should future market conditions require it. That said, we will be
watching Treasury yields closely as the Fed continues to raise interest
rates.
Credit spreads remain tight by historical standards, and we are closely
monitoring the Fund's holdings to ensure that the payments we receive are
commensurate with the risk being assumed, rather than simply reaching for
yield. In broad terms, the Fund has an up-in-quality bias within each
credit sector. We view structured securities in general as being more
attractively valued than corporate securities. Overall investment-grade
corporate spreads stand near post-crisis lows, and reflect lower quality
and overall longer duration relative to their historical levels. While
those factors are counterbalanced by strong fundamentals, we believe
corporate bonds face greater downside risk should market volatility
increase in the wake of unexpected changes in central-bank policies or a
slowdown in global economic growth.
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 level.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 7
Please refer to the Schedule of Investments on pages 19-73 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of the issuers of the underlying securities and their inability to meet
their debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
Investments in high-yield or lower-rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
The securities issued by U.S. government sponsored entities (i.e. Fannie Mae,
Freddie Mac) are neither guaranteed nor issued by the U.S. government.
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to pre-payments.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
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.
8 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
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 | Semiannual Report | 2/28/18 9
Portfolio Summary | 2/28/18
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Collateralized Mortgage Obligations 29.7%
U.S. Corporate Bonds 27.0%
Asset Backed Securities 16.1%
International Corporate Bonds 14.5%
U.S. Government and Agency Obligations 7.4%
Senior Secured Floating Rate Loan Interests 5.3%
* Includes investments in Insurance-Linked Securities totaling 5.9% of total
long-term holdings.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
1. U.S. Treasury Notes, 2.25%, 2/29/20 0.78%
------------------------------------------------------------------------------------------
2. U.S. Treasury Notes, 1.125%, 8/31/21 0.76
------------------------------------------------------------------------------------------
3. U.S. Treasury Notes, 2.25%, 7/31/21 0.63
------------------------------------------------------------------------------------------
4. Chase Issuance Trust, Series 2016-A1, Class A, 1.998%
(1 Month USD LIBOR + 41 bps), 5/17/21 0.52
------------------------------------------------------------------------------------------
5. U.S. Treasury Notes, 1.125%, 4/30/20 0.51
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6. U.S. Treasury Notes, 2.0%, 8/31/21 0.49
------------------------------------------------------------------------------------------
7. U.S. Treasury Notes, 1.125%, 7/31/21 0.43
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8. Rockwell Collins, Inc., 1.95%, 7/15/19 0.40
------------------------------------------------------------------------------------------
9. Federal Home Loan Mortgage Corp. REMICS, Series 3997, Class DG, 2.5%, 5/15/30 0.38
------------------------------------------------------------------------------------------
10. U.S. Treasury Notes, 0.75%, 7/15/19 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 | Semiannual Report | 2/28/18
Prices and Distributions | 2/28/18
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 2/28/18 8/31/17
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A $9.42 $9.54
--------------------------------------------------------------------------------
C $9.40 $9.53
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C2 $9.40 $9.53
--------------------------------------------------------------------------------
K $9.43 $9.56
--------------------------------------------------------------------------------
Y $9.40 $9.52
--------------------------------------------------------------------------------
Distributions per Share: 9/1/17-2/28/18
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1016 $ -- $ --
--------------------------------------------------------------------------------
C $0.0907 $ -- $ --
--------------------------------------------------------------------------------
C2 $0.0902 $ -- $ --
--------------------------------------------------------------------------------
K $0.1175 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1115 $ -- $ --
--------------------------------------------------------------------------------
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 | Semiannual Report | 2/28/18 11
Performance Update | 2/28/18 Class A Shares
Investment Returns
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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 February 28, 2018)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net Public One- to
Asset Offering Three-Year
Value Price Government/
Period (NAV) (POP)* Credit Index
--------------------------------------------------------------------------------
10 years 2.30% 2.04% 1.55%
5 years 1.15 0.65 0.74
1 year 0.80 -1.76 0.13
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2017)
--------------------------------------------------------------------------------
Gross
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0.84%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
Pioneer Short Term One- to Three-Year
Income Fund Government/Credit Index
2/08 $ 9,750 $ 10,000
2/09 $ 9,343 $ 10,236
2/10 $ 10,475 $ 10,723
2/11 $ 10,911 $ 10,936
2/12 $ 11,168 $ 11,128
2/13 $ 11,560 $ 11,246
2/14 $ 11,717 $ 11,338
2/15 $ 11,825 $ 11,428
2/16 $ 11,865 $ 11,532
2/17 $ 12,142 $ 11,650
2/18 $ 12,239 $ 11,666
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.
NAV results represent the percent change in net asset value per share.
* POP returns shown above reflect the deduction of the maximum 2.50%
front-end sales charge on Class A shares purchased prior to February 5, 2018.
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 | Semiannual Report | 2/28/18
Performance Update | 2/28/18 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 February 28, 2018)
--------------------------------------------------------------------------------
Bloomberg
Barclays
One- to
Three-Year
If If Government/
Period Held Redeemed Credit Index
--------------------------------------------------------------------------------
10 years 1.74% 1.74% 1.55%
5 years 0.86 0.86 0.74
1 year 0.57 0.57 0.13
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.05%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
Pioneer Short Term One- to Three-Year
Income Fund Government/Credit Index
2/08 $ 10,000 $ 10,000
2/09 $ 9,504 $ 10,236
2/10 $ 10,566 $ 10,723
2/11 $ 10,920 $ 10,936
2/12 $ 11,082 $ 11,128
2/13 $ 11,393 $ 11,246
2/14 $ 11,492 $ 11,338
2/15 $ 11,581 $ 11,428
2/16 $ 11,581 $ 11,532
2/17 $ 11,821 $ 11,650
2/18 $ 11,889 $ 11,666
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 | Semiannual Report | 2/28/18 13
Performance Update | 2/28/18 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 February 28, 2018)
--------------------------------------------------------------------------------
Bloomberg
Barclays
One- to
Three-Year
If If Government/
Period Held Redeemed Credit Index
--------------------------------------------------------------------------------
10 years 1.75% 1.75% 1.55%
5 years 0.87 0.87 0.74
1 year 0.56 0.56 0.13
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.05%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
Pioneer Short Term One- to Three-Year
Income Fund Government/Credit Index
2/08 $ 10,000 $ 10,000
2/09 $ 9,504 $ 10,236
2/10 $ 10,566 $ 10,723
2/11 $ 10,920 $ 10,936
2/12 $ 11,082 $ 11,128
2/13 $ 11,393 $ 11,246
2/14 $ 11,497 $ 11,338
2/15 $ 11,589 $ 11,428
2/16 $ 11,590 $ 11,532
2/17 $ 11,833 $ 11,650
2/18 $ 11,898 $ 11,666
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 | Semiannual Report | 2/28/18
Performance Update | 2/28/18 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 February 28, 2018)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net One- to
Asset Three-Year
Value Government/
Period (NAV) Credit Index
--------------------------------------------------------------------------------
10 years 2.41% 1.55%
5 years 1.38 0.74
1 year 1.13 0.13
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.49%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Bloomberg Barclays
Pioneer Short Term One- to Three-Year
Income Fund Government/Credit Index
2/08 $ 5,000,000 $ 5,000,000
2/09 $ 4,791,814 $ 5,118,082
2/10 $ 5,371,007 $ 5,361,701
2/11 $ 5,594,655 $ 5,467,973
2/12 $ 5,725,891 $ 5,563,864
2/13 $ 5,927,028 $ 5,623,047
2/14 $ 6,007,034 $ 5,668,841
2/15 $ 6,067,807 $ 5,714,229
2/16 $ 6,108,266 $ 5,766,196
2/17 $ 6,275,953 $ 5,824,995
2/18 $ 6,346,927 $ 5,832,777
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 | Semiannual Report | 2/28/18 15
Performance Update | 2/28/18 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 February 28, 2018)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net One- to
Asset Three-Year
Value Government/
Period (NAV) Credit Index
--------------------------------------------------------------------------------
10 years 2.57% 1.55%
5 years 1.38 0.74
1 year 1.01 0.13
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.61%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Bloomberg Barclays
Pioneer Short Term One- to Three-Year
Income Fund Government/Credit Index
2/08 $ 5,000,000 $ 5,000,000
2/09 $ 4,798,610 $ 5,118,082
2/10 $ 5,400,622 $ 5,361,701
2/11 $ 5,644,894 $ 5,467,973
2/12 $ 5,792,612 $ 5,563,864
2/13 $ 6,015,585 $ 5,623,047
2/14 $ 6,114,611 $ 5,668,841
2/15 $ 6,185,781 $ 5,714,229
2/16 $ 6,213,421 $ 5,766,196
2/17 $ 6,378,181 $ 5,824,995
2/18 $ 6,442,678 $ 5,832,777
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 | Semiannual Report | 2/28/18
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Short Term Income Fund
Based on actual returns from September 1, 2017, through February 28, 2018.
--------------------------------------------------------------------------------------
Share Class A C C2 K Y
--------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 9/1/17
--------------------------------------------------------------------------------------
Ending Account $ 998.10 $ 995.90 $ 995.80 $ 998.70 $ 999.10
Value (after expenses)
on 2/28/18
--------------------------------------------------------------------------------------
Expenses Paid $ 4.06 $ 5.15 $ 5.25 $ 2.43 $ 2.92
During Period*
--------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.82%,
1.04%, 1.06%, 0.49% and 0.59% for Class A, Class C, Class C2, Class K and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 181/365, (to reflect the one-half year period).
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Short Term Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from September 1, 2017, through February 28, 2018.
--------------------------------------------------------------------------------------
Share Class A C C2 K Y
--------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 9/1/17
--------------------------------------------------------------------------------------
Ending Account $ 1,020.73 $ 1,019.64 $ 1,019.54 $ 1,022.36 $ 1,021.87
Value (after expenses)
on 2/28/18
--------------------------------------------------------------------------------------
Expenses Paid $ 4.11 $ 5.21 $ 5.31 $ 2.46 $ 2.96
During Period*
--------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.82%,
1.04%, 1.06%, 0.49% and 0.59% for Class A, Class C, Class C2, Class K and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 181/365, (to reflect the one-half year period).
18 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
Schedule of Investments | 2/28/18 (unaudited)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 100.3%
ASSET BACKED SECURITIES -- 16.0% of Net Assets
BANKS -- 14.3%
Thrifts & Mortgage Finance -- 14.3%
238,119(a) 321 Henderson Receivables I LLC, Series 2005-1A, Class A1,
1.818% (1 Month USD LIBOR + 23 bps), 11/15/40 (144A) $ 226,435
350,320(a) 321 Henderson Receivables I LLC, Series 2006-2A, Class A1,
1.788% (1 Month USD LIBOR + 20 bps), 6/15/41 (144A) 342,268
275,066(a) 321 Henderson Receivables I LLC, Series 2007-1A, Class A1,
1.788% (1 Month USD LIBOR + 20 bps), 3/15/42 (144A) 255,675
29,212 Alterna Funding II LLC, Series 2015-1A, Class A, 2.5%,
2/15/24 (144A) 29,157
168,786 Alterna Funding II LLC, Series 2015-1A, Class B, 3.2%,
2/15/24 (144A) 168,259
500,000 American Credit Acceptance Receivables Trust, Series 2016-4,
Class B, 2.11%, 2/12/21 (144A) 499,175
413,632 American Credit Acceptance Receivables Trust, Series 2017-2,
Class A, 1.84%, 7/13/20 (144A) 413,154
500,000 American Credit Acceptance Receivables Trust, Series 2017-3,
Class B, 2.25%, 1/11/21 (144A) 497,268
75,530(a) Ameriquest Mortgage Securities, Inc. Asset-Backed
Pass-Through Ctfs, Series 2004-R6, Class A1, 2.041%
(1 Month USD LIBOR + 42 bps), 7/25/34 75,510
148,654(a) Ameriquest Mortgage Securities, Inc. Asset-Backed
Pass-Through Ctfs, Series 2005-R11, Class A2D, 1.951%
(1 Month USD LIBOR + 33 bps), 1/25/36 148,586
462,260(a) AMSR Trust, Series 2016-SFR1, Class C, 3.84%
(1 Month USD LIBOR + 225 bps), 11/17/33 (144A) 467,568
700,000 Ascentium Equipment Receivables Trust, Series 2016-2A,
Class D, 4.2%, 9/12/22 (144A) 706,096
300,000 Ascentium Equipment Receivables Trust, Series 2017-2A,
Class D, 3.56%, 10/10/25 (144A) 293,724
123,895(a) Asset Backed Securities Corp. Home Equity Loan Trust,
Series 2003-HE1, Class M2, 5.113%
(1 Month USD LIBOR + 353 bps), 1/15/33 124,707
20,420(a) Asset Backed Securities Corp. Home Equity Loan Trust,
Series 2006-HE1, Class A3, 1.821%
(1 Month USD LIBOR + 20 bps), 1/25/36 20,266
299,996 Axis Equipment Finance Receivables III LLC, Series 2015-1A,
Class C, 3.41%, 4/20/20 (144A) 300,124
99,999 Axis Equipment Finance Receivables III LLC, Series 2015-1A,
Class D, 4.05%, 5/20/20 (144A) 100,191
782,989 Axis Equipment Finance Receivables III LLC, Series 2015-1A,
Class E, 5.27%, 5/20/20 (144A) 784,029
250,000 Axis Equipment Finance Receivables IV LLC, Series 2018-1A,
Class D, 3.98%, 4/22/24 (144A) 249,931
1,225,000(a) BA Credit Card Trust, Series 2016-A1, Class A, 1.978%
(1 Month USD LIBOR + 39 bps), 10/15/21 1,229,313
400,000(a) Barclays Dryrock Issuance Trust, Series 2017-2, Class A,
1.888% (1 Month USD LIBOR + 30 bps), 5/15/23 400,659
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 19
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
57,931(b) Bayview Financial Asset Trust, Series 2003-AA, Class M1, 4.91%,
2/25/33 (144A) $ 57,792
130,816(a) Bayview Financial Mortgage Pass-Through Trust, Series 2005-C,
Class M1, 2.148% (1 Month USD LIBOR + 50 bps), 6/28/44 130,856
400,000 BCC Funding Corp. X, Series 2015-1, Class D, 4.544%,
12/21/20 (144A) 397,357
800,000 BCC Funding Corp. X, Series 2015-1, Class E, 5.523%,
1/20/21 (144A) 813,853
100,047(a) Bear Stearns Asset Backed Securities I Trust, Series 2005-FR1,
Class M1, 2.371% (1 Month USD LIBOR + 75 bps), 6/25/35 100,132
2,082(a) Bear Stearns Asset Backed Securities Trust, Series 2004-2,
Class A3, 2.821% (1 Month USD LIBOR + 120 bps), 8/25/34 2,083
61,877(a) Bear Stearns Asset Backed Securities Trust, Series 2006-SD2,
Class A3, 2.111% (1 Month USD LIBOR + 49 bps), 6/25/36 61,369
63,345(a) Bear Stearns Structured Products Trust, Series 2007-EMX1,
Class A1, 2.621% (1 Month USD LIBOR + 100 bps),
3/25/37 (144A) 64,101
71,616 BlueVirgo Trust, Series 2015-1A, 3.0%, 12/15/22 (144A) 71,661
1,500,000(a) Cabela's Credit Card Master Note Trust, Series 2014-2, Class A,
2.038% (1 Month USD LIBOR + 45 bps), 7/15/22 1,505,097
351,396(c) CAM Mortgage Trust, Series 2016-2, Class A1, 3.25%,
6/15/57 (144A) 353,325
311,251(a) Carrington Mortgage Loan Trust, Series 2006-OPT1, Class A3,
1.801% (1 Month USD LIBOR + 18 bps), 2/25/36 310,378
34,974 Cazenovia Creek Funding I LLC, Series 2015-1A, Class A, 2.0%,
12/10/23 (144A) 34,887
238,461(a) CDC Mortgage Capital Trust, Series 2002-HE1, Class A, 2.241%
(1 Month USD LIBOR + 62 bps), 1/25/33 234,695
469,923 Cent CLO, Series 2012-16A, Class A1BR, 2.52%, 8/1/24 (144A) 469,380
62,928(a) Chase Funding Trust, Series 2003-3, Class 2A2, 2.161%
(1 Month USD LIBOR + 54 bps), 4/25/33 59,188
131,920(c) Chase Funding Trust, Series 2003-6, Class 1A7,
5.089%, 11/25/34 135,262
113,279(a) Chesapeake Funding II LLC, Series 2016-1A, Class A2,
2.738% (1 Month USD LIBOR + 115 bps), 3/15/28 (144A) 113,701
500,000(a) Chesapeake Funding II LLC, Series 2017-3A, Class A2,
1.928% (1 Month USD LIBOR + 34 bps), 8/15/29 (144A) 500,411
229,167(a) CIFC Funding, Ltd., Series 2013-1A, Class X, 2.572%
(3 Month USD LIBOR + 85 bps), 7/16/30 (144A) 229,556
600,000(a) Citibank Credit Card Issuance Trust, Series 2013-A4, Class A4,
2.041% (1 Month USD LIBOR + 42 bps), 7/24/20 600,912
200,000(a) Citibank Credit Card Issuance Trust, Series 2013-A7, Class A7,
2.011% (1 Month USD LIBOR + 43 bps), 9/10/20 200,387
100,000(a) Citibank Credit Card Issuance Trust, Series 2017-A1, Class A1,
1.844% (1 Month USD LIBOR + 25 bps), 1/19/21 100,167
750,000(a) Citibank Credit Card Issuance Trust, Series 2017-A7, Class A7,
1.949% (1 Month USD LIBOR + 37 bps), 8/8/24 752,245
40,021(a) Citigroup Mortgage Loan Trust, Inc., Series 2004-RES1, Class M2,
2.641% (1 Month USD LIBOR + 102 bps), 11/25/34 40,290
The accompanying notes are an integral part of these financial statements.
20 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
5,117(a) Citigroup Mortgage Loan Trust, Inc., Series 2005-HE2, Class M1,
2.371% (1 Month USD LIBOR + 75 bps), 5/25/35 (144A) $ 5,115
144,024 Colony American Finance, Ltd., Series 2015-1, Class A, 2.896%,
10/15/47 (144A) 143,399
400,000(c) Colony American Finance, Ltd., Series 2016-1, Class D, 5.972%,
6/15/48 (144A) 406,185
200,000(a) Colony Starwood Homes Trust, Series 2016-1A, Class C, 4.24%
(1 Month USD LIBOR + 265 bps), 7/17/33 (144A) 201,766
400,000(a) Colony Starwood Homes Trust, Series 2016-2A, Class B, 3.338%
(1 Month USD LIBOR + 175 bps), 12/17/33 (144A) 400,425
250,000 Commonbond Student Loan Trust, Series 2017-BGS, Class C,
4.44%, 9/25/42 (144A) 246,495
362,578 Conn Funding II LP, Series 2017-B, Class A, 2.73%,
7/15/20 (144A) 362,257
500,000 Conn's Receivables Funding LLC, Series 2017-A, Class B,
5.11%, 2/15/20 (144A) 505,055
521,087(a) Conseco Finance Home Equity Loan Trust, Series 2002-C,
Class MV1, 3.088% (1 Month USD LIBOR + 150 bps), 5/15/32 518,655
422,247(a) Countrywide Asset-Backed Certificates, Series 2004-SD3,
Class A2, 2.721% (1 Month USD LIBOR + 110 bps),
9/25/34 (144A) 413,016
384,528(a) Countrywide Asset-Backed Certificates, Series 2005-BC1,
Class M4, 2.521% (1 Month USD LIBOR + 90 bps), 5/25/35 384,951
300,000 CPS Auto Receivables Trust, Series 2016-C, Class B, 2.48%,
9/15/20 (144A) 299,658
250,000 Credit Acceptance Auto Loan Trust, Series 2016-2A, Class C,
4.29%, 11/15/24 (144A) 253,303
378,676 CRG Issuer, Series 2015-1, Class A, 4.07%, 7/10/22 (144A) 377,730
101,140(a) CWABS Asset-Backed Certificates Trust, Series 2005-14,
Class 1A1, 1.851% (1 Month USD LIBOR + 23 bps), 4/25/36 101,126
1,500,000(a) Discover Card Execution Note Trust, Series 2017-A3, Class A3,
1.818% (1 Month USD LIBOR + 23 bps), 10/17/22 1,501,585
161,582(a) DRB Prime Student Loan Trust, Series 2016-B, Class A1, 3.421%
(1 Month USD LIBOR + 180 bps), 6/25/40 (144A) 167,677
400,000 Drive Auto Receivables Trust, Series 2016-CA, Class C, 3.02%,
11/15/21 (144A) 402,185
600,000 Drive Auto Receivables Trust, Series 2017-1, Class B,
2.36%, 3/15/21 599,130
500,000 Drive Auto Receivables Trust, Series 2017-2, Class B,
2.25%, 6/15/21 498,935
300,000 Drive Auto Receivables Trust, Series 2017-3, Class B,
2.3%, 5/17/21 298,763
230,187(a) Drug Royalty II LP 2, Series 2014-1, Class A1, 4.572%
(3 Month USD LIBOR + 285 bps), 7/15/23 (144A) 232,127
400,000 DT Auto Owner Trust, Series 2017-1A, Class B, 2.26%,
2/16/21 (144A) 399,597
500,000 DT Auto Owner Trust, Series 2017-2A, Class B, 2.44%,
2/15/21 (144A) 499,586
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 21
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
207,550(a) Earnest Student Loan Program LLC, Series 2017-A, Class A1,
2.621% (1 Month USD LIBOR + 100 bps), 1/25/41 (144A) $ 209,860
400,000 Elm Trust, Series 2016-1A, Class A2, 4.163%, 6/20/25 (144A) 401,500
500,000 Engs Commercial Finance Trust, Series 2016-1A, Class B,
3.45%, 3/22/22 (144A) 483,577
256,556 Enterprise Fleet Financing LLC, Series 2016-2, Class A2,
1.74%, 2/22/22 (144A) 255,493
179,953(b) Equity One Mortgage Pass-Through Trust, Series 2004-2,
Class AF4, 4.624%, 7/25/34 179,791
200,000 Exeter Automobile Receivables Trust, Series 2018-1A, Class C,
3.03%, 1/17/23 (144A) 199,227
957,462(a) Fieldstone Mortgage Investment Trust, Series 2005-3, Class 1A,
2.111% (1 Month USD LIBOR + 49 bps), 2/25/36 945,879
93,651(a) First Franklin Mortgage Loan Trust, Series 2003-FFC, Class M1,
2.921% (1 Month USD LIBOR + 130 bps), 11/25/32 93,515
200,000 First Investors Auto Owner Trust, Series 2015-1A, Class D, 3.59%,
1/18/22 (144A) 199,818
500,000 First Investors Auto Owner Trust, Series 2017-2A, Class C, 3.0%,
8/15/23 (144A) 489,539
148,669 FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.553%,
3/9/47 (144A) 147,929
20,000 Flagship Credit Auto Trust, Series 2014-2, Class C, 3.95%,
12/15/20 (144A) 20,187
24,293 Flagship Credit Auto Trust, Series 2016-3, Class A1, 1.61%,
12/15/19 (144A) 24,286
264,000 Flagship Credit Auto Trust, Series 2016-3, Class B, 2.43%,
6/15/21 (144A) 262,912
662,627 Flagship Credit Auto Trust, Series 2017-2, Class A, 1.85%,
7/15/21 (144A) 659,457
147,670 FNA Trust, Series 2015-1, Class A, 3.24%, 12/10/23 (144A) 146,753
357,964 Foursight Capital Automobile Receivables Trust, Series 2016-1,
Class A2, 2.87%, 10/15/21 (144A) 357,037
343,861 Foursight Capital Automobile Receivables Trust, Series 2017-1,
Class A, 2.37%, 4/15/22 (144A) 340,809
292,814(a) Fremont Home Loan Trust, Series 2005-E, Class 1A1, 1.851%
(1 Month USD LIBOR + 23 bps), 1/25/36 290,926
260,959(c) GCAT LLC, Series 2017-1, Class A1, 3.375%, 3/25/47 (144A) 259,629
254,008(c) GCAT LLC, Series 2017-4, Class A1, 3.228%, 5/25/22 (144A) 252,647
630,000 GLS Auto Receivables Trust, Series 2017-1A, Class B, 2.98%,
12/15/21 (144A) 626,140
12,824(b) GMACM Home Equity Loan Trust, Series 2002-HE4, Class A2,
4.535%, 10/25/32 12,786
198,240(c) GMAT Trust, Series 2013-1A, Class A, 6.967%, 11/25/43 (144A) 198,551
349,611(c) GMAT Trust, Series 2015-1A, Class A1, 4.25%, 9/25/20 (144A) 351,847
371,698(a) GSAA Home Equity Trust, Series 2005-8, Class A3, 2.051%
(1 Month USD LIBOR + 43 bps), 6/25/35 368,310
160,036(a) GSRPM Mortgage Loan Trust, Series 2003-2, Class M1, 2.971%
(1 Month USD LIBOR + 135 bps), 6/25/33 159,368
The accompanying notes are an integral part of these financial statements.
