UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21558
Pioneer Short Term Income Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: August 31
Date of reporting period: September 1, 2016 through February 28, 2017
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Short Term
Income Fund
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Semiannual Report | February 28, 2017
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Ticker Symbols:
Class A STABX
Class C PSHCX
Class C2 STIIX
Class K STIKX
Class Y PSHYX
[LOGO] PIONEER
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visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 17
Schedule of Investments 19
Financial Statements 75
Notes to Financial Statements 84
Approval of Investment Advisory Agreement 96
Trustees, Officers and Service Providers 101
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 1
President's Letter
Dear Shareowner,
The 2016 calendar year featured many swings in market sentiment, both in the
equity and fixed-income markets. After a slow start to the year, the markets
began to rally in mid-February 2016 with a recovery in the prices of oil and
other commodities, as well as slow, positive progress in U.S. employment
figures. The rally persisted throughout much of the remaining 10 months of 2016,
gaining further momentum in the second half of the year when U.S. gross domestic
product (GDP) growth showed solid improvement during the third quarter and
unemployment continued to decline. Finally, in November, the election of Donald
Trump as the 45th President of the United States sparked a dramatic late-year
market upturn that saw U.S. equities briefly climb to all-time highs.
Speculation that the new Trump administration's policies would stimulate the
U.S. economy through reduced taxes, less regulation, and increased government
spending on infrastructure, fueled the year-end rally. For the full 12 months
ended December 31, 2016, the Standard & Poor's 500 Index, a broad measure of
U.S. stock market performance, returned a strong 11.9%.
In bond markets, the Federal Reserve Board's (the Fed's) 0.25% hike in the
Federal funds rate in December 2016, its first rate increase in a year,
contributed to a sell-off in U.S. Treasuries. The pullback from Treasuries also
derived from the market's increased inflation and growth expectations under the
incoming Trump administration. Elsewhere within fixed income, corporate credit,
particularly in the high-yield segment of the market, performed well over the
fourth quarter and the full calendar year. US high-yield securities, as
measured by the Bank of America Merrill Lynch US High Yield Index, returned a
robust 17.5% for the 12 months ended December 31, 2016. The debt of
energy-related issuers drove the strong performance within high yield, as the
recovery in oil and other commodity prices, which began in February 2016,
sparked a rally in the sector. Meanwhile, the Bloomberg Barclays U.S. Aggregate
Bond Index, which tracks the performance of Treasury and agency issues,
corporate bond issues, and mortgage-backed securities, returned 2.7% for the
same 12-month period, reflecting the relative weakness in government bonds.
The U.S. economy's underlying fundamentals seem solid, and growth prospects for
2017 appear healthy. However, we remain concerned about risks to the economy of
potentially disruptive trade policies pursued by the Trump administration.
Barring a damaging trade war, though, we anticipate the Fed will continue to
hike short-term interest rates gradually during 2017. In addition, we expect the
Fed to consider carefully the potential economic effects of any fiscal policies
enacted by the new Trump administration and the Republican- controlled Congress.
In that regard, we believe President Trump's economic policies, if they come to
fruition, could help boost real GDP growth. However, the impact of Trump's
policies on U.S. GDP may be greater in 2018 rather than in 2017. Still, even
prior to the late-year "Trump rally," U.S. GDP growth appeared to be settling in
at a sustainable annual pace of more than 2% as 2016 drew to a close, following
some weaker performance in the first half of the year. Continued improvement in
the employment market driven in part by gains in manufacturing output were among
the factors behind the bounce-back in GDP.
2 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
While economic conditions inside the U.S. appear solid, many economies around
the world continue to experience slow growth rates. Moreover, several countries
in various regions face a number of challenges in 2017 and beyond, including the
shifting geopolitics driving "Brexit" - the United Kingdom's pending exit from
the European Union - as well as related populist movements in Europe, limited
productivity gains, aging populations, and transitioning economic models in
China and other emerging markets. In recent years, global central banks have
kept interest rates at close to zero in an effort to stimulate economic growth.
While financial markets often benefited from the low rates, it now appears that
those policies may be losing their effectiveness, leaving central banks little
room to maneuver going forward. Moreover, the low interest rates have caused
government bond yields to plummet, presenting a dilemma for the income-oriented
investor.
Against this backdrop of still-low global interest rates, shifting priorities of
central banks, evolving demographics, and numerous geopolitical concerns, we
believe investors are likely to face ongoing challenges and much uncertainty
when it comes to finding opportunities for both income and capital appreciation.
While much has been made of passive investing as a possible source of stability
in this uncertain environment, it is our view that all investment decisions are
active choices. Throughout Pioneer's history, we have believed in the importance
of active management. During challenging market conditions, we view the value of
active management as even more compelling. Our experienced and tenured
investment teams focus on identifying value across global markets using
proprietary research, careful risk management, and a long-term perspective. We
believe our shareowners can benefit from the experience and tenure of our
investment teams as well as the insights generated from our extensive research
process.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
February 28, 2017
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 3
Portfolio Management Discussion | 2/28/17
In the following interview, portfolio managers Charles Melchreit and Seth Roman
discuss the factors that influenced Pioneer Short Term Income Fund's performance
for the six-month period ended February 28, 2017. Mr. Melchreit, Director of
Investment Grade, a senior vice president, and portfolio manager at Pioneer, and
Mr. Roman, a vice president and portfolio manager at Pioneer, are responsible
for the day-today management of the Fund.
Q How did the Fund perform during the six-month period ended February 28,
2017?
A Pioneer Short Term Income Fund's Class A shares returned 0.82% at net asset
value during the six-month period ended February 28, 2017, while the Fund's
benchmark, the Bloomberg Barclays One- to Three-Year Government/Credit Bond
Index (the Bloomberg Barclays Index), returned 0.08%. During the same
period, the average return of the 339 mutual funds in Lipper's Short
Investment-Grade Debt Funds category was 0.55%, and the average return of
the 530 mutual funds in Morningstar's Short-Term Bond Funds category was
0.27%.
Q How would you describe the market environment for fixed-income investors
over the six-month period ended February 28, 2017?
A Entering the period in September 2016, investor sentiment towards the
credit-sensitive sectors was supported by moderate U.S. economic growth
rates, improved employment conditions and consumer balance sheets, and
solid corporate earnings results. U.S. Treasury yields rose sharply, and
riskier assets, including equities and credit-oriented areas of the fixed-
income market, rallied following the results of the November U.S.
elections, which left the Republicans with unified control of the White
House and both houses of Congress. Investors anticipated the implementation
of pro-growth, business-friendly policies from the incoming Trump
administration, including lower corporate tax rates, reduced regulatory
oversight, and increased infrastructure spending.
In December 2016, the U.S. Federal Reserve (the Fed) implemented its
long-awaited, second incremental increase in short-term interest rates, one
year after raising rates the first time, while also signaling the
likelihood of
4 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
two or three more rate hikes in 2017 should economic data meet
expectations. During the six-month period ended February 28, 2017, Treasury
yields finished notably higher across different maturities, and the yield
curve steepened. To illustrate, the two-year Treasury yield rose by 42
basis points (bps) during the period, from 0.80% to 1.22%, the five-year
Treasury yield rose by 70 bps, from 1.19% to 1.89%, and the 10-year
Treasury yield rose by 78 bps, from 1.58% to 2.36%. (A basis point is equal
to 0.01%).
In that environment, credit-sensitive segments of the bond market
significantly outperformed Treasuries over the six-month period.
Q Can you review the investment strategies that affected the Fund's
benchmark-relative performance, either positively or negatively, during the
six-month period ended February 28, 2017?
A The Fund solidly outperformed the Bloomberg Barclays Index during the
six-month period, with several factors contributing positively to
benchmark-relative returns.
The Fund's significant underweighting of U.S. Treasuries compared with the
benchmark aided relative performance, as spread sectors outperformed
Treasuries during the period. (Credit spreads are commonly defined as the
differences in yield between Treasuries and other types of fixed-income
securities with similar maturities.) In addition, we overweighted the
Fund's non-Treasury holdings in securities that were more price-sensitive
to changes in credit spreads, a stance that benefited benchmark-relative
performance as spreads tightened over the six months.
Other solid contributors to benchmark-relative performance included the
portfolio's exposures to a number of spread sectors that are not components
of the Bloomberg Barclays Index. In that vein, the Fund's allocation to the
securitized sectors was a leading driver of positive benchmark-relative
returns. In particular, an allocation to asset-backed securities (ABS),
such as those backed by home equity loans, auto loans, and credit card
receivables boosted relative results. Within ABS, we have viewed issues
backed by credit card receivables as particular beneficiaries of the
ongoing improvement in consumer balance sheets, but have taken a more
cautious stance with respect to sub-prime auto loans. Also within the
Fund's
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 5
securitized holdings, an allocation to floating-rate commercial mortgage-
backed securities contributed positively to benchmark-relative performance,
primarily due to holdings of hospitality-related issues.
Exposure to floating-rate bank loans was another notable contributor to the
Fund's benchmark-relative outperformance, as the asset class benefited from
continued strong fundamentals and low default rates, as well as from the
prospects for rising interest rates. With most bank loans trading over par
(face) value, we are taking care to manage the Fund's exposure to
refinancing risk. The Fund also maintained a modest position in so-called
"catastrophe" (CAT) bonds, which are used by insurers to spread out the
risk of having to pay claims on a major disaster, such as a flood or
earthquake. We maintained this allocation principally as a means of adding
diversification to the portfolio, but the CAT bonds helped the Fund's
benchmark-relative results during the period as investors continued to be
attracted to the asset class because of the available yields as well as the
lack of correlation to traditional credit risk. Moreover, there was little
activity in terms of natural disasters and associated claims pay-outs over
the six-month period.
The Fund's exposure to corporate credit was another positive factor in its
benchmark-relative performance over the six months. Within that allocation,
the Fund was overweight financials, which benefited from rising interest
rates and a steeper yield curve. Within financials, we have maintained a
portfolio tilt toward U.S. banks, due to the concerns surrounding the
health of the European banking sector.
Finally, the Fund's shorter-duration stance relative to the benchmark
contributed to performance, as we decided to focus on securities with
shorter maturities in order to minimize portfolio exposure to any future
rise in interest rates. While the duration positioning aided benchmark-
relative performance, it did act as a constraint on the Fund's
income-generation during the period. (Duration is a measure of the
sensitivity of the price, or the value of principal, of a fixed-income
investment to a change in interest rates, expressed as a number of years.)
6 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
On the negative side, the main drag on the Fund's benchmark-relative
returns during the period was an allocation to non-agency collateralized
mortgage obligations (CMOs). The CMOs hurt the Fund's relative performance
as interest rates rose and durations for the holdings extended at a time
when investors were seeking to reduce interest-rate risk. We are
maintaining the Fund's allocation to non-agency CMOs, however, as we like
the technical supply/demand backdrop for the asset class, the yields, and
the diversification CMOs add to the portfolio.
Q Can you discuss the factors that affected the Fund's income-generation (or
yield), either positively or negatively, during the six-month period ended
February 28, 2017?
A 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 the Federal funds
rate. As noted earlier, in maintaining the short-duration position, we
accepted the loss of some income-generation by the portfolio during the
period in exchange for improved price stability should interest rates rise.
Conversely, the yields on many floating-rate issues in the Fund were reset
higher during the period in the wake of the Fed's December 2016 rate
increase.
Q What role did derivatives play in the Fund's investment process and results
during the six-month period ended February 28, 2017?
A We used futures contracts during the period in an effort to manage overall
portfolio duration and to express views on relative value along the yield
curve. The use of derivatives did not have a material impact on the Fund's
performance.
Q What is your assessment of the current climate for fixed-income investing,
and how is the Fund positioned with regard to that assessment?
A We continue to manage the Fund based on the expectation that interest rates
are headed higher, with a below-benchmark overall duration and
approximately half of the Fund's total investment portfolio allocated to
floating-rate securities. In broad terms, we prefer a portfolio positioning
that could limit any negative effects on the Fund's benchmark-relative
performance should the economy outperform and the number of future Fed rate
hikes exceeds current expectations. The portfolio's overall duration as of
February 28, 2017, was 1.4 years, compared with a duration of 1.9 years for
the Bloomberg Barclays Index.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 7
In addition, despite the recent uptick in yields, we see little value in
U.S. Treasuries and are maintaining only a modest Fund position in the
asset class, mainly to supply liquidity should future market conditions
dictate such a need. We view credit-sector fundamentals as strong, based on
the positive flow of U.S. economic data and on the fiscal policy proposals
likely to emerge from the new administration. At the same time, credit
spreads are tight by historical standards, and, rather than simply reaching
for yield, we are closely monitoring the portfolio's positions to ensure
that the Fund is receiving appropriate compensation for the assumed risk.
In broad terms, the portfolio has an up-in-quality bias within each credit
sector.
As always, we will continue to monitor macroeconomic factors that could
have the potential to affect the markets, while remaining principally
focused on adding value to the Fund at the individual security level.
Please refer to the Schedule of Investments on pages 19-74 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of the issuers of the underlying securities and their inability to meet
their debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
Investments in high-yield or lower-rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
The securities issued by U.S. government sponsored entities (i.e. Fannie Mae,
Freddie Mac) are neither guaranteed nor issued by the U.S. government.
8 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to pre-payments.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is not a
guarantee of future results.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 9
Portfolio Summary | 2/28/17
Portfolio Diversification
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(As a percentage of total investment portfolio)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Collateralized Mortgage Obligations 28.7%
U.S. Corporate Bonds 28.4%
Asset Backed Securities 12.5%
International Corporate Bonds 10.8%
U.S. Government Securities 10.3%
Senior Secured Loans 5.8%
Temporary Cash Investment 2.5%
Municipal Bonds 1.0%
* Includes investments in insurance linked securities totaling 6.1% of total
investment portfolio.