22 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
73,138(a) GSRPM Mortgage Loan Trust, Series 2006-1, Class A1, 1.921%
(1 Month USD LIBOR + 30 bps), 3/25/35 (144A) $ 72,586
46,393(a) GSRPM Mortgage Loan Trust, Series 2006-2, Class A2, 1.921%
(1 Month USD LIBOR + 30 bps), 9/25/36 (144A) 46,354
145,321 Hero Residual Funding, Series 2016-1R, Class A1, 4.5%,
9/21/42 (144A) 144,594
232,500 HOA Funding LLC, Series 2014-1A, Class A2, 4.846%,
8/20/44 (144A) 226,325
129,844(a) Home Equity Mortgage Trust, Series 2004-2, Class M2, 3.271%
(1 Month USD LIBOR + 165 bps), 8/25/34 128,354
87,293(c) Home Equity Mortgage Trust, Series 2004-6, Class M2, 5.821%,
4/25/35 87,975
308,575(a) Home Partners of America Trust, Series 2016-1, Class A, 3.24%
(1 Month USD LIBOR + 165 bps), 3/17/33 (144A) 309,438
720,000(a) Home Partners of America Trust, Series 2016-1, Class D, 4.89%
(1 Month USD LIBOR + 330 bps), 3/17/33 (144A) 722,667
500,000(a) Home Partners of America Trust, Series 2016-2, Class C, 3.99%
(1 Month USD LIBOR + 240 bps), 10/17/33 (144A) 504,227
117,092 Honor Automobile Trust Securitization, Series 2016-1A, Class A,
2.94%, 11/15/19 (144A) 117,252
700,000(a) Hunt CRE, Ltd., Series 2017-FL1, Class A, 2.588%
(1 Month USD LIBOR + 100 bps), 8/15/34 (144A) 700,019
500,000 Hyundai Auto Receivables Trust, Series 2014-B, Class C, 2.1%,
11/15/19 499,468
86,116(a) Interstar Millennium Trust, Series 2003-3G, Class A2, 2.175%
(3 Month USD LIBOR + 50 bps), 9/27/35 81,190
61,513(a) Irwin Whole Loan Home Equity Trust, Series 2003-C, Class M1,
2.621% (1 Month USD LIBOR + 100 bps), 6/25/28 61,287
76,922(a) Irwin Whole Loan Home Equity Trust, Series 2003-C, Class M2,
3.621% (1 Month USD LIBOR + 200 bps), 6/25/28 76,468
19,249(a) IXIS Real Estate Capital Trust, Series 2005-HE3, Class M2,
2.356% (1 Month USD LIBOR + 74 bps), 12/25/35 19,267
475,000 Kabbage Asset Securitization LLC, Series 2017-1, Class A,
4.571%, 3/15/22 (144A) 483,296
471,000 Leaf Receivables Funding 12 LLC, Series 2017-1, Class C,
2.83%, 4/15/22 (144A) 460,576
300,000 Leaf Receivables Funding 12 LLC, Series 2017-1, Class D,
3.1%, 4/15/22 (144A) 292,923
349,157(a) Long Beach Mortgage Loan Trust, Series 2006-WL1, Class 1A1,
1.851% (1 Month USD LIBOR + 23 bps), 1/25/46 349,269
97,982 MarketPlace Loan Trust, Series 2016-BS1, Class A, 4.5%,
1/15/21 (144A) 97,887
251,242(b) Marriott Vacation Club Owner Trust, Series 2012-1A, Class B,
3.5%, 5/20/30 (144A) 250,765
68,962(a) Mastr Specialized Loan Trust, Series 2006-1, Class A, 1.921%
(1 Month USD LIBOR + 30 bps), 1/25/36 (144A) 68,875
276,964 MVW Owner Trust, Series 2014-1A, Class B, 2.7%,
9/22/31 (144A) 270,500
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 23
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
737,702 Nations Equipment Finance Funding II LLC, Series 2014-1A,
Class B, 3.276%, 1/20/19 (144A) $ 737,201
135,078 Nations Equipment Finance Funding III LLC, Series 2016-1A,
Class A, 3.61%, 2/20/21 (144A) 135,091
900,000 Nationstar HECM Loan Trust, Series 2017-1A, Class M1,
2.942%, 5/25/27 (144A) 895,968
400,000(b) Nationstar HECM Loan Trust, Series 2017-2A, Class M2,
3.967%, 9/25/27 (144A) 400,000
639,000 Navitas Equipment Receivables LLC, Series 2015-1, Class B,
3.4%, 2/15/19 (144A) 639,786
150,000 Navitas Equipment Receivables LLC, Series 2015-1, Class C,
4.5%, 6/17/19 (144A) 150,405
600,000 Navitas Equipment Receivables LLC, Series 2016-1, Class C,
5.05%, 12/15/21 (144A) 597,249
38,687(b) New Century Home Equity Loan Trust, Series 2004-A, Class AII9,
5.47%, 8/25/34 39,229
108,021(a) New Century Home Equity Loan Trust, Series 2005-1, Class A2C,
2.321% (1 Month USD LIBOR + 70 bps), 3/25/35 108,074
800,000 New Residential Advance Receivables Trust Advance Receivables
Backed Notes, Series 2016-T2, Class BT2, 3.02%,
10/15/49 (144A) 791,043
486,225(a) Newtek Small Business Loan Trust, Series 2017-1, Class B,
4.621% (1 Month USD LIBOR + 300 bps), 2/15/43 (144A) 485,934
400,000(a) NextGear Floorplan Master Owner Trust, Series 2016-2A,
Class A1, 2.688% (1 Month USD LIBOR + 110 bps),
9/15/21 (144A) 404,320
375,342(a) NovaStar Mortgage Funding Trust, Series 2003-1, Class A2,
2.341% (1 Month USD LIBOR + 39 bps), 5/25/33 374,850
560,000(a) NovaStar Mortgage Funding Trust, Series 2004-3, Class M4,
3.196% (1 Month USD LIBOR + 158 bps), 12/25/34 565,867
26,277(a) NovaStar Mortgage Funding Trust, Series 2005-2, Class M1,
2.266% (1 Month USD LIBOR + 65 bps), 10/25/35 26,290
1,185,583(a) NovaStar Mortgage Funding Trust, Series 2005-3, Class M1,
2.236% (1 Month USD LIBOR + 68 bps), 1/25/36 1,183,471
34,303 NYCTL Trust, Series 2016-A, Class A, 1.47%, 11/10/29 (144A) 33,989
766,832(c) Oak Hill Advisors Residential Loan Trust, Series 2017-NPL2,
Class A1, 3.0%, 7/25/57 (144A) 762,072
500,000 Ocwen Master Advance Receivables Trust, Series 2016-T1,
Class AT1, 2.521%, 8/17/48 (144A) 499,574
500,000 Ocwen Master Advance Receivables Trust, Series 2016-T2,
Class BT2, 3.265%, 8/16/49 (144A) 495,400
400,000 Ocwen Master Advance Receivables Trust, Series 2017-T1,
Class DT1, 3.536%, 9/15/48 (144A) 400,138
600,000 Oportun Funding III LLC, Series 2016-B, Class A, 3.69%,
7/8/21 (144A) 605,514
300,000(a) Option One Mortgage Loan Trust, Series 2005-3, Class M2,
2.356% (1 Month USD LIBOR + 74 bps), 8/25/35 299,750
66,449 Orange Lake Timeshare Trust, Series 2012-AA, Class B, 4.87%,
3/10/27 (144A) 66,631
The accompanying notes are an integral part of these financial statements.
24 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
297,894(c) OSAT Trust, Series 2016-NPL1, Class A1, 3.75%, 7/25/56 (144A) $ 298,816
199,539(a) Oscar US Funding Trust VI LLC, Series 2017-1A, Class A2B,
2.381% (1 Month USD LIBOR + 80 bps), 5/11/20 (144A) 199,729
110,485(a) Oscar US Funding Trust VI, Series 2016-1A, Class A2B, 3.288%
(1 Month USD LIBOR + 170 bps), 7/15/20 (144A) 110,972
500,000(a) Palmer Square Loan Funding Ltd., Series 2018-1A, Class A2,
0.0% (3 Month USD LIBOR + 105 bps) 4/15/26 (144A) 500,000
280,421(a) Park Place Securities, Inc. Asset-Backed Pass-Through
Certificates, Series 2004-MHQ1, Class M2, 2.746%
(1 Month USD LIBOR + 113 bps), 12/25/34 281,709
300,000(a) PFS Financing Corp., Series 2017-AA, Class B, 2.538%
(1 Month USD LIBOR + 95 bps), 3/15/21 (144A) 300,160
500,000(a) PFS Financing Corp., Series 2017-BA, Class A1, 2.188%
(1 Month USD LIBOR + 60 bps), 7/15/22 (144A) 501,219
445,034(c) Popular ABS Mortgage Pass-Through Trust, Series 2004-4,
Class M1, 4.443%, 9/25/34 449,558
869,524(c) Pretium Mortgage Credit Partners I LLC, Series 2017-NPL3,
Class A1, 3.25%, 6/29/32 (144A) 866,630
982,170(c) Pretium Mortgage Credit Partners I LLC, Series 2017-NPL4,
Class A1, 3.25%, 8/27/32 (144A) 977,142
395,974(a) Progress Residential Trust, Series 2016-SFR1, Class A, 3.09%
(1 Month USD LIBOR + 150 bps), 9/17/33 (144A) 398,636
500,000(a) Progress Residential Trust, Series 2016-SFR1, Class C, 4.09%
(1 Month USD LIBOR + 250 bps), 9/17/33 (144A) 504,131
400,000(a) Progress Residential Trust, Series 2016-SFR2, Class B, 3.34%
(1 Month USD LIBOR + 175 bps), 1/17/34 (144A) 403,638
300,000 Progress Residential Trust, Series 2017-SFR1, Class B, 3.017%,
8/17/34 (144A) 294,100
333,000 Progress Residential Trust, Series 2017-SFR1, Class D, 3.565%,
8/17/34 (144A) 327,868
157,242(a) Quest Trust, Series 2004-X1, Class A, 2.281%
(1 Month USD LIBOR + 66 bps), 3/25/34 (144A) 156,607
62,869(a) RAAC Trust, Series 2006-RP2, Class A, 1.871%
(1 Month USD LIBOR + 25 bps), 2/25/37 (144A) 62,751
600,000(a) RAMP Trust, Series 2005-RS7, Class M1, 2.121%
(1 Month USD LIBOR + 50 bps), 7/25/35 594,096
212,863(c) RBSHD Trust, Series 2013-1A, Class A, 7.685%, 10/25/47 (144A) 213,468
658,329(c) RCO Mortgage LLC, Series 2017-1, Class A1, 3.375%,
8/25/22 (144A) 655,333
22,722(a) RFSC Trust, Series 2004-RP1A, Class M2, 3.871%
(1 Month USD LIBOR + 225 bps), 11/25/42 (144A) 22,677
117,442(a) SASCO Mortgage Loan Trust, Series 2005-GEL1, Class M1,
2.446% (1 Month USD LIBOR + 83 bps), 12/25/34 116,894
539,364 SCF Equipment Trust LLC, Series 2016-1A, Class A, 3.62%,
11/20/21 (144A) 538,390
90,146 Sierra Auto Receivables Securitization Trust, Series 2016-1A,
Class A, 2.85%, 1/18/22 (144A) 90,207
61,143 SilverLeaf Finance XVII LLC, Series 2013-A, Class A, 2.68%,
3/16/26 (144A) 61,070
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 25
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
330,500 Skopos Auto Receivables Trust, Series 2015-1A, Class B, 5.43%,
12/15/23 (144A) $ 331,635
174,927 Sofi Consumer Loan Program LLC, Series 2017-1, Class A,
3.28%, 1/26/26 (144A) 175,597
107,691(a) Sofi Professional Loan Program LLC, Series 2016-C, Class A1,
2.721% (1 Month USD LIBOR + 110 bps), 10/27/36 (144A) 109,301
18,014(a) Soundview Home Loan Trust, Series 2005-OPT4, Class 2A3,
1.881% (1 Month USD LIBOR + 26 bps), 12/25/35 18,011
412,378(a) Specialty Underwriting & Residential Finance Trust,
Series 2006-BC1, Class A2D, 1.921%
(1 Month USD LIBOR + 30 bps), 12/25/36 412,701
300,000 SPS Servicer Advance Receivables Trust Advance Receivables
Backed Notes, Series 2016-T2, Class BT2, 3.1%, 11/15/49 (144A) 298,560
500,000(a) Starwood Waypoint Homes Trust, Series 2017-1, Class B, 2.76%
(1 Month USD LIBOR + 117 bps), 1/17/35 (144A) 503,851
23,704(a) Structured Asset Investment Loan Trust, Series 2005-6, Class M1,
2.341% (1 Month USD LIBOR + 72 bps), 7/25/35 23,714
10,205(c) Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2005-2XS, Class 1A5B, 5.15%, 2/25/35 10,359
300,000 Synchrony Credit Card Master Note Trust, Series 2013-1,
Class B, 1.69%, 3/15/21 299,923
287,660 Tax Ease Funding LLC, Series 2016-1A, Class A, 3.131%,
6/15/28 (144A) 286,590
14,381(c) Terwin Mortgage Trust, Series 2005-14HE, Class AF2,
4.849%, 8/25/36 14,402
466,259(a) Terwin Mortgage Trust, Series 2006-1, Class 1A3, 2.001%
(1 Month USD LIBOR + 38 bps), 1/25/37 (144A) 468,199
500,000 Tidewater Sales Finance Master Trust, Series 2017-AA,
Class A, 4.55%, 4/15/21 (144A) 496,376
250,000 TLF National Tax Lien Trust, Series 2017-1A, Class B, 3.84%,
12/15/29 (144A) 249,968
745,031(b) Towd Point Mortgage Trust, Series 2015-2, Class 1A12, 2.75%,
11/25/60 (144A) 736,745
927,312(a) Towd Point Mortgage Trust, Series 2017-5, Class A1, 2.221%
(1 Month USD LIBOR + 60 bps), 2/25/57 (144A) 930,654
808,464 Towd Point Mortgage Trust, Series 2017-5, Class XA, 3.5%,
2/25/57 (144A) 801,751
1,000,000(a) Trafigura Securitisation Finance Plc, Series 2017-1A, Class B,
3.288% (1 Month USD LIBOR + 170 bps), 12/15/20 (144A) 1,005,967
866,634(c) U.S. Residential Opportunity Fund IV Trust, Series 2017-1III,
Class A, 3.352%, 11/27/37 (144A) 863,734
98,326 United Auto Credit Securitization Trust, Series 2016-2, Class B,
2.2%, 5/10/19 (144A) 98,328
850,000 United Auto Credit Securitization Trust, Series 2017-1, Class C,
2.71%, 1/10/22 (144A) 847,061
290,435 Upstart Securitization Trust, Series 2017-1, Class A, 2.639%,
6/20/24 (144A) 290,343
369,182(c) VOLT LIV LLC, Series 2017-NPL1, Class A1, 3.5%, 2/25/47 (144A) 368,899
The accompanying notes are an integral part of these financial statements.
26 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
363,152(c) VOLT LVIII LLC, Series 2017-NPL5, Class A1, 3.375%,
5/28/47 (144A) $ 362,739
331,950(c) VOLT LX LLC, Series 2017-NPL7, Class A1, 3.25%, 6/25/47 (144A) 330,262
750,000(c) VOLT LXIII LLC, Series 2017-NP10, Class A1, 3.0%,
10/25/47 (144A) 744,022
505,273(c) VOLT XXXVIII LLC, Series 2015-NP12, Class A1, 3.875%,
9/25/45 (144A) 506,481
130,961 Westgate Resorts LLC, Series 2014-1A, Class A, 2.15%,
12/20/26 (144A) 130,116
720,287 Westgate Resorts LLC, Series 2014-1A, Class C, 5.5%,
12/20/26 (144A) 726,143
104,857 Westgate Resorts LLC, Series 2015-2A, Class A, 3.2%,
7/20/28 (144A) 104,729
516,611 Westgate Resorts LLC, Series 2017-1A, Class B, 4.05%,
12/20/30 (144A) 513,238
136,446 Westlake Automobile Receivables Trust, Series 2015-3A,
Class C, 3.05%, 5/17/21 (144A) 136,806
600,000 Westlake Automobile Receivables Trust, Series 2016-1A,
Class C, 3.29%, 9/15/21 (144A) 602,357
1,000,000 Westlake Automobile Receivables Trust, Series 2016-1A,
Class D, 4.55%, 9/15/21 (144A) 1,016,007
650,000 Westlake Automobile Receivables Trust, Series 2017-2A,
Class C, 2.59%, 12/15/22 (144A) 643,928
1,115,000(a) World Financial Network Credit Card Master Trust, Series 2015-A,
Class A, 2.068% (1 Month USD LIBOR + 48 bps), 2/15/22 1,115,507
75,000 World Omni Automobile Lease Securitization Trust, Series 2017-A,
Class A3, 2.13%, 4/15/20 74,442
300,000 WRG Debt Funding II LLC, Series 2017-1, Class A, 4.458%,
3/15/26 (144A) 297,750
-------------
Total Banks $ 74,470,079
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.0%+
Construction & Engineering -- 0.0%+
180,159(a) Velocity Commercial Capital Loan Trust, Series 2016-1, Class AFL,
4.071% (1 Month USD LIBOR + 245 bps), 4/25/46 (144A) $ 180,159
-------------
Total Capital Goods $ 180,159
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise Lines -- 0.0%+
202,177 Welk Resorts LLC, Series 2013-AA, Class A, 3.1%, 3/15/29 (144A) $ 200,914
-------------
Total Consumer Services $ 200,914
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.0%
Consumer Finance -- 1.0%
475,853 AmeriCredit Automobile Receivables Trust, Series 2013-4,
Class D, 3.31%, 10/8/19 $ 476,151
1,500,000(a) Capital One Multi-Asset Execution Trust, Series 2016-A1,
Class A1, 2.038% (1 Month USD LIBOR + 45 bps), 2/15/22 1,505,249
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 27
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
2,690,000(a) Chase Issuance Trust, Series 2016-A1, Class A, 1.998%
(1 Month USD LIBOR + 41 bps), 5/17/21 $ 2,700,348
16,063 CPS Auto Receivables Trust, Series 2013-B, Class A, 1.82%,
9/15/20 (144A) 16,025
181,000 CPS Auto Receivables Trust, Series 2014-C, Class C, 3.77%,
8/17/20 (144A) 183,038
-------------
$ 4,880,811
----------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.0%+
115,612 Diamond Resorts Owner Trust, Series 2013-2, Class B, 2.62%,
5/20/26 (144A) $ 115,566
21,322 Diamond Resorts Owner Trust, Series 2014-1, Class A, 2.54%,
5/20/27 (144A) 21,232
17,137 TAL Advantage V LLC, Series 2014-2A, Class A1, 1.7%,
5/20/39 (144A) 17,114
-------------
$ 153,912
-------------
Total Diversified Financials $ 5,034,723
----------------------------------------------------------------------------------------------------
ENERGY -- 0.3%
Oil & Gas Exploration & Production -- 0.3%
300,000(a) Arbor Realty Commercial Real Estate Notes, Ltd.,
Series 2016-FL1A, Class A, 3.288%
(1 Month USD LIBOR + 170 bps), 9/15/26 (144A) $ 302,288
499,954 AXIS Equipment Finance Receivables IV LLC, Series 2016-1A,
Class D, 4.67%, 3/20/22 (144A) 506,857
500,000 Four Seas LP, Series 2017-1A, Class A1, 4.95%, 8/28/27 (144A) 489,375
-------------
Total Energy $ 1,298,520
----------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.0%+
141,351(a) Freddie Mac Structured Pass-Through Certificates, Series T-20,
Class A7, 1.921% (1 Month USD LIBOR + 30 bps), 12/25/29 $ 138,649
-------------
Total Government $ 138,649
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Pharmaceuticals -- 0.1%
678,079(a) Drug Royalty III LP 1, Series 2017-1A, Class A1, 4.222%
(3 Month USD LIBOR + 250 bps), 4/15/27 (144A) $ 678,060
-------------
Total Health Care Equipment & Services $ 678,060
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Specialized REITs -- 0.1%
224,164(b) Hilton Grand Vacations Trust, Series 2014-AA, Class B, 2.07%,
11/25/26 (144A) $ 220,806
-------------
Total Real Estate $ 220,806
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Trucking -- 0.2%
500,000(a) Hertz Fleet Lease Funding LP, Series 2016-1, Class D, 4.931%
(1 Month USD LIBOR + 335 bps), 4/10/30 (144A) $ 510,285
400,000(a) Hertz Fleet Lease Funding LP, Series 2016-1, Class E, 5.081%
(1 Month USD LIBOR + 350 bps), 4/10/30 (144A) 401,917
-------------
Total Transportation $ 912,202
----------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $83,089,562) $ 83,134,112
----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
29.4% of Net Assets
BANKS -- 14.0%
Thrifts & Mortgage Finance -- 14.0%
1,725,000(a) 280 Park Avenue Mortgage Trust, Series 2017-280P, Class C,
2.838% (1 Month USD LIBOR + 125 bps), 9/15/34 (144A) $ 1,725,386
1,356,606(a) A10 Term Asset Financing LLC, Series 2017-1A, Class A1FL,
2.438% (1 Month USD LIBOR + 85 bps), 3/15/36 (144A) 1,356,605
100,858(a) Adjustable Rate Mortgage Trust, Series 2005-5, Class 6A22,
1.901% (1 Month USD LIBOR + 28 bps), 9/25/35 100,427
23,741(a) Alternative Loan Trust, Series 2003-14T1, Class A9, 2.071%
(1 Month USD LIBOR + 45 bps), 8/25/18 17,626
114,250(a) Alternative Loan Trust, Series 2004-6CB, Class A, 2.201%
(1 Month USD LIBOR + 58 bps), 5/25/34 114,173
1,300,000(a) BAMLL Commercial Mortgage Securities Trust, Series 2014-FL1,
Class B, 4.049% (1 Month USD LIBOR + 220 bps),
12/15/31 (144A) 1,308,029
1,000,000(a) BAMLL Commercial Mortgage Securities Trust, Series 2014-ICTS,
Class B, 2.688% (1 Month USD LIBOR + 110 bps),
6/15/28 (144A) 999,999
63,389(a) Banc of America Funding Trust, Series 2005-A, Class 5A2,
1.904% (1 Month USD LIBOR + 31 bps), 2/20/35 63,572
500,000(a) Bancorp Commercial Mortgage Trust, Series 2017-CRE2, Class A,
2.431% (1 Month USD LIBOR + 85 bps), 8/15/32 (144A) 500,459
402,334(a) Bayview Opportunity Master Fund IIIb Trust, Series 2017-CRT2,
Class M, 3.648% (1 Month USD LIBOR + 200 bps),
11/25/27 (144A) 402,397
395,128(a) Bayview Opportunity Master Fund IVb Trust, Series 2017-CRT1,
Class M, 3.798% (1 Month USD LIBOR + 215 bps),
10/25/28 (144A) 395,980
328,102(a) BCAP LLC Trust, Series 2012-RR4, Class 8A4, 1.791%
(1 Month USD LIBOR + 23 bps), 6/26/47 (144A) 326,248
586,334(a) Bear Stearns ALT-A Trust, Series 2004-4, Class A1, 2.221%
(1 Month USD LIBOR + 60 bps), 6/25/34 584,811
96,527(a) Bear Stearns ALT-A Trust, Series 2004-11, Class 1A2, 2.461%
(1 Month USD LIBOR + 84 bps), 11/25/34 96,141
368,703(a) Bear Stearns ALT-A Trust, Series 2004-12, Class 1A1, 2.321%
(1 Month USD LIBOR + 70 bps), 1/25/35 368,636
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 29
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
131,308(a) Bear Stearns ALT-A Trust, Series 2004-12, Class 1A2, 2.461%
(1 Month USD LIBOR + 84 bps), 1/25/35 $ 131,081
395,142(a) Bear Stearns ALT-A Trust, Series 2004-12, Class 1A4, 2.461%
(1 Month USD LIBOR + 84 bps), 1/25/35 395,269
34,517(a) Bear Stearns ALT-A Trust, Series 2004-13, Class A1, 2.361%
(1 Month USD LIBOR + 74 bps), 11/25/34 34,527
57,482(a) Bear Stearns ALT-A Trust, Series 2005-2, Class 1A1, 2.121%
(1 Month USD LIBOR + 50 bps), 3/25/35 57,406
1,161,065(a) Bear Stearns ALT-A Trust, Series 2005-7, Class 11A1, 2.161%
(1 Month USD LIBOR + 54 bps), 8/25/35 1,161,866
405,128(b) Bear Stearns Commercial Mortgage Securities Trust,
Series 2005-PWR7, Class B, 5.214%, 2/11/41 404,316
46,812(b) Bear Stearns Mortgage Securities, Inc., Series 1997-6,
Class 3B1, 3.937%, 6/25/30 47,997
524,364(a) Bellemeade Re, Ltd., Series 2017-1, Class M1, 3.321%
(1 Month USD LIBOR + 170 bps), 10/25/27 (144A) 526,088
900,000(a) BHMS Mortgage Trust, Series 2014-ATLS, Class BFL, 3.525%
(1 Month USD LIBOR + 195 bps), 7/5/33 (144A) 902,711
594,311(a) BX Trust, Series 2017-APPL, Class B, 2.738%
(1 Month USD LIBOR + 115 bps), 7/15/34 (144A) 595,977
1,000,000(a) BX Trust, Series 2017-IMC, Class B, 2.988%
(1 Month USD LIBOR + 140 bps), 10/15/32 (144A) 1,001,867
700,000(a) BX Trust, Series 2017-SLCT, Class B, 2.788%
(1 Month USD LIBOR + 120 bps), 7/15/34 (144A) 702,181
700,000(a) BXMT, Ltd., Series 2017-FL1, Class A, 2.458%
(1 Month USD LIBOR + 87 bps), 6/15/35 (144A) 703,486
142,922 Cendant Mortgage Corp., Series 2002-2, Class A6, 6.25%,
3/25/32 (144A) 144,534
309,640(a) CG-CCRE Commercial Mortgage Trust, Series 2014-FL2,
Class A, 3.442% (1 Month USD LIBOR + 185 bps),
11/15/31 (144A) 309,709
500,000(a) CGDB Commercial Mortgage Trust, Series 2017-BIO, Class C,
2.688% (1 Month USD LIBOR + 110 bps), 5/15/30 (144A) 500,632
1,000,000(a) CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class B,
2.558% (1 Month USD LIBOR + 97 bps), 7/15/32 (144A) 1,002,410
850,000(a) CGMS Commercial Mortgage Trust, Series 2017-MDRC, Class C,
2.86% (1 Month USD LIBOR + 130 bps), 7/15/30 (144A) 849,999
87,873(b) CHL Mortgage Pass-Through Trust, Series 2004-14, Class 4A1,
3.176%, 8/25/34 85,460
25,706 Citicorp Mortgage Securities REMIC Pass-Through Certificates
Trust, Series 2005-4, Class 2A1, 5.0%, 7/25/20 26,208
30,543(b) Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A1A,
6.068%, 12/10/49 30,523
300,000(a) Citigroup Commercial Mortgage Trust, Series 2015-SHP2, Class D,
4.888% (1 Month USD LIBOR + 330 bps), 7/15/27 (144A) 302,873
1,500,000(a) Citigroup Commercial Mortgage Trust, Series 2015-SSHP, Class C,
3.688% (1 Month USD LIBOR + 210 bps), 9/15/27 (144A) 1,493,227
10,160 Citigroup Mortgage Loan Trust, Inc., Series 2003-UP3, Class A1,
7.0%, 9/25/33 10,221
The accompanying notes are an integral part of these financial statements.