10 Largest Holdings**
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1. United States Treasury Notes, 1.125%, 8/31/21 0.70%
--------------------------------------------------------------------------------
2. Everglades Re, LTD., Floating Rate Note, 4/28/17 0.60
--------------------------------------------------------------------------------
3. United States Treasury Notes, 2.25%, 7/31/21 0.59
--------------------------------------------------------------------------------
4. United States Treasury Notes, 1.625% 6/30/19 0.49
--------------------------------------------------------------------------------
5. United States Treasury Notes, 2.00% 8/31/21 0.45
--------------------------------------------------------------------------------
6. United States Treasury Notes, 1.50% 12/31/18 0.44
--------------------------------------------------------------------------------
7. Mississippi Business Finance Corp., Floating Rate Note, 11/01/35 0.42
--------------------------------------------------------------------------------
8. United States Treasury Notes, 1.125%, 7/31/21 0.40
--------------------------------------------------------------------------------
9. United States Treasury Notes, 0.75% 9/30/18 0.40
--------------------------------------------------------------------------------
10. United States Treasury Notes, 1.25% 11/30/18 0.35
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** This list excludes temporary cash investments and derivative instruments.
The Fund is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
10 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
Prices and Distributions | 2/28/17
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 2/28/17 8/31/16
--------------------------------------------------------------------------------
A $9.53 $9.56
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C $9.51 $9.54
--------------------------------------------------------------------------------
C2 $9.51 $9.55
--------------------------------------------------------------------------------
K $9.54 $9.57
--------------------------------------------------------------------------------
Y $9.51 $9.54
--------------------------------------------------------------------------------
Distributions per Share: 9/1/16-2/28/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1080 $-- $--
--------------------------------------------------------------------------------
C $0.0958 $-- $--
--------------------------------------------------------------------------------
C2 $0.0960 $-- $--
--------------------------------------------------------------------------------
K $0.1230 $-- $--
--------------------------------------------------------------------------------
Y $0.1181 $-- $--
--------------------------------------------------------------------------------
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 | 2/28/17 11
Performance Update | 2/28/17 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Short Term Income Fund at public
offering price during the periods shown, compared to that of the Bloomberg
Barclays One- to Three-Year Government/Credit Index.
Average Annual Total Returns
(As of February 28, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net Public One- to
Asset Offering Three-Year
Value Price Government/
Period (NAV) (POP) Credit Index
--------------------------------------------------------------------------------
10 Years 2.72% 2.46% 2.37%
5 Years 1.69 1.17 0.92
1 Year 2.33 -0.19 1.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.79%
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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
2/07 $ 9,750 $10,000
2/08 $10,240 $10,853
2/09 $ 9,813 $11,109
2/10 $10,999 $11,638
2/11 $11,457 $11,869
2/12 $11,726 $12,077
2/13 $12,138 $12,205
2/14 $12,302 $12,305
2/15 $12,416 $12,403
2/16 $12,458 $12,516
2/17 $12,749 $12,644
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
POP returns reflect deduction of maximum 2.50% sales charge. NAV results
represent the percent change in net asset value per share. Returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
Performance Update | 2/28/17 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Bloomberg Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of February 28, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
One- to
Three-Year
If If Government/
Period Held Redeemed Credit Index
--------------------------------------------------------------------------------
10 Years 2.10% 2.10% 2.37%
5 Years 1.30 1.30 0.92
1 Year 2.07 2.07 1.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.05%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
Pioneer Short Term One- to Three-Year
Income Fund Government/Credit Index
2/07 $10,000 $10,000
2/08 $10,413 $10,853
2/09 $ 9,897 $11,109
2/10 $11,002 $11,638
2/11 $11,372 $11,869
2/12 $11,541 $12,077
2/13 $11,863 $12,205
2/14 $11,967 $12,305
2/15 $12,059 $12,403
2/16 $12,059 $12,516
2/17 $12,309 $12,644
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year were subject to a 1% contingent
deferred sales charge (CDSC) through July 31, 2013. The CDSC for Class C shares
was eliminated effective August 1, 2013. "If Held" results represent the percent
change in net asset value per share. Returns would have been lower had sales
charges been reflected. All results are historical and assume the reinvestment
of dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 13
Performance Update | 2/28/17 Class C2 Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C2 shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Bloomberg Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of February 28, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
One- to
Three-Year
If If Government/
Period Held Redeemed Credit Index
--------------------------------------------------------------------------------
10 Years 2.11% 2.11% 2.37%
5 Years 1.32 1.32 0.92
1 Year 2.09 2.09 1.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.04%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
Pioneer Short Term One- to Three-Year
Income Fund Government/Credit Index
2/07 $10,000 $10,000
2/08 $10,413 $10,853
2/09 $ 9,897 $11,109
2/10 $11,002 $11,638
2/11 $11,372 $11,869
2/12 $11,541 $12,077
2/13 $11,863 $12,205
2/14 $11,985 $12,305
2/15 $12,068 $12,403
2/16 $12,069 $12,516
2/17 $12,321 $12,644
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for periods prior to the inception of Class C2 shares on
August 1, 2013 is the net asset value performance of the Fund's Class C shares,
which has not been restated to reflect any differences in expenses.
"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 | 2/28/17
Performance Update | 2/28/17 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Bloomberg Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of February 28, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net One- to
Asset Three-Year
Value Government/
Period (NAV) Credit Index
--------------------------------------------------------------------------------
10 Years 2.80% 2.37%
5 Years 1.85 0.92
1 Year 2.74 1.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.50%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Bloomberg Barclays
Pioneer Short Term One- to Three-Year
Income Fund Government/Credit Index
2/07 $5,000,000 $5,000,000
2/08 $5,250,408 $5,426,542
2/09 $5,031,795 $5,554,697
2/10 $5,639,995 $5,819,099
2/11 $5,874,844 $5,934,458
2/12 $6,012,653 $6,038,489
2/13 $6,223,863 $6,102,718
2/14 $6,307,875 $6,152,433
2/15 $6,371,673 $6,201,692
2/16 $6,414,147 $6,258,081
2/17 $6,590,198 $6,321,905
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 1, 2014, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. For the period
beginning December 1, 2014, the actual performance of Class K shares is
reflected. Class K shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 15
Performance Update | 2/28/17 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Bloomberg Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of February 28, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net One- to
Asset Three-Year
Value Government/
Period (NAV) Credit Index
--------------------------------------------------------------------------------
10 Years 2.99% 2.37%
5 Years 1.94 0.92
1 Year 2.65 1.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.59%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Bloomberg Barclays
Pioneer Short Term One- to Three-Year
Income Fund Government/Credit Index
2/07 $5,000,000 $5,000,000
2/08 $5,264,614 $5,426,542
2/09 $5,052,566 $5,554,697
2/10 $5,686,438 $5,819,099
2/11 $5,943,637 $5,934,458
2/12 $6,099,173 $6,038,489
2/13 $6,333,946 $6,102,718
2/14 $6,438,213 $6,152,433
2/15 $6,513,132 $6,201,692
2/16 $6,542,224 $6,258,081
2/17 $6,715,671 $6,321,905
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
16 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Short Term Income Fund
Based on actual returns from September 1, 2016, through February 28, 2017.
--------------------------------------------------------------------------------
Share Class A C C2 K Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 9/1/16
--------------------------------------------------------------------------------
Ending Account $1,008.20 $1,006.90 $1,005.90 $1,009.80 $1,009.30
Value (after expenses)
on 2/28/17
--------------------------------------------------------------------------------
Expenses Paid $ 4.08 $ 5.22 $ 5.22 $ 2.44 $ 3.04
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.82%,
1.05%, 1.05%, 0.49%, and 0.61% for Class A, Class C, Class C2, Class K, and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 181/365, (to reflect the one-half year period).
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Short Term Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from September 1, 2016, through February 28, 2017.
--------------------------------------------------------------------------------
Share Class A C C2 K Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 9/1/16
--------------------------------------------------------------------------------
Ending Account $1,020.73 $1,019.59 $1,019.59 $1,022.36 $1,021.77
Value (after expenses)
on 2/28/17
--------------------------------------------------------------------------------
Expenses Paid $ 4.11 $ 5.26 $ 5.26 $ 2.46 $ 3.06
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.82%,
1.05%, 1.05%, 0.49%, and 0.61% for Class A, Class C, Class C2, Class K, and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 181/365, (to reflect the one-half year period).
18 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
Schedule of Investments | 2/28/17 (unaudited)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 12.8%
ENERGY -- 0.4%
Oil & Gas Exploration & Production -- 0.4%
499,954 AXIS Equipment Finance Receivables IV LLC, 4.67%,
3/20/22 (144A) $ 492,671
106,629 1.52 Equity One Mortgage Pass-Through Trust 2003-1,
Floating Rate Note, 8/25/33 106,335
750,000 2.28 NCF Dealer Floorplan Master Trust, Floating Rate
Note, 10/20/20 (144A) 742,696
661,115 PRPM 2016-1 LLC, 4.0%, 9/27/21 (Step) (144A) 658,510
--------------
$ 2,000,212
--------------
Total Energy $ 2,000,212
-----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Trucking -- 0.1%
71,605 1.17 Hertz Fleet Lease Funding LP, Floating Rate Note,
4/10/28 (144A) $ 71,590
500,000 4.12 Hertz Fleet Lease Funding LP, Floating Rate Note,
4/10/30 (144A) 517,711
--------------
$ 589,301
--------------
Total Transportation $ 589,301
-----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise Lines -- 0.0%+
39,195 Westgate Resorts 2012-A LLC, 3.75%,
8/20/25 (144A) $ 39,114
216,516 Westgate Resorts 2014-1 LLC, 2.15%,
12/20/26 (144A) 214,419
--------------
$ 253,533
--------------
Total Consumer Services $ 253,533
-----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Distributors -- 0.1%
300,000 OneMain Financial Issuance Trust 2015-1, 3.19%,
3/18/26 (144A) $ 302,680
--------------
Total Health Care Equipment & Services $ 302,680
-----------------------------------------------------------------------------------------------------
BANKS -- 10.8%
Thrifts & Mortgage Finance -- 10.8%
309,945 1.00 321 Henderson Receivables I LLC, Floating Rate
Note, 11/15/40 (144A) $ 294,230
46,476 Access Point Funding I 2015-A LLC, 2.61%,
4/15/20 (144A) 46,694
19,717 1.38 Accredited Mortgage Loan Trust 2005-2, Floating
Rate Note, 7/25/35 19,691
111,152 1.50 Aegis Asset Backed Securities Trust Mortgage Pass-
Through Ctfs Series 2004-3, Floating Rate
Note, 9/25/34 110,863
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 19
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
36,190 1.88 Aegis Asset Backed Securities Trust Mortgage Pass-
Through Ctfs Series 2004-3, Floating Rate
Note, 9/25/34 $ 36,159
36,631 1.15 Aegis Asset Backed Securities Trust Mortgage Pass-
Through Ctfs Ser 2005-4, Floating Rate
Note, 10/25/35 36,365
665,000 2.12 American Homes 4 Rent 2014-SFR1, Floating Rate
Note, 6/17/31 662,746
439,940 1.20 Ameriquest Mortgage Securities Inc Asset-Backed
Pass-Through Ctfs Ser 2004-R6, Floating Rate
Note, 7/25/34 435,439
288,414 1.11 Ameriquest Mortgage Securities, Inc., Asset Backed
Pass-Through Ctfs Series 2005-R11, Floating Rate
Note, 1/25/36 285,657
1,894 4.53 Ameriquest Mortgage Securities, Inc., Asset-Backed
Pass-Through Ctfs Series 03-AR3, Floating Rate
Note, 6/25/33 1,893
44,670 1.45 Ameriquest Mortgage Securities, Inc., Asset-Backed
Pass-Through Ctfs Series 2005-R1, Floating Rate
Note, 3/25/35 44,677
510,000 Ascentium Equipment Receivables 2015-1 LLC,
3.24%, 1/10/22 (144A) 514,048
200,000 Ascentium Equipment Receivables 2015-1 LLC,
5.92%, 6/12/23 (144A) 206,358
200,000 Ascentium Equipment Receivables 2016-2 Trust,
4.2%, 9/10/22 (144A) 197,542
219,562 4.30 Asset Backed Securities Corp Home Equity Loan
Trust Series 2003-HE1, Floating Rate
Note, 1/15/33 221,445
158,124 1.50 Asset Backed Securities Corp Home Equity Loan
Trust Series 2004-HE6, Floating Rate
Note, 9/25/34 157,294
8,313 1.48 Asset Backed Securities Corp Home Equity Loan
Trust Series 2005-HE3, Floating Rate
Note, 4/25/35 8,302
30,041 0.98 Asset Backed Securities Corp Home Equity Loan
Trust Series AEG 2006-HE1, Floating Rate
Note, 1/25/36 29,471
299,996 Axis Equipment Finance Receivables III LLC,
3.41%, 4/20/20 (144A) 286,851
782,989 Axis Equipment Finance Receivables III LLC,
5.27%, 5/20/20 (144A) 750,691
600,000 1.16 BA Credit Card Trust, Floating Rate Note, 10/15/21 602,837
500,000 1.11 Barclays Dryrock Issuance Trust, Floating Rate
Note, 3/16/20 500,185
148,807 4.91 Bayview Financial Asset Trust 2003-A, Floating
Rate Note, 2/25/33 (144A) 149,015
The accompanying notes are an integral part of these financial statements.
20 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
509,944 1.53 Bayview Financial Mortgage Pass-Through Trust
2005-C, Floating Rate Note, 6/28/44 $ 508,676
31,013 1.08 Bayview Financial Mortgage Pass-Through Trust
2006-B, Floating Rate Note, 4/28/36 30,923
4,346 1.05 Bayview Financial Mortgage Pass-Through Trust
2006-B, Floating Rate Note, 4/28/36 4,333
221,717 1.53 Bear Stearns Asset Backed Securities I Trust
2005-FR1, Floating Rate Note, 6/25/35 220,446
13,706 1.98 Bear Stearns Asset Backed Securities Trust
2004-2, Floating Rate Note, 8/25/34 13,721
103,063 1.27 Bear Stearns Asset Backed Securities Trust 2006-SD2,
Floating Rate Note, 6/25/36 101,280
99,119 1.78 Bear Stearns Structured Products Trust 2007-EMX1,
Floating Rate Note, 3/25/37 (144A) 98,401
894,561 CAM Mortgage Trust 2016-2, 3.25%, 6/15/57
(Step) (144A) 888,270
540,000 CarMax Auto Owner Trust 2013-3, 2.15%, 5/15/19 542,053
528,764 0.96 Carrington Mortgage Loan Trust Series 2006-OPT1,
Floating Rate Note, 12/26/35 519,027
306,124 1.40 CDC Mortgage Capital Trust 2002-HE1, Floating Rate
Note, 1/25/33 284,756
62,928 1.32 Chase Funding Trust Series 2003-3, Floating Rate
Note, 4/25/33 57,290
155,197 Chase Funding Trust Series 2003-6, 4.277%,
11/27/34 (Step) 158,575
200,000 1.92 Chesapeake Funding II LLC, Floating Rate Note,
3/15/28 (144A) 201,072
500,000 1.93 Citibank Credit Card Issuance Trust, Floating Rate
Note, 1/23/20 504,716
200,000 1.20 Citibank Credit Card Issuance Trust, Floating Rate
Note, 9/10/20 200,804
61,079 0.98 Citigroup Mortgage Loan Trust 2006-SHL1, Floating
Rate Note, 11/27/45 (144A) 60,944
46,830 1.80 Citigroup Mortgage Loan Trust, Inc., Floating Rate
Note, 11/25/34 45,437
125,569 1.53 Citigroup Mortgage Loan Trust, Inc., Floating Rate
Note, 5/25/35 (144A) 125,133
157,848 CNH Equipment Trust 2013-B, 0.99%, 11/15/18 157,809
186,041 Colony American Finance 2015-1, Ltd., 2.896%,
10/18/47 (144A) 185,517
700,000 2.62 Colony American Homes 2014-1, Floating Rate
Note, 5/19/31 (144A) 700,030
200,000 3.42 Colony Starwood Homes 2016-1 Trust, Floating
Rate Note, 7/17/33 (144A) 204,042
62,689 Conn's Receivables Funding 2016-A LLC,
4.68%, 4/16/18 (144A) 62,812
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 21
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
345,507 Conn's Receivables Funding 2016-B LLC,
3.73%, 10/15/18 (144A) $ 346,601
591,846 2.27 Conseco Finance Home Equity Loan Trust 2002-C,
Floating Rate Note, 4/15/32 581,872
21,497 Consumer Credit Origination Loan Trust 2015-1,
2.82%, 3/15/21 (144A) 21,504
384,528 1.68 Countrywide Asset-Backed Certificates, Floating
Rate Note, 3/25/35 381,298
359,128 1.88 Countrywide Asset-Backed Certificates, Floating
Rate Note, 9/25/34 (144A) 346,074
300,000 CPS Auto Receivables Trust 2016-C, 2.48%,
9/15/20 (144A) 300,002
250,000 Credit Acceptance Auto Loan Trust 2016-2, 4.29%,
11/15/24 (144A) 256,686
68,771 1.05 Credit Suisse Mortgage Capital Certificates,
Floating Rate Note, 10/27/36 (144A) 68,229
499,510 CRG Issuer 2015-1, 4.07%, 7/11/22 (144A) 495,764
1,110,153 1.01 CWABS Asset-Backed Certificates Trust 2005-14,
Floating Rate Note, 4/25/36 1,102,871
161,832 Diamond Resorts Owner Trust 2014-1, 2.54%,
5/20/27 (144A) 159,810
291,137 2.58 DRB Prime Student Loan Trust 2016-B, Floating Rate
Note, 6/25/40 (144A) 297,314
400,000 Drive Auto Receivables Trust 2016-C, 3.02%,
11/15/21 (144A) 404,623
378,545 3.87 Drug Royalty II LP 2, Floating Rate Note, 7/15/23 (144A) 381,099
400,000 DT Auto Owner Trust 2017-1, 2.26%, 2/15/21 (144A) 399,960
51,366 1.68 Ellington Loan Acquisition Trust 2007-1, Floating Rate
Note, 5/26/37 (144A) 51,298
400,000 Elm 2016-1 Trust, 4.163%, 6/20/25 (144A) 401,312
500,000 Engs Commercial Finance Trust 2016-1, 3.45%,
3/22/22 (144A) 490,030
400,000 Enterprise Fleet Financing LLC, 1.74%, 2/22/22 (144A) 399,263
148,998 4.14 Equity One Mortgage Pass-Through Trust 2004-1,
Floating Rate Note, 4/25/34 149,274
486,710 4.62 Equity One Mortgage Pass-Through Trust 2004-2,
Floating Rate Note, 7/25/34 488,654
1,401,584 1.02 Fieldstone Mortgage Investment Trust Series
2005-3, Floating Rate Note, 2/25/36 1,377,293
46,892 2.28 First Franklin Mortgage Loan Trust 2002-FFA,
Floating Rate Note, 9/25/32 47,483
277,082 2.08 First Franklin Mortgage Loan Trust 2003-FFC,
Floating Rate Note, 11/25/32 273,092
56,647 1.54 First Franklin Mortgage Loan Trust 2005-FFH3,
Floating Rate Note, 9/25/35 56,624
300,000 First Investors Auto Owner Trust 2013-3, 2.32%,
10/15/19 (144A) 300,483
The accompanying notes are an integral part of these financial statements.
22 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
700,000 Flagship Credit Auto Trust 2013-1, 5.38%,
7/15/20 (144A) $ 704,798
205,051 Flagship Credit Auto Trust 2016-3, 1.61%,
12/15/19 (144A) 204,964
283,975 FNA 2015-1 Trust, 3.24%, 12/10/23 (144A) 282,237
100,000 Ford Credit Auto Owner Trust 2013-D,
1.54%, 3/15/19 99,967
553,000 2.88 Four Corners CLO II, Ltd., Floating Rate Note,
1/26/20 (144A) 551,093
364,373 Foursight Capital Automobile Receivables Trust
2016-1, 2.87%, 10/15/21 (144A) 365,038
4,462 1.26 Gale Force 3 CLO, Ltd., Floating Rate Note,
4/19/21 (144A) 4,458
118,210 GCAT 2015-1 LLC, 3.625%, 5/26/20 (Step) (144A) 118,257
86,739 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 85,611
465,158 GMAT 2013-1 Trust, 6.9669%, 8/25/53 (Step) 466,238
533,449 GMAT 2015-1 Trust, 4.25%, 9/25/20 (Step) (144A) 534,085
122,351 GO Financial Auto Securitization Trust 2015-2,
3.27%, 11/15/18 (144A) 122,492
200,000 Green Tree Agency Advance Funding Trust I,
3.0949%, 10/15/48 (144A) 200,016
500,000 Green Tree Agency Advance Funding Trust I,
4.0575%, 10/15/48 (144A) 496,425
493,566 1.21 GSAA Trust, Floating Rate Note, 6/25/35 468,274
60,102 1.53 GSAMP Trust 2005-HE1, Floating Rate Note, 12/25/34 59,796
9,352 1.07 GSAMP Trust 2006-SEA1, Floating Rate Note,
5/25/36 (144A) 9,345
175,255 2.13 GSRPM Mortgage Loan Trust 2003-2, Floating Rate
Note, 6/25/33 170,214
102,931 1.08 GSRPM Mortgage Loan Trust 2006-1, Floating Rate
Note, 3/25/35 (144A) 101,364
84,048 1.08 GSRPM Mortgage Loan Trust 2006-2, Floating Rate
Note, 9/25/36 (144A) 83,158
290,307 Harley-Davidson Motorcycle Trust 2014-1,
1.1%, 9/15/19 290,121
200,000 Hero Residual Funding 2016-1R, 4.5%,
9/21/42 (144A) 202,040
47,500 HOA Funding LLC, 4.846%, 8/22/44 (144A) 42,174
10,815 0.95 Home Equity Asset Trust 2006-4, Floating Rate
Note, 8/25/36 10,771
130,039 Home Equity Mortgage Trust, 5.821%, 4/25/35 (Step) 131,696
217,878 2.43 Home Equity Mortgage Trust, Floating Rate
Note, 8/25/34 213,286
24,205 Home Loan Trust 2003-HI1, 5.77%, 4/25/28 (Step) 24,254
343,688 2.42 Home Partners of America 2016-1 Trust, Floating Rate
Note, 3/17/33 (144A) 345,723
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 23
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
520,000 4.07 Home Partners of America 2016-1 Trust, Floating Rate
Note, 3/18/33 (144A) $ 524,932
500,000 3.17 Home Partners of America 2016-2 Trust, Floating Rate
Note, 10/17/33 (144A) 502,238
468,421 1.52 HomeBanc Mortgage Trust 2004-2, Floating Rate
Note, 12/25/34 440,763
250,745 Honor Automobile Trust Securitization 2016-1A,
2.94%, 11/15/19 (144A) 251,052
500,000 Hyundai Auto Receivables Trust 2014-B,
2.1%, 11/15/19 501,192
470,944 1.64 Impac Secured Assets CMN Owner Trust, Floating Rate
Note, 2/25/35 471,611
600,000 2.37 Invitation Homes 2014-SFR2 Trust, Floating Rate
Note, 9/19/31 (144A) 600,615
355,000 Invitation Homes Trust 2014-SFR3 Class D,
3.51%, 12/17/31 354,999
170,301 2.28 Irwin Whole Loan Home Equity Trust 2003-C, Floating
Rate Note, 6/25/28 168,613
117,256 3.78 Irwin Whole Loan Home Equity Trust 2003-C, Floating
Rate Note, 6/25/28 116,479
34,275 5.28 Irwin Whole Loan Home Equity Trust 2003-D, Floating
Rate Note, 11/25/28 34,258
357,665 1.48 Irwin Whole Loan Home Equity Trust 2005-B, Floating
Rate Note, 12/25/29 354,488
1,638 1.46 IXIS Real Estate Capital Trust 2005-HE4, Floating
Rate Note, 2/25/36 1,636
61,189 0.92 JP Morgan Mortgage Acquisition Trust 2006-ACC1,
Floating Rate Note, 5/25/36 61,147
310,000 3.52 Kabbage Funding 2014-1 Resecuritization Trust,
Floating Rate Note, 3/8/18 (144A) 309,758
300,000 Leaf Receivables Funding 11 LLC, 4.89%,
1/15/23 (144A) 297,236
256,022 1.22 Lehman ABS Manufactured Housing Contract Trust
2002-A, Floating Rate Note, 6/15/33 253,060
230,624 Marriott Vacation Club Owner Trust 2012-1, 3.5%,
5/20/30 (144A) 233,292
88,996 1.41 Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2,
Floating Rate Note, 3/25/35 88,869
392,148 MVW Owner Trust 2014-1, 2.7%, 9/22/31 (144A) 389,136
854,113 Nations Equipment Finance Funding II LLC, 3.276%,
1/22/19 (144A) 855,175
219,628 Nations Equipment Finance Funding III LLC, 3.61%,
2/22/21 (144A) 221,047
500,000 Navitas Equipment Receivables LLC 2015-1, 3.4%,
11/15/18 (144A) 504,117
600,000 Navitas Equipment Receivables LLC 2016-1, 5.05%,
12/15/21 (144A) 605,867
The accompanying notes are an integral part of these financial statements.