30 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
50,087 Citigroup Mortgage Loan Trust, Series 2010-4, Class 4A5, 5.0%,
10/25/35 (144A) $ 50,297
1,000,000(a) CLNS Trust, Series 2017-IKPR, Class C, 2.681%
(1 Month USD LIBOR + 110 bps), 6/11/32 (144A) 1,001,558
1,300,000(a) Cold Storage Trust, Series 2017-ICE3, Class C, 2.938%
(1 Month USD LIBOR + 135 bps), 4/15/36 (144A) 1,304,445
500,000(a) Cold Storage Trust, Series 2017-ICE3, Class D, 3.688%
(1 Month USD LIBOR + 210 bps), 4/15/36 (144A) 501,866
356,598(a) Colony Mortgage Capital, Ltd., Series 2014-FL2, Class B, 4.03%
(1 Month USD LIBOR + 245 bps), 11/10/31 (144A) 356,388
349,155(a) COMM Mortgage Trust, Series 2014-FL4, Class C, 3.533%
(1 Month USD LIBOR + 195 bps), 7/13/31 (144A) 349,995
1,410,000(a) COMM Mortgage Trust, Series 2014-FL5, Class B, 3.731%
(1 Month USD LIBOR + 215 bps), 10/15/31 (144A) 1,403,117
400,000(a) COMM Mortgage Trust, Series 2014-PAT, Class A, 2.379%
(1 Month USD LIBOR + 80 bps), 8/13/27 (144A) 400,003
820,000(a) COMM Mortgage Trust, Series 2014-PAT, Class C, 3.229%
(1 Month USD LIBOR + 165 bps), 8/13/27 (144A) 820,005
1,850,000(a) COMM Mortgage Trust, Series 2014-TWC, Class B, 3.179%
(1 Month USD LIBOR + 160 bps), 2/13/32 (144A) 1,852,315
500,000(b) COMM Mortgage Trust, Series 2015-CR23, Class CMD, 3.685%,
5/10/48 (144A) 493,478
750,000(a) COMM Mortgage Trust, Series 2017-DLTA, Class B, 2.528%
(1 Month USD LIBOR + 94 bps), 8/15/35 (144A) 748,187
193,921 Credit Suisse First Boston Mortgage Securities Corp.,
Series 2002-10, Class 2A1, 7.5%, 5/25/32 207,448
94,068 Credit Suisse First Boston Mortgage Securities Corp.,
Series 2005-C2, Class AMFX, 4.877%, 4/15/37 92,114
15,239 CSFB Mortgage-Backed Trust, Series 2004-7, Class 6A1,
5.25%, 10/25/19 15,368
362,774(b) CSMC, Series 2013-14R, Class 2A1, 2.5%, 10/27/37 (144A) 367,823
37,395(a) CSMC Trust, Series 2006-CF3, Class A1, 2.161%
(1 Month USD LIBOR + 54 bps), 10/25/36 (144A) 37,344
584,887(b) CSMC Trust, Series 2014-OAK1, Class 2A4, 3.0%, 11/25/44 (144A) 572,024
571,957(b) CSMC Trust, Series 2015-3, Class A3, 3.5%, 3/25/45 (144A) 580,536
900,000(a) CSMC Trust, Series 2015-DEAL, Class B, 3.438%
(1 Month USD LIBOR + 185 bps), 4/15/29 (144A) 899,998
1,400,000(a) DBCG Mortgage Trust, Series 2017-BBG, Class A, 2.288%
(1 Month USD LIBOR + 70 bps), 6/15/34 (144A) 1,402,217
139,567(a) Federal National Mortgage Association, Connecticut Avenue
Securities, Series 2013-C01, Class M1, 3.621%
(1 Month USD LIBOR + 200 bps), 10/25/23 140,433
195,767(a) Federal National Mortgage Association, Connecticut Avenue
Securities, Series 2014-C02, Class 1M1, 2.571%
(1 Month USD LIBOR + 95 bps), 5/25/24 196,439
183,264(a) Federal National Mortgage Association, Connecticut Avenue
Securities, Series 2016-C02, Class 1M1, 3.771%
(1 Month USD LIBOR + 215 bps), 9/25/28 184,866
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 31
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
571,714(a) Federal National Mortgage Association, Connecticut Avenue
Securities, Series 2017-C04, Class 2M1, 2.471%
(1 Month USD LIBOR + 85 bps), 11/25/29 $ 574,178
306,117(a) Federal National Mortgage Association, Connecticut Avenue
Securities, Series 2017-C05, Class 1M1, 2.171%
(1 Month USD LIBOR + 55 bps), 1/25/30 306,360
405,422(b) FirstKey Mortgage Trust, Series 2014-1, Class A2, 3.0%,
11/25/44 (144A) 394,036
190,611(a) FORT CRE LLC, Series 2016-1A, Class A1, 3.121%
(1 Month USD LIBOR + 150 bps), 5/21/36 (144A) 190,696
81,712(a) GAHR Commercial Mortgage Trust, Series 2015-NRF, Class AFL1,
3.11% (1 Month USD LIBOR + 130 bps), 12/15/34 (144A) 81,738
286,228(a) Global Mortgage Securitization, Ltd., Series 2005-A, Class A2,
1.891% (1 Month USD LIBOR + 27 bps), 4/25/32 (144A) 275,584
104,467 Global Mortgage Securitization, Ltd., Series 2005-A, Class B1,
5.25%, 4/25/32 (144A) 103,460
1,100,000(a) GP Portfolio Trust, Series 2014-GPP, Class B, 3.138%
(1 Month USD LIBOR + 155 bps), 2/15/27 (144A) 1,101,208
1,000,000(a) Great Wolf Trust, Series 2017-WOLF, Class C, 3.058%
(1 Month USD LIBOR + 132 bps), 9/15/34 (144A) 1,002,804
500,000(b) GS Mortgage Securities Corp. Trust, Series 2016-RENT, Class C,
4.067%, 2/10/29 (144A) 506,032
1,100,000(a) GS Mortgage Securities Corp. Trust, Series 2017-500K, Class B,
2.488% (1 Month USD LIBOR + 90 bps), 7/15/32 (144A) 1,102,261
500,000(a) GS Mortgage Securities Corp. Trust, Series 2017-STAY, Class B,
2.688% (1 Month USD LIBOR + 110 bps), 7/15/32 (144A) 502,490
1,500,000(b) GS Mortgage Securities RE-Remic Trust, Series 2015-FRR1,
Class K3A, 3.404%, 6/27/41 1,482,026
358,629(a) HomeBanc Mortgage Trust, Series 2004-2, Class A1, 2.361%
(1 Month USD LIBOR + 74 bps), 12/25/34 357,341
936,641(a) HomeBanc Mortgage Trust, Series 2005-3, Class A1, 1.861%
(1 Month USD LIBOR + 24 bps), 7/25/35 930,880
866,420(a) Homestar Mortgage Acceptance Corp., Series 2004-1, Class A1,
2.261% (1 Month USD LIBOR + 64 bps), 3/25/34 854,253
93,467(a) Homestar Mortgage Acceptance Corp., Series 2004-2, Class AV1,
2.321% (1 Month USD LIBOR + 70 bps), 6/25/34 93,848
166,111(a) Homestar Mortgage Acceptance Corp., Series 2004-4, Class A3,
2.721% (1 Month USD LIBOR + 110 bps), 9/25/34 165,442
700,000(a) Hospitality Mortgage Trust, Series 2017-HIT, Class E, 5.105%
(1 Month USD LIBOR + 355 bps), 5/8/30 (144A) 704,154
54,591(a) Impac CMB Trust, Series 2004-8, Class 3B, 4.246%
(1 Month USD LIBOR + 175 bps), 8/25/34 52,379
1,450,000(a) Impac Secured Assets Corp., Series 2004-3, Class M1, 2.521%
(1 Month USD LIBOR + 90 bps), 11/25/34 1,429,173
1,000,000(a) IMT Trust, Series 2017-APTS, Class BFL, 2.538%
(1 Month USD LIBOR + 95 bps), 6/15/34 (144A) 998,983
39,113(b) IndyMac INDX Mortgage Loan Trust, Series 2004-AR6, Class 6A1,
3.93%, 10/25/34 38,820
The accompanying notes are an integral part of these financial statements.
32 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
41,398(b) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2004-LN2, Class A1A, 4.838%, 7/15/41 (144A) $ 41,179
64,548(a) JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2006-LDP9, Class A3SF, 1.743%
(1 Month USD LIBOR + 16 bps), 5/15/47 64,358
700,000(a) JP Morgan Chase Commercial Mortgage Securities Trust, Series
2014-CBM, Class C, 3.538% (1 Month USD LIBOR + 195 bps),
10/15/29 (144A) 700,000
144,152(a) JP Morgan Chase Commercial Mortgage Securities Trust, Series
2014-FL4, Class B, 3.338% (1 Month USD LIBOR + 175 bps),
12/15/30 (144A) 144,161
270,000(a) JP Morgan Chase Commercial Mortgage Securities Trust, Series
2014-FL4, Class C, 3.788% (1 Month USD LIBOR + 220 bps),
12/15/30 (144A) 270,589
558,115(a) JP Morgan Chase Commercial Mortgage Securities Trust, Series
2014-FL5, Class C, 3.66% (1 Month USD LIBOR + 210 bps),
7/15/31 (144A) 557,831
182,983(a) JP Morgan Chase Commercial Mortgage Securities Trust, Series
2014-FL6, Class A, 2.988% (1 Month USD LIBOR + 140 bps),
11/15/31 (144A) 183,079
1,100,000(a) JP Morgan Chase Commercial Mortgage Securities Trust, Series
2014-PHH, Class B, 3.438% (1 Month USD LIBOR + 185 bps),
8/15/27 (144A) 1,100,001
1,000,000(a) JP Morgan Chase Commercial Mortgage Securities Trust, Series
2016-ASH, Class A, 3.088% (1 Month USD LIBOR + 150 bps),
10/15/34 (144A) 1,000,619
500,000(a) JP Morgan Chase Commercial Mortgage Securities Trust, Series
2016-WPT, Class B, 3.688% (1 Month USD LIBOR + 210 bps),
10/15/33 (144A) 501,090
375,000(a) JP Morgan Chase Commercial Mortgage Securities Trust, Series
2017-FL11, Class B, 2.688% (1 Month USD LIBOR + 110 bps),
10/15/32 (144A) 375,700
406,597(b) JP Morgan Mortgage Trust, Series 2013-2, Class A5, 3.5%,
5/25/43 (144A) 401,150
642,768(a) JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class AM,
2.121% (1 Month USD LIBOR + 50 bps), 5/25/33 (144A) 638,130
1,201,156(b) JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class B1,
2.117%, 5/25/33 (144A) 1,187,941
600,000(a) La Hipotecaria Panamanian Mortgage Trust, Series 2007-1GA,
Class A, 4.0% (Panamanian Mortgage Reference Rate -
125 bps), 12/23/36 (144A) 594,000
30,979(a) Lehman Brothers Small Balance Commercial Mortgage Trust,
Series 2006-1A, Class 1A, 1.841% (1 Month USD LIBOR + 22 bps),
4/25/31 (144A) 30,791
30,049(a) Lehman Brothers Small Balance Commercial Mortgage Trust,
Series 2006-1A, Class 2A, 1.851% (1 Month USD LIBOR + 23 bps),
4/25/31 (144A) 29,864
1,300,000(a) LMREC, Inc., Series 2015-CRE1, Class A, 3.371%
(1 Month USD LIBOR + 175 bps), 2/22/32 (144A) 1,305,339
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 33
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
433,081(a) LSTAR Securities Investment, Ltd., Series 2017-3, Class A1,
3.575% (1 Month USD LIBOR + 200 bps), 4/1/22 (144A) $ 433,106
847,130(a) LSTAR Securities Investment, Ltd., Series 2017-6, Class A,
3.325% (1 Month USD LIBOR + 175 bps), 9/1/22 (144A) 847,660
504,299(a) LSTAR Securities Investment, Ltd., Series 2017-7, Class A,
3.325% (1 Month USD LIBOR + 175 bps), 10/1/22 (144A) 504,549
373,411(a) Merrill Lynch Mortgage Investors Trust, Series 2003-A, Class 1A,
2.361% (1 Month USD LIBOR + 74 bps), 3/25/28 357,795
327,360(a) Merrill Lynch Mortgage Investors Trust, Series 2003-C, Class A2,
2.525% (6 Month USD LIBOR + 70 bps), 6/25/28 324,723
119,011(a) Merrill Lynch Mortgage Investors Trust, Series 2003-G, Class A1,
2.261% (1 Month USD LIBOR + 64 bps), 1/25/29 114,836
31,135(b) Merrill Lynch Mortgage Investors Trust, Series 2003-G, Class A3,
2.914%, 1/25/29 31,306
213,237(a) Merrill Lynch Mortgage Investors Trust, Series 2003-H, Class A1,
2.261% (1 Month USD LIBOR + 64 bps), 1/25/29 210,679
54,954(a) Merrill Lynch Mortgage Investors Trust, Series 2004-G, Class A2,
2.425% (6 Month USD LIBOR + 60 bps), 1/25/30 53,870
66,285(b) Merrill Lynch Mortgage Trust, Series 2005-CKI1, Class D, 5.388%,
11/12/37 66,216
466,492(b) Morgan Stanley Capital I Trust, Series 2007-T25, Class AJ, 5.574%,
11/12/49 470,574
500,000(a) Morgan Stanley Capital I Trust, Series 2015-XLF1, Class C, 3.788%
(1 Month USD LIBOR + 220 bps), 8/14/31 (144A) 502,636
600,000(a) Morgan Stanley Capital I Trust, Series 2015-XLF2, Class AFSB,
4.331% (1 Month USD LIBOR + 275 bps), 8/15/26 (144A) 599,330
500,000(a) Morgan Stanley Capital I Trust, Series 2017-CLS, Class C, 2.588%
(1 Month USD LIBOR + 100 bps), 11/15/34 (144A) 501,253
500,000(a) Morgan Stanley Capital I Trust, Series 2017-PRME, Class B,
2.938% (1 Month USD LIBOR + 135 bps), 2/15/34 (144A) 500,770
119,226(a) Morgan Stanley Mortgage Loan Trust, Series 2005-5AR, Class 1A1,
1.891% (1 Month USD LIBOR + 27 bps), 9/25/35 119,398
156,516(a) Morgan Stanley Mortgage Loan Trust, Series 2005-6AR, Class 1A1,
1.901% (1 Month USD LIBOR + 28 bps), 11/25/35 157,236
435,951(a) MortgageIT Trust, Series 2004-1, Class A1, 2.401%
(1 Month USD LIBOR + 78 bps), 11/25/34 426,874
1,385,425(a) Motel 6 Trust, Series 2017-MTL6, Class C, 2.988%
(1 Month USD LIBOR + 140 bps), 8/15/34 (144A) 1,389,744
529,261(b) Oaks Mortgage Trust, Series 2015-1, Class A9, 3.0%,
4/25/46 (144A) 528,675
572,822(a) Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through
Certificates, Series 2005-4, Class 1A2, 2.011%
(1 Month USD LIBOR + 39 bps), 11/25/35 563,380
314,153(a) Pepper Residential Securities Trust No. 18, Series 18A,
Class A1UA, 2.531% (1 Month USD LIBOR + 95 bps), 3/12/47 (144A) 314,344
54,186(a) PFP, Ltd., Series 2015-2, Class A, 3.038%
(1 Month USD LIBOR + 145 bps), 7/14/34 (144A) 54,234
2,746 RALI Trust, Series 2003-QS14, Class A1, 5.0%, 7/25/18 2,719
The accompanying notes are an integral part of these financial statements.
34 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,470(b) RAMP Trust, Series 2004-SL4, Class A1, 6.575%, 5/25/18 $ 1,553
359,111(a) ReadyCap Commercial Mortgage Trust, Series 2017-FL1, Class A,
2.471% (1 Month USD LIBOR + 85 bps), 5/25/34 (144A) 359,111
683,804(a) RESI Finance LP, Series 2003-CB1, Class B3, 3.031%
(1 Month USD LIBOR + 145 bps), 6/10/35 (144A) 593,409
189,981(a) Resimac Premier, Series 2014-1A, Class A1, 2.249%
(3 Month USD LIBOR + 70 bps), 12/12/45 (144A) 190,468
367,652(a) Resimac Premier, Series 2017-1A, Class A1A, 2.531%
(1 Month USD LIBOR + 95 bps), 9/11/48 (144A) 368,917
19,284(a) Resource Capital Corp., Ltd., Series 2015-CRE4, Class A,
2.988% (1 Month USD LIBOR + 140 bps), 8/15/32 (144A) 19,280
663,823(a) Resource Capital Corp., Ltd., Series 2017-CRE5, Class A,
2.388% (1 Month USD LIBOR + 80 bps), 7/15/34 (144A) 664,528
104,253(b) Sequoia Mortgage Trust, Series 2004-7, Class A1,
3.01%, 8/20/34 104,811
90,793(b) Sequoia Mortgage Trust, Series 2013-8, Class A1, 3.0%, 6/25/43 87,777
158,818(b) Sequoia Mortgage Trust, Series 2013-8, Class A2, 2.25%, 6/25/43 148,656
1,000,000(a) Stonemont Portfolio Trust, Series 2017-MONT, Class B, 2.694%
(1 Month USD LIBOR + 110 bps), 8/20/30 (144A) 1,002,185
98,153(a) Structured Asset Mortgage Investments II Trust, Series 2005-F1,
Class FA, 2.121% (1 Month USD LIBOR + 50 bps), 8/26/35 97,758
22,972(a) Structured Asset Securities Corp. Mortgage Pass Through
Certificates, Series 2003-35, Class 3A1, 2.121%
(1 Month USD LIBOR + 50 bps), 12/25/33 23,041
776,627(b) Sutherland Commercial Mortgage Loans, Series 2017-SBC6,
Class A, 3.192%, 5/25/37 (144A) 776,787
500,000(a) Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class C, 2.93%
(1 Month USD LIBOR + 135 bps), 11/11/34 (144A) 500,934
36,385(a) Velocity Commercial Capital Loan Trust, Series 2014-1, Class A,
3.621% (1 Month USD LIBOR + 200 bps), 9/25/44 (144A) 36,420
925,000(b) WaMu Commercial Mortgage Securities Trust, Series 2006-SL1,
Class C, 2.52%, 11/23/43 (144A) 917,148
1,000,000(a) Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class C,
2.913% (1 Month USD LIBOR + 120 bps), 12/15/34 (144A) 1,000,940
42,105(a) Wells Fargo Mortgage Backed Securities Trust, Series 2005-4,
Class A6, 2.221% (1 Month USD LIBOR + 60 bps), 4/25/35 41,617
978,848(b) WinWater Mortgage Loan Trust, Series 2015-2, Class A5, 3.0%,
2/20/45 (144A) 958,698
-------------
Total Banks $ 73,103,234
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial Services -- 0.2%
232,202(b) Banc of America Commercial Mortgage Trust, Series 2007-3,
Class B, 5.755%, 6/10/49 $ 234,405
631,969(b) Sequoia Mortgage Trust, Series 2012-1, Class 2A1,
3.474%, 1/25/42 618,460
-------------
Total Diversified Financials $ 852,865
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 35
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
ENERGY -- 0.2%
Oil & Gas Exploration & Production -- 0.2%
404,172(a) Oaktown Re, Ltd., Series 2017-1A, Class M1, 3.871%
(1 Month USD LIBOR + 225 bps), 4/25/27 (144A) $ 404,684
499,908(a) RAIT Trust, Series 2017-FL7, Class A, 2.538%
(1 Month USD LIBOR + 95 bps), 6/15/37 (144A) 500,366
-------------
Total Energy $ 905,050
----------------------------------------------------------------------------------------------------
GOVERNMENT -- 15.0%
210(a) Collateralized Mortgage Obligation Trust, Series 44, Class F, 1.2%
(1 Month USD LIBOR + 95 bps), 7/1/18 $ 210
542,622(b) Fannie Mae Grantor Trust, Series 2004-T2, Class 2A,
4.006%, 7/25/43 571,452
168,712(a) Federal Home Loan Mortgage Corp. REMICS, Series 2071,
Class F, 2.088% (1 Month USD LIBOR + 50 bps), 7/15/28 170,496
126,610(a) Federal Home Loan Mortgage Corp. REMICS, Series 2315,
Class FW, 2.138% (1 Month USD LIBOR + 55 bps), 4/15/27 128,238
301,646(a) Federal Home Loan Mortgage Corp. REMICS, Series 2334,
Class FA, 2.088% (1 Month USD LIBOR + 50 bps), 7/15/31 304,100
375,106(a) Federal Home Loan Mortgage Corp. REMICS, Series 2362,
Class F, 1.988% (1 Month USD LIBOR + 40 bps), 9/15/31 374,576
118,913(a) Federal Home Loan Mortgage Corp. REMICS, Series 2391,
Class FJ, 2.088% (1 Month USD LIBOR + 50 bps), 4/15/28 119,416
376,415(a) Federal Home Loan Mortgage Corp. REMICS, Series 2412,
Class GF, 2.538% (1 Month USD LIBOR + 95 bps), 2/15/32 387,161
167,021(a) Federal Home Loan Mortgage Corp. REMICS, Series 2416,
Class FG, 2.04% (1 Month USD LIBOR + 45 bps), 2/17/32 168,409
7,193(a) Federal Home Loan Mortgage Corp. REMICS, Series 2437,
Class FD, 1.759% (1 Month USD LIBOR + 20 bps), 10/15/20 7,206
82,130(a) Federal Home Loan Mortgage Corp. REMICS, Series 2439,
Class F, 2.588% (1 Month USD LIBOR + 100 bps), 3/15/32 84,136
139,752(a) Federal Home Loan Mortgage Corp. REMICS, Series 2470,
Class AF, 2.588% (1 Month USD LIBOR + 100 bps), 3/15/32 143,968
119,823(a) Federal Home Loan Mortgage Corp. REMICS, Series 2489,
Class FA, 2.588% (1 Month USD LIBOR + 100 bps), 2/15/32 123,011
180,885(a) Federal Home Loan Mortgage Corp. REMICS, Series 2498,
Class FL, 2.158% (1 Month USD LIBOR + 57 bps), 3/15/32 181,702
807,364(a) Federal Home Loan Mortgage Corp. REMICS, Series 2551,
Class LF, 2.088% (1 Month USD LIBOR + 50 bps), 1/15/33 810,719
131,162(a) Federal Home Loan Mortgage Corp. REMICS, Series 2567,
Class FJ, 1.988% (1 Month USD LIBOR + 40 bps), 2/15/33 131,274
603,520 Federal Home Loan Mortgage Corp. REMICS, Series 2568,
Class KG, 5.5%, 2/15/23 633,438
561,101(a) Federal Home Loan Mortgage Corp. REMICS, Series 2602,
Class FH, 1.898% (1 Month USD LIBOR + 31 bps), 4/15/33 559,082
20,106(a) Federal Home Loan Mortgage Corp. REMICS, Series 2650,
Class FV, 1.988% (1 Month USD LIBOR + 40 bps), 12/15/32 20,144
10,934(a) Federal Home Loan Mortgage Corp. REMICS, Series 2650,
Class FX, 1.988% (1 Month USD LIBOR + 40 bps), 12/15/32 10,945
The accompanying notes are an integral part of these financial statements.