24 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
500,000 6.28 NCF Dealer Floorplan Master Trust, Floating Rate
Note, 3/21/22 (144A) $ 490,170
334,713 1.48 New Century Home Equity Loan Trust 2005-1,
Floating Rate Note, 3/25/35 333,265
73,384 4.38 New Century Home Equity Loan Trust, Floating
Rate Note, 8/25/34 73,418
300,000 NextGear Floorplan Master Owner Trust, 2.61%,
10/15/19 (144A) 299,694
400,000 1.87 NextGear Floorplan Master Owner Trust, Floating
Rate Note, 9/15/21 (144A) 400,363
560,000 2.35 NovaStar Mortgage Funding Trust Series 2004-3,
Floating Rate Note, 12/25/34 534,110
644,372 2.42 NovaStar Mortgage Funding Trust Series 2004-4,
Floating Rate Note, 3/25/35 640,893
130,774 1.42 NovaStar Mortgage Funding Trust Series 2005-2,
Floating Rate Note, 10/25/35 130,333
168,355 NYCTL 2016-A Trust, 1.47%, 11/10/29 (144A) 167,183
500,000 Ocwen Master Advance Receivables Trust, 2.5207%,
8/17/48 (144A) 496,981
500,000 Ocwen Master Advance Receivables Trust, 3.704%,
11/15/47 (144A) 502,010
600,000 Oportun Funding III LLC, 3.69%, 7/8/21 (144A) 602,061
24,740 1.04 Option One Mortgage Loan Trust 2005-4
Asset-Backed Certificates Series 2005-4,
Floating Rate Note, 11/25/35 24,721
115,881 Orange Lake Timeshare Trust 2012-A, 4.87%,
3/10/27 (144A) 117,974
451,778 OSAT 2016-NPL1 Trust, 3.75%, 7/25/56
(Step) (144A) 452,950
355,675 2.47 Oscar US Funding Trust IV, Floating Rate Note,
7/15/20 (144A) 355,860
569,431 1.90 Park Place Securities Inc Asset-Backed Pass-Through
Certificates Series 2004-MHQ, Floating Rate
Note, 12/25/34 567,779
124,866 1.15 Park Place Securities, Inc. Asset-Backed Pass-Through
Certificates Series 2005-WHQ4, Floating Rate
Note, 9/25/35 124,420
750,000 2.52 PFS Financing Corp., Floating Rate Note,
2/18/20 (144A) 755,121
387,522 Popular ABS Mortgage Pass-Through Trust 2004-4,
4.59504%, 9/25/34 (Step) 368,930
300,000 Prestige Auto Receivables Trust 2013-1, 3.04%,
7/15/20 (144A) 301,174
664,471 Pretium Mortgage Credit Partners I 2016-NPL1,
4.375%, 2/27/31 (Step) (144A) 670,122
332,002 Pretium Mortgage Credit Partners I 2016-NPL4 LLC,
4.0%, 7/25/31 (Step) (144A) 332,467
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 25
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
350,000 Progreso Receivables Funding IV LLC, 3.0%,
7/8/20 (144A) $ 349,995
500,000 3.27 Progress Residential 2016-SFR1 Trust, Floating Rate
Note, 9/17/33 (144A) 506,431
110,584 Purchasing Power Funding 2015-A LLC, 3.5%,
12/15/19 (144A) 110,446
398,538 1.44 Quest Trust REMICS, Floating Rate Note, 3/25/34 (144A) 391,471
45,342 1.73 RAAC Series 2005-RP1 Trust, Floating Rate Note,
7/25/37 (144A) 45,207
141,653 1.03 RAAC Series 2006-RP2 Trust, Floating Rate Note,
2/25/37 (144A) 140,645
81,238 5.06 RAMP Series 2003-RS9 Trust, Floating Rate Note,
10/25/33 80,223
59,023 1.71 RAMP Series 2004-RS11 Trust, Floating Rate Note,
11/25/34 59,058
237,316 RBSHD 2013-1 Trust, 7.6853%, 10/25/47
(Step) (144A) 237,463
54,730 3.02 RFSC Series 2004-RP1 Trust, Floating Rate
Note, 11/25/42 54,221
179,266 1.60 SASCO Mortgage Loan Trust 2005-GEL1, Floating
Rate Note, 12/25/34 175,930
117,421 1.24 Saxon Asset Securities Trust 2005-3, Floating Rate
Note, 11/25/35 116,704
30,020 1.01 Saxon Asset Securities Trust 2005-4, Floating Rate
Note, 11/25/37 30,011
255,746 Sierra Auto Receivables Securitization Trust 2016-1,
2.85%, 1/18/22 (144A) 257,303
750,000 2.82 Silver Bay Realty 2014-1 Trust, Floating Rate Note,
9/18/31 (144A) 749,070
400,000 Skopos Auto Receivables Trust 2015-1, 5.43%,
12/15/23 (144A) 400,934
154,387 Skopos Auto Receivables Trust 2015-2, 3.55%,
2/17/20 (144A) 154,683
335,709 SNAAC Auto Receivables Trust 2013-1, 4.56%,
4/15/20 (144A) 336,148
300,000 Sofi Consumer Loan Program 2017-1 LLC, 3.28%,
1/26/26 (144A) 301,279
170,948 1.87 SoFi Professional Loan Program 2016-C LLC, Floating
Rate Note, 10/25/36 (144A) 173,112
85,454 1.04 Soundview Home Loan Trust 2005-OPT4, Floating Rate
Note, 12/25/35 84,644
730,927 1.08 Specialty Underwriting & Residential Finance Trust
Series 2006-BC1, Floating Rate Note, 12/25/36 723,681
500,000 SPS Servicer Advance Receivables Trust Advance
Receivables Backed Notes 2015-T3, 3.41%,
7/15/47 (144A) 502,288
The accompanying notes are an integral part of these financial statements.
26 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
300,000 SPS Servicer Advance Receivables Trust Advance
Receivables Backed Notes 2016-T2, 3.1%,
11/15/49 (144A) $ 296,974
320,990 STORE Master Funding LLC, 5.77%, 8/20/42 (144A) 331,711
207,836 1.50 Structured Asset Investment Loan Trust 2005-6,
Floating Rate Note, 7/25/35 207,399
136,729 Sunset Mortgage Loan Co 2014-NPL2 LLC, 3.721%,
11/16/44 (Step) (144A) 136,695
419,009 SVO 2012-A VOI Mortgage LLC, 2.0%, 9/20/29 (144A) 415,119
682,293 2.07 SWAY Residential 2014-1 Trust, Floating Rate Note,
1/20/32 (144A) 683,917
415,825 Tax Ease Funding LLC Series 16-1A, 3.13%, 6/15/28 413,036
60,789 Terwin Mortgage Trust Series TMTS 2005-14HE,
4.8492%, 8/25/36 (Step) 61,599
2,122 Tidewater Auto Receivables Trust 2016-A, 2.3%,
9/15/19 (144A) 2,122
700,000 1.72 Trafigura Securitisation Finance Plc. 2014-1, Floating
Rate Note, 4/16/18 (144A) 698,713
500,000 United Auto Credit Securitization Trust 2016-1, 3.55%,
8/15/19 (144A) 503,157
400,000 United Auto Credit Securitization Trust 2016-2, 2.2%,
5/10/19 (144A) 399,889
1,000,000 VOLT LIV LLC, 3.5%, 2/25/47 (Step) (144A) 1,000,000
78,829 VOLT XIX LLC, 3.875%, 4/26/55 (Step) (144A) 78,983
437,392 VOLT XLVII LLC, 3.75%, 6/25/46 (Step) (144A) 437,262
741,211 VOLT XXV LLC, 3.5%, 6/26/45 (Step) (144A) 741,112
357,045 VOLT XXXIII LLC, 3.5%, 3/25/55 (Step) (144A) 357,713
819,111 VOLT XXXIX LLC, 4.125%, 10/25/45 (Step) (144A) 822,969
721,226 VOLT XXXV, 3.5%, 9/25/46 (Step) (144A) 718,112
359,211 VOLT XXXVI LLC, 3.625%, 7/25/45 (Step) (144A) 360,081
223,810 VOLT XXXVII LLC, 3.625%, 7/25/45 (Step) (144A) 223,838
714,654 VOLT XXXVIII LLC, 3.875%, 9/25/45 (Step) (144A) 716,413
600,000 Westlake Automobile Receivables Trust 2016-1, 3.29%,
9/15/21 (144A) 605,114
--------------
$ 60,517,382
--------------
Total Banks $ 60,517,382
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.3%
Other Diversified Financial Services -- 0.7%
424,284 0.97 321 Henderson Receivables I LLC, Floating Rate Note,
6/15/41 (144A) $ 413,185
700,000 American Credit Acceptance Receivables Trust 2014-1,
5.2%, 4/12/21 (144A) 707,011
1,050,000 American Credit Acceptance Receivables Trust 2014-2,
4.96%, 5/10/21 (144A) 1,061,027
27,698 BCC Funding VIII LLC, 1.794%, 6/22/20 (144A) 27,698
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 27
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
600,000 2.67 Colony American Homes 2014-2, Floating Rate Note,
7/19/31 (144A) $ 600,038
179,167 Diamond Resorts Owner Trust 2013-2, 2.62%,
5/20/26 (144A) 178,396
105,778 1.01 Mastr Asset Backed Securities Trust 2006-AB1
REMICS, Floating Rate Note, 2/25/36 105,534
149,262 1.08 Mastr Specialized Loan Trust, Floating Rate Note,
1/25/36 (144A) 146,752
271,324 PFS Tax Lien Trust 2014-1, 1.44%, 5/15/29 (144A) 269,536
182,701 Sierra Timeshare 2012-3 Receivables Funding LLC,
1.87%, 8/20/29 (144A) 181,643
68,674 Sierra Timeshare 2013-1 Receivables Funding LLC,
2.39%, 11/20/29 (144A) 68,555
56,169 Sierra Timeshare 2013-2 Receivables Funding LLC,
2.92%, 11/20/25 (144A) 56,118
126,379 Sierra Timeshare 2013-2 Receivables Funding LLC,
4.75%, 11/20/25 (144A) 124,078
119,234 TAL Advantage V LLC, 1.7%, 5/20/39 (144A) 118,087
--------------
$ 4,057,658
-----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
94,906 Alterna Funding I LLC, 1.639%, 2/15/21 (144A) $ 93,008
-----------------------------------------------------------------------------------------------------
Consumer Finance -- 0.6%
760,000 1.57 American Express Credit Account Secured Note Trust
2012-4, Floating Rate Note, 5/15/20 (144A) $ 761,697
500,000 AmeriCredit Automobile Receivables Trust 2012-4,
3.82%, 2/10/20 (144A) 501,156
550,000 AmeriCredit Automobile Receivables Trust 2013-4,
3.31%, 10/8/19 558,212
106,627 CPS Auto Receivables Trust 2013-A, 1.89%,
6/15/20 (144A) 106,593
30,466 CPS Auto Receivables Trust 2013-B, 1.82%,
9/15/20 (144A) 30,459
181,000 CPS Auto Receivables Trust 2014-C, 3.77%,
8/17/20 (144A) 181,603
1,000,000 Credit Acceptance Auto Loan Trust 2014-2, 2.67%,
9/15/22 (144A) 1,004,416
--------------
$ 3,144,136
-----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.0%+
262,762 1.20 Chesapeake Funding LLC, Floating Rate Note,
3/9/26 (144A) $ 262,021
--------------
Total Diversified Financials $ 7,556,823
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
UTILITIES -- 0.0%+
Independent Power Producers & Energy Traders -- 0.0%+
30,441 Centerpoint Energy Transition Bond Co. II LLC,
5.17%, 8/1/19 $ 30,931
--------------
Total Utilities $ 30,931
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Specialized REIT -- 0.1%
326,863 Hilton Grand Vacations Trust 2014-A, 2.07%,
11/25/26 (144A) $ 323,042
-----------------------------------------------------------------------------------------------------
Real Estate Services -- 0.0%+
22,786 0.97 HSI Asset Securitization Corp. Trust 2006-OPT1,
Floating Rate Note, 12/25/35 $ 22,696
--------------
Total Real Estate $ 345,738
-----------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.0%+
Government -- 0.0%+
156,135 1.07 FHLMC Structured Pass Through Securities, Floating
Rate Note, 12/25/29 $ 152,843
--------------
Total Government $ 152,843
-----------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $71,679,364) $ 71,749,443
-----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 28.8%
ENERGY -- 0.1%
Oil & Gas Exploration & Production -- 0.1%
300,000 2.47 Arbor Realty Commercial Real Estate Notes 2016-FL1,
Ltd., Floating Rate Note, 9/15/26 (144A) $ 301,254
--------------
Total Energy $ 301,254
-----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.0%+
Construction & Engineering -- 0.0%+
284,989 3.22 Velocity Commercial Capital Loan Trust 2016-1,
Floating Rate Note, 4/25/46 (144A) $ 288,473
--------------
Total Capital Goods $ 288,473
-----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
309,319 Welk Resorts 2013-A LLC, 3.1%, 3/15/29 (144A) $ 309,253
--------------
Total Consumer Services $ 309,253
-----------------------------------------------------------------------------------------------------
BANKS -- 17.2%
Diversified Banks -- 0.1%
700,708 5.89 CD 2007-CD5 Mortgage Trust REMICS, Floating Rate
Note, 11/15/44 $ 707,407
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 17.1%
136,410 A10 Term Asset Financing 2013-2 LLC, 2.62%,
11/15/27 (144A) $ 136,031
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 29
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
154,097 1.34 Adjustable Rate Mortgage Trust 2005-5, Floating Rate
Note, 9/25/35 $ 151,291
44,809 1.23 Alternative Loan Trust 2003-14T1, Floating Rate
Note, 8/25/18 40,132
179,771 1.36 Alternative Loan Trust 2004-6CB, Floating Rate
Note, 4/25/34 178,600
462,260 3.02 AMSR 2016-SFR1 Trust, Floating Rate Note,
11/17/33 (144A) 463,273
500,000 2.52 Arbor Realty Collateralized Loan Obligation 2015-FL1,
Ltd., Floating Rate Note, 3/17/25 (144A) 493,498
800,000 2.97 BAMLL Commercial Mortgage Securities Trust 2014-FL1,
Floating Rate Note, 12/17/31 (144A) 803,437
580,000 1.87 BAMLL Commercial Mortgage Securities Trust 2014-ICTS,
Floating Rate Note, 6/15/28 (144A) 580,092
930,000 3.37 BAMLL Commercial Mortgage Securities Trust 2014-INLD
REMICS, Floating Rate Note, 12/17/29 (144A) 942,330
775,000 3.30 BAMLL Commercial Mortgage Securities Trust 2014-INLD,
Floating Rate Note, 12/17/29 (144A) 747,815
1,100,000 3.77 BAMLL Commercial Mortgage Securities Trust 2016-ASHF,
Floating Rate Note, 3/15/28 (144A) 1,117,735
800,000 1.24 BAMLL Re-REMIC Trust 2014-FRR5, Floating Rate Note,
3/29/45 (144A) 786,651
486,096 3.03 BAMLL Re-REMIC Trust 2014-FRR7, Floating Rate Note,
10/26/44 (144A) 485,836
500,000 5.62 Banc of America Commercial Mortgage Trust 2006-1,
Floating Rate Note, 9/10/45 499,445
573,985 6.20 Banc of America Commercial Mortgage Trust 2008-1,
Floating Rate Note, 2/10/51 586,232
233,713 1.40 Banc of America Funding 2005-A Trust, Floating Rate
Note, 2/20/35 227,897
1,442,414 Bayview Commercial Asset Trust 2007-2, 7/27/37
(Step) (144A) (c) 1
386,666 2.53 Bayview Opportunity Master Fund IVb Trust 2016-CRT1,
Floating Rate Note, 10/27/27 (144A) 386,529
450,000 2.93 Bayview Opportunity Master Fund IVb Trust 2017-CRT1,
Floating Rate Note, 10/25/28 (144A) 449,599
750,000 2.77 BBCMS Trust 2015-SLP, Floating Rate Note,
2/15/28 (144A) 741,326
143,668 3.42 BCAP LLC 2009-RR13-I Trust, Floating Rate Note,
9/26/35 (144A) 144,600
179,897 1.62 Bear Stearns ALT-A Trust 2004-11, Floating Rate
Note, 11/25/34 175,954
560,245 1.48 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 544,300
199,523 1.62 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 189,317
The accompanying notes are an integral part of these financial statements.
30 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
618,250 1.62 Bear Stearns ALT-A Trust 2004-12, Floating Rate
Note, 1/25/35 $ 587,691
73,049 1.52 Bear Stearns ALT-A Trust 2004-13, Floating Rate
Note, 11/25/34 71,629
777,420 1.38 Bear Stearns ALT-A Trust 2004-4, Floating Rate
Note, 6/25/34 766,124
127,587 1.28 Bear Stearns ALT-A Trust 2005-2, Floating Rate
Note, 3/25/35 125,170
152,644 3.06 Bear Stearns ARM Trust 2003-3, Floating Rate
Note, 5/25/33 152,275
56,861 3.32 Bear Stearns ARM Trust 2004-3, Floating Rate
Note, 7/25/34 55,132
480,494 5.21 Bear Stearns Commercial Mortgage Securities Trust
2005-PWR7, Floating Rate Note, 2/11/41 479,935
745,051 5.70 Bear Stearns Commercial Mortgage Securities Trust
2007-PWR16 REMICS, Floating Rate Note, 6/11/40 745,168
59,971 3.35 Bear Stearns Mortgage Securities, Inc., Floating Rate
Note, 6/25/30 60,782
900,000 2.73 BHMS 2014-ATLS Mortgage Trust REMICS, Floating
Rate Note, 7/8/33 (144A) 885,696
1,610,000 2.12 BLCP Hotel Trust, Floating Rate Note, 8/15/29 (144A) 1,602,181
800,000 3.62 BXHTL 2015-JWRZ Mortgage Trust, Floating Rate Note,
5/15/29 (144A) 804,006
1,340,000 3.27 CDGJ Commercial Mortgage Trust 2014-BXCH, Floating
Rate Note, 12/15/27 (144A) 1,334,550
149,389 Cendant Mortgage Corp., 6.25%, 3/25/32 (144A) 151,099
500,000 1.72 Cent CDO 14, Ltd., Floating Rate Note, 4/15/21 (144A) 469,142
963,306 Cent CLO, 2.52%, 8/1/24 (144A) 965,898
800,000 2.92 CFCRE 2015-RUM Mortgage Trust, Floating Rate Note,
7/15/30 (144A) 786,610
765,000 5.37 CFCRE 2015-RUM Mortgage Trust, Floating Rate Note,
7/15/30 (144A) 747,381
75,320 1.72 CG-CCRE Commercial Mortgage Trust 2014-FL1, Floating
Rate Note, 6/16/31 (144A) 75,303
480,281 2.42 CGGS Commercial Mortgage Trust 2016-RND, Floating
Rate Note, 2/15/33 (144A) 481,416
500,000 3.87 CGWF Commercial Mortgage Trust 2013-RKWH REMICS,
Floating Rate Note, 11/15/30 (144A) 498,272
91,754 2.78 CHL Mortgage Pass-Through Trust 2004-14, Floating Rate
Note, 8/25/34 88,403
39,172 Citicorp Mortgage Securities REMIC Pass-Through
Certificates Trust Series 2005-4, 5.0%, 7/25/20 40,222
80,908 Citicorp Mortgage Securities REMIC Pass-Through
Certificates Trust Series 2005-7, 5.0%, 10/25/35 81,344
396,692 6.04 Citigroup Commercial Mortgage Trust 2008-C7, Floating
Rate Note, 12/10/49 402,356
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 31
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
300,000 4.07 Citigroup Commercial Mortgage Trust 2015-SHP2,
Floating Rate Note, 7/15/27 (144A) $ 301,955
1,500,000 2.87 Citigroup Commercial Mortgage Trust 2015-SSHP
REMICS, Floating Rate Note, 9/15/27 (144A) 1,476,559
148,219 Citigroup Mortgage Loan Trust 2010-4 REMICS,
5.0%, 10/25/35 (144A) 150,188
16,651 Citigroup Mortgage Loan Trust, Inc., 7.0%, 10/25/19 16,557
150,876 3.09 Citigroup Mortgage Loan Trust, Inc., Floating Rate
Note, 2/25/35 109,993
400,000 Colony American Finance 2016-1, Ltd., 5.972%,
6/15/48 (Step) (144A) 409,529
216,196 2.73 Colony Mortgage Capital Series 2015-FL3, Ltd.,
Floating Rate Note, 9/5/32 (144A) 215,115
400,000 2.52 Colony Starwood Homes 2016-2 Trust, Floating Rate
Note, 12/19/33 (144A) 401,281
349,155 2.72 COMM 2014-FL4 Mortgage Trust, Floating Rate Note,
7/15/31 (144A) 350,700
1,410,000 2.92 COMM 2014-FL5 Mortgage Trust, Floating Rate Note,
10/15/31 (144A) 1,401,766
400,000 1.57 COMM 2014-PAT Mortgage Trust REMICS, Floating Rate
Note, 8/13/27 (144A) 400,125
820,000 2.36 COMM 2014-PAT Mortgage Trust, Floating Rate Note,
8/13/27 (144A) 805,208
1,850,000 2.37 COMM 2014-TWC Mortgage Trust, Floating Rate Note,
2/13/32 (144A) 1,852,892
500,000 3.42 Cosmopolitan Hotel Trust 2016-COSMO, Floating Rate
Note, 11/15/33 (144A) 506,874
132,002 Credit Suisse First Boston Mortgage Securities Corp.,
4.877%, 4/15/37 128,536
22,334 Credit Suisse First Boston Mortgage Securities Corp.,
5.5%, 6/25/33 22,585
223,495 Credit Suisse First Boston Mortgage Securities Corp.,
7.5%, 5/25/32 237,663
21,960 CSFB Mortgage-Backed Trust Series 2004-7,
5.25%, 10/25/19 22,210
400,000 3.02 CSMC 2015-TWNI Trust, Floating Rate Note,
3/15/28 (144A) 399,731
900,164 2.50 CSMC Series 2013-14R REMICS, Floating Rate Note,
10/27/37 (144A) 897,913
920,734 3.00 CSMC Trust 2014-OAK1, Floating Rate Note,
11/25/44 (144A) 918,687
900,000 2.62 CSMC Trust 2015-DEAL, Floating Rate Note,
4/16/29 (144A) 901,687
750,000 3.62 CSMC Trust 2015-SAND, Floating Rate Note,
8/15/30 (144A) 752,426
540,000 2.38 EQTY 2014-INNS Mortgage Trust REMICS, Floating Rate
Note, 5/8/31 (144A) 538,356
The accompanying notes are an integral part of these financial statements.
32 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,020,000 1.98 EQTY 2014-INNS Mortgage Trust, Floating Rate Note,
5/8/31 (144A) $ 1,018,162
52,936 3.09 First Horizon Mortgage Pass-Through Trust 2004-AR1,
Floating Rate Note, 2/25/34 52,311
645,091 3.00 FirstKey Mortgage Trust 2014-1 REMICS, Floating Rate
Note, 11/25/44 (144A) 646,603
971,033 2.28 FORT CRE 2016-1 LLC, Floating Rate Note,
5/21/36 (144A) 971,033
500,000 2.13 Freddie Mac Structured Agency Credit Risk Debt Notes,
Floating Rate Note, 8/25/29 501,097
397,766 Freddie Mac, 3.0%, 10/15/25 404,252
86,032 2.07 GAHR Commercial Mortgage Trust 2015-NRF, Floating
Rate Note, 12/15/34 (144A) 86,370
750,000 2.42 Gale Force 3 Clo, Ltd., Floating Rate Note,
4/19/21 (144A) 735,439
139,423 Global Mortgage Securitization, Ltd., 5.25%,
4/25/32 (144A) 136,477
438,592 1.05 Global Mortgage Securitization, Ltd., Floating Rate Note,
4/25/32 (144A) 415,767
189,424 3.77 GMACM Mortgage Loan Trust 2004-AR1, Floating Rate
Note, 6/25/34 188,492
1,000,000 2.07 GP Portfolio Trust 2014-GGP, Floating Rate Note,
2/15/27 (144A) 1,001,425
1,000,000 4.02 GS Mortgage Securities Corp Trust 2016-ICE2, Floating
Rate Note, 2/15/33 (144A) 1,014,676
400,000 6.52 GS Mortgage Securities Corp Trust 2016-ICE2, Floating
Rate Note, 2/15/33 (144A) 413,002
490,275 5.87 GS Mortgage Securities Trust 2007-GG10 REMICS,
Floating Rate Note, 8/10/45 490,493
495,000 2.52 GS Mortgage Securities Trust 2014-GSFL, Floating Rate
Note, 7/15/31 (144A) 490,061
217,489 1.56 GSAA Home Equity Trust 2004-6, Floating Rate
Note, 6/25/34 212,533
250,000 3.22 Holmes Master Issuer Plc, Floating Rate Note,
10/15/54 (144A) 252,632
1,370,880 1.02 HomeBanc Mortgage Trust 2005-3, Floating Rate
Note, 7/25/35 1,349,112
258,301 1.88 Homestar Mortgage Acceptance Corp. REMICS, Floating
Rate Note, 9/25/34 253,169
1,091,078 1.42 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 3/25/34 1,044,237
150,922 1.48 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 6/25/34 148,401
109,077 1.68 Homestar Mortgage Acceptance Corp., Floating Rate
Note, 7/25/34 107,941
433,491 1.40 Impac CMB Trust Series 2004-4, Floating Rate
Note, 9/25/34 409,172
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 33
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
60,260 3.40 Impac CMB Trust Series 2004-8, Floating Rate
Note, 8/25/34 $ 57,861
73,523 3.57 IndyMac INDX Mortgage Loan Trust 2004-AR6, Floating
Rate Note, 10/25/34 70,617
250,000 4.02 Invitation Homes 2014-SFR1 Trust REMICS, Floating
Rate Note, 6/17/31 (144A) 249,999
1,000,000 2.27 J.P. Morgan Chase Commercial Mortgage Securities
Trust 2016-ASH, Floating Rate Note, 10/15/34 (144A) 1,004,689
500,000 2.87 J.P. Morgan Chase Commercial Mortgage Securities
Trust 2016-WPT, Floating Rate Note, 10/15/33 (144A) 505,620
950,000 2.12 J.P. Morgan Chase Commercial Mortgage Securities
Trust 2016-WSP, Floating Rate Note, 8/15/33 (144A) 949,721
69,007 4.84 JP Morgan Chase Commercial Mortgage Securities
Trust 2004-LN2, Floating Rate Note, 7/15/41 (144A) 68,883
76,315 0.92 JP Morgan Chase Commercial Mortgage Securities
Trust 2006-LDP9, Floating Rate Note, 5/15/47 75,823
500,205 5.79 JP Morgan Chase Commercial Mortgage Securities
Trust 2007-CIBC20, Floating Rate Note, 2/12/51 505,568
829,224 5.88 JP Morgan Chase Commercial Mortgage Securities
Trust 2007-LDP12, Floating Rate Note, 2/15/51 835,925
849,995 JP Morgan Chase Commercial Mortgage Securities
Trust 2010-C2, 3.6159%, 11/15/43 (144A) 860,279
563,472 3.50 JP Morgan Chase Commercial Mortgage Securities
Trust 2013-A5, Floating Rate Note, 7/25/20 570,713
1,670,000 2.02 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-BXH, Floating Rate Note, 4/15/27 (144A) 1,655,422
700,000 2.72 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-CBM, Floating Rate Note, 10/15/29 (144A) 696,486
270,000 2.97 JP Morgan Chase Commercial Mortgage Securities
Trust 2014-FL4 REMICS, Floating Rate Note,
12/16/30 (144A) 267,432
144,152 2.52 JP Morgan Chase Commercial Mortgage Securities Trust
2014-FL4, Floating Rate Note, 12/16/30 (144A) 143,806
650,000 2.87 JP Morgan Chase Commercial Mortgage Securities Trust
2014-FL5 REMICS, Floating Rate Note, 7/15/31 (144A) 642,951
490,000 2.12 JP Morgan Chase Commercial Mortgage Securities Trust
2014-FL5, Floating Rate Note, 7/15/31 (144A) 492,155
948,324 2.17 JP Morgan Chase Commercial Mortgage Securities Trust
2014-FL6, Floating Rate Note, 11/17/31 (144A) 949,511
900,000 1.69 JP Morgan Chase Commercial Mortgage Securities Trust
2014-INN, Floating Rate Note, 6/15/29 (144A) 900,846
650,000 2.47 JP Morgan Chase Commercial Mortgage Securities Trust
2014-INN, Floating Rate Note, 6/15/29 (144A) 649,999
1,100,000 2.37 JP Morgan Chase Commercial Mortgage Securities Trust
2014-PHH, Floating Rate Note, 8/16/27 (144A) 1,099,979
143,455 2.02 JP Morgan Chase Commercial Mortgage Securities Trust
2015-FL7 REMICS, Floating Rate Note, 5/15/28 (144A) 143,213
The accompanying notes are an integral part of these financial statements.