36 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
5,438(a) Federal Home Loan Mortgage Corp. REMICS, Series 2664,
Class GF, 2.188% (1 Month USD LIBOR + 60 bps), 8/15/18 $ 5,445
452,826 Federal Home Loan Mortgage Corp. REMICS, Series 2666,
Class OD, 5.5%, 8/15/23 477,580
206,027 Federal Home Loan Mortgage Corp. REMICS, Series 2685,
Class CS, 4.0%, 10/15/18 206,788
39,944 Federal Home Loan Mortgage Corp. REMICS, Series 2764,
Class OE, 4.5%, 3/15/19 40,111
48,505 Federal Home Loan Mortgage Corp. REMICS, Series 2776,
Class QP, 4.0%, 1/15/34 48,703
7,632(a) Federal Home Loan Mortgage Corp. REMICS, Series 2802,
Class FH, 2.038% (1 Month USD LIBOR + 45 bps), 9/15/33 7,633
11,577(a) Federal Home Loan Mortgage Corp. REMICS, Series 2838,
Class FB, 1.888% (1 Month USD LIBOR + 30 bps), 8/15/19 11,576
74,664 Federal Home Loan Mortgage Corp. REMICS, Series 2855,
Class WN, 4.0%, 9/15/19 75,036
104,485(a) Federal Home Loan Mortgage Corp. REMICS, Series 2916,
Class NF, 1.838% (1 Month USD LIBOR + 25 bps), 1/15/35 104,674
96,365 Federal Home Loan Mortgage Corp. REMICS, Series 2930,
Class DE, 4.5%, 2/15/20 96,950
43,489(a) Federal Home Loan Mortgage Corp. REMICS, Series 3042,
Class PF, 1.838% (1 Month USD LIBOR + 25 bps), 8/15/35 43,433
178,618(a) Federal Home Loan Mortgage Corp. REMICS, Series 3085,
Class VF, 1.908% (1 Month USD LIBOR + 32 bps), 12/15/35 177,993
29,780(a) Federal Home Loan Mortgage Corp. REMICS, Series 3102,
Class FG, 1.888% (1 Month USD LIBOR + 30 bps), 1/15/36 29,763
103,623(a) Federal Home Loan Mortgage Corp. REMICS, Series 3117,
Class FE, 1.888% (1 Month USD LIBOR + 30 bps), 2/15/36 103,793
292,404(a) Federal Home Loan Mortgage Corp. REMICS, Series 3136,
Class LF, 1.938% (1 Month USD LIBOR + 35 bps), 4/15/36 292,816
56,261(a) Federal Home Loan Mortgage Corp. REMICS, Series 3147,
Class PF, 1.888% (1 Month USD LIBOR + 30 bps), 4/15/36 56,218
69,278(a) Federal Home Loan Mortgage Corp. REMICS, Series 3173,
Class FC, 2.008% (1 Month USD LIBOR + 42 bps), 6/15/36 69,427
108,481(a) Federal Home Loan Mortgage Corp. REMICS, Series 3181,
Class HF, 2.088% (1 Month USD LIBOR + 50 bps), 7/15/36 109,072
37,885(a) Federal Home Loan Mortgage Corp. REMICS, Series 3235,
Class FX, 1.908% (1 Month USD LIBOR + 32 bps), 11/15/36 37,859
98,455(a) Federal Home Loan Mortgage Corp. REMICS, Series 3239,
Class EF, 1.938% (1 Month USD LIBOR + 35 bps), 11/15/36 98,382
46,537(a) Federal Home Loan Mortgage Corp. REMICS, Series 3239,
Class FB, 1.938% (1 Month USD LIBOR + 35 bps), 11/15/36 46,503
101,717(a) Federal Home Loan Mortgage Corp. REMICS, Series 3247,
Class FA, 1.838% (1 Month USD LIBOR + 25 bps), 8/15/36 101,355
380,347(a) Federal Home Loan Mortgage Corp. REMICS, Series 3266,
Class F, 1.888% (1 Month USD LIBOR + 30 bps), 1/15/37 378,348
3,070(a) Federal Home Loan Mortgage Corp. REMICS, Series 3335,
Class BF, 1.738% (1 Month USD LIBOR + 15 bps), 7/15/19 3,069
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 37
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
132,802(a) Federal Home Loan Mortgage Corp. REMICS, Series 3373,
Class FB, 2.168% (1 Month USD LIBOR + 58 bps), 10/15/37 $ 133,775
213,344(a) Federal Home Loan Mortgage Corp. REMICS, Series 3386,
Class FB, 1.963% (1 Month USD LIBOR + 38 bps), 11/15/37 213,781
111,922 Federal Home Loan Mortgage Corp. REMICS, Series 3416,
Class BJ, 4.0%, 2/15/23 113,610
503,707 Federal Home Loan Mortgage Corp. REMICS, Series 3527,
Class DA, 4.0%, 4/15/29 517,179
1,176,633 Federal Home Loan Mortgage Corp. REMICS, Series 3581,
Class B, 4.0%, 10/15/24 1,207,185
122,472(a) Federal Home Loan Mortgage Corp. REMICS, Series 3610,
Class FA, 2.288% (1 Month USD LIBOR + 70 bps), 12/15/39 124,251
786,274 Federal Home Loan Mortgage Corp. REMICS, Series 3693,
Class BD, 3.0%, 7/15/25 790,958
96,505 Federal Home Loan Mortgage Corp. REMICS, Series 3706,
Class C, 2.0%, 8/15/20 95,835
512,715 Federal Home Loan Mortgage Corp. REMICS, Series 3707,
Class HB, 4.0%, 8/15/25 526,460
78,228 Federal Home Loan Mortgage Corp. REMICS, Series 3722,
Class AK, 1.75%, 9/15/20 77,478
93,633 Federal Home Loan Mortgage Corp. REMICS, Series 3726,
Class BA, 2.0%, 8/15/20 93,043
1,380,242 Federal Home Loan Mortgage Corp. REMICS, Series 3726,
Class PA, 3.0%, 8/15/40 1,388,188
322,597 Federal Home Loan Mortgage Corp. REMICS, Series 3737,
Class NA, 3.5%, 6/15/25 326,753
398,471 Federal Home Loan Mortgage Corp. REMICS, Series 3741,
Class TA, 3.5%, 3/15/25 402,614
578,394 Federal Home Loan Mortgage Corp. REMICS, Series 3745,
Class BP, 3.5%, 8/15/25 586,711
112,208(a) Federal Home Loan Mortgage Corp. REMICS, Series 3745,
Class FB, 1.838% (1 Month USD LIBOR + 25 bps), 8/15/25 112,195
903,686 Federal Home Loan Mortgage Corp. REMICS, Series 3753,
Class AS, 3.5%, 11/15/25 921,054
82,428 Federal Home Loan Mortgage Corp. REMICS, Series 3760,
Class KH, 2.0%, 11/15/20 81,995
644,046 Federal Home Loan Mortgage Corp. REMICS, Series 3763,
Class NE, 2.5%, 5/15/25 642,434
52,391(a) Federal Home Loan Mortgage Corp. REMICS, Series 3767,
Class JF, 1.888% (1 Month USD LIBOR + 30 bps), 2/15/39 52,564
3,978 Federal Home Loan Mortgage Corp. REMICS, Series 3772,
Class BM, 3.5%, 10/15/18 3,981
837,788 Federal Home Loan Mortgage Corp. REMICS, Series 3773,
Class PA, 3.5%, 6/15/25 848,780
53,492 Federal Home Loan Mortgage Corp. REMICS, Series 3777,
Class DA, 3.5%, 10/15/24 53,829
342,997 Federal Home Loan Mortgage Corp. REMICS, Series 3778,
Class D, 3.5%, 3/15/25 348,674
The accompanying notes are an integral part of these financial statements.
38 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
191,503 Federal Home Loan Mortgage Corp. REMICS, Series 3779,
Class KJ, 2.75%, 11/15/25 $ 189,729
67,234(a) Federal Home Loan Mortgage Corp. REMICS, Series 3784,
Class F, 1.988% (1 Month USD LIBOR + 40 bps), 7/15/23 67,538
62,536 Federal Home Loan Mortgage Corp. REMICS, Series 3788,
Class AB, 3.5%, 11/15/28 63,096
59,450 Federal Home Loan Mortgage Corp. REMICS, Series 3804,
Class GA, 3.5%, 2/15/25 59,493
124,523 Federal Home Loan Mortgage Corp. REMICS, Series 3804,
Class GD, 3.1%, 2/15/25 124,592
135,046(a) Federal Home Loan Mortgage Corp. REMICS, Series 3807,
Class FM, 2.088% (1 Month USD LIBOR + 50 bps), 2/15/41 135,064
1,491,138 Federal Home Loan Mortgage Corp. REMICS, Series 3810,
Class NV, 4.0%, 9/15/25 1,503,736
430,704 Federal Home Loan Mortgage Corp. REMICS, Series 3815,
Class EA, 4.0%, 12/15/25 437,412
20,834 Federal Home Loan Mortgage Corp. REMICS, Series 3816,
Class D, 3.5%, 8/15/28 20,942
72,513 Federal Home Loan Mortgage Corp. REMICS, Series 3817,
Class GA, 3.5%, 6/15/24 72,663
97,951 Federal Home Loan Mortgage Corp. REMICS, Series 3823,
Class HA, 3.0%, 2/15/24 98,072
155,321(a) Federal Home Loan Mortgage Corp. REMICS, Series 3850,
Class FC, 2.008% (1 Month USD LIBOR + 42 bps), 4/15/41 155,227
190,483 Federal Home Loan Mortgage Corp. REMICS, Series 3858,
Class CA, 3.0%, 10/15/25 190,943
250,912(a) Federal Home Loan Mortgage Corp. REMICS, Series 3867,
Class PF, 1.988% (1 Month USD LIBOR + 40 bps), 3/15/41 251,509
42,359(a) Federal Home Loan Mortgage Corp. REMICS, Series 3868,
Class FA, 1.988% (1 Month USD LIBOR + 40 bps), 5/15/41 42,471
170,728 Federal Home Loan Mortgage Corp. REMICS, Series 3873,
Class AG, 3.0%, 5/15/29 171,626
5,201 Federal Home Loan Mortgage Corp. REMICS, Series 3874,
Class GC, 3.0%, 12/15/24 5,199
578,728 Federal Home Loan Mortgage Corp. REMICS, Series 3875,
Class GL, 2.0%, 6/15/26 569,516
11,189 Federal Home Loan Mortgage Corp. REMICS, Series 3877,
Class ND, 3.0%, 2/15/25 11,184
140,899(a) Federal Home Loan Mortgage Corp. REMICS, Series 3879,
Class AF, 2.018% (1 Month USD LIBOR + 43 bps), 6/15/41 141,569
54,338(a) Federal Home Loan Mortgage Corp. REMICS, Series 3914,
Class LF, 1.788% (1 Month USD LIBOR + 20 bps), 8/15/26 54,378
143,369(a) Federal Home Loan Mortgage Corp. REMICS, Series 3919,
Class AF, 1.938% (1 Month USD LIBOR + 35 bps), 3/15/30 143,848
1,334,070 Federal Home Loan Mortgage Corp. REMICS, Series 3937,
Class PA, 4.0%, 8/15/39 1,369,007
438,944 Federal Home Loan Mortgage Corp. REMICS, Series 3944,
Class LB, 2.0%, 2/15/25 438,555
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 39
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
130,774 Federal Home Loan Mortgage Corp. REMICS, Series 3945,
Class A, 3.0%, 3/15/26 $ 131,434
160,120 Federal Home Loan Mortgage Corp. REMICS, Series 3953,
Class CD, 3.0%, 1/15/30 161,673
90,012(a) Federal Home Loan Mortgage Corp. REMICS, Series 3960,
Class FB, 1.888% (1 Month USD LIBOR + 30 bps), 2/15/30 90,128
106,573(a) Federal Home Loan Mortgage Corp. REMICS, Series 3970,
Class GF, 1.888% (1 Month USD LIBOR + 30 bps), 9/15/26 106,844
632,222 Federal Home Loan Mortgage Corp. REMICS, Series 3973,
Class MA, 3.0%, 8/15/25 630,934
434,988 Federal Home Loan Mortgage Corp. REMICS, Series 3976,
Class A, 3.5%, 8/15/29 442,614
425,162 Federal Home Loan Mortgage Corp. REMICS, Series 3976,
Class AE, 2.5%, 8/15/29 426,060
577,929 Federal Home Loan Mortgage Corp. REMICS, Series 3979,
Class GA, 3.5%, 5/15/30 590,219
526,724 Federal Home Loan Mortgage Corp. REMICS, Series 3984,
Class EA, 3.5%, 11/15/29 537,101
1,919,746 Federal Home Loan Mortgage Corp. REMICS, Series 3990,
Class UM, 2.25%, 1/15/26 1,901,108
772,479 Federal Home Loan Mortgage Corp. REMICS, Series 3996,
Class GN, 3.0%, 11/15/38 773,292
1,941,052 Federal Home Loan Mortgage Corp. REMICS, Series 3997,
Class DG, 2.5%, 5/15/30 1,948,043
92,150(a) Federal Home Loan Mortgage Corp. REMICS, Series 4002,
Class YF, 2.138% (1 Month USD LIBOR + 55 bps), 2/15/42 93,205
249,578 Federal Home Loan Mortgage Corp. REMICS, Series 4016,
Class AB, 2.0%, 9/15/25 247,449
510,181 Federal Home Loan Mortgage Corp. REMICS, Series 4018,
Class AL, 2.0%, 3/15/27 498,108
385,603 Federal Home Loan Mortgage Corp. REMICS, Series 4142,
Class PG, 2.0%, 12/15/32 376,631
552,135 Federal Home Loan Mortgage Corp. REMICS, Series 4170,
Class QE, 2.0%, 5/15/32 541,480
377,238 Federal Home Loan Mortgage Corp. REMICS, Series 4221,
Class GA, 1.4%, 7/15/23 364,617
822,078 Federal Home Loan Mortgage Corp. REMICS, Series 4234,
Class AH, 2.5%, 7/15/28 815,289
159,091 Federal Home Loan Mortgage Corp. REMICS, Series 4366,
Class VA, 3.0%, 12/15/25 158,786
1,170,173 Federal Home Loan Mortgage Corp. REMICS, Series 4444,
Class CD, 3.0%, 8/15/39 1,168,594
62,873(a) Federal Home Loan Mortgage Corp. Strips, Series 237,
Class F14, 1.988% (1 Month USD LIBOR + 40 bps), 5/15/36 62,990
135,009(a) Federal Home Loan Mortgage Corp. Strips, Series 239,
Class F30, 1.888% (1 Month USD LIBOR + 30 bps), 8/15/36 135,416
53,897(a) Federal Home Loan Mortgage Corp. Strips, Series 244,
Class F22, 1.938% (1 Month USD LIBOR + 35 bps), 12/15/36 53,932
The accompanying notes are an integral part of these financial statements.
40 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
38,243(a) Federal National Mortgage Association REMICS, Series 1992-162,
Class FB, 2.75% (7 Year U.S. Treasury Yield Curve Rate T Note
Constant Maturity - 5 bps), 9/25/22 $ 38,236
285,102(a) Federal National Mortgage Association REMICS, Series 1993-247,
Class FE, 2.621% (1 Month USD LIBOR + 100 bps), 12/25/23 288,112
76,880(a) Federal National Mortgage Association REMICS, Series 1994-40,
Class FC, 2.121% (1 Month USD LIBOR + 50 bps), 3/25/24 77,693
49,017 Federal National Mortgage Association REMICS, Series 1999-25,
Class Z, 6.0%, 6/25/29 54,521
55,691(a) Federal National Mortgage Association REMICS, Series 2001-72,
Class FB, 2.521% (1 Month USD LIBOR + 90 bps), 12/25/31 56,453
35,067(a) Federal National Mortgage Association REMICS, Series 2001-81,
Class FL, 2.24% (1 Month USD LIBOR + 65 bps), 1/18/32 35,622
315,227(a) Federal National Mortgage Association REMICS, Series 2002-23,
Class FA, 2.521% (1 Month USD LIBOR + 90 bps), 4/25/32 321,940
337,840(a) Federal National Mortgage Association REMICS, Series 2002-34,
Class FA, 2.09% (1 Month USD LIBOR + 50 bps), 5/18/32 340,105
278,632(a) Federal National Mortgage Association REMICS, Series 2002-36,
Class FS, 2.121% (1 Month USD LIBOR + 50 bps), 6/25/32 281,779
312,169(a) Federal National Mortgage Association REMICS, Series 2002-38,
Class DF, 2.621% (1 Month USD LIBOR + 100 bps), 4/25/32 321,749
174,541(a) Federal National Mortgage Association REMICS, Series 2002-64,
Class FE, 1.94% (1 Month USD LIBOR + 35 bps), 10/18/32 175,854
1,186,334(a) Federal National Mortgage Association REMICS, Series 2002-74,
Class FV, 2.071% (1 Month USD LIBOR + 45 bps), 11/25/32 1,190,928
226,064(a) Federal National Mortgage Association REMICS, Series 2002-75,
Class FD, 2.59% (1 Month USD LIBOR + 100 bps), 11/18/32 231,413
158,338(a) Federal National Mortgage Association REMICS, Series 2002-77,
Class WF, 1.99% (1 Month USD LIBOR + 40 bps), 12/18/32 158,897
43,975(a) Federal National Mortgage Association REMICS, Series 2002-93,
Class FH, 2.121% (1 Month USD LIBOR + 50 bps), 1/25/33 44,306
113,056(a) Federal National Mortgage Association REMICS, Series 2003-8,
Class FJ, 1.971% (1 Month USD LIBOR + 35 bps), 2/25/33 113,913
341,200(a) Federal National Mortgage Association REMICS, Series 2003-11,
Class FH, 2.121% (1 Month USD LIBOR + 50 bps), 12/25/32 342,801
13(a) Federal National Mortgage Association REMICS, Series 2003-17,
Class FN, 1.921% (1 Month USD LIBOR + 30 bps), 3/25/18 13
447,831(a) Federal National Mortgage Association REMICS, Series 2003-24,
Class FA, 2.121% (1 Month USD LIBOR + 50 bps), 4/25/33 450,349
53,628(a) Federal National Mortgage Association REMICS, Series 2003-42,
Class JF, 2.121% (1 Month USD LIBOR + 50 bps), 5/25/33 53,720
265,119(a) Federal National Mortgage Association REMICS, Series 2003-63,
Class F1, 1.921% (1 Month USD LIBOR + 30 bps), 11/25/27 266,526
240,299(a) Federal National Mortgage Association REMICS, Series 2003-91,
Class FD, 2.121% (1 Month USD LIBOR + 50 bps), 9/25/33 240,830
597,175(a) Federal National Mortgage Association REMICS, Series 2003-126,
Class FC, 1.921% (1 Month USD LIBOR + 30 bps), 12/25/33 597,498
186,086(a) Federal National Mortgage Association REMICS, Series 2004-14,
Class F, 2.021% (1 Month USD LIBOR + 40 bps), 3/25/34 186,727
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 41
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
32,619(a) Federal National Mortgage Association REMICS, Series 2004-25,
Class FA, 2.021% (1 Month USD LIBOR + 40 bps), 4/25/34 $ 32,820
95,427(a) Federal National Mortgage Association REMICS, Series 2004-28,
Class PF, 2.021% (1 Month USD LIBOR + 40 bps), 3/25/34 95,763
60,842(a) Federal National Mortgage Association REMICS, Series 2004-52,
Class FW, 2.021% (1 Month USD LIBOR + 40 bps), 7/25/34 60,870
91,383(a) Federal National Mortgage Association REMICS, Series 2005-66,
Class FD, 1.921% (1 Month USD LIBOR + 30 bps), 7/25/35 91,253
200,857(a) Federal National Mortgage Association REMICS, Series 2005-66,
Class PF, 1.871% (1 Month USD LIBOR + 25 bps), 7/25/35 200,604
188,565(a) Federal National Mortgage Association REMICS, Series 2005-69,
Class AF, 1.921% (1 Month USD LIBOR + 30 bps), 8/25/35 188,577
91,298(a) Federal National Mortgage Association REMICS, Series 2005-83,
Class KT, 1.921% (1 Month USD LIBOR + 30 bps), 10/25/35 91,249
111,373(a) Federal National Mortgage Association REMICS, Series 2005-83,
Class LF, 1.931% (1 Month USD LIBOR + 31 bps), 2/25/35 110,971
48,891(a) Federal National Mortgage Association REMICS, Series 2005-120,
Class UF, 1.971% (1 Month USD LIBOR + 35 bps), 3/25/35 49,045
777,597(a) Federal National Mortgage Association REMICS, Series 2006-3,
Class CF, 1.921% (1 Month USD LIBOR + 30 bps), 3/25/36 773,456
56,259(a) Federal National Mortgage Association REMICS, Series 2006-33,
Class FH, 1.971% (1 Month USD LIBOR + 35 bps), 5/25/36 56,056
104,839(a) Federal National Mortgage Association REMICS, Series 2006-42,
Class CF, 2.071% (1 Month USD LIBOR + 45 bps), 6/25/36 105,399
383,905(a) Federal National Mortgage Association REMICS, Series 2006-44,
Class FP, 2.021% (1 Month USD LIBOR + 40 bps), 6/25/36 385,095
142,290(a) Federal National Mortgage Association REMICS, Series 2006-49,
Class PF, 1.871% (1 Month USD LIBOR + 25 bps), 4/25/36 141,696
200,721(a) Federal National Mortgage Association REMICS, Series 2006-51,
Class FP, 1.971% (1 Month USD LIBOR + 35 bps), 3/25/36 201,067
75,469(a) Federal National Mortgage Association REMICS, Series 2006-81,
Class FA, 1.971% (1 Month USD LIBOR + 35 bps), 9/25/36 75,512
43,895(a) Federal National Mortgage Association REMICS, Series 2006-82,
Class F, 2.191% (1 Month USD LIBOR + 57 bps), 9/25/36 44,262
180,881(a) Federal National Mortgage Association REMICS, Series 2006-93,
Class FN, 2.021% (1 Month USD LIBOR + 40 bps), 10/25/36 180,542
160,388(a) Federal National Mortgage Association REMICS, Series 2006-104,
Class FD, 1.981% (1 Month USD LIBOR + 36 bps), 11/25/36 160,578
47,475(a) Federal National Mortgage Association REMICS, Series 2007-2,
Class FT, 1.871% (1 Month USD LIBOR + 25 bps), 2/25/37 47,113
90,930(a) Federal National Mortgage Association REMICS, Series 2007-7,
Class FJ, 1.821% (1 Month USD LIBOR + 20 bps), 2/25/37 90,286
99,155(a) Federal National Mortgage Association REMICS, Series 2007-9,
Class FB, 1.971% (1 Month USD LIBOR + 35 bps), 3/25/37 98,376
83,488(a) Federal National Mortgage Association REMICS, Series 2007-13,
Class FA, 1.871% (1 Month USD LIBOR + 25 bps), 3/25/37 82,827
63,810(a) Federal National Mortgage Association REMICS, Series 2007-14,
Class F, 1.981% (1 Month USD LIBOR + 36 bps), 3/25/37 64,117
The accompanying notes are an integral part of these financial statements.
42 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
60,110(a) Federal National Mortgage Association REMICS, Series 2007-24,
Class FD, 1.871% (1 Month USD LIBOR + 25 bps), 3/25/37 $ 59,893
63,456(a) Federal National Mortgage Association REMICS, Series 2007-41,
Class FA, 2.021% (1 Month USD LIBOR + 40 bps), 5/25/37 63,610
125,830(a) Federal National Mortgage Association REMICS, Series 2007-50,
Class FN, 1.861% (1 Month USD LIBOR + 24 bps), 6/25/37 125,321
40,103(a) Federal National Mortgage Association REMICS, Series 2007-58,
Class FA, 1.871% (1 Month USD LIBOR + 25 bps), 6/25/37 39,775
140,475(a) Federal National Mortgage Association REMICS, Series 2007-58,
Class FV, 1.871% (1 Month USD LIBOR + 25 bps), 6/25/37 139,315
147,413(a) Federal National Mortgage Association REMICS, Series 2007-86,
Class FC, 2.191% (1 Month USD LIBOR + 57 bps), 9/25/37 148,664
157,030(a) Federal National Mortgage Association REMICS, Series 2007-89,
Class F, 2.201% (1 Month USD LIBOR + 58 bps), 9/25/37 158,597
39,611(a) Federal National Mortgage Association REMICS, Series 2007-92,
Class OF, 2.191% (1 Month USD LIBOR + 57 bps), 9/25/37 40,132
55,279(a) Federal National Mortgage Association REMICS, Series 2007-110,
Class FA, 2.241% (1 Month USD LIBOR + 62 bps), 12/25/37 55,439
17,000(a) Federal National Mortgage Association REMICS, Series 2008-47,
Class PF, 2.121% (1 Month USD LIBOR + 50 bps), 6/25/38 17,047
168,333(a) Federal National Mortgage Association REMICS, Series 2008-53,
Class FM, 2.521% (1 Month USD LIBOR + 90 bps), 7/25/38 171,660
84,109(a) Federal National Mortgage Association REMICS, Series 2008-88,
Class FA, 2.841% (1 Month USD LIBOR + 122 bps), 10/25/38 86,060
313,588 Federal National Mortgage Association REMICS, Series 2009-10,
Class AB, 5.0%, 3/25/24 322,523
753,267 Federal National Mortgage Association REMICS, Series 2009-21,
Class HB, 4.5%, 4/25/24 768,429
193,657(a) Federal National Mortgage Association REMICS, Series 2009-103,
Class FM, 2.321% (1 Month USD LIBOR + 70 bps), 11/25/39 196,113
263,762 Federal National Mortgage Association REMICS, Series 2010-13,
Class WD, 4.25%, 3/25/25 266,205
48,262 Federal National Mortgage Association REMICS, Series 2010-17,
Class DE, 3.5%, 6/25/21 48,511
80,024 Federal National Mortgage Association REMICS, Series 2010-42,
Class AC, 4.0%, 10/25/24 80,454
32,504(a) Federal National Mortgage Association REMICS, Series 2010-43,
Class FE, 2.171% (1 Month USD LIBOR + 55 bps), 9/25/39 32,744
95,906 Federal National Mortgage Association REMICS, Series 2010-43,
Class KG, 3.0%, 1/25/21 96,123
57,013 Federal National Mortgage Association REMICS, Series 2010-54,
Class LC, 3.0%, 4/25/40 56,369
43,583 Federal National Mortgage Association REMICS, Series 2010-83,
Class AK, 3.0%, 11/25/18 43,567
202,705 Federal National Mortgage Association REMICS, Series 2010-87,
Class HB, 3.0%, 3/25/25 202,708
245,197(a) Federal National Mortgage Association REMICS, Series 2010-103,
Class DF, 1.921% (1 Month USD LIBOR + 30 bps), 8/25/40 246,514
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 43
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
25,947 Federal National Mortgage Association REMICS, Series 2010-123,
Class HA, 2.5%, 3/25/24 $ 25,924
183,965 Federal National Mortgage Association REMICS, Series 2010-123,
Class PL, 4.0%, 4/25/38 185,722
39,498 Federal National Mortgage Association REMICS, Series 2010-128,
Class JB, 1.5%, 11/25/20 39,006
216,384 Federal National Mortgage Association REMICS, Series 2010-145,
Class A, 3.5%, 8/25/25 217,347
378,194 Federal National Mortgage Association REMICS, Series 2011-17,
Class CJ, 2.75%, 3/25/21 379,328
422,674 Federal National Mortgage Association REMICS, Series 2011-17,
Class GD, 3.5%, 2/25/26 427,375
115,838(a) Federal National Mortgage Association REMICS, Series 2011-19,
Class FM, 2.171% (1 Month USD LIBOR + 55 bps), 5/25/40 116,828
32,275 Federal National Mortgage Association REMICS, Series 2011-23,
Class AB, 2.75%, 6/25/20 32,268
83,737 Federal National Mortgage Association REMICS, Series 2011-46,
Class BA, 4.0%, 4/25/37 83,773
93,629 Federal National Mortgage Association REMICS, Series 2011-58,
Class AC, 2.5%, 6/25/24 93,598
328,965 Federal National Mortgage Association REMICS, Series 2011-66,
Class QA, 3.5%, 7/25/21 332,701
82,892 Federal National Mortgage Association REMICS, Series 2011-67,
Class EA, 4.0%, 7/25/21 83,526
982,188 Federal National Mortgage Association REMICS, Series 2011-70,
Class BE, 3.0%, 8/25/26 985,014
102,896 Federal National Mortgage Association REMICS, Series 2011-79,
Class GB, 1.75%, 12/25/22 100,874
166,542 Federal National Mortgage Association REMICS, Series 2011-89,
Class BA, 2.5%, 11/25/25 165,908
2,097 Federal National Mortgage Association REMICS, Series 2011-98,
Class NH, 2.5%, 4/25/36 2,094
101,806 Federal National Mortgage Association REMICS, Series 2011-99,
Class LM, 2.5%, 1/25/30 101,895
52,522 Federal National Mortgage Association REMICS, Series 2011-107,
Class DA, 3.0%, 1/25/29 52,535
49,627 Federal National Mortgage Association REMICS, Series 2011-108,
Class BA, 3.0%, 8/25/37 49,731
308,583 Federal National Mortgage Association REMICS, Series 2011-139,
Class A, 3.0%, 5/25/38 308,913
815,548 Federal National Mortgage Association REMICS, Series 2012-17,
Class QC, 2.5%, 7/25/39 812,317
93,461 Federal National Mortgage Association REMICS, Series 2012-58,
Class LC, 3.5%, 10/25/39 95,305
336,767 Federal National Mortgage Association REMICS, Series 2012-67,
Class HG, 1.5%, 4/25/27 326,456
736,562 Federal National Mortgage Association REMICS, Series 2012-94,
Class E, 3.0%, 6/25/22 738,932
The accompanying notes are an integral part of these financial statements.