34 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
850,000 2.57 JP Morgan Chase Commercial Mortgage Securities Trust
2015-FL7, Floating Rate Note, 5/15/28 (144A) $ 846,024
500,000 3.52 JP Morgan Chase Commercial Mortgage Securities Trust
2015-SGP, Floating Rate Note, 7/15/36 (144A) 504,377
70,352 JP Morgan Mortgage Trust 2004-S1, 5.0%, 9/25/34 72,013
1,022,343 1.28 JP Morgan Seasoned Mortgage Trust 2014-1, Floating
Rate Note, 5/25/33 (144A) 969,933
451,656 4.00 La Hipotecaria Panamanian Mortgage Trust 2007-1,
Floating Rate Note, 12/23/36 (144A) 439,800
268,321 5.86 LB-UBS Commercial Mortgage Trust 2007-C6, Floating
Rate Note, 7/15/40 269,452
715,840 5.87 LB-UBS Commercial Mortgage Trust 2007-C7 REMICS,
Floating Rate Note, 9/15/45 728,816
98,775 1.00 Lehman Brothers Small Balance Commercial Mortgage
Trust 2006-1, Floating Rate Note, 4/25/31 (144A) 94,908
95,705 1.01 Lehman Brothers Small Balance Commercial Mortgage
Trust 2006-1, Floating Rate Note, 4/25/31 (144A) 92,330
37,863 1.73 Lehman Brothers Small Balance Commercial Mortgage
Trust 2007-3 Class 1A4, Floating Rate Note,
10/25/37 (144A) 37,390
60,002 1.83 Lehman Brothers Small Balance Commercial Mortgage
Trust 2007-3, Floating Rate Note, 10/25/37 (144A) 59,679
1,520,946 2.77 LSTAR Commercial Mortgage Trust 2016-7, Floating Rate
Note, 12/1/21 (144A) 1,505,737
1,299,784 2.77 LSTAR Securities Investment Trust 2016-5, Floating Rate
Note, 11/1/21 (144A) 1,295,008
689,622 2.78 LSTAR Securities Investment, Ltd. 2015-7, Floating Rate
Note, 7/1/17 (144A) 687,036
427,478 2.78 LSTAR Securities Investment, Ltd. 2015-8, Floating Rate
Note, 8/3/20 (144A) 428,775
511,115 2.78 LSTAR Securities Investment, Ltd. 2016-1, Floating Rate
Note, 1/1/21 (144A) 504,270
785,846 2.78 LSTAR Securities Investment, Ltd. 2016-2 REMICS,
Floating Rate Note, 3/1/21 (144A) 782,530
959,663 2.77 LSTAR Securities Investment, Ltd. 2016-3, Floating Rate
Note, 9/1/21 (144A) 950,666
1,340,457 2.77 LSTAR Securities Investment, Ltd. 2016-4, Floating Rate
Note, 10/1/21 (144A) 1,331,091
1,461,846 2.78 LSTAR Securities Investment, Ltd. 2016-6, Floating Rate
Note, 11/1/21 (144A) 1,444,872
1,291,816 2.78 LSTAR Securities Investment, Ltd. 2017-1, Floating Rate
Note, 1/1/22 (144A) 1,277,313
1,000,000 2.77 LSTAR Securities Investment, Ltd. 2017-2, Floating Rate
Note, 2/1/22 (144A) 987,632
102,942 1.13 MASTR Alternative Loan Trust 2005-1, Floating Rate
Note, 2/25/35 102,133
20,367 1.18 MASTR Asset Securitization Trust 2003-6, Floating Rate
Note, 7/25/18 19,956
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 35
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
440,334 1.52 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-A, Floating Rate Note, 3/25/28 $ 417,864
174,592 2.18 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-A, Floating Rate Note, 3/25/28 163,482
391,967 1.44 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-C REMICS, Floating Rate Note, 6/25/28 373,170
442,176 2.02 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-C, Floating Rate Note, 6/25/28 436,042
133,089 1.42 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-G, Floating Rate Note, 1/25/29 127,449
31,135 2.67 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-G, Floating Rate Note, 1/25/29 30,885
261,995 1.42 Merrill Lynch Mortgage Investors Trust Series MLCC
2003-H, Floating Rate Note, 1/25/29 257,411
391,927 1.34 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-C, Floating Rate Note, 7/25/29 364,565
427,380 1.97 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-E, Floating Rate Note, 11/25/29 412,999
452,277 1.34 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-G, Floating Rate Note, 1/25/30 427,220
146,962 1.92 Merrill Lynch Mortgage Investors Trust Series MLCC
2004-G, Floating Rate Note, 1/25/30 141,989
296,352 1.24 Merrill Lynch Mortgage Investors Trust Series MLCC
2005-A, Floating Rate Note, 3/25/30 287,483
102,841 5.39 Merrill Lynch Mortgage Trust 2005-CKI1, Floating Rate
Note, 11/12/37 102,765
885,465 5.83 Merrill Lynch Mortgage Trust 2007-C1, Floating Rate
Note, 6/12/50 889,520
142,636 5.52 ML-CFC Commercial Mortgage Trust 2006-3, Floating
Rate Note, 7/12/46 142,533
562,631 Morgan Stanley Capital I Trust 2007-HQ13,
5.569%, 12/15/44 570,356
488,417 5.57 Morgan Stanley Capital I Trust 2007-TOP25, Floating
Rate Note, 11/12/49 487,551
500,000 2.97 Morgan Stanley Capital I Trust 2015-XLF1, Floating
Rate Note, 8/14/31 (144A) 500,923
600,000 3.52 Morgan Stanley Capital I Trust 2015-XLF1, Floating
Rate Note, 8/17/26 (144A) 599,973
500,000 2.12 Morgan Stanley Capital I Trust 2017-PRME, Floating
Rate Note, 2/15/34 (144A) 496,792
463,744 1.32 Morgan Stanley Mortgage Loan Trust 2005-5AR,
Floating Rate Note, 9/25/35 460,467
282,648 1.06 Morgan Stanley Mortgage Loan Trust 2005-6AR,
Floating Rate Note, 11/25/35 277,021
31,927 1.05 Morgan Stanley Mortgage Loan Trust 2005-6AR,
Floating Rate Note, 11/25/35 31,886
565,941 1.56 MortgageIT Trust 2004-1, Floating Rate Note, 11/25/34 552,854
The accompanying notes are an integral part of these financial statements.
36 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
216,330 0.92 Nomura Resecuritization Trust 2014-1R, Floating Rate
Note, 10/26/36 (144A) $ 212,057
840,402 1.17 Opteum Mortgage Acceptance Corp Asset Backed
Pass-Through Certificates 2005-4, Floating Rate
Note, 11/25/35 798,762
500,000 3.14 Palmer Square Loan Funding 2016-2, Ltd., Floating
Rate Note, 6/21/24 (144A) 499,984
138,094 2.22 PFP 2015-2, Ltd., Floating Rate Note, 7/14/34 (144A) 137,994
884,307 Pretium Mortgage Credit Partners I 2016-NPL5 LLC,
3.875%, 9/27/31 (Step) (144A) 884,915
400,000 2.52 Progress Residential 2016-SFR2 Trust, Floating Rate
Note, 1/17/34 (144A) 400,439
307,047 RAAC Series 2004-SP2 Trust, 6.0%, 1/25/32 309,247
23,559 1.33 RALI Series 2002-QS16 Trust, Floating Rate
Note, 10/25/17 23,452
9,058 RALI Series 2003-QS14 Trust, 5.0%, 7/25/18 9,078
468,192 1.38 RALI Series 2005-QA1 Trust, Floating Rate
Note, 1/25/35 449,634
1,470 6.65 RAMP Series 2004-SL4 Trust, Floating Rate
Note, 5/25/18 1,467
882,131 2.22 RESI Finance LP 2003-CB1, Floating Rate
Note, 7/9/35 755,074
252,200 1.65 RESI MAC, 2014-1A, Floating Rate Note, 6/12/19 251,353
459,693 1.82 Resource Capital Corp 2014-CRE2, Ltd., Floating
Rate Note, 4/15/32 (144A) 458,783
90,892 RREF 2015-LT7 LLC, 3.0%, 12/27/32 (144A) 90,892
128,685 2.65 Sequoia Mortgage Trust 2004-7, Floating Rate
Note, 8/20/34 129,722
198,122 2.25 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 189,864
101,453 3.00 Sequoia Mortgage Trust 2013-8, Floating Rate
Note, 6/25/43 99,908
80,613 2.07 Sequoia Mortgage Trust, Floating Rate Note, 9/25/42 77,291
133,415 SilverLeaf Finance XVII LLC, 2.68%, 3/15/26 (144A) 132,222
145,000 2.69 Silverstone Master Issuer Plc, Floating Rate Note,
1/21/55 (144A) 145,489
254,299 1.68 Structured Asset Mortgage Investments Trust 2002-AR5,
Floating Rate Note, 5/19/33 249,966
22,314 Structured Asset Securities Corp. Mortgage Loan Trust
2005-2XS, 4.65%, 2/25/35 (Step) 22,645
54,212 1.28 Structured Asset Securities Corp. Mortgage Pass-Through
Certificates Series 2003-35, Floating Rate
Note, 12/25/33 54,087
74,079 2.14 Thornburg Mortgage Securities Trust 2004-1, Floating
Rate Note, 3/25/44 72,894
137,579 2.68 Thornburg Mortgage Securities Trust 2004-4, Floating
Rate Note, 12/25/44 136,129
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 37
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
258,737 2.76 Velocity Commercial Capital Loan Trust 2014-1,
Floating Rate Note, 9/25/44 (144A) $ 260,354
519,936 3.20 Velocity Commercial Capital Loan Trust 2015-1,
Floating Rate Note, 6/25/45 (144A) 522,585
129,191 5.98 Wachovia Bank Commercial Mortgage Trust Series
2007-C33 REMICS, Floating Rate Note, 2/15/51 129,441
1,250,000 2.62 Wells Fargo Commercial Mortgage Trust 2014-TISH
REMICS, Floating Rate Note, 2/15/27 (144A) 1,251,956
800,000 4.27 Wells Fargo Commercial Mortgage Trust 2014-TISH,
Floating Rate Note, 1/15/27 (144A) 773,530
42,105 1.38 Wells Fargo Mortgage Backed Securities 2005-4 Trust,
Floating Rate Note, 4/25/35 41,561
7,806 1.26 Westwood CDO II, Ltd., Floating Rate Note,
4/25/22 (144A) 7,798
--------------
$ 95,854,111
--------------
Total Banks $ 96,561,518
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.1%
Other Diversified Financial Services -- 1.0%
750,000 5.63 Banc of America Commercial Mortgage Trust 2007-3,
Floating Rate Note, 6/10/49 $ 751,529
358,324 5.64 Credit Suisse Commercial Mortgage Trust Series
2007-C3, Floating Rate Note, 6/15/39 359,150
671,180 5.94 Credit Suisse Commercial Mortgage Trust Series
2007-C4 REMICS, Floating Rate Note, 9/15/39 676,533
700,000 5.94 Credit Suisse Commercial Mortgage Trust Series
2007-C4, Floating Rate Note, 9/15/39 707,833
564,973 5.64 Morgan Stanley Capital I Trust 2007-TOP27 REMICS,
Floating Rate Note, 6/11/42 566,833
957,255 6.29 Morgan Stanley Capital I Trust 2008-TOP29 REMICS,
Floating Rate Note, 1/11/43 984,891
4,168 Rialto Capital Management LLC, 2.85%, 5/15/24 (144A) 4,161
943,300 2.86 Sequoia Mortgage Trust 2012-1, Floating Rate
Note, 1/25/42 951,694
618,332 3.47 Sequoia Mortgage Trust 2012-1, Floating Rate
Note, 1/25/42 630,654
--------------
$ 5,633,278
-----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
800,000 2.77 BAMLL Commercial Mortgage Securities Trust
2015-ASHF REMICS, Floating Rate Note,
1/15/28 (144A) $ 793,421
--------------
Total Diversified Financials $ 6,426,699
-----------------------------------------------------------------------------------------------------
GOVERNMENT -- 10.3%
Government -- 10.3%
9,291 1.73 Collateralized Mortgage Obligation Trust 44, Floating
Rate Note, 7/1/18 $ 9,313
The accompanying notes are an integral part of these financial statements.
38 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
359,720 2.78 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 10/25/23 $ 363,022
390,440 1.73 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 5/25/24 391,706
411,007 1.98 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 7/25/24 411,948
412,864 2.92 Fannie Mae Connecticut Avenue Securities, Floating
Rate Note, 9/25/28 417,989
171,735 2.72 Fannie Mae Trust 2005-W4, Floating Rate
Note, 6/26/45 183,494
450,069 1.04 Fannie Mae Whole Loan, Floating Rate Note, 11/25/46 450,898
159,549 Fannie Mae, 2.5%, 1/25/30 161,637
241,508 Fannie Mae, 2.5%, 11/25/25 245,029
116,381 Fannie Mae, 2.5%, 3/25/24 117,238
235,678 Fannie Mae, 2.5%, 6/25/24 238,275
226,190 Fannie Mae, 2.75%, 3/25/21 230,803
231,037 Fannie Mae, 3.0%, 1/25/29 233,524
234,748 Fannie Mae, 3.0%, 11/25/18 236,986
1,483,038 Fannie Mae, 3.0%, 6/25/22 1,509,831
49,468 Fannie Mae, 3.5%, 10/25/23 49,617
125,510 Fannie Mae, 3.5%, 6/25/21 128,070
399,132 Fannie Mae, 3.5%, 8/25/25 407,078
188,265 Fannie Mae, 4.0%, 10/25/24 192,781
624,489 Fannie Mae, 4.25%, 3/25/25 640,475
765,000 Fannie Mae, 4.5%, 4/25/24 799,759
76,209 Fannie Mae, 4.5%, 9/25/35 76,740
601,319 Fannie Mae, 5.0%, 3/25/24 627,498
1,466,512 1.23 Fannie Mae, Floating Rate Note, 11/25/32 1,468,478
140,014 Federal Home Loan Banks, 2.9%, 4/20/17 140,450
20,389 Federal Home Loan Mortgage Corp. REMICS,
3.5%, 10/15/18 20,620
40,358 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 1/15/36 40,271
480,860 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 1/15/37 478,567
17,284 0.97 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 10/15/20 17,323
151,118 1.35 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 10/15/37 152,225
124,748 1.12 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/36 124,565
60,589 1.12 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/36 60,480
279,442 1.14 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 11/15/37 278,787
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 39
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
49,504 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/32 $ 49,682
68,062 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/32 68,352
218,550 1.09 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/35 217,813
178,191 1.47 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 12/15/39 178,993
124,550 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/30 124,726
145,642 1.77 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/32 148,560
161,605 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/33 161,749
122,867 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/36 122,313
75,395 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/39 75,646
179,856 1.27 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/41 179,108
117,286 1.32 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 2/15/42 118,421
102,418 1.77 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/32 104,952
174,316 1.77 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/32 179,612
139,549 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/38 139,915
335,593 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 3/15/41 336,953
156,746 1.32 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 4/15/27 158,858
153,492 1.27 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 4/15/28 154,151
75,133 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 4/15/36 74,973
211,972 1.19 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 4/15/41 211,940
80,558 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/36 80,314
56,305 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 5/15/41 56,237
77,576 1.19 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 6/15/36 77,572
177,736 1.20 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 6/15/41 177,732
The accompanying notes are an integral part of these financial statements.
40 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
93,751 1.17 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 7/15/23 $ 94,183
142,255 1.27 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 7/15/36 142,706
27,007 1.37 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 8/15/18 27,099
154,329 1.02 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 8/15/25 154,577
72,410 0.97 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 8/15/26 72,425
55,240 1.02 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 8/15/35 54,984
129,198 1.02 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 8/15/36 128,350
134,200 1.07 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 9/15/26 134,495
49,065 1.22 Federal Home Loan Mortgage Corp. REMICS, Floating
Rate Note, 9/15/33 49,069
253,075 Federal Home Loan Mortgage Corp., 2.75%, 11/15/25 257,051
215,484 Federal Home Loan Mortgage Corp., 3.0%, 1/15/30 221,097
384,623 Federal Home Loan Mortgage Corp., 3.0%, 12/15/24 388,064
49,992 Federal Home Loan Mortgage Corp., 3.5%, 8/15/28 51,021
97,277 Federal Home Loan Mortgage Corp., 4.0%, 1/15/34 98,825
1,009,662 1.27 Federal Home Loan Mortgage Corp., Floating Rate
Note, 1/15/33 1,013,948
132,902 1.02 Federal Home Loan Mortgage Corp., Floating Rate
Note, 1/15/35 132,250
49,607 1.09 Federal Home Loan Mortgage Corp., Floating Rate
Note, 11/15/36 49,434
214,087 1.22 Federal Home Loan Mortgage Corp., Floating Rate
Note, 2/17/32 215,953
210,294 1.12 Federal Home Loan Mortgage Corp., Floating Rate
Note, 3/15/30 211,073
225,567 1.34 Federal Home Loan Mortgage Corp., Floating Rate
Note, 3/15/32 226,604
734,210 1.08 Federal Home Loan Mortgage Corp., Floating Rate
Note, 4/15/33 731,461
369,221 1.12 Federal Home Loan Mortgage Corp., Floating Rate
Note, 4/15/36 368,449
19,361 0.92 Federal Home Loan Mortgage Corp., Floating Rate
Note, 7/15/19 19,330
212,493 1.27 Federal Home Loan Mortgage Corp., Floating Rate
Note, 7/15/28 214,847
388,338 1.27 Federal Home Loan Mortgage Corp., Floating Rate
Note, 7/15/31 390,267
68,820 1.07 Federal Home Loan Mortgage Corp., Floating Rate
Note, 8/15/19 68,738
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 41
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
681,505 3.78 Federal National Mortgage Association 2004-T2,
Floating Rate Note, 7/25/43 $ 723,763
69,093 Federal National Mortgage Association REMICS,
1.5%, 11/25/20 69,038
149,032 Federal National Mortgage Association REMICS,
1.75%, 12/25/22 148,454
245,263 Federal National Mortgage Association REMICS,
3.0%, 1/25/21 248,910
66,663 Federal National Mortgage Association REMICS,
3.0%, 4/25/40 67,722
136,846 Federal National Mortgage Association REMICS,
3.5%, 10/25/39 139,413
64,786 Federal National Mortgage Association REMICS,
6.0%, 6/25/29 73,419
43,019 1.43 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/18/32 43,718
56,089 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 1/25/33 56,207
113,918 1.08 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/35 113,342
249,381 1.18 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/36 249,021
107,441 2.00 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/25/38 109,452
51,949 0.98 Federal National Mortgage Association REMICS,
Floating Rate Note, 10/27/37 51,916
277,751 1.78 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/18/32 284,380
197,012 1.14 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/36 196,523
244,163 1.48 Federal National Mortgage Association REMICS,
Floating Rate Note, 11/25/39 246,681
189,842 1.18 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/18/32 190,013
375,882 1.78 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/23 380,090
87,638 1.68 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/31 88,859
428,414 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/32 430,460
90,079 1.40 Federal National Mortgage Association REMICS,
Floating Rate Note, 12/25/37 90,361
140,732 1.13 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/33 141,835
129,334 1.09 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/35 128,887
81,502 1.03 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/37 80,918
The accompanying notes are an integral part of these financial statements.
42 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
113,449 0.98 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/37 $ 112,457
4,816 1.23 Federal National Mortgage Association REMICS,
Floating Rate Note, 2/25/38 4,818
100,495 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/24 101,615
214,678 1.18 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/34 214,744
124,461 1.18 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/34 124,535
93,171 1.13 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/35 93,527
822,825 1.08 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/36 818,488
158,288 1.03 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 157,151
111,405 1.14 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 111,957
77,574 1.03 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 77,100
163,609 1.13 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/37 162,441
593,477 1.00 Federal National Mortgage Association REMICS,
Floating Rate Note, 3/25/45 575,950
379,756 1.68 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/32 385,372
384,000 1.78 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/32 395,933
42,796 1.18 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/34 42,836
185,367 1.03 Federal National Mortgage Association REMICS,
Floating Rate Note, 4/25/36 184,296
422,784 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/18/32 424,589
62,994 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/33 63,110
68,088 1.13 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/36 67,861
98,260 1.18 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/37 97,479
154,558 1.33 Federal National Mortgage Association REMICS,
Floating Rate Note, 5/25/40 155,743
131,576 1.23 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/36 131,651
156,978 1.02 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 155,613
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 43
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
55,270 1.03 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 $ 54,864
174,254 1.03 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/37 172,968
41,665 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 6/25/38 41,857
73,761 1.18 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/34 73,797
110,795 1.08 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/35 110,296
267,799 1.03 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/35 266,741
203,950 1.68 Federal National Mortgage Association REMICS,
Floating Rate Note, 7/25/38 207,897
396,858 1.08 Federal National Mortgage Association REMICS,
Floating Rate Note, 8/25/40 399,013
307,498 1.28 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/33 308,167
100,384 1.13 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/36 100,067
63,081 1.35 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/36 63,216
185,124 1.35 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 187,545
202,409 1.36 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 204,984
49,485 1.35 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/37 50,100
47,186 1.33 Federal National Mortgage Association REMICS,
Floating Rate Note, 9/25/39 47,545
131,657 Federal National Mortgage Association, 1.233%, 3/25/18 130,963
53,861 Federal National Mortgage Association, 2.5%, 4/25/36 54,417
116,744 Federal National Mortgage Association, 2.75%, 6/25/20 117,624
117,280 Federal National Mortgage Association, 3.0%, 6/25/39 118,231
5,779 Federal National Mortgage Association, 3.5%, 7/25/24 5,778
216,795 1.13 Federal National Mortgage Association, Floating Rate
Note, 10/18/32 218,447
315,461 1.08 Federal National Mortgage Association, Floating Rate
Note, 11/25/27 317,178
223,149 1.63 Federal National Mortgage Association, Floating Rate
Note, 2/25/23 223,918
43,539 1.08 Federal National Mortgage Association, Floating Rate
Note, 3/25/18 43,512
256,198 1.13 Federal National Mortgage Association, Floating Rate
Note, 3/25/36 255,836
562,321 1.28 Federal National Mortgage Association, Floating Rate
Note, 4/25/33 564,610
The accompanying notes are an integral part of these financial statements.
44 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
156,583 3.06 Federal National Mortgage Association, Floating Rate
Note, 4/25/35 $ 162,166
354,053 1.28 Federal National Mortgage Association, Floating Rate
Note, 6/25/32 358,163
476,950 1.18 Federal National Mortgage Association, Floating Rate
Note, 6/25/36 476,410
229,995 1.08 Federal National Mortgage Association, Floating Rate
Note, 8/25/35 228,866
58,461 2.22 Federal National Mortgage Association, Floating Rate
Note, 9/25/22 58,407
1,104,173 Freddie Mac REMICS, 3.5%, 11/15/25 1,154,549
501,899 1.72 Freddie Mac REMICS, Floating Rate Note, 2/15/32 516,074
69,861 1.12 Freddie Mac Strips, Floating Rate Note, 12/15/36 69,622
171,485 1.07 Freddie Mac Strips, Floating Rate Note, 8/15/36 170,725
170,365 2.23 Freddie Mac Structured Agency Credit Risk Debt Notes,
Floating Rate Note, 11/25/23 170,849
56,929 1.78 Freddie Mac Structured Agency Credit Risk Debt Notes,
Floating Rate Note, 2/25/24 56,952
700,000 3.67 Freddie Mac Structured Agency Credit Risk Debt Notes,
Floating Rate Note, 7/25/28 728,726
525,928 Freddie Mac, 1.4%, 7/15/23 514,808
138,826 Freddie Mac, 2.0%, 11/15/20 140,073
1,003,117 Freddie Mac, 2.0%, 2/15/25 1,015,020
153,380 Freddie Mac, 2.0%, 8/15/20 154,402
142,397 Freddie Mac, 2.0%, 8/15/20 143,462
362,360 Freddie Mac, 2.0%, 9/15/25 364,506
868,544 Freddie Mac, 2.5%, 5/15/25 885,396
397,173 Freddie Mac, 3.0%, 2/15/24 401,851
270,826 Freddie Mac, 3.0%, 2/15/25 273,417
89,745 Freddie Mac, 3.0%, 4/15/24 90,213
364,639 Freddie Mac, 3.0%, 5/15/29 371,230
856,595 Freddie Mac, 3.0%, 8/15/25 872,434
593,997 Freddie Mac, 3.1%, 2/15/25 601,597
369,585 Freddie Mac, 3.5%, 10/15/28 373,573
114,233 Freddie Mac, 3.5%, 11/15/28 117,116
283,585 Freddie Mac, 3.5%, 2/15/25 287,858
538,078 Freddie Mac, 3.5%, 3/15/25 557,676
273,462 Freddie Mac, 3.5%, 6/15/24 277,949
31,304 Freddie Mac, 4.0%, 5/15/37 31,399
40,081 Freddie Mac, 4.5%, 11/15/24 40,198
270,495 Freddie Mac, 4.5%, 2/15/20 278,126
148,393 Freddie Mac, 4.5%, 3/15/19 151,279
469,535 1.17 Freddie Mac, Floating Rate Note, 9/15/31 468,780
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 45
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
1,000,000 4.88 FREMF Mortgage Trust 2011-K703, Floating Rate Note,
7/25/44 (144A) $ 1,030,671
500,000 2.90 FREMF Mortgage Trust 2013-K502, Floating Rate Note,
3/27/45 (144A) 500,201
571,504 4.03 FREMF Mortgage Trust 2014-KF04 REMICS, Floating
Rate Note, 6/25/21 (144A) 577,522
853,707 4.78 FREMF Mortgage Trust 2014-KF05 REMICS, Floating
Rate Note, 9/25/21 (144A) 828,494
896,238 3.35 FREMF Mortgage Trust 2014-KS02 REMICS, Floating
Rate Note, 8/25/23 (144A) 892,315
944,513 2.58 FREMF Mortgage Trust 2015-KLSF REMICS, Floating
Rate Note, 11/25/22 (144A) 953,802
1,576,811 Government National Mortgage Association REMICS,
2.0%, 1/16/46 1,576,132
896,151 Government National Mortgage Association REMICS,
4.0%, 9/20/37 918,067
266,783 Government National Mortgage Association,
2.0%, 3/16/23 267,582
166,100 Government National Mortgage Association,
2.75%, 12/20/37 167,473
30,170 Government National Mortgage Association,
3.0%, 12/20/38 30,495
154,046 Government National Mortgage Association,
3.0%, 4/20/41 157,670
273,341 Government National Mortgage Association,
3.5%, 5/20/39 280,441
49,679 Government National Mortgage Association,
3.5%, 8/20/38 49,966
76,010 Government National Mortgage Association,
4.5%, 11/20/37 76,445
232,702 Government National Mortgage Association,
4.5%, 2/20/38 240,993
28,525 Government National Mortgage Association,
5.0%, 4/20/36 29,221
178,080 1.02 Government National Mortgage Association, Floating
Rate Note, 1/16/35 177,147
453,729 1.32 Government National Mortgage Association, Floating
Rate Note, 1/16/40 456,905
604,672 1.32 Government National Mortgage Association, Floating
Rate Note, 12/16/26 613,301
174,476 1.03 Government National Mortgage Association, Floating
Rate Note, 2/20/35 173,571
121,832 1.28 Government National Mortgage Association, Floating
Rate Note, 2/20/38 122,338
181,448 1.07 Government National Mortgage Association, Floating
Rate Note, 4/16/31 181,952
The accompanying notes are an integral part of these financial statements.