44 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
1,375,118 Federal National Mortgage Association REMICS, Series 2014-14,
Class A, 3.5%, 2/25/37 $ 1,390,187
171,005(a) Federal National Mortgage Association REMICS, Series G93-5,
Class F, 2.471% (1 Month USD LIBOR + 85 bps), 2/25/23 171,599
478,571(a) Federal National Mortgage Association Trust, Series 2005-W3,
Class 2AF, 1.841% (1 Month USD LIBOR + 22 bps), 3/25/45 476,298
131,164(b) Federal National Mortgage Association Trust, Series 2005-W3,
Class 3A, 3.46%, 4/25/45 132,708
146,125(b) Federal National Mortgage Association Trust, Series 2005-W4,
Class 3A, 3.295%, 6/25/45 154,687
354,729(a) Federal National Mortgage Association Whole Loan, Series
2007-W1, Class 1AF1, 1.881% (1 Month USD LIBOR + 26 bps),
11/25/46 355,339
28,387 Federal National Mortgage Association-Aces, Series 2013-M7,
Class ASQ2, 1.233%, 3/26/18 28,344
2,661(a) Freddie Mac Structured Agency Credit Risk Debt Notes, Series
2013-DN2, Class M1, 3.071% (1 Month USD LIBOR + 145 bps),
11/25/23 2,665
700,000(a) Freddie Mac Structured Agency Credit Risk Debt Notes, Series
2016-DNA1, Class M2, 4.521% (1 Month USD LIBOR + 290 bps),
7/25/28 720,030
461,988(a) Freddie Mac Structured Agency Credit Risk Debt Notes, Series
2017-HQA1, Class M1, 2.821% (1 Month USD LIBOR + 120 bps),
8/25/29 466,277
1,000,000(b) FREMF Mortgage Trust, Series 2010-K6, Class B, 5.364%,
12/25/46 (144A) 1,037,317
188,081(b) FREMF Mortgage Trust, Series 2011-K702, Class B, 4.875%,
4/25/44 (144A) 187,791
1,500,000(b) FREMF Mortgage Trust, Series 2011-K703, Class B, 4.884%,
7/25/44 (144A) 1,503,269
346,000(b) FREMF Mortgage Trust, Series 2012-K17, Class B, 4.341%,
12/25/44 (144A) 357,004
1,100,000(b) FREMF Mortgage Trust, Series 2012-K711, Class B, 3.562%,
8/25/45 (144A) 1,105,875
1,400,000(b) FREMF Mortgage Trust, Series 2013-K712, Class B, 3.362%,
5/25/45 (144A) 1,409,851
297,042(a) FREMF Mortgage Trust, Series 2014-KF04, Class B, 4.83%
(1 Month USD LIBOR + 325 bps), 6/25/21 (144A) 299,593
335,993(a) FREMF Mortgage Trust, Series 2014-KF05, Class B, 5.58%
(1 Month USD LIBOR + 400 bps), 9/25/22 (144A) 350,785
835,112(a) FREMF Mortgage Trust, Series 2014-KS02, Class B, 6.58%
(1 Month USD LIBOR + 500 bps), 8/25/23 (144A) 831,863
400,384(a) FREMF Mortgage Trust, Series 2015-KLSF, Class B, 5.98%
(1 Month USD LIBOR + 440 bps), 11/25/22 (144A) 417,046
502,741(a) Government National Mortgage Association, Series 2000-35,
Class FA, 2.138% (1 Month USD LIBOR + 55 bps), 12/16/26 506,739
84,976(a) Government National Mortgage Association, Series 2002-24,
Class FA, 2.088% (1 Month USD LIBOR + 50 bps), 4/16/32 85,652
381,355(a) Government National Mortgage Association, Series 2002-24,
Class FR, 2.138% (1 Month USD LIBOR + 55 bps), 4/16/32 384,674
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 45
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
452,920(a) Government National Mortgage Association, Series 2002-45,
Class FA, 1.988% (1 Month USD LIBOR + 40 bps), 6/16/32 $ 455,585
360,069(a) Government National Mortgage Association, Series 2003-50,
Class F, 1.888% (1 Month USD LIBOR + 30 bps), 5/16/33 361,083
144,967(a) Government National Mortgage Association, Series 2005-3,
Class FC, 1.838% (1 Month USD LIBOR + 25 bps), 1/16/35 144,822
143,372(a) Government National Mortgage Association, Series 2005-16,
Class FA, 1.844% (1 Month USD LIBOR + 25 bps), 2/20/35 142,602
8,536 Government National Mortgage Association, Series 2006-17,
Class KY, 5.0%, 4/20/36 8,594
95,964(a) Government National Mortgage Association, Series 2008-9,
Class FA, 2.094% (1 Month USD LIBOR + 50 bps), 2/20/38 96,395
1,399,082 Government National Mortgage Association, Series 2009-17,
Class YA, 4.5%, 12/20/36 1,439,255
2,248 Government National Mortgage Association, Series 2009-74,
Class QB, 3.0%, 12/20/38 2,247
375,274(a) Government National Mortgage Association, Series 2010-2,
Class F, 2.138% (1 Month USD LIBOR + 55 bps), 1/16/40 377,865
91,794 Government National Mortgage Association, Series 2010-33,
Class LN, 4.5%, 2/20/38 93,143
386,016 Government National Mortgage Association, Series 2010-67,
Class MA, 4.0%, 5/16/25 394,489
3,507 Government National Mortgage Association, Series 2010-109,
Class CG, 2.75%, 12/20/37 3,504
392,264 Government National Mortgage Association, Series 2010-164,
Class EB, 4.0%, 9/20/37 396,270
113,974 Government National Mortgage Association, Series 2010-164,
Class LH, 3.5%, 10/20/38 114,681
400,304 Government National Mortgage Association, Series 2010-169,
Class CD, 3.0%, 12/16/25 401,295
147,227 Government National Mortgage Association, Series 2011-44,
Class PG, 3.5%, 5/20/39 148,364
400,248 Government National Mortgage Association, Series 2011-150,
Class M, 3.0%, 8/16/26 400,423
577,936 Government National Mortgage Association, Series 2012-17,
Class KH, 3.0%, 7/20/39 579,698
565,202 Government National Mortgage Association, Series 2012-38,
Class DK, 2.5%, 8/20/37 564,338
115,777 Government National Mortgage Association, Series 2012-130,
Class PA, 3.0%, 4/20/41 114,935
243,583(a) Government National Mortgage Association, Series 2013-51,
Class JF, 1.894% (1 Month USD LIBOR + 30 bps), 8/20/40 240,036
1,494,933 Government National Mortgage Association, Series 2014-28,
Class A, 2.0%, 1/16/46 1,476,239
802,935 Government National Mortgage Association, Series 2014-51,
Class CK, 2.5%, 7/16/26 797,053
1,767,928(a) Government National Mortgage Association, Series 2017-4,
Class FC, 1.925% (1 Month USD LIBOR + 35 bps), 1/20/47 1,772,902
The accompanying notes are an integral part of these financial statements.
46 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
750,000 Government National Mortgage Association, Series 2018-20,
Class A, 2.5%, 9/16/49 $ 736,185
167,722(a) NCUA Guaranteed Notes Trust, Series 2011-C1, Class 2A, 2.151%
(1 Month USD LIBOR + 53 bps), 3/9/21 167,398
-------------
Total Government $ 78,114,509
----------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $153,924,186) $ 152,975,658
----------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 41.1% of Net Assets
AUTOMOBILES & COMPONENTS -- 1.8%
Automobile Manufacturers -- 1.8%
575,000 Daimler Finance North America LLC, 1.75%, 10/30/19 (144A) $ 565,095
565,000 Daimler Finance North America LLC, 2.3%, 1/6/20 (144A) 558,868
585,000 Ford Motor Credit Co., LLC, 2.343%, 11/2/20 570,678
560,000(a) Ford Motor Credit Co., LLC, 2.379% (3 Month USD LIBOR + 83 bps),
3/12/19 562,301
500,000 Ford Motor Credit Co., LLC, 2.681%, 1/9/20 496,345
1,000,000 Ford Motor Credit Co., LLC, 2.875%, 10/1/18 1,002,021
585,000(a) Hyundai Capital America, 2.6% (3 Month USD LIBOR + 100 bps),
9/18/20 (144A) 587,482
1,145,000 Nissan Motor Acceptance Corp., 1.55%, 9/13/19 (144A) 1,125,417
575,000(a) Nissan Motor Acceptance Corp., 2.083%
(3 Month USD LIBOR + 52 bps), 9/13/19 (144A) 577,104
1,000,000 Nissan Motor Acceptance Corp., 2.65%, 9/26/18 (144A) 1,000,502
670,000 Toyota Motor Credit Corp., 1.2%, 4/6/18 669,511
575,000 Toyota Motor Credit Corp., 1.55%, 10/18/19 566,894
570,000 Toyota Motor Credit Corp., 1.95%, 4/17/20 561,577
600,000(a) Toyota Motor Credit Corp., 2.705% (3 Month USD LIBOR + 82 bps),
2/19/19 604,076
-------------
Total Automobiles & Components $ 9,447,871
----------------------------------------------------------------------------------------------------
BANKS -- 11.2%
Diversified Banks -- 9.4%
1,155,000 ABN AMRO Bank NV, 1.8%, 9/20/19 (144A) $ 1,137,665
1,140,000 ABN AMRO Bank NV, 2.1%, 1/18/19 (144A) 1,135,115
1,135,000 Bank of America Corp., 2.6%, 1/15/19 1,135,391
580,000 Bank of America Corp., 2.65%, 4/1/19 580,349
585,000(a) Bank of America Corp., 2.728% (3 Month USD LIBOR + 107 bps),
3/22/18 585,324
750,000 Bank of America NA, 1.75%, 6/5/18 749,513
255,000(a) Bank of Montreal, 2.028% (3 Month USD LIBOR + 44 bps), 6/15/20 256,028
585,000(a) Bank of Montreal, 2.384% (3 Month USD LIBOR + 65 bps), 7/18/19 588,801
500,000 Bank of Nova Scotia, 1.45%, 4/25/18 499,555
585,000 Bank of Nova Scotia, 1.65%, 6/14/19 577,992
550,000 Bank of Nova Scotia, 2.05%, 6/5/19 546,244
305,000 Bank of Tokyo-Mitsubishi UFJ, Ltd., 2.7%, 9/9/18 (144A) 305,406
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 47
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
1,170,000 Banque Federative du Credit Mutuel SA, 2.0%, 4/12/19 (144A) $ 1,160,908
655,000(a) Banque Federative du Credit Mutuel SA, 2.235%
(3 Month USD LIBOR + 49 bps), 7/20/20 (144A) 658,361
220,000 Banque Federative du Credit Mutuel SA, 2.75%, 1/22/19 (144A) 220,087
600,000 Citigroup, Inc., 2.05%, 12/7/18 598,364
1,450,000(a) Citigroup, Inc., 2.45% (3 Month USD LIBOR + 69 bps), 4/27/18 1,451,043
1,220,000(a) Citigroup, Inc., 3.539% (3 Month USD LIBOR + 170 bps), 5/15/18 1,223,558
570,000 Citizens Bank NA, 2.2%, 5/26/20 561,084
560,000 Citizens Bank NA, 2.25%, 3/2/20 552,346
600,000 Citizens Bank NA, 2.5%, 3/14/19 599,086
580,000(a) Cooperatieve Rabobank UA, 2.31% (3 Month USD LIBOR + 51 bps),
8/9/19 582,699
885,000 Credit Suisse AG, 4.375%, 8/5/20 912,672
639,000 Danske Bank AS, 1.65%, 9/6/19 (144A) 629,797
1,165,000(a) Danske Bank AS, 2.088% (3 Month USD LIBOR + 58 bps),
9/6/19 (144A) 1,171,307
1,725,000 Discover Bank, 2.6%, 11/13/18 1,726,115
795,000(a) DNB Bank ASA, 2.065% (3 Month USD LIBOR + 37 bps),
10/2/20 (144A) 795,819
585,000 DNB Bank ASA, 2.125%, 10/2/20 (144A) 572,840
900,000 Federation des Caisses Desjardins du Quebec, 2.25%,
10/30/20 (144A) 884,877
580,000 ING Bank NV, 2.0%, 11/26/18 (144A) 577,491
560,000(a) ING Bank NV, 2.449% (3 Month USD LIBOR + 61 bps),
8/15/19 (144A) 562,666
600,000(a) ING Bank NV, 2.788% (3 Month USD LIBOR + 113 bps),
3/22/19 (144A) 605,907
585,000 JPMorgan Chase & Co., 1.85%, 3/22/19 581,459
500,000(b) JPMorgan Chase & Co., 4.109% (U.S. CPI Urban Consumers YoY
NSA + 200 bps), 2/25/21 507,900
900,000 JPMorgan Chase & Co., 4.4%, 7/22/20 930,902
585,000(a) JPMorgan Chase Bank NA, 2.092% (3 Month USD LIBOR + 45 bps),
9/21/18 585,675
600,000 Lloyds Bank Plc, 2.05%, 1/22/19 597,836
400,000 Macquarie Bank, Ltd., 2.6%, 6/24/19 (144A) 399,143
815,000(a) Mizuho Bank, Ltd., 2.315% (3 Month USD LIBOR + 64 bps),
3/26/18 (144A) 815,318
1,000,000 MUFG Union Bank NA, 2.625%, 9/26/18 1,000,573
620,000 National City Bank of Indiana, 4.25%, 7/1/18 623,741
575,000 Nordea Bank AB, 1.625%, 9/30/19 (144A) 565,212
575,000 Nordea Bank AB, 2.125%, 5/29/20 (144A) 564,705
590,000 Nordea Bank AB, 2.375%, 4/4/19 (144A) 588,583
560,000 Royal Bank of Canada, 2.125%, 3/2/20 552,911
590,000 Royal Bank of Canada, 2.15%, 10/26/20 579,475
580,000(a) Royal Bank of Canada, 2.24% (3 Month USD LIBOR + 48 bps),
7/29/19 582,187
The accompanying notes are an integral part of these financial statements.
48 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
600,000 Skandinaviska Enskilda Banken AB, 1.5%, 9/13/19 $ 589,349
570,000(a) Skandinaviska Enskilda Banken AB, 2.133%
(3 Month USD LIBOR + 57 bps), 9/13/19 (144A) 573,309
560,000 Skandinaviska Enskilda Banken AB, 2.375%, 11/20/18 (144A) 559,363
575,000 Sumitomo Mitsui Banking Corp., 1.762%, 10/19/18 572,282
430,000 Sumitomo Mitsui Banking Corp., 2.05%, 1/18/19 427,857
565,000(a) Sumitomo Mitsui Banking Corp., 2.245%
(3 Month USD LIBOR + 54 bps), 1/11/19 566,740
540,000 Sumitomo Mitsui Banking Corp., 2.514%, 1/17/20 536,972
560,000 Sumitomo Mitsui Trust Bank, Ltd., 2.05%, 3/6/19 (144A) 557,147
595,000 Svenska Handelsbanken AB, 1.5%, 9/6/19 585,188
750,000(a) Svenska Handelsbanken AB, 1.883%
(3 Month USD LIBOR + 36 bps), 9/8/20 752,805
750,000(a) Svenska Handelsbanken AB, 1.998%
(3 Month USD LIBOR + 49 bps), 9/6/19 754,065
500,000 Toronto-Dominion Bank, 1.4%, 4/30/18 499,405
590,000 Toronto-Dominion Bank, 1.9%, 10/24/19 583,102
600,000 Toronto-Dominion Bank, 2.125%, 7/2/19 596,389
750,000(a) Toronto-Dominion Bank, 2.135%
(3 Month USD LIBOR + 44 bps), 7/2/19 752,508
600,000(a) Toronto-Dominion Bank, 2.47%
(3 Month USD LIBOR + 65 bps), 8/13/19 603,882
585,000 UBS AG, 2.375%, 8/14/19 581,423
580,000(a) UBS AG, 2.486% (3 Month USD LIBOR + 48 bps), 12/1/20 (144A) 580,941
900,000 UBS Group Funding Switzerland AG, 2.95%, 9/24/20 (144A) 897,245
750,000(a) US Bancorp, 2.145% (3 Month USD LIBOR + 40 bps), 4/25/19 752,045
540,000 US Bank NA, 2.05%, 10/23/20 529,657
590,000(a) Wells Fargo & Co., 2.447% (3 Month USD LIBOR + 68 bps),
1/30/20 594,366
575,000 Wells Fargo Bank NA, 1.75%, 5/24/19 568,965
585,000 Wells Fargo Bank NA, 2.15%, 12/6/19 579,623
540,000 Wells Fargo Bank NA, 2.4%, 1/15/20 535,830
-------------
$ 48,750,488
----------------------------------------------------------------------------------------------------
Regional Banks -- 1.8%
590,000 BB&T Corp., 2.15%, 2/1/21 $ 577,700
560,000 Branch Banking & Trust Co., 2.1%, 1/15/20 553,030
500,000 Capital One NA, 1.85%, 9/13/19 491,929
1,000,000 Capital One NA, 2.35%, 8/17/18 999,376
985,000 Fifth Third Bancorp, 2.3%, 3/1/19 982,562
140,000 Fifth Third Bank, 1.625%, 9/27/19 137,564
590,000 Fifth Third Bank, 2.2%, 10/30/20 578,083
585,000 KeyBank NA, 1.6%, 8/22/19 575,739
600,000 KeyBank NA, 2.35%, 3/8/19 598,446
480,000(a) KeyBank NA, 2.526% (3 Month USD LIBOR + 52 bps), 6/1/18 480,453
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 49
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
330,000 KeyCorp, 2.3%, 12/13/18 $ 329,343
550,000 Manufacturers & Traders Trust Co., 2.3%, 1/30/19 549,125
840,000 PNC Bank NA, 1.7%, 12/7/18 835,256
570,000 PNC Bank NA, 2.0%, 5/19/20 559,692
84,000 PNC Bank NA, 2.2%, 1/28/19 83,759
590,000 PNC Bank NA, 2.45%, 11/5/20 582,558
560,000 SunTrust Bank, 2.25%, 1/31/20 554,063
-------------
$ 9,468,678
-------------
Total Banks $ 58,219,166
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.9%
Aerospace & Defense -- 1.2%
1,050,000 Boeing Co., 0.95%, 5/15/18 $ 1,047,893
860,000 Lockheed Martin Corp., 1.85%, 11/23/18 857,452
2,075,000 Rockwell Collins, Inc., 1.95%, 7/15/19 2,054,097
575,000 United Technologies Corp., 1.5%, 11/1/19 563,854
930,000(c) United Technologies Corp., 1.778%, 5/4/18 929,272
570,000 United Technologies Corp., 1.9%, 5/4/20 560,945
-------------
$ 6,013,513
----------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.3%
1,445,000 Broadcom Corp. / Broadcom Cayman Finance Ltd., 2.375%,
1/15/20 $ 1,427,255
----------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.2%
135,000(a) General Electric Co., 2.522% (3 Month USD LIBOR + 80 bps),
4/15/20 $ 135,463
590,000 Honeywell International, Inc., 1.8%, 10/30/19 582,339
525,000 Ingersoll-Rand Global Holding Co., Ltd., 2.9%, 2/21/21 523,562
-------------
$ 1,241,364
----------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
360,000 Stanley Black & Decker, Inc., 1.622%, 11/17/18 $ 357,759
----------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.1%
750,000 Aviation Capital Group Corp., 2.875%, 9/17/18 (144A) $ 750,641
-------------
Total Capital Goods $ 9,790,532
----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Home Building -- 0.1%
650,000 DR Horton, Inc., 4.0%, 2/15/20 $ 664,039
-------------
Total Consumer Durables & Apparel $ 664,039
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.3%
Asset Management & Custody Banks -- 0.5%
240,000(a) Bank of New York Mellon Corp., 2.333%
(3 Month USD LIBOR + 56 bps), 8/1/18 $ 240,410
560,000 Bank of New York Mellon Corp., 2.45%, 11/27/20 552,799
The accompanying notes are an integral part of these financial statements.
50 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- (continued)
605,000(a) Mizuho Securities USA LLC, 1.982%
(3 Month USD LIBOR + 34 bps), 9/21/18 (144A) $ 605,031
550,000(a) State Street Corp., 2.785% (3 Month USD LIBOR + 90 bps),
8/18/20 558,838
770,000 State Street Corp., 4.956%, 3/15/18 770,747
-------------
$ 2,727,825
----------------------------------------------------------------------------------------------------
Consumer Finance -- 1.1%
500,000 Ally Financial, Inc., 3.6%, 5/21/18 $ 500,750
590,000 American Express Co., 2.2%, 10/30/20 577,817
570,000 American Express Credit Corp., 1.875%, 5/3/19 565,075
585,000 American Express Credit Corp., 2.25%, 8/15/19 581,554
595,000 American Honda Finance Corp., 1.2%, 7/12/19 584,197
585,000 American Honda Finance Corp., 1.95%, 7/20/20 574,025
590,000 Capital One Financial Corp., 2.4%, 10/30/20 579,544
625,000 General Motors Financial Co., Inc., 2.4%, 5/9/19 622,214
585,000 General Motors Financial Co., Inc., 3.1%, 1/15/19 586,557
429,000(a) General Motors Financial Co., Inc., 3.25%
(3 Month USD LIBOR + 145 bps), 5/9/19 434,055
-------------
$ 5,605,788
----------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.2%
750,000(a) ICBCIL Finance Co., Ltd., 3.49% (3 Month USD LIBOR + 167 bps),
11/13/18 (144A) $ 755,098
----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.8%
600,000 Goldman Sachs Group, Inc., 1.95%, 7/23/19 $ 594,485
465,000(a) Goldman Sachs Group, Inc., 2.764%
(3 Month USD LIBOR + 102 bps), 10/23/19 470,380
575,000 Goldman Sachs Group, Inc., 2.9%, 7/19/18 576,084
650,000(a) Goldman Sachs Group, Inc., 2.967%
(3 Month USD LIBOR + 120 bps), 4/30/18 650,984
1,165,000 Morgan Stanley, 2.45%, 2/1/19 1,161,671
500,000(a) Morgan Stanley, 3.148% (3 Month USD LIBOR + 138 bps),
2/1/19 504,755
275,000(a) Morgan Stanley, 3.3% (3 Month USD LIBOR + 150 bps), 11/9/18 275,000
-------------
$ 4,233,359
----------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.1%
575,000 Berkshire Hathaway Finance Corp., 1.3%, 8/15/19 $ 566,417
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.5%
3(a) Ambac LSNI LLC, 6.811% (3 Month USD LIBOR + 500 bps),
2/12/23 (144A) $ 3
1,414,000 MassMutual Global Funding II, 1.55%, 10/11/19 (144A) 1,388,539
598,000 MassMutual Global Funding II, 2.1%, 8/2/18 (144A) 597,531
700,000 MassMutual Global Funding II, 2.45%, 11/23/20 (144A) 692,126
-------------
$ 2,678,199
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 51
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Supranational -- 0.1%
650,000 North American Development Bank, 2.3%, 10/10/18 $ 650,140
-------------
Total Diversified Financials $ 17,216,826
----------------------------------------------------------------------------------------------------
ENERGY -- 2.8%
Integrated Oil & Gas -- 1.1%
1,405,000 BP Capital Markets Plc, 2.241%, 9/26/18 $ 1,404,124
155,000(a) BP Capital Markets Plc, 2.351% (3 Month USD LIBOR + 54 bps),
5/10/19 155,721
460,000(a) BP Capital Markets Plc, 2.47% (3 Month USD LIBOR + 87 bps),
9/16/21 469,226
560,000 Chevron Corp., 1.718%, 6/24/18 559,258
560,000 Chevron Corp., 1.991%, 3/3/20 553,239
600,000(a) Chevron Corp., 2.35% (3 Month USD LIBOR + 50 bps), 5/16/18 600,533
600,000(a) Chevron Corp., 2.36% (3 Month USD LIBOR + 51 bps), 11/16/18 601,818
500,000(a) Shell International Finance BV, 1.899%
(3 Month USD LIBOR + 35 bps), 9/12/19 502,222
585,000(a) Shell International Finance BV, 2.391%
(3 Month USD LIBOR + 58 bps), 11/10/18 587,251
350,000 Statoil ASA, 1.15%, 5/15/18 349,330
-------------
$ 5,782,722
----------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
1,130,000 Schlumberger Holdings Corp., 2.35%, 12/21/18 (144A) $ 1,128,269
----------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.3%
500,000 GS Caltex Corp., 3.25%, 10/1/18 (144A) $ 501,036
525,000(a) Phillips 66, 2.606% (3 Month USD LIBOR + 60 bps), 2/26/21 525,448
200,000 Valero Energy Corp., 9.375%, 3/15/19 213,473
-------------
$ 1,239,957
----------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.2%
205,000 Enable Midstream Partners LP, 2.4%, 5/15/19 $ 203,095
875,000 Enbridge Energy Partners LP, 6.5%, 4/15/18 879,263
1,760,000 Energy Transfer LP, 2.5%, 6/15/18 1,759,331
1,175,000 Enterprise Products Operating LLC, 1.65%, 5/7/18 1,173,961
500,000 Enterprise Products Operating LLC, 2.55%, 10/15/19 497,677
131,000 Enterprise Products Operating LLC, 2.8%, 2/15/21 130,092
595,000 ONEOK Partners LP, 3.2%, 9/15/18 597,216
750,000 Spectra Energy Capital LLC, 6.2%, 4/15/18 753,142
199,000 TransCanada PipeLines, Ltd., 3.125%, 1/15/19 199,602
-------------
$ 6,193,379
-------------
Total Energy $ 14,344,327
----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.4%
Drug Retail -- 0.1%
610,000 CVS Health Corp., 1.9%, 7/20/18 $ 609,112
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Food Retail -- 0.2%
772,000 Alimentation Couche-Tard, Inc., 2.35%, 12/13/19 (144A) $ 765,461
----------------------------------------------------------------------------------------------------
Hypermarkets & Super Centers -- 0.1%
600,000 Walmart, Inc., 1.75%, 10/9/19 $ 593,955
-------------
Total Food & Staples Retailing $ 1,968,528
----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.4%
Brewers -- 0.1%
800,000(a) Anheuser-Busch InBev Finance, Inc., 3.033%
(3 Month USD LIBOR + 126 bps), 2/1/21 $ 825,114
----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.8%
575,000 Danone SA, 1.691%, 10/30/19 (144A) $ 564,894
580,000 Kraft Heinz Foods Co., 2.0%, 7/2/18 579,538
300,000(a) Kraft Heinz Foods Co., 2.381% (3 Month USD LIBOR + 57 bps),
2/10/21 299,716
575,000 Mondelez International Holdings Netherlands BV, 1.625%,
10/28/19 (144A) 565,248
1,465,000(a) Mondelez International Holdings Netherlands BV, 2.37%
(3 Month USD LIBOR + 61 bps), 10/28/19 (144A) 1,470,568
575,000 Smithfield Foods, Inc., 2.7%, 1/31/20 (144A) 568,641
155,000(a) Tyson Foods, Inc., 2.567% (3 Month USD LIBOR + 55 bps), 6/2/20 155,759
-------------
$ 4,204,364
----------------------------------------------------------------------------------------------------
Tobacco -- 0.5%
600,000(a) BAT Capital Corp., 2.423% (3 Month USD LIBOR + 59 bps),
8/14/20 (144A) $ 603,325
475,000 Philip Morris International, Inc., 1.375%, 2/25/19 469,276
1,335,000 Reynolds American, Inc., 2.3%, 6/12/18 1,334,548
-------------
$ 2,407,149
-------------
Total Food, Beverage & Tobacco $ 7,436,627
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.3%
Health Care Equipment -- 0.6%
1,115,000 Abbott Laboratories, 2.0%, 3/15/20 $ 1,097,960
445,000(a) Becton Dickinson & Co., 2.881% (3 Month USD LIBOR + 88 bps),
12/29/20 445,516
500,000 Boston Scientific Corp., 2.65%, 10/1/18 501,109
1,270,000(a) Medtronic, Inc., 2.388% (3 Month USD LIBOR + 80 bps), 3/15/20 1,286,201
-------------
$ 3,330,786
----------------------------------------------------------------------------------------------------
Managed Health Care -- 0.7%
1,180,000 Aetna, Inc., 1.7%, 6/7/18 $ 1,178,178
557,000 Aetna, Inc., 2.2%, 3/15/19 554,511
600,000 UnitedHealth Group, Inc., 1.9%, 7/16/18 599,366
1,180,000 UnitedHealth Group, Inc., 1.95%, 10/15/20 1,156,170
-------------
$ 3,488,225
-------------
Total Health Care Equipment & Services $ 6,819,011
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 53
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.1%
500,000 Reckitt Benckiser Treasury Services Plc, 2.125%,
9/21/18 (144A) $ 499,374
-------------
Total Household & Personal Products $ 499,374
----------------------------------------------------------------------------------------------------
INSURANCE -- 7.8%
Life & Health Insurance -- 1.0%
418,000 Aflac, Inc., 2.4%, 3/16/20 $ 414,752
890,000 AIG Global Funding, 2.15%, 7/2/20 (144A) 873,828
560,000 Jackson National Life Global Funding, 2.2%, 1/30/20 (144A) 554,204
570,000 Pricoa Global Funding I, 1.45%, 9/13/19 (144A) 559,522
575,000 Pricoa Global Funding I, 2.2%, 5/16/19 (144A) 572,115
565,000 Principal Life Global Funding II, 2.15%, 1/10/20 (144A) 557,004
523,000 Protective Life Corp., 7.375%, 10/15/19 559,646
600,000 Protective Life Global Funding, 2.161%, 9/25/20 (144A) 588,374
565,000 Prudential Financial, Inc., 5.375%, 6/21/20 595,544
-------------
$ 5,274,989
----------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.9%
575,000 American International Group, Inc., 2.3%, 7/16/19 $ 570,963
865,000 Metropolitan Life Global Funding I, 1.55%, 9/13/19 (144A) 851,803
585,000 Metropolitan Life Global Funding I, 1.75%, 12/19/18 (144A) 582,049
580,000 Metropolitan Life Global Funding I, 1.75%, 9/19/19 (144A) 572,334
585,000 Metropolitan Life Global Funding I, 2.05%, 6/12/20 (144A) 574,411
585,000 New York Life Global Funding, 1.5%, 10/24/19 (144A) 574,811
585,000 New York Life Global Funding, 1.95%, 9/28/20 (144A) 571,772
130,000(a) New York Life Global Funding, 2.131%
(3 Month USD LIBOR + 39 bps), 10/24/19 (144A) 130,609
-------------
$ 4,428,752
----------------------------------------------------------------------------------------------------
Reinsurance -- 5.9%
250,000+(d)(e) Ailsa Re 2017, Variable Rate Notes, 6/15/18 $ 249,450
350,000(a) Alamo Re, 5.399% (3 Month U.S. Treasury Bill + 375 bps),
6/8/20 (144A) (Cat Bond) 358,295
1,200,000(a) Alamo Re, 6.459% (3 Month U.S. Treasury Bill + 481 bps),
6/7/18 (144A) (Cat Bond) 1,204,080
400,000(a) Aozora Re, 3.565% (6 Month USD LIBOR + 200 bps),
4/7/21 (144A) (Cat Bond) 404,880
250,000(a) Aozora Re, 3.879% (6 Month USD LIBOR + 220 bps),
4/7/23 (144A) (Cat Bond) 253,150
100,000+(d)(e) Arlington Re 2015, Variable Rate Notes, 8/1/18 4,860
150,000+(d)(e) Arlington Re 2016, Variable Rate Notes, 8/31/18 19,575
300,000+(d)(e) Berwick Re 2017, Variable Rate Notes, 2/1/19 301,020
67,155+(d)(e) Berwick Re 2018, Variable Rate Notes, 12/31/21 68,008
250,000+(d)(e) Blue Lotus Re 2018., Variable Rate Notes, 12/31/21 254,725
350,000(a) Bonanza Re, 5.254% (6 Month USD LIBOR + 375 bps),
12/31/19 (144A) (Cat Bond) 349,825
The accompanying notes are an integral part of these financial statements.
54 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
400,000(a) Caelus Re IV, 7.139% (3 Month U.S. Treasury Bill + 549 bps),
3/6/20 (144A) (Cat Bond) $ 412,240
250,000(a) Caelus Re V, 6.149% (3 Month U.S. Treasury Bill + 450 bps),
6/5/20 (144A) (Cat Bond) 181,225
250,000+(d)(e) Carnoustie 2016, Variable Rate Notes, 11/30/20 27,050
250,000+(d)(e) Carnoustie 2017, Variable Rate Notes, 11/30/21 75,350
250,000+(d)(e) Carnoustie 2018, Variable Rate Notes, 12/31/21 252,600
300,000(a) Casablanca Re, 5.008% (6 Month USD LIBOR + 375 bps),
6/4/20 (Cat Bond) 301,470
250,000+(d)(e) Castle Stuart Re, Variable Rate Notes, 12/1/21 250,775
1,100,000(a) Citrus Re, Ltd., 6.809% (3 Month U.S. Treasury Bill + 516 bps),
4/9/18 (144A) (Cat Bond) 1,101,650
500,000(a) Citrus Re, Ltd., 8.549% (3 Month U.S. Treasury Bill + 690 bps),
4/9/20 (144A) (Cat Bond) 486,200
400,000(a) Cranberry Re, 3.638% (6 Month USD LIBOR + 200 bps),
7/13/20 (144A) (Cat Bond) 405,200
250,000(a) Cranberry Re, 5.549% (3 Month U.S. Treasury Bill + 390 bps),
7/6/18 (144A) (Cat Bond) 251,550
350,000+(d)(e) Cypress Re, Variable Rate Notes, 1/15/19 328,055
250,000+(d)(e) Cyprus Re 2017, Variable Rate Notes, 1/10/19 114,400
330,000+(d)(e) Denning Re 2017, Variable Rate Notes, 7/13/18 329,076
500,000(a) East Lane Re VI, 4.299% (3 Month U.S. Treasury Bill + 265 bps),
3/14/18 (144A) (Cat Bond) 499,550
527+(d)(e) Eden Re II, Ltd., Variable Rate Notes, 4/23/19 (144A) 37,117
148,500+(d)(e) Eden Re II, Ltd., Variable Rate Notes, 3/22/21 (144A) 103,326
250,000+(d)(e) Eden Re II, Ltd., Variable Rate Notes, 3/22/22 (144A) 252,100
445,500+(d)(e) Eden Re II, Ltd., Variable Rate Notes, 3/22/22 (144A) 450,980
250,000(a) Galilei Re, 6.178% (6 Month USD LIBOR + 466 bps), 1/8/20
(144A) (Cat Bond) 252,250
350,000(a) Galilei Re, 6.968% (6 Month USD LIBOR + 545 bps), 1/8/20
(144A) (Cat Bond) 351,435
250,000(a) Galilei Re, 6.988% (6 Month USD LIBOR + 545 bps), 1/8/21
(144A) (Cat Bond) 252,200
250,000(a) Galilei Re, 8.048% (6 Month USD LIBOR + 653 bps), 1/8/20
(144A) (Cat Bond) 248,175
300,000+(d)(e) Gleneagles Re 2016, Variable Rate Notes, 11/30/20 35,160
500,000(a) Golden State Re II, 3.849% (3 Month U.S.
Treasury Bill + 220 bps), 1/8/19 (144A) (Cat Bond) 501,450
600,000+(d)(e) Gullane Re 2016, Variable Rate Notes 11/30/20 13,080
550,000+(d)(e) Gullane RE 2017, Variable Rate Notes 11/30/21 522,225
250,000+(d)(e) Harambee Re 2018., Variable Rate Notes, 12/31/21 250,350
500,000(a) Integrity Re, Series A, 4.876% (6 Month USD LIBOR + 325 bps),
6/10/20 (144A) (Cat Bond) 499,150
250,000(a) International Bank for Reconstruction & Development, 7.626%
(6 Month USD LIBOR + 590 bps), 12/20/19 (144A) (Cat Bond) 249,903
250,000(a) International Bank for Reconstruction & Development, 9.187%
(6 Month USD LIBOR + 690 bps), 7/15/20 (144A) (Cat Bond) 249,980
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 55
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000+(d)(e) Kilarney Re 2018, Variable Rate Notes, 4/15/19 $ 277,825
400,000(a) Kilimanjaro II Re, 7.544% (6 Month USD LIBOR + 600 bps),
4/20/21 (144A) (Cat Bond) 394,160
300,000(a) Kilimanjaro II Re, 9.064% (6 Month USD LIBOR + 750 bps),
4/21/22 (144A) (Cat Bond) 294,150
750,000(a) Kilimanjaro Re, 5.402% (3 Month U.S. Treasury Bill + 375 bps),
11/25/19 (144A) (Cat Bond) 756,900
350,000(a) Kilimanjaro Re, 6.152% (3 Month U.S. Treasury Bill + 450 bps),
4/30/18 (144A) (Cat Bond) 349,720
900,000(a) Kilimanjaro Re, 6.402% (3 Month U.S. Treasury Bill + 475 bps),
4/30/18 (144A) (Cat Bond) 899,010
250,000(a) Kilimanjaro Re, 10.902% (3 Month U.S. Treasury Bill + 925 bps),
12/6/19 (144A) (Cat Bond) 243,800
250,000(a) Kilimanjaro Re, 8.402% (3 Month U.S. Treasury Bill + 675 bps),
12/6/19 (144A) (Cat Bond) 249,450
300,000+(d)(e) Kingsbarn Re 2017, Variable Rate Notes, 5/15/18 215,850
450,000(a) Kizuna Re II, 3.902% (3 Month U.S. Treasury Bill + 225 bps),
4/6/18 (144A) (Cat Bond) 449,550
250,000+(d)(e) Lahinch Re 2017, Variable Rate Notes, 5/10/22 8,375
300,000+(d)(e) Limestone Re, Variable Rate Notes, Series 2016-1, Class A Non
Voting 8/31/21 295,830
750,000(a) Long Point Re III, 3.5% (ZERO + 350 bps), 5/23/18 (144A)
(Cat Bond) 747,300
600,000+(d)(e) Lorenz Re, 2016, Variable Rate Notes, 3/31/19 8,160
500,000+(d)(e) Lorenz Re, 2017, Variable Rate Notes, 3/31/20 422,100
300,000+(d)(e) Madison Re 2016, Variable Rate Notes, 3/31/19 19,050
250,000+(d)(e) Madison Re 2017, Variable Rate Notes, 12/31/19 65,975
400,000(a) MetroCat Re, 5.352% (3 Month U.S. Treasury Bill + 370 bps),
5/8/20 (144A) (Cat Bond) 398,640
550,000(a) Nakama Re, 3.329% (6 Month USD LIBOR + 220 bps),
10/13/21 (144A) (Cat Bond) 556,655
250,000+(d)(e) Oakmont Re 2017, Variable Rate Notes, 4/13/18 226,325
1,000,000+(d)(e) Pangaea Re 2015-1, Variable Rate Notes, 2/1/19 3,100
1,000,000+(d)(e) Pangaea Re 2015-2, Variable Rate Notes, 11/30/19 7,720
800,000+(d)(e) Pangaea Re 2016-1, Variable Rate Notes, 11/30/20 7,638
500,000+(d)(e) Pangaea Re 2016-2, Variable Rate Notes, 11/30/20 32,900
500,000+(d)(e) Pangaea Re 2017-1, Variable Rate Notes, 11/30/21 41,142
400,000+(d)(e) Pangaea Re 2017-3, Variable Rate Notes, 5/31/22 291,605
500,000+(d)(e) Pangaea Re 2018-1, Variable Rate Notes, 12/31/21 502,550
500,000(a) PennUnion Re, 6.149% (3 Month U.S. Treasury Bill + 450 bps),
12/7/18 (144A) (Cat Bond) 501,450
500,000+(d)(e) Pinehurst Re 2017, Variable Rate Notes, 3/31/18 503,200
500,000+(d)(e) Pinehurst Re 2018, Variable Rate Notes, 1/15/19 474,600
250,000+(d)(e) Portrush Re 2017, Variable Rate Notes, 6/15/18 231,125
500,000(a) Queen Street X Re, 7.399% (3 Month U.S. Treasury
Bill + 575 bps), 6/8/18 (144A) (Cat Bond) 504,050
The accompanying notes are an integral part of these financial statements.
56 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000(a) Queen Street XI Re, 7.799% (3 Month U.S. Treasury
Bill + 615 bps), 6/7/19 (144A) (Cat Bond) $ 255,150
250,000(a) Residential Reinsurance 2014, 5.209% (3 Month U.S.
Treasury Bill + 356 bps), 6/6/18 (144A) (Cat Bond) 250,200
500,000(a) Residential Reinsurance 2016, 5.579% (3 Month U.S.
Treasury Bill + 393 bps), 12/6/23 (144A) (Cat Bond) 498,150
400,000(a) Residential Reinsurance 2017, 4.649% (3 Month U.S.
Treasury Bill + 300 bps), 6/6/21 (144A) (Cat Bond) 394,360
350,000+(d)(e) Resilience Re, Ltd., Variable Rate Notes, 4/7/18 311,500
250,000+(d)(e) Resilience Re, Ltd., Variable Rate Notes, 6/4/18 250,000
250,000+(d)(e) Resilience Re, Ltd., Variable Rate Notes, 1/9/19 (144A) 250,000
250,000+(d)(e) Resilience Re, Ltd., Variable Rate Notes, 1/9/19 (144A) 250,000
250,000+(d)(e) Resilience Re, Ltd., Variable Rate Notes, 1/10/19 188,875
500,000(a) Sanders Re, 4.514% (6 Month USD LIBOR + 300 bps),
12/6/21 (144A) (Cat Bond) 501,300
484+(d)(e) Sector Re V, Series 6, Class A, Variable Rate Notes,
3/1/21 (144A) 26,293
250,000+(d)(e) Sector Re V, Series 6, Class D, Variable Rate Notes,
12/1/21 (144A) 236,275
300,000+(d)(e) Sector Re V, Series 7, Class G, Variable Rate Notes,
3/1/22 (144A) 257,130
250,000+(d)(e) Sector Re V, Series 7, Variable Rate Notes, 12/1/22 (144A) 252,175
250,000+(d)(e) Silverton Re, Variable Rate Notes, 9/17/18 (144A) 3,750
250,000+(d)(e) Silverton Re, Variable Rate Notes, 9/16/19 (144A) 202,000
500,000(a) Skyline Re, 4.149% (3 Month U.S. Treasury Bill + 250 bps),
1/6/20 (144A) (Cat Bond) 499,250
300,000+(d)(e) St. Andrews Re 2017-1, Variable Rate Notes, 2/1/19 311,850
347,597+(d)(e) St. Andrews Re 2017-4, Variable Rate Notes, 6/1/19 380,758
250,000+(d)(e) Thopas Re 2018, Variable Rates Notes, 12/31/21 252,900
650,000(a) Ursa Re, 3.5% (ZERO + 350 bps), 5/27/20 (144A) (Cat Bond) 648,505
250,000(a) Ursa Re, 4.0% (3 Month USD LIBOR + 400 bps), 12/10/20
(144A) (Cat Bond) 250,000
600,000+(d)(e) Versutus Re 2016-1, Variable Rate Notes, 11/30/20 4,800
450,000+(d)(e) Versutus, Re 2017-1, Variable Rate Notes, 11/30/21 31,050
250,000+(d)(e) Versutus, Re 2018-1, Variable Rate Notes, 12/31/21 251,975
500,000(a) Vitality Re V, 3.399% (3 Month U.S. Treasury Bill + 175 bps),
1/7/19 (144A) (Cat Bond) 500,300
400,000(a) Vitality Re VII, 3.799% (3 Month U.S. Treasury Bill + 215 bps),
1/7/20 (144A) (Cat Bond) 403,080
250,000(a) Vitality Re VII, 4.299% (3 Month U.S. Treasury Bill + 265 bps),
1/7/20 (144A) (Cat Bond) 253,400
-------------
$ 30,648,071
-------------
Total Insurance $ 40,351,812
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 57
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Construction Materials -- 0.1%
338,000(a) Martin Marietta Materials, Inc., 2.125%
(3 Month USD LIBOR + 50 bps), 12/20/19 $ 338,830
----------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.1%
570,000 EI du Pont de Nemours & Co., 2.2%, 5/1/20 $ 563,399
-------------
Total Materials $ 902,229
----------------------------------------------------------------------------------------------------
MEDIA -- 0.4%
Broadcasting -- 0.4%
1,110,000 NBCUniversal Enterprise, Inc., 1.974%, 4/15/19 (144A) $ 1,102,644
860,000(a) NBCUniversal Enterprise, Inc., 2.405%
(3 Month USD LIBOR + 69 bps), 4/15/18 (144A) 860,660
-------------
$ 1,963,304
----------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.0%+
300,000 Comcast Corp., 5.15%, 3/1/20 $ 314,250
-------------
Total Media $ 2,277,554
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 2.0%
Biotechnology -- 1.3%
560,000 AbbVie, Inc., 1.8%, 5/14/18 $ 559,647
1,125,000 AbbVie, Inc., 2.0%, 11/6/18 1,121,490
1,160,000 AbbVie, Inc., 2.5%, 5/14/20 1,149,621
1,150,000 Amgen, Inc., 1.9%, 5/10/19 1,140,741
607,000(a) Amgen, Inc., 2.504% (3 Month USD LIBOR + 60 bps), 5/22/19 610,487
950,000 Amgen, Inc., 5.7%, 2/1/19 976,395
600,000(a) Baxalta, Inc., 2.438% (3 Month USD LIBOR + 78 bps), 6/22/18 600,850
550,000 Biogen, Inc., 2.9%, 9/15/20 549,394
-------------
$ 6,708,625
----------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.2%
1,000,000 Thermo Fisher Scientific, Inc., 2.4%, 2/1/19 $ 998,320
----------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.5%
550,000 Johnson & Johnson, 2.95%, 9/1/20 $ 555,768
1,115,000 Mylan NV, 3.75%, 12/15/20 1,129,409
1,155,000 Shire Acquisitions Investments Ireland, DAC, 1.9%, 9/23/19 1,137,064
-------------
$ 2,822,241
-------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 10,529,186
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.7%
Diversified REIT -- 0.1%
575,000 Boston Properties LP, 5.875%, 10/15/19 $ 600,267
----------------------------------------------------------------------------------------------------
Health Care REIT -- 0.1%
500,000 Welltower, Inc., 2.25%, 3/15/18 $ 499,998
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
58 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Office REITs -- 0.2%
575,000 Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20 $ 572,965
575,000 Highwoods Realty LP, 7.5%, 4/15/18 578,450
-------------
$ 1,151,415
----------------------------------------------------------------------------------------------------
Residential REIT -- 0.2%
873,000 UDR, Inc., 3.7%, 10/1/20 $ 889,119
----------------------------------------------------------------------------------------------------
Specialized REIT -- 0.1%
550,000 Ventas Realty LP / Ventas Capital Corp., 2.7%, 4/1/20 $ 547,438
-------------
Total Real Estate $ 3,688,237
----------------------------------------------------------------------------------------------------
RETAILING -- 0.4%
Automotive Retail -- 0.2%
625,000 AutoZone, Inc., 1.625%, 4/21/19 $ 618,111
500,000 Volkswagen Group of America Finance LLC, 1.65%,
5/22/18 (144A) 499,350
-------------
$ 1,117,461
----------------------------------------------------------------------------------------------------
Internet Retail -- 0.2%
775,000 Amazon.com, Inc., 1.9%, 8/21/20 (144A) $ 759,421
-------------
Total Retailing $ 1,876,882
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.2%
Semiconductors -- 0.2%
100,000 Micron Semiconductor Asia Pte, Ltd., 1.258%, 1/15/19 $ 99,222
570,000 QUALCOMM, Inc., 1.85%, 5/20/19 564,850
575,000 TSMC Global, Ltd., 1.625%, 4/3/18 (144A) 574,453
-------------
Total Semiconductors & Semiconductor Equipment $ 1,238,525
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Systems Software -- 0.2%
1,330,000 Microsoft Corp., 1.1%, 8/8/19 $ 1,306,477
-------------
Total Software & Services $ 1,306,477
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.5%
Computer Hardware Storage & Peripherals -- 0.4%
600,000 Apple, Inc., 1.5%, 9/12/19 $ 592,452
585,000 Apple, Inc., 1.7%, 2/22/19 581,408
650,000(a) Apple, Inc., 2.74% (3 Month USD LIBOR + 82 bps), 2/22/19 654,906
-------------
$ 1,828,766
----------------------------------------------------------------------------------------------------
Electric Components -- 0.1%
560,000 Amphenol Corp., 2.2%, 4/1/20 $ 553,634
67,000 Amphenol Corp., 2.55%, 1/30/19 67,003
-------------
$ 620,637
-------------
Total Technology Hardware & Equipment $ 2,449,403
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 59
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.0%
Integrated Telecommunication Services -- 1.0%
425,000(a) AT&T, Inc., 2.206% (3 Month USD LIBOR + 67 bps), 3/11/19 $ 426,990
600,000(a) AT&T, Inc., 2.866% (3 Month USD LIBOR + 91 bps), 11/27/18 603,161
1,765,000 British Telecommunications Plc, 2.35%, 2/14/19 1,760,492
300,000 Deutsche Telekom International Finance BV, 1.5%,
9/19/19 (144A) 294,265
570,000(a) Deutsche Telekom International Finance BV, 2.311%
(3 Month USD LIBOR + 58 bps), 1/17/20 (144A) 571,506
1,000,000 GTP Acquisition Partners I LLC, 2.35%, 6/15/20 (144A) 988,507
575,000 Orange SA, 1.625%, 11/3/19 564,066
-------------
Total Telecommunication Services $ 5,208,987
----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.7%
Highways & Railtracks -- 0.2%
1,065,000 ERAC USA Finance LLC, 2.35%, 10/15/19 (144A) $ 1,056,052
----------------------------------------------------------------------------------------------------
Railroads -- 0.5%
535,000 Burlington Northern Santa Fe LLC, 5.75%, 3/15/18 $ 535,806
834,000 Norfolk Southern Corp., 5.75%, 4/1/18 835,910
500,000 TTX Co., 2.25%, 2/1/19 (144A) 498,726
470,000 Union Pacific Corp., 5.7%, 8/15/18 476,601
-------------
$ 2,347,043
-------------
Total Transportation $ 3,403,095
----------------------------------------------------------------------------------------------------
UTILITIES -- 2.7%
Electric Utilities -- 1.9%
215,000 Duke Energy Corp., 2.1%, 6/15/18 $ 214,835
635,000 Duke Energy Corp., 6.25%, 6/15/18 641,507
560,000 Duke Energy Florida LLC, 2.1%, 12/15/19 557,232
1,453,000 Electricite de France SA, 2.15%, 1/22/19 (144A) 1,446,569
490,000 Eversource Energy, 1.45%, 5/1/18 489,344
200,000 Eversource Energy, 4.5%, 11/15/19 205,715
1,520,000 Georgia Power Co., 2.0%, 3/30/20 1,498,773
575,000 NextEra Energy Capital Holdings, Inc., 1.649%, 9/1/18 571,895
1,175,000 NextEra Energy Capital Holdings, Inc., 2.3%, 4/1/19 1,171,036
400,000 Ohio Power Co., 6.05%, 5/1/18 402,346
755,000 PECO Energy Co., 5.35%, 3/1/18 755,000
1,534,000 PPL Capital Funding, Inc., 1.9%, 6/1/18 1,532,135
600,000 Southern Co., 1.85%, 7/1/19 593,305
-------------
$ 10,079,692
----------------------------------------------------------------------------------------------------
Gas Utilities -- 0.1%
255,000 Panhandle Eastern Pipe Line Co. LP, 7.0%, 6/15/18 $ 258,104
----------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.7%
320,000 Dominion Energy, Inc., 1.6%, 8/15/19 $ 314,595
1,495,000 Dominion Energy, Inc., 1.875%, 1/15/19 1,486,773
The accompanying notes are an integral part of these financial statements.
60 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Multi-Utilities -- (continued)
575,000 Dominion Energy, Inc., 1.9%, 6/15/18 $ 574,383
285,000 Dominion Energy, Inc., 2.579%, 7/1/20 281,565
540,000 Sempra Energy, 2.4%, 2/1/20 535,301
500,000 Sempra Energy, 9.8%, 2/15/19 532,895
-------------
$ 3,725,512
-------------
Total Utilities $ 14,063,308
----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $215,748,542) $ 213,701,996
----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
7.3% of Net Assets
892,816 Fannie Mae, 2.0%, 8/1/23 $ 878,974
841,349 Fannie Mae, 2.0%, 11/1/23 828,297
454,914(a) Fannie Mae, 2.434% (2 Month USD LIBOR + 160 bps), 7/1/45 459,788
721,426 Fannie Mae, 2.5%, 9/1/22 712,175
186,201 Fannie Mae, 2.5%, 6/1/23 183,801
441,146 Fannie Mae, 2.5%, 11/1/23 435,451
1,021,487 Fannie Mae, 2.5%, 3/1/28 1,004,439
26,377(a) Fannie Mae, 2.532% (2 Month Treasury Average
Rate + 140 bps), 11/1/40 25,828
262,557 Fannie Mae, 3.0%, 5/1/21 261,612
272,360 Fannie Mae, 3.0%, 12/1/21 271,379
603,961 Fannie Mae, 3.0%, 10/1/27 603,644
806,987 Fannie Mae, 3.0%, 11/1/27 808,469
1,913(a) Fannie Mae, 3.109% (1 Year CMT Index + 222 bps), 4/1/29 1,934
279,813(a) Fannie Mae, 3.146% (2 Month USD LIBOR + 140 bps), 10/1/36 281,140
2,569(a) Fannie Mae, 3.338% (1 Year CMT Index + 246 bps), 4/1/28 2,595
40,876(a) Fannie Mae, 3.369% (1 Year CMT Index + 232 bps), 12/1/28 42,321
68,952(a) Fannie Mae, 3.405% (1 Year CMT Index + 216 bps), 10/1/29 70,017
1,061(a) Fannie Mae, 3.41% (1 Year CMT Index + 212 bps), 11/1/25 1,098
28,878(a) Fannie Mae, 3.575% (2 Month USD LIBOR + 179 bps), 7/1/36 30,413
45,650(a) Fannie Mae, 3.675% (6 Month USD LIBOR + 231 bps), 11/1/24 46,952
34,883(a) Fannie Mae, 3.786% (6 Month USD LIBOR + 226 bps), 1/1/25 35,376
56,897 Fannie Mae, 4.0%, 8/1/19 58,269
118,739 Fannie Mae, 4.0%, 12/1/19 121,601
198,306 Fannie Mae, 4.0%, 1/1/20 203,086
289,790 Fannie Mae, 4.0%, 10/1/20 296,776
320,692 Fannie Mae, 4.0%, 3/1/21 328,423
96,151(a) Fannie Mae, 4.257% (11th District Cost of Funds
Index + 193 bps), 12/1/36 101,492
247,331 Fannie Mae, 4.5%, 5/1/39 262,789
418,039 Fannie Mae, 4.5%, 5/1/39 444,116
135,938 Fannie Mae, 4.5%, 1/1/41 143,694
546(a) Fannie Mae, 4.531% (6 Month USD LIBOR + 285 bps), 2/1/33 573
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 61
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
U.S. Government and Agency Obligations -- (continued)
67,186 Fannie Mae, 5.0%, 11/1/20 $ 68,908
302,463 Fannie Mae, 5.0%, 10/1/41 326,871
17,213 Fannie Mae, 5.5%, 12/1/35 18,791
144,628 Fannie Mae, 5.5%, 8/1/37 158,871
165,802 Fannie Mae, 6.0%, 10/1/22 172,720
15,336 Fannie Mae, 6.0%, 2/1/34 17,021
13,506 Fannie Mae, 6.0%, 4/1/38 15,073
168,665 Fannie Mae, 6.5%, 4/1/29 185,858
3,673 Fannie Mae, 6.5%, 7/1/32 4,152
10,638 Fannie Mae, 7.0%, 1/1/36 11,818
530,218 Federal Home Loan Mortgage Corp., 2.5%, 10/1/27 520,485
1,801(a) Federal Home Loan Mortgage Corp., 3.389%
(2 Month Treasury Average Rate + 250 bps), 4/1/29 1,818
3,638(a) Federal Home Loan Mortgage Corp., 3.491%
(1 Year CMT Index + 225 bps), 11/1/31 3,827
1,530(a) Federal Home Loan Mortgage Corp., 3.598%
(1 Year CMT Index + 236 bps), 1/1/28 1,594
110,941(a) Federal Home Loan Mortgage Corp., 3.656%
(2 Month USD LIBOR + 191 bps), 10/1/31 112,114
36,735(a) Federal Home Loan Mortgage Corp., 3.658%
(2 Month USD LIBOR + 191 bps), 8/1/31 37,945
164,140(a) Federal Home Loan Mortgage Corp., 3.658%
(2 Month USD LIBOR + 191 bps), 12/1/31 163,457
7,482(a) Federal Home Loan Mortgage Corp., 3.792%
(6 Month USD LIBOR + 229 bps), 4/1/25 7,652
78,157 Federal Home Loan Mortgage Corp., 4.0%, 5/1/24 80,478
17,934 Federal Home Loan Mortgage Corp., 4.5%, 7/1/19 18,098
18,659 Federal Home Loan Mortgage Corp., 4.5%, 7/1/19 18,830
20,550 Federal Home Loan Mortgage Corp., 5.0%, 2/1/21 20,870
46,198 Federal Home Loan Mortgage Corp., 5.0%, 12/1/39 49,889
14,327 Federal Home Loan Mortgage Corp., 5.5%, 8/1/23 14,976
82,721 Government National Mortgage Association I, 5.0%, 8/15/19 84,988
33,038 Government National Mortgage Association I, 6.0%, 12/15/31 36,736
60,730 Government National Mortgage Association I, 6.0%, 11/15/36 67,619
18,204 Government National Mortgage Association I, 6.5%, 5/15/31 20,638
6,609 Government National Mortgage Association I, 6.5%, 7/15/35 7,359
18,415 Government National Mortgage Association I, 6.5%, 10/15/37 20,952
31,248 Government National Mortgage Association I, 7.5%, 10/15/36 33,461
18,259 Government National Mortgage Association II, 6.0%, 8/20/19 18,351
101,081 Government National Mortgage Association II, 6.0%, 10/20/21 103,472
62,361 Government National Mortgage Association II, 6.0%, 4/20/22 63,278
71,026 Government National Mortgage Association II, 6.0%, 11/20/22 73,181
500,000 U.S. Treasury Bond, 8.125%, 8/15/21 593,398
1,985,000 U.S. Treasury Notes, 0.75%, 7/15/19 1,946,696
2,670,000 U.S. Treasury Notes, 1.125%, 4/30/20 2,602,833
The accompanying notes are an integral part of these financial statements.
62 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
U.S. Government and Agency Obligations -- (continued)
2,335,000 U.S. Treasury Notes, 1.125%, 7/31/21 $ 2,229,925
4,100,000 U.S. Treasury Notes, 1.125%, 8/31/21 3,908,774
1,095,000 U.S. Treasury Notes, 1.375%, 5/31/20 1,071,988
1,625,000 U.S. Treasury Notes, 1.875%, 6/30/20 1,607,544
2,550,000 U.S. Treasury Notes, 2.0%, 8/31/21 2,505,574
4,000,000 U.S. Treasury Notes, 2.25%, 2/29/20 3,998,906
3,295,000 U.S. Treasury Notes, 2.25%, 7/31/21 3,266,812
780,000 U.S. Treasury Notes, 2.75%, 2/15/19 784,723
1,865,000 U.S. Treasury Notes, 3.125%, 5/15/19 1,886,491
-------------
$ 37,912,337
----------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $38,839,691) $ 37,912,337
----------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE LOAN INTERESTS --
5.2% of Net Assets*(a)
AUTOMOBILES & COMPONENTS -- 0.3%
Auto Parts & Equipment -- 0.2%
477,725 American Axle & Manufacturing, Inc., Tranche B Term Loan,
3.88% (LIBOR + 225 bps), 4/6/24 $ 479,874
497,520 BBB Industries US Holdings, Inc., First Lien Term B Loan,
6.15% (LIBOR + 450 bps), 11/3/21 501,873
-------------
$ 981,747
----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
345,386 FCA US LLC (fka Chrysler Group LLC) ,Tranche B Term Loan,
3.6% (LIBOR + 200 bps), 12/31/18 $ 346,519
374,975 TI Group Automotive Systems LLC, Initial US Term Loan,
4.15% (LIBOR + 250 bps), 6/30/22 377,202
-------------
$ 723,721
-------------
Total Automobiles & Components $ 1,705,468
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.4%
Aerospace & Defense -- 0.1%
400,000 MacDonald, Dettwiler and Associates, Ltd., Initial Term B Loan,
4.33% (LIBOR + 275 bps), 10/4/24 $ 402,250
----------------------------------------------------------------------------------------------------
Construction Machinery & Heavy Trucks -- 0.1%
393,000 Navistar, Inc., Tranche B Term Loan, 5.08% (LIBOR + 350 bps),
11/6/24 $ 394,965
250,626 Terex Corp., 2018 Incremental U.S. Term Loan, 3.65%
(LIBOR + 200 bps), 1/31/24 251,684
-------------
$ 646,649
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 63
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
389,985 Southwire Co. LLC (fka Southwire Co.), Initial Term Loan,,
4.08% (LIBOR + 250 bps), 2/10/21 $ 392,484
330,974 WireCo WorldGroup, Inc. (WireCo WorldGroup Finance LP),
First Lien Initial Term Loan, 7.48% (LIBOR + 550 bps), 9/29/23 334,490
-------------
$ 726,974
----------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
314,939 Milacron LLC, Term B Loan, 4.4% (LIBOR + 275 bps), 9/28/23 $ 315,530
----------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.0%+
167,014 NN, Inc., Tranche B Term Loan, 5.4% (LIBOR + 375 bps),
10/19/22 $ 168,423
----------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
22,663 WESCO Distribution, Inc., Tranche B-1 Term Loan, 4.65%
(LIBOR + 300 bps/PRIME + 200 bps), 12/12/19 $ 22,691
-------------
Total Capital Goods $ 2,282,517
----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Diversified Support Services -- 0.0%+
137,396 TMS International Corp. (aka Tube City IMS Corp.), Term B-1
Loan, 4.63% (LIBOR + 300 bps), 8/14/24 $ 138,084
----------------------------------------------------------------------------------------------------
Human Resources & Employment Services -- 0.0%+
89,822 On Assignment, Inc., Tranche B-3 Term Loan, 3.65%
(LIBOR + 200 bps), 6/3/22 $ 90,439
----------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.1%
150,862 West Corp., Term B Loan, 5.65% (LIBOR + 400 bps), 10/10/24 $ 152,339
----------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.1%
382,518 GW Honos Security Corp. (Garda World Security Corp.),
Term B Loan, 7.0% (PRIME + 250 bps), 5/24/24 $ 387,240
-------------
Total Commercial Services & Supplies $ 768,102
----------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY -- 0.0%+
Advertising -- 0.0%+
99,750 Red Ventures LLC (New Imagitas, Inc.), First Lien Term Loan,
5.65% (LIBOR + 400 bps), 11/8/24 $ 100,571
-------------
Total Consumer Discretionary $ 100,571
----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Housewares & Specialties -- 0.0%+
179,832 Prestige Brands, Inc., Term B-4 Loan, 4.4% (LIBOR + 275 bps),
1/26/24 $ 181,218
-------------
Total Consumer Durables & Apparel $ 181,218
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.3%
Casinos & Gaming -- 0.1%
708,278 Scientific Games International, Inc., Initial Term B-5 Loan,
4.45% (LIBOR + 275 bps), 8/14/24 $ 712,373
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
64 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Education Services -- 0.1%
385,980 Bright Horizons Family Solutions LLC (fka Bright Horizons Family
Solutions, Inc.), Term B Loan, 3.65% (LIBOR + 200 bps),
11/7/23 $ 388,633
----------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
311,446 Hilton Worldwide Finance LLC, Series B-2 Term Loan, 3.62%
(LIBOR + 200 bps), 10/25/23 $ 313,548
-------------
Total Consumer Services $ 1,414,554
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Diversified Capital Markets -- 0.1%
288,750 Outfront Media Capital LLC (Outfront Media Capital Corp.),
Term Loan, 3.62% (LIBOR + 200 bps), 3/18/24 $ 290,709
----------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.1%
423,530 Delos Finance S.a.r.l., New Term Loan, 3.69%
(LIBOR + 200 bps), 10/6/23 $ 424,986
317,428 Fly Funding II S.a.r.l., Term Loan, 3.8% (LIBOR + 200 bps),
2/9/23 318,287
-------------
$ 743,273
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
518,245 1011778 B.C. Unlimited Liability Co. (New Red Finance, Inc.)
(aka Burger King/Tim Hortons), Term B-3 Loan, 3.92%
(LIBOR + 225 bps), 2/16/24 $ 519,593
193,000 SBA Senior Finance II LLC, Incremental Tranche B-1 Term Loan,
3.9% (LIBOR + 225 bps), 3/24/21 194,086
-------------
$ 713,679
-------------
Total Diversified Financials $ 1,747,661
----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Retail -- 0.1%
448,172 Albertson's LLC, 2017-1 Term B-6 Loan, 4.96%
(LIBOR + 300 bps), 6/22/23 $ 442,185
-------------
Total Food & Staples Retailing $ 442,185
----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Agricultural Products -- 0.1%
443,979 Darling Ingredients, Inc. (fka Darling International, Inc.),
Term B USD Loan, 3.67% (LIBOR + 200 bps/PRIME + 100 bps),
12/18/24 $ 448,835
----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
473,508 JBS USA Lux SA (fka JBS USA LLC), Initial Term Loan, 4.1%
(LIBOR + 250 bps), 10/30/22 $ 471,831
-------------
Total Food, Beverage & Tobacco $ 920,666
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.5%
Health Care Facilities -- 0.1%
55,413 CHS/Community Health Systems, Inc., Incremental 2019
Term G Loan, 4.73% (LIBOR + 275 bps), 12/31/19 $ 55,007
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 65
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
102,642 CHS/Community Health Systems, Inc., Incremental 2021
Term H Loan, 4.98% (LIBOR + 300 bps), 1/27/21 $ 100,544
266,713 Kindred Healthcare, Inc., New Term Loan, 5.25%
(LIBOR + 350 bps), 4/9/21 268,046
94,118 Vizient, Inc., Term B-4 Loan, 4.4% (LIBOR + 275 bps), 2/13/23 94,902
-------------
$ 518,499
----------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
491,287 Envision Healthcare Corp. (fka Emergency Medical Services
Corp.), Initial Term Loan, 4.65% (LIBOR + 300 bps), 12/1/23 $ 493,744
637,000 U.S. Renal Care, Inc., First Lien Initial Term Loan, 5.94%
(LIBOR + 425 bps), 12/30/22 640,185
-------------
$ 1,133,929
----------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.2%
260,788 Halyard Health, Inc., Term Loan, 4.39% (LIBOR + 275 bps),
11/1/21 $ 262,745
577,100 Kinetic Concepts, Inc., Dollar Term Loan, 4.94%
(LIBOR + 325 bps), 2/2/24 579,769
293,284 Sterigenics-Nordion Holdings LLC, Incremental Term Loan,
4.65% (LIBOR + 300 bps), 5/15/22 294,420
-------------
$ 1,136,934
-------------
Total Health Care Equipment & Services $ 2,789,362
----------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
451,940 Party City Holdings, Inc., 2018 Replacement Term Loan,
4.47% (LIBOR + 275 bps), 8/19/22 $ 453,729
-------------
Total Household & Personal Products $ 453,729
----------------------------------------------------------------------------------------------------
MATERIALS -- 0.4%
Construction Materials -- 0.1%
46,318 CeramTec Service GmbH (CeramTec Acquisition Corp.),
Dollar Term B-3 Loan, 4.73% (LIBOR + 275 bps), 8/30/20 $ 46,318
151,127 CeramTec Service GmbH (CeramTec Acquisition Corp.),
Initial Dollar Term B-1 Loan, 4.73% (LIBOR + 275 bps), 8/30/20 151,127
20,165 CeramTec Service GmbH (CeramTec Acquisition Corp.),
Initial Dollar Term B-2 Loan, 4.73% (LIBOR + 275 bps), 8/30/20 20,165
-------------
$ 217,610
----------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.1%
136,047 Tronox, Ltd., First Lien Blocked Dollar Term Loan, 4.69%
(LIBOR + 300 bps), 9/23/24 $ 137,116
313,953 Tronox, Ltd., First Lien Initial Dollar Term Loan, 4.69%
(LIBOR + 300 bps), 9/23/24 316,420
42,532(f) W. R. Grace & Co., Term Loan B1, 2/21/25 42,701
72,913(f) W. R. Grace & Co., Term Loan B2, 2/21/25 73,201
-------------
$ 569,438
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
66 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
62,837 BWay Holding Co., Initial Term Loan, 4.96% (LIBOR + 325 bps),
4/3/24 $ 63,164
----------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
847,100 MacDermid, Inc. (Platform Specialty Products Corp.),
Tranche B-6 Term Loan, 4.65% (LIBOR + 300 bps), 6/7/23 $ 854,512
267,822 MacDermid, Inc. (Platform Specialty Products Corp.),
Tranche B-7 Term Loan, 4.15% (LIBOR + 250 bps), 6/7/20 269,050
118,103 W.R. Grace & Co-CONN, U.S. Term Loan, 3.79%
(LIBOR + 200 bps), 2/3/21 118,768
-------------
$ 1,242,330
-------------
Total Materials $ 2,092,542
----------------------------------------------------------------------------------------------------
MEDIA -- 1.0%
Broadcasting -- 0.6%
793,022 Gray Television, Inc., Term B-2 Loan, 3.83% (LIBOR + 225 bps),
2/7/24 $ 798,403
192,443 Quebecor Media, Inc., Facility B-1 Tranche, 4.09%
(LIBOR + 225 bps), 8/17/20 192,924
798,000 Raycom TV Broadcasting LLC, Tranche B-1 Term Loan, 3.87%
(LIBOR + 225 bps), 8/23/24 799,995
500,000(f) Sinclair Television Group, Inc., Term Loan B, 12/12/24 502,188
426,188 Sinclair Television Group, Inc., Tranche B Term Loan, 3.9%
(LIBOR + 225 bps), 1/3/24 427,054
33,254 Tribune Media Co. (fka Tribune Co.), Term B Loan, 4.65%
(LIBOR + 300 bps), 12/27/20 33,348
414,475 Tribune Media Co. (fka Tribune Co.), Term C Loan, 4.65%
(LIBOR + 300 bps), 1/26/24 415,640
-------------
$ 3,169,552
----------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.3%
386,083 Mediacom Illinois LLC (fka Mediacom Communications LLC),
Tranche K Term Loan, 3.73% (LIBOR + 225 bps), 2/15/24 $ 388,013
1,025,000 Ziggo Secured Finance Partnership, Term Loan E Facility,
4.09% (LIBOR + 250 bps), 4/15/25 1,016,866
-------------
$ 1,404,879
----------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
239,463 AMC Entertainment Holdings, Inc. (fka AMC Entertainment,
Inc.), Initial Term Loan, 3.84% (LIBOR + 225 bps), 12/15/22 $ 240,571
493,769 Live Nation Entertainment, Inc., Term B-3 Loan, 3.94%
(LIBOR + 225 bps), 10/31/23 498,295
-------------
$ 738,866
-------------
Total Media $ 5,313,297
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 67
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.1%
Pharmaceuticals -- 0.1%
238,800 Endo Luxembourg Finance Co. I S.a.r.l., Initial Term Loan, 5.94%
(LIBOR + 425 bps), 4/29/24 $ 238,919
239,244 Mallinckrodt International Finance SA, 2017 Term B Loan, 4.44%
(LIBOR + 275 bps), 9/24/24 239,029
223,872 Valeant Pharmaceuticals International, Inc., Series F-4 Tranche B
Term Loan, 5.08% (LIBOR + 350 bps), 4/1/22 226,684
-------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 704,632
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Hotel & Resort REIT -- 0.1%
309,488 MGM Growth Properties Operating Partnership LP, Term B Loan,
3.9% (LIBOR + 225 bps), 4/25/23 $ 311,394
-------------
Total Real Estate $ 311,394
----------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Specialty Stores -- 0.1%
448,875 Staples, Inc., Closing Date Term Loan, 5.79% (LIBOR + 400 bps),
9/12/24 $ 446,378
-------------
Total Retailing $ 446,378
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
599,506 Sensata Technologies BV (Sensata Technologies Finance Co.
LLC), Sixth Amendment Term Loan, 3.33% (LIBOR + 175 bps),
10/14/21 $ 604,126
----------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
98,235 ON Semiconductor Corp., 2017 New Replacement Term B-2
Loan, 3.65% (LIBOR + 200 bps), 3/31/23 $ 98,856
-------------
Total Semiconductors & Semiconductor Equipment $ 702,982
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Application Software -- 0.0%+
245,352 Verint Systems, Inc., Refinancing Term Loan, 3.58%
(LIBOR + 200 bps/PRIME + 100 bps), 6/28/24 $ 246,272
----------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.0%+
183,928 Vantiv LLC (fka Fifth Third Processing Solutions LLC), New Term
B-3 Loan, 3.59% (LIBOR + 200 bps), 10/14/23 $ 185,231
----------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.1%
390,970 CDW LLC (aka AP Exhaust Acq LLC) (fka CDW Corp.), Term Loan,
3.7% (LIBOR + 200 bps), 8/17/23 $ 392,836
59 Evergreen Skills Lux S.a.r.l., First Lien Initial Term Loan, 6.4%
(LIBOR + 475 bps), 4/28/21 57
-------------
$ 392,893
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
68 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Systems Software -- 0.1%
345,941 MA FinanceCo. LLC (aka Micro Focus International Plc), Tranche
B-2 Term Loan, 4.15% (LIBOR + 250 bps), 11/19/21 $ 346,266
-------------
Total Software & Services $ 1,170,662
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Communication Equipment -- 0.1%
274,741 Ciena Corp., Refinancing Term Loan, 4.09% (LIBOR + 250 bps),
1/28/22 $ 276,115
----------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.0%+
270,014 Zebra Technologies Corp., Tranche B Term Loan, 3.75%
(LIBOR + 200 bps), 10/27/21 $ 271,659
-------------
Total Technology Hardware & Equipment $ 547,774
----------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS SERVICES -- 0.2%
Integrated Telecommunication Services -- 0.1%
364,430 GCI Holdings, Inc., New Term B Loan, 3.9% (LIBOR + 225 bps),
2/2/22 $ 365,910
225,000 Level 3 Financing, Inc., Tranche B 2024 Term Loan, 3.85%
(LIBOR + 225 bps), 2/22/24 225,623
-------------
$ 591,533
----------------------------------------------------------------------------------------------------
Wireless Telecommunications Services -- 0.1%
235,662 Virgin Media Bristol LLC, Facility K, 4.09% (LIBOR + 250 bps),
1/15/26 $ 236,735
-------------
Total Telecommunications Services $ 828,268
----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Airlines -- 0.2%
727,500 American Airlines, Inc., 2017 Replacement Term Loan, 3.58%
(LIBOR + 200 bps), 10/10/21 $ 728,789
95,960 Delta Air Lines, Inc., 2014 Term B-1 Loan, 4.09%
(LIBOR + 250 bps), 10/18/18 96,514
-------------
Total Transportation $ 825,303
----------------------------------------------------------------------------------------------------
UTILITIES -- 0.3%
Electric Utilities -- 0.3%
770,327 APLP Holdings, Ltd. Partnership, Term Loan, 5.15%
(LIBOR + 350 bps), 4/13/23 $ 779,282
677,669 Eastern Power LLC (Eastern Covert Midco LLC)
(aka TPF II LC LLC), Term Loan, 5.4% (LIBOR + 375 bps),
10/2/23 687,169
-------------
Total Utilities $ 1,466,451
----------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $26,946,469) $ 27,215,716
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 69
Schedule of Investments | 2/28/18 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.3% of Net Assets
COMMERCIAL PAPERS -- 0.6%
500,000(g) Amphenol Corp., 1.851%, 3/2/18 $ 499,952
520,000(g) Bell Canada, 2.037%, 4/26/18 518,368
250,000(g) McDonald's Corp., 1.772%, 3/12/18 249,850
655,000(g) Schlumberger Holdings Corp., 2.007%, 4/26/18 652,944
550,000(g) Time Warner, Inc., 1.96%, 3/20/18 549,435
520,000(g) UDR, Inc., 1.841%, 3/5/18 519,875
-------------
$ 2,990,424
----------------------------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT -- 0.7%
1,250,000(a) Bank of Montreal, 2.3% (3 Month USD LIBOR + 70 bps),
3/16/18 $ 1,250,140
535,000 Bank of Nova Scotia, 1.73%, 4/4/18 535,061
308,000(a) Credit Suisse AG, 2.823% (3 Month USD LIBOR + 130 bps),
3/8/18 308,030
505,000(a) DNB Bank ASA, 1.739% (1 Month USD LIBOR + 16 bps),
8/6/18 504,959
250,000 DNB Bank ASA, 1.76%, 4/6/18 249,953
585,000(a) Mizuho Bank, Ltd., 2.175% (3 Month USD LIBOR + 50 bps),
9/24/18 585,421
570,000(a) Toronto-Dominion Bank, 1.84% (1 Month USD LIBOR + 26 bps),
5/7/18 570,307
-------------
$ 4,003,871
----------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $6,996,762) $ 6,994,295
----------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 100.3%
(Cost $525,545,212) $ 521,934,114
----------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (0.3)% (1,632,345)
----------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 520,301,769
====================================================================================================
bps Basis Points.
CMT Constant Maturity Treasury Index.
FREMF Freddie Mac Multifamily Fixed-Rate Mortgage Loans.
LIBOR London Interbank Offered Rate.
PRIME U.S. Federal Funds Rate.
REIT Real Estate Investment Trust.
REMICS Real Estate Mortgage Investment Conduits.
Strips Separate trading of Registered interest and principal of securities.
ZERO Zero Constant Index.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At February 28, 2018, the value of these securities
amounted to $196,240,159, or 37.7% of net assets.
The accompanying notes are an integral part of these financial statements.
70 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
(Cat Bond) Catastrophe or event-linked bond. At February 28, 2018, the value of
these securities amounted to $19,612,388, or 3.8% of net assets. See
Notes to Financial Statements -- Note 1H.
+ Amount rounds to less than 0.1%.
* Senior secured 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, (ii) the prime
rate offered by one or more major United States banks, (iii) the
rate of a certificate of deposit or (iv) other base lending rates
used by commercial lenders. The interest rate shown is the rate
accruing at February 28, 2018.
+ Securities that used significant unobservable inputs to determine
their value.
(a) Floating rate note. Coupon rate, reference index and spread shown at
February 28, 2018.
(b) The interest rate is subject to change periodically. The interest
rate, reference index and spread shown at February 28, 2018.
(c) Debt obligation initially issued at one coupon which converts to a
higher coupon at a specific date. The rate shown is the rate at
February 28, 2018.
(d) Structured reinsurance investment. At February 28, 2018, the value
of these securities amounted to $11,035,683, or 2.1,% of net assets.
See Notes to Financial Statements -- Note 1H.
(e) Rate to be determined.
(f) This term loan will settle after February 28, 2018, at which time
the interest rate will be determined.
(g) Security issued with a zero coupon. Income is recognized through
accretion of discount.
FUTURES CONTRACTS
FIXED INCOME INDEX FUTURES CONTRACTS
-----------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Unrealized
Long Description Date Amount Market Value Depreciation
-----------------------------------------------------------------------------------------
U.S. 2 Year Note
630 (CBT) 06/29/18 $134,002,867 $133,855,313 $(147,554)
-----------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Unrealized
Short Description Date Amount Market Value Appreciation
-----------------------------------------------------------------------------------------
U.S. 5 Year Note
74 (CBT) 06/29/18 $ 8,446,406 $ 8,430,797 $ 15,609
-----------------------------------------------------------------------------------------
TOTAL FUTURES CONTRACTS $125,556,461 $125,424,516 $(131,945)
=========================================================================================
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended February 28, 2018, were as follows:
-----------------------------------------------------------------------------------------
Purchases Sales
-----------------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ 42,204,896 $ 22,686,210
Other Long-term Securities $100,214,982 $105,684,293
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 71
Schedule of Investments | 2/28/18 (unaudited) (continued)
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 the Fund's 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 six months ended February 28, 2018, the Fund engaged in
purchases and sales pursuant to these procedures amounting to $2,800,467 and
$4,449,574, respectively, resulting in a net realized gain of $2,940.
At February 28, 2018, the net unrealized depreciation on investments based on
cost for federal tax purposes of $527,018,034 was as follows:
Aggregate gross unrealized appreciation for all investments in which there
is an excess of value over tax cost $ 2,008,092
Aggregate gross unrealized depreciation for all investments in which there
is an excess of tax cost over value (7,223,957)
-----------
Net unrealized depreciation $(5,215,865)
===========
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels 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
risks, etc.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes
to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of February 28, 2018, in
valuing the Fund's investments.
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 83,134,112 $ -- $ 83,134,112
Collateralized Mortgage Obligations -- 152,975,658 -- 152,975,658
Corporate Bonds
Insurance
Reinsurance -- 19,612,388 11,035,683 30,648,071
All Other Corporate Bonds -- 183,053,925 -- 183,053,925
U.S. Government and Agency Obligations -- 37,912,337 -- 37,912,337
Senior Secured Floating Rate
Loan Interests -- 27,215,716 -- 27,215,716
Commercial Papers -- 2,990,424 -- 2,990,424
Certificates of Deposit -- 4,003,871 -- 4,003,871
----------------------------------------------------------------------------------------------------
Total Investments in Securities $ -- $ 510,898,431 $ 11,035,683 $521,934,114
----------------------------------------------------------------------------------------------------
Other Financial Instruments
Net unrealized depreciation on
futures contracts $ (131,945) $ -- $ -- $ (131,945)
----------------------------------------------------------------------------------------------------
Total Other Financial Instruments $ (131,945) $ -- $ -- $ (131,945)
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
72 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
---------------------------------------------------------------------------------
Corporate
Bonds
---------------------------------------------------------------------------------
Balance as of 8/31/17 $ 9,761,646
Realized gain (loss)(1) (3,989)
Changed in unrealized appreciation (depreciation)(2) (939,258)
Accrued discounts/premiums (18,380)
Purchases 4,045,245
Sales (1,809,581)
Transfers in to Level 3* --
Transfers out of Level 3* --
---------------------------------------------------------------------------------
Balance as of 2/28/18 $11,035,683
=================================================================================
(1) Realized gain (loss) on these securities is included in the 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) from investments in
the Statement of Operations.
* Transfers are calculated on the beginning of period value. For six months
ended February 28, 2018, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of
Level 3 investments still held and considered Level 3 at
February 28, 2018: $(850,927)
---------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 73
Statement of Assets and Liabilities | 2/28/18 (unaudited)
ASSETS:
Investments in unaffiliated securities at value (cost $525,545,212) $521,934,114
Cash 225,241
Futures collateral 328,000
Due from broker for futures 131,943
Receivables --
Investment securities sold 1,288,342
Fund shares sold 1,071,156
Interest 1,736,152
Other assets 54,832
----------------------------------------------------------------------------------------------------
Total assets $526,769,780
====================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 3,813,831
Fund shares repurchased 1,953,598
Distributions 211,534
Trustees' fees 3,739
Variation margin for futures contracts 6,938
Net unrealized depreciation on futures contracts 131,945
Due to affiliates 35,796
Accrued expenses 310,630
----------------------------------------------------------------------------------------------------
Total liabilities $ 6,468,011
====================================================================================================
NET ASSETS:
Paid-in capital $542,470,128
Distributions in excess of net investment income (1,054,307)
Accumulated net realized loss on investments (17,371,009)
Net unrealized depreciation on investments (3,743,043)
----------------------------------------------------------------------------------------------------
Net assets $520,301,769
====================================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $148,858,731/15,808,473 shares) $ 9.42
Class C (based on $74,235,298/7,896,837 shares) $ 9.40
Class C2 (based on $1,823,988/193,983 shares) $ 9.40
Class K (based on $15,607,594/1,655,416 shares) $ 9.43
Class Y (based on $279,776,158/29,775,277 shares) $ 9.40
The accompanying notes are an integral part of these financial statements.
74 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
Statement of Operations (unaudited)
For the Six Months Ended 2/28/18
INVESTMENT INCOME:
Interest from unaffiliated issuers $ 7,319,851
----------------------------------------------------------------------------------------------------
Total investment income $ 7,319,851
----------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 978,399
Administrative expense 85,711
Transfer agent fees
Class A 102,479
Class C 21,065
Class C2 694
Class K 118
Class Y 164,028
Distribution fees
Class A 154,789
Class C 199,381
Class C2 4,757
Shareholder communications expense 16,356
Custodian fees 57,078
Registration fees 49,103
Professional fees 32,549
Printing expense 14,659
Pricing fees 109,378
Trustees' fees 11,282
Miscellaneous 11,914
----------------------------------------------------------------------------------------------------
Total expenses $ 2,013,740
----------------------------------------------------------------------------------------------------
Net investment income $ 5,306,111
----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on:
Investments from unaffiliated issuers $ (557,976)
Futures contracts (1,435,508) $ (1,993,484)
----------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on:
Investments from unaffiliated issuers $ (4,487,234)
Futures contracts (158,677) $ (4,645,911)
----------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ (6,639,395)
----------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (1,333,284)
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 75
Statements of Changes in Net Assets
----------------------------------------------------------------------------------------------------
Six Months
Ended
2/28/18 Year Ended
(unaudited) 8/31/17
----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 5,306,111 $ 10,029,607
Net realized gain (loss) on investments (1,993,484) (515,308)
Change in net unrealized appreciation (depreciation)
on investments (4,645,911) 1,574,859
----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ (1,333,284) $ 11,089,158
----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.10 and $0.19 per share, respectively) $ (1,664,498) $ (3,462,089)
Class C ($0.09 and $0.17 per share, respectively) (768,292) (1,561,362)
Class C2 ($0.09 and $0.17 per share, respectively) (18,220) (46,852)
Class K ($0.12 and $0.22 per share, respectively) (190,847) (363,296)
Class Y ($0.11 and $0.21 per share, respectively) (3,627,365) (6,616,467)
----------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (6,269,222) $ (12,050,066)
====================================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 106,126,864 $ 280,503,960
Reinvestment of distributions 4,862,514 9,767,875
Cost of shares repurchased (180,458,372) (266,958,230)
----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ (69,468,994) $ 23,313,605
----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (77,071,500) $ 22,352,697
NET ASSETS:
Beginning of period $ 597,373,269 $ 575,020,572
----------------------------------------------------------------------------------------------------
End of period $ 520,301,769 $ 597,373,269
----------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (1,054,307) $ (91,196)
====================================================================================================
The accompanying notes are an integral part of these financial statements.
76 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
----------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
2/28/18 2/28/18 Year Ended Year Ended
Shares Amount 8/31/17 8/31/17
(unaudited) (unaudited) Shares Amount
----------------------------------------------------------------------------------------------------
Class A
Shares sold 2,713,034 $ 25,714,740 5,884,460 $ 56,033,924
Reinvestment of distributions 151,123 1,430,593 314,822 3,001,290
Less shares repurchased (4,069,072) (38,560,856) (7,996,253) (76,240,420)
----------------------------------------------------------------------------------------------------
Net decrease (1,204,915) $ (11,415,523) (1,796,971) $ (17,205,206)
====================================================================================================
Class C
Shares sold 1,110,628 $ 10,523,325 3,155,621 $ 30,044,298
Reinvestment of distributions 79,849 754,319 159,338 1,516,582
Less shares repurchased (2,073,310) (19,608,480) (4,701,605) (44,761,514)
----------------------------------------------------------------------------------------------------
Net decrease (882,833) $ (8,330,836) (1,386,646) $ (13,200,634)
====================================================================================================
Class C2
Shares sold 4,692 $ 44,432 32,796 $ 312,873
Reinvestment of distributions 818 7,731 2,133 20,313
Less shares repurchased (28,708) (271,939) (124,645) (1,187,287)
----------------------------------------------------------------------------------------------------
Net decrease (23,198) $ (219,776) (89,716) $ (854,101)
====================================================================================================
Class K
Shares sold 47,861 $ 453,407 121,903 $ 1,161,557
Reinvestment of distributions 1,343 12,730 1,308 12,486
Less shares repurchased (11,020) (104,446) (229,997) (2,199,882)
----------------------------------------------------------------------------------------------------
Net increase (decrease) 38,184 $ 361,691 (106,786) $ (1,025,839)
====================================================================================================
Class Y
Shares sold 7,333,675 $ 69,390,960 20,278,455 $ 192,951,308
Reinvestment of distributions 281,266 2,657,141 548,385 5,217,204
Less shares repurchased (12,892,625) (121,912,651) (14,985,173) (142,569,127)
----------------------------------------------------------------------------------------------------
Net increase (decrease) (5,277,684) $ (49,864,550) 5,841,667 $ 55,599,385
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 77
Financial Highlights
---------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/28/18 Ended Ended Ended Ended Ended
(unaudited) 8/31/17 8/31/16* 8/31/15* 8/31/14* 8/31/13
---------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.54 $ 9.56 $ 9.57 $ 9.66 $ 9.66 $ 9.72
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.08(a) $ 0.16(a) $ 0.13(a) $ 0.10 $ 0.13 $ 0.21
Net realized and unrealized gain (loss)
on investments (0.10) 0.01 0.01 (0.03) 0.02 (0.04)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.02) $ 0.17 $ 0.14 $ 0.07 $ 0.15 $ 0.17
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.10) $ (0.19) $ (0.15) $ (0.16) $ (0.15) $ (0.23)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.12) $ (0.02) $ (0.01) $ (0.09) $ -- $ (0.06)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.42 $ 9.54 $ 9.56 $ 9.57 $ 9.66 $ 9.66
=================================================================================================================================
Total return (b) (0.19)%(c) 1.82% 1.50% 0.74% 1.58% 1.71%
Ratio of net expenses to average net assets 0.82%(d) 0.84% 0.79% 0.82% 0.79% 0.88%
Ratio of net investment income (loss) to average
net assets 1.80%(d) 1.64% 1.41% 1.12% 1.34% 1.95%
Portfolio turnover rate 24%(c) 70% 44% 48% 41% 28%
Net assets, end of period (in thousands) $148,859 $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 0.82%(d) 0.84% 0.79% 0.82% 0.79% 0.98%
Net investment income (loss) to average net assets 1.80%(d) 1.64% 1.41% 1.12% 1.34% 1.85%
=================================================================================================================================
* The Fund was audited by an 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) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
78 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
---------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/28/18 Ended Ended Ended Ended Ended
(unaudited) 8/31/17 8/31/16* 8/31/15* 8/31/14* 8/31/13
---------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.53 $ 9.54 $ 9.55 $ 9.65 $ 9.65 $ 9.70
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.07(a) $ 0.14(a) $ 0.11(a) $ 0.08 $ 0.11 $ 0.15
Net realized and unrealized gain (loss) on investments (0.11) 0.02 0.01 (0.04) 0.02 (0.04)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.04) $ 0.16 $ 0.12 $ 0.04 $ 0.13 $ 0.11
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.09) $ (0.17) $ (0.13) $ (0.14) $ (0.13) $ (0.16)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.13) $ (0.01) $ (0.01) $ (0.10) $ -- $ (0.05)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.40 $ 9.53 $ 9.54 $ 9.55 $ 9.65 $ 9.65
=================================================================================================================================
Total return (b) (0.41)%(c) 1.69% 1.25% 0.40% 1.31% 1.09%
Ratio of net expenses to average net assets 1.04%(d) 1.05% 1.05% 1.06% 1.06% 1.53%
Ratio of net investment income (loss) to average net assets 1.58%(d) 1.42% 1.16% 0.87% 1.07% 1.39%
Portfolio turnover rate 24%(c) 70% 44% 48% 41% 28%
Net assets, end of period (in thousands) $74,235 $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 1.04%(d) 1.05% 1.05% 1.06% 1.06% 1.54%
Net investment income (loss) to average net assets 1.58%(d) 1.42% 1.16% 0.87% 1.07% 1.38%
=================================================================================================================================
* The Fund was audited by an 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) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 79
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year
2/28/18 Ended Ended Ended Ended 8/1/13
(unaudited) 8/31/17 8/31/16* 8/31/15* 8/31/14* to 8/31/13
---------------------------------------------------------------------------------------------------------------------------------
Class C2
Net asset value, beginning of period $ 9.53 $ 9.55 $ 9.56 $ 9.65 $ 9.65 $ 9.65
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.07(a) $ 0.14(a) $ 0.11(a) $ 0.08 $ 0.13 $ 0.02
Net realized and unrealized gain (loss)
on investments (0.11) 0.01 0.01 (0.03) 0.00(b) (0.01)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.04) $ 0.15 $ 0.12 $ 0.05 $ 0.13 $ 0.01
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.09) $ (0.17) $ (0.13) $ (0.14) $ (0.13) $ (0.01)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.13) $ (0.02) $ (0.01) $ (0.09) $ -- $ --
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.40 $ 9.53 $ 9.55 $ 9.56 $ 9.65 $ 9.65
=================================================================================================================================
Total return (c) (0.42)%(d) 1.57% 1.28% 0.51% 1.37% 0.15%(d)
Ratio of net expenses to average net assets 1.06%(e) 1.05% 1.04% 1.04% 1.05% 1.01%(e)
Ratio of net investment income (loss) to average
net assets 1.56%(e) 1.42% 1.17% 0.90% 1.13% 2.07%(e)
Portfolio turnover rate 24%(d) 70% 44% 48% 41% 28%(e)
Net assets, end of period (in thousands) $ 1,824 $ 2,070 $ 2,930 $ 3,014 $ 2,934 $ 26
=================================================================================================================================
* The Fund was audited by an 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 or $(0.01) per-share.
(c) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(d) Not annualized.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
80 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
---------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year
2/28/18 Ended Ended 12/1/14 to
(unaudited) 8/31/17 8/31/16* 8/31/15*
---------------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.56 $ 9.57 $ 9.58 $ 9.65
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10(a) $ 0.19(a) $ 0.17(a) $ (0.18)
Net realized and unrealized gain (loss) on investments (0.11) 0.02 0.00(b) 0.26
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.01) $ 0.21 $ 0.17 $ 0.08
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.12) $ (0.22) $ (0.18) $ (0.15)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.13) $ (0.01) $ (0.01) $ (0.07)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.43 $ 9.56 $ 9.57 $ 9.58
=================================================================================================================================
Total return (c) (0.13)%(d) 2.25% 1.81% 0.84%(d)
Ratio of net expenses to average net assets 0.49%(e) 0.49% 0.50% 0.50%(e)
Ratio of net investment income (loss) to average net assets 2.14%(e) 1.99% 1.74% 1.26%(e)
Portfolio turnover rate 24%(d) 70% 44% 48%
Net assets, end of period (in thousands) $15,608 $15,454 $16,502 $ 2,251
=================================================================================================================================
* The Fund was audited by an 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 or $(0.01) per-share.
(c) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(d) Not annualized.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 81
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/28/18 Ended Ended Ended Ended Ended
(unaudited) 8/31/17 8/31/16* 8/31/15* 8/31/14* 8/31/13
---------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.52 $ 9.54 $ 9.55 $ 9.64 $ 9.64 $ 9.70
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.09(a) $ 0.18(a) $ 0.15(a) $ 0.11 $ 0.16 $ 0.24
Net realized and unrealized gain (loss)
on investments (0.10) 0.01 0.01 (0.02) 0.02 (0.04)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.01) $ 0.19 $ 0.16 $ 0.09 $ 0.18 $ 0.20
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.11) $ (0.21) $ (0.17) $ (0.18) $ (0.18) $ (0.26)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.12) $ (0.02) $ (0.01) $ (0.09) $ -- $ (0.06)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.40 $ 9.52 $ 9.54 $ 9.55 $ 9.64 $ 9.64
=================================================================================================================================
Total return (b) (0.09)%(c) 2.04% 1.71% 0.97% 1.84% 2.03%
Ratio of net expenses to average net assets 0.59%(d) 0.61% 0.59% 0.60% 0.57% 0.59%
Ratio of net investment income (loss) to average
net assets 2.02%(d) 1.88% 1.61% 1.33% 1.57% 2.34%
Portfolio turnover rate 24%(c) 70% 44% 48% 41% 28%
Net assets, end of period (in thousands) $279,776 $333,825 $278,689 $288,108 $ 403,710 $264,018
=================================================================================================================================
* The Fund was audited by an 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) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
82 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
Notes to Financial Statements | 2/28/18 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Short Term Income Fund (the "Fund") is a Delaware statutory trust
registered under the Investment Company Act of 1940 as a diversified, open-
ended 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 and Class 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").
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 83
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. 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.
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
84 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
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 disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 85
At February 28, 2018, no securities were 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 an accrual basis. Dividend and interest income are reported net
of unrecoverable foreign taxes withheld at the applicable country rates,
and net of income accrued on defaulted securities.
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.
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.
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.
86 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
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 with respect 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 over distributions 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 or
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended August 31, 2017 was as follows:
----------------------------------------------------------------------------
2017
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 12,050,066
----------------------------------------------------------------------------
Total $ 12,050,066
============================================================================
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 of losses on wash sales, adjustments
relating to catastrophe bonds and reinsurance sidecars, the tax treatment
of premium and amortization and the mark to market of futures contracts.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 87
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $1,839 in underwriting commissions on the sale of Class
A shares during the six months ended February 28, 2018.
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 and Class C2 shares of the Fund,
respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent
for its services are allocated among the classes of shares based on the
number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C, Class C2, Class K and
Class Y shares can reflect different transfer agent and distribution
expense rates.
G. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. 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.
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. The Fund's investments in
foreign markets and countries with limited developing markets may subject
the Fund to a greater degree of risk than investments in a developed
market. These risks include disruptive political or economic conditions and
the
88 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
imposition of adverse governmental laws or currency exchange restrictions.
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.
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 could adversely affect the price and liquidity of
fixed-income securities and could also result in increased redemptions from
the Fund.
The Fund invests in below investment grade (high yield) debt securities.
Some of these high yield securities may be convertible into equity
securities of the issuer. Debt securities rated below investment grade are
commonly referred to as "junk bonds" and are considered speculative. These
securities involve greater risk of loss, are subject to greater price
volatility, and are less liquid, especially during periods of economic
uncertainty or change, than higher rated debt securities.
With the increased use of technologies such as the Internet to conduct
business, the fund is susceptible to operational, information security and
related risks. While the fund's adviser has established business continuity
plans in the event of, and risk management systems to prevent, limit or
mitigate, such cyber-attacks, there are inherent limitations in such plans
and systems including the possibility that certain risks have not been
identified. Furthermore, the fund cannot control the cybersecurity plans
and systems put in place by service providers to the fund such as Brown
Brothers Harriman & Co., the fund's custodian and accounting agent, DST
Asset Manager Solutions, Inc., the fund's transfer agent. In addition, many
beneficial owners of fund shares hold them through accounts at broker-
dealers, retirement platforms and other financial market participants over
which neither the fund nor Amundi Pioneer exercises control. Each of these
may in turn rely on service providers to them, which are also subject to
the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi
Pioneer or the fund's service providers or intermediaries have the ability
to cause disruptions and impact business operations potentially resulting
in financial losses, interference with the fund's ability to calculate its
NAV, impediments to trading, the inability of fund shareholders to effect
share purchases, redemptions or exchanges or receive distributions, loss of
or unauthorized access to private shareholder information and violations of
applicable privacy and other laws, regulatory fines, penalties,
reputational damage, or additional compliance costs. Such costs and losses
may not be covered under any insurance. In addition, maintaining vigilance
against cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 89
H. Insurance-Linked Securities ("ILS")
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.
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.
90 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
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. There were no open repurchase agreements at February 28, 2018.
J. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
February 28, 2018 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. Cash received from or paid to the broker related to previous
margin movement is held in a segregated account at the broker and is
recorded as either "Due from broker for futures" or "Due to broker for
futures" in the Statement of Assets and Liabilities. 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 fluctuations
in foreign currency exchange rates where applicable. 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
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 91
value of the underlying securities. With futures, there is minimal
counterparty credit risk to the Fund since futures are exchange-traded and
the exchange's clearinghouse, as counterparty to all exchange-traded
futures, guarantees the futures against default. The average value of
contracts open during the six months ended February 28, 2018, was
$126,534,744.
Open futures contracts outstanding at February 28, 2018 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 six months ended February
28, 2018, the effective management fee (excluding waivers and/or assumption of
expenses) was equal to 0.35% (annualized) 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
$26,459 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at February 28, 2018.
3. Transfer Agent
DST Asset Manager Solutions, 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.
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 six
months ended February 28, 2018, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 4,532
Class C 3,275
Class C2 45
Class K 105
Class Y 8,399
--------------------------------------------------------------------------------
Total $16,356
================================================================================
92 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
4. Distribution Plan
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class C and
Class C2 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 $9,337 in distribution fees
payable to the Distributor at February 28, 2018.
In addition, redemptions of each class of shares (except Class K or 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 Class Y shares. Proceeds from
the CDSCs are paid to the Distributor. For the six months ended February 28,
2018, CDSCs in the amount of $4,597 were paid to the Distributor.
5. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may enhance or mitigate the Fund's exposure 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 Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 93
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 February 28,
2018 was as follows:
--------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Assets and Liabilities Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------
Liabilities
Net unrealized
depreciation on
futures contracts $131,945 $-- $-- $-- $--
--------------------------------------------------------------------------------
Total Value $131,945 $-- $-- $-- $--
================================================================================
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at February 28, 2018 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 $(1,435,508) $-- $-- $-- $--
--------------------------------------------------------------------------------
Total Value $(1,435,508) $-- $-- $-- $--
================================================================================
Change in net
unrealized
appreciation
(depreciation) on
Futures contracts $ (158,677) $-- $-- $-- $--
--------------------------------------------------------------------------------
Total Value $ (158,677) $-- $-- $-- $--
================================================================================
94 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at www.amundipioneer.com. This information is also available on the Securities
and Exchange Commission's web site at www.sec.gov.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 95
This page is for your notes.
96 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
This page is for your notes.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 97
This page is for your notes.
98 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
This page is for your notes.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/18 99
This page is for your notes.
100 Pioneer Short Term Income Fund | Semiannual Report | 2/28/18
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 us.askamundipioneer@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) 2018 Amundi Pioneer Asset Management 19127-12-0418
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Amudi Pioneer Asset Management, Inc, the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
Item 12. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. 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 April 26, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date April 26, 2018
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date April 26, 2018
* Print the name and title of each signing officer under his or her signature.