46 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Government -- (continued)
98,902 1.27 Government National Mortgage Association, Floating
Rate Note, 4/16/32 $ 99,733
467,398 1.32 Government National Mortgage Association, Floating
Rate Note, 4/16/32 473,463
495,416 1.07 Government National Mortgage Association, Floating
Rate Note, 5/16/33 496,723
547,289 1.17 Government National Mortgage Association, Floating
Rate Note, 6/16/32 551,569
313,969 1.08 Government National Mortgage Association, Floating
Rate Note, 8/20/40 310,286
213,583 1.30 NCUA Guaranteed Notes Trust REMICS, Floating Rate
Note, 3/9/21 213,226
42,729 1.27 Structured Asset Mortgage Investments II Trust 2005-F1
REMICS, Floating Rate Note, 8/26/35 42,510
--------------
$ 58,026,654
--------------
Total Government $ 58,026,654
-----------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $162,555,287) $ 161,913,851
-----------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 39.5%
ENERGY -- 3.2%
Oil & Gas Equipment & Services -- 0.4%
580,000 Halliburton Co., 6.15%, 9/15/19 $ 640,370
775,000 National Oilwell Varco, Inc., 1.35%, 12/1/17 772,409
550,000 Schlumberger Holdings Corp., 1.9%, 12/21/17 (144A) 552,350
585,000 Schlumberger Holdings Corp., 2.35%, 12/21/18 (144A) 589,743
--------------
$ 2,554,872
-----------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.1%
560,000 Chevron Corp., 1.991%, 3/3/20 $ 560,000
600,000 1.42 Chevron Corp., Floating Rate Note, 11/16/18 603,191
600,000 1.41 Chevron Corp., Floating Rate Note, 5/16/18 603,000
585,000 CNOOC Nexen Finance 2014 ULC, 1.625%, 4/30/17 584,921
1,000,000 ConocoPhillips Co., 1.05%, 12/15/17 997,052
1,000,000 1.54 Exxon Mobil Corp., Floating Rate Note, 2/28/18 1,006,056
585,000 1.46 Shell International Finance BV, Floating Rate
Note, 11/10/18 588,490
500,000 1.20 Shell International Finance BV, Floating Rate
Note, 9/12/19 503,046
600,000 Statoil ASA, 3.125%, 8/17/17 605,101
--------------
$ 6,050,857
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 47
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.2%
600,000 Canadian Natural Resources, Ltd., 1.75%, 1/15/18 $ 600,295
570,000 Canadian Natural Resources, Ltd., 5.7%, 5/15/17 574,941
175,000 WPX Energy, Inc., 7.5%, 8/1/20 188,562
--------------
$ 1,363,798
-----------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.3%
500,000 GS Caltex Corp., 3.25%, 10/1/18 (144A) $ 508,125
750,000 Phillips 66, 2.95%, 5/1/17 752,015
200,000 Valero Energy Corp., 9.375%, 3/15/19 229,026
--------------
$ 1,489,166
-----------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.2%
500,000 Buckeye Partners LP, 6.05%, 1/15/18 $ 517,644
1,150,000 Energy Transfer Partners LP, 2.5%, 6/15/18 1,158,050
750,000 Enterprise Products Operating LLC, 1.65%, 5/7/18 748,435
500,000 Enterprise Products Operating LLC, 2.55%, 10/15/19 506,015
700,000 Kinder Morgan, Inc. Delaware, 2.0%, 12/1/17 701,393
750,000 Spectra Energy Capital LLC, 6.2%, 4/15/18 784,218
500,000 Tennessee Gas Pipeline Co LLC, 7.5%, 4/1/17 502,430
495,000 TransCanada PipeLines, Ltd., 1.625%, 11/9/17 495,306
875,000 TransCanada PipeLines, Ltd., 1.875%, 1/12/18 876,611
500,000 1.66 TransCanada PipeLines, Ltd., Floating Rate Note, 1/12/18 502,672
--------------
$ 6,792,774
--------------
Total Energy $ 18,251,467
-----------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Fertilizers & Agricultural Chemicals -- 0.2%
1,000,000 Monsanto Co., 1.15%, 6/30/17 $ 999,043
--------------
Total Materials $ 999,043
-----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.2%
Aerospace & Defense -- 0.6%
500,000 Precision Castparts Corp., 1.25%, 1/15/18 $ 499,974
1,050,000 The Boeing Co., 0.95%, 5/15/18 1,046,981
575,000 United Technologies Corp., 1.5%, 11/1/19 572,226
500,000 United Technologies Corp., 1.778%, 5/4/18 (Step) 500,622
580,000 United Technologies Corp., 1.8%, 6/1/17 581,011
--------------
$ 3,200,814
-----------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
575,000 Honeywell International, Inc., 1.4%, 10/30/19 $ 571,304
-----------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.0%+
360,000 Stanley Black & Decker, Inc., 1.622%, 11/17/18 $ 359,237
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.5%
1,100,000 Aircastle, Ltd., 6.75%, 4/15/17 $ 1,105,500
750,000 Aviation Capital Group Corp., 2.875%, 9/17/18 (144A) 758,438
750,000 GATX Corp., 1.25%, 3/4/17 749,998
--------------
$ 2,613,936
--------------
Total Capital Goods $ 6,745,291
-----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Railroads -- 0.2%
535,000 Burlington Northern Santa Fe LLC, 5.75%, 3/15/18 $ 557,996
500,000 TTX Co., 2.25%, 2/1/19 (144A) 500,634
--------------
$ 1,058,630
--------------
Total Transportation $ 1,058,630
-----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 2.5%
Automobile Manufacturers -- 2.5%
575,000 Daimler Finance North America LLC, 1.75%,
10/30/19 (144A) $ 571,143
565,000 Daimler Finance North America LLC, 2.3%,
1/6/20 (144A) 566,675
750,000 1.30 Daimler Finance North America LLC, Floating Rate
Note, 3/10/17 (144A) 750,052
617,000 1.37 Daimler Finance North America LLC, Floating Rate
Note, 8/1/17 (144A) 617,824
500,000 Ford Motor Credit Co LLC, 2.681%, 1/9/20 505,378
700,000 Ford Motor Credit Co. LLC, 1.724%, 12/6/17 700,309
250,000 Ford Motor Credit Co. LLC, 2.375%, 1/16/18 251,507
1,000,000 Ford Motor Credit Co. LLC, 2.875%, 10/1/18 1,014,325
500,000 1.48 Ford Motor Credit Co. LLC, Floating Rate Note, 3/27/17 500,230
750,000 1.36 Ford Motor Credit Co. LLC, Floating Rate Note, 9/8/17 750,545
1,145,000 Nissan Motor Acceptance Corp., 1.55%, 9/13/19 (144A) 1,128,880
1,000,000 Nissan Motor Acceptance Corp., 2.65%, 9/26/18 (144A) 1,011,051
500,000 1.49 Nissan Motor Acceptance Corp., Floating Rate Note,
3/3/17 (144A) 500,000
575,000 1.48 Nissan Motor Acceptance Corp., Floating Rate Note,
9/13/19 (144A) 575,844
1,455,000 Toyota Motor Credit Corp., 1.125%, 5/16/17 1,455,349
600,000 Toyota Motor Credit Corp., 1.25%, 10/5/17 600,488
575,000 Toyota Motor Credit Corp., 1.55%, 10/18/19 571,603
300,000 Toyota Motor Credit Corp., 1.75%, 5/22/17 300,518
877,000 1.41 Toyota Motor Credit Corp., Floating Rate Note, 1/17/19 879,349
600,000 1.73 Toyota Motor Credit Corp., Floating Rate Note, 2/19/19 606,744
500,000 Volkswagen International Finance NV, 1.6%,
11/20/17 (144A) 499,452
--------------
$ 14,357,266
--------------
Total Automobiles & Components $ 14,357,266
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 49
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Homebuilding -- 0.1%
650,000 DR Horton, Inc., 4.0%, 2/15/20 $ 676,000
--------------
Total Consumer Durables & Apparel $ 676,000
-----------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Broadcasting -- 0.2%
575,000 NBCUniversal Enterprise, Inc., 1.974%, 4/15/19 (144A) $ 576,907
580,000 1.56 NBCUniversal Enterprise, Inc., Floating Rate Note,
4/15/18 (144A) 584,489
--------------
$ 1,161,396
--------------
Total Media $ 1,161,396
-----------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Home Improvement Retail -- 0.1%
750,000 1.33 The Home Depot, Inc., Floating Rate Note, 9/15/17 $ 751,724
-----------------------------------------------------------------------------------------------------
Automotive Retail -- 0.2%
625,000 AutoZone, Inc., 1.625%, 4/21/19 $ 620,324
500,000 Volkswagen Group of America Finance LLC, 1.65%,
5/22/18 (144A) 498,582
--------------
$ 1,118,906
--------------
Total Retailing $ 1,870,630
-----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Food Retail -- 0.1%
380,000 The Kroger Co., 1.5%, 9/30/19 $ 375,271
-----------------------------------------------------------------------------------------------------
Hypermarkets & Super Centers -- 0.1%
740,000 Costco Wholesale Corp., 1.125%, 12/15/17 $ 739,185
--------------
Total Food & Staples Retailing $ 1,114,456
-----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.1%
Brewers -- 0.3%
800,000 2.29 Anheuser-Busch InBev Finance, Inc., Floating Rate
Note, 2/1/21 $ 823,610
585,000 Anheuser-Busch InBev Worldwide, Inc.,
1.375%, 7/15/17 585,304
--------------
$ 1,408,914
-----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.7%
575,000 Danone SA, 1.691%, 10/30/19 (144A) $ 567,526
580,000 Kraft Heinz Foods Co., 2.0%, 7/2/18 581,611
575,000 Mondelez International Holdings Netherlands BV,
1.625%, 10/28/19 (144A) 567,051
585,000 1.50 Mondelez International Holdings Netherlands BV,
Floating Rate Note, 10/28/19 (144A) 587,169
575,000 Smithfield Foods, Inc., 2.7%, 1/31/20 (144A) 577,582
1,000,000 Wm Wrigley Jr Co., 2.0%, 10/20/17 (144A) 1,003,738
--------------
$ 3,884,677
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
50 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Tobacco -- 0.1%
840,000 Reynolds American, Inc., 2.3%, 8/21/17 $ 843,331
--------------
Total Food, Beverage & Tobacco $ 6,136,922
-----------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.1%
500,000 Reckitt Benckiser Treasury Services Plc, 2.125%,
9/21/18 (144A) $ 501,812
--------------
Total Household & Personal Products $ 501,812
-----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.2%
Health Care Equipment -- 0.5%
1,024,000 Becton Dickinson and Co., 1.8%, 12/15/17 $ 1,026,276
500,000 Boston Scientific Corp., 2.65%, 10/1/18 506,306
1,270,000 1.65 Medtronic, Inc., Floating Rate Note, 3/15/20 1,291,925
--------------
$ 2,824,507
-----------------------------------------------------------------------------------------------------
Health Care Distributors -- 0.3%
1,765,000 McKesson Corp., 1.292%, 3/10/17 $ 1,765,109
-----------------------------------------------------------------------------------------------------
Managed Health Care -- 0.4%
600,000 Aetna, Inc., 1.7%, 6/7/18 $ 600,433
625,000 Coventry Health Care, Inc., 5.95%, 3/15/17 626,050
585,000 UnitedHealth Group, Inc., 1.4%, 12/15/17 585,431
295,000 UnitedHealth Group, Inc., 1.45%, 7/17/17 295,299
--------------
$ 2,107,213
--------------
Total Health Care Equipment & Services $ 6,696,829
-----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 1.3%
Biotechnology -- 0.6%
575,000 AbbVie, Inc., 2.0%, 11/6/18 $ 577,955
600,000 Amgen, Inc., 2.125%, 5/15/17 601,197
600,000 1.30 Amgen, Inc., Floating Rate Note, 5/22/17 600,358
607,000 1.52 Amgen, Inc., Floating Rate Note, 5/22/19 611,787
600,000 Celgene Corp., 2.125%, 8/15/18 603,143
750,000 Gilead Sciences, Inc., 1.85%, 9/4/18 753,837
--------------
$ 3,748,277
-----------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.5%
750,000 Bayer US Finance LLC, 1.5%, 10/6/17 (144A) $ 749,840
605,000 Perrigo Co Plc, 2.3%, 11/8/18 606,136
750,000 1.19 Pfizer, Inc., Floating Rate Note, 5/15/17 750,468
575,000 Shire Acquisitions Investments Ireland DAC,
1.9%, 9/23/19 570,571
--------------
$ 2,677,015
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 51
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.2%
1,000,000 Thermo Fisher Scientific, Inc., 2.4%, 2/1/19 $ 1,009,969
--------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 7,435,261
-----------------------------------------------------------------------------------------------------
BANKS -- 10.4%
Diversified Banks -- 7.5%
1,155,000 ABN AMRO Bank NV, 1.8%, 9/20/19 (144A) $ 1,143,216
570,000 ABN AMRO Bank NV, 2.1%, 1/18/19 (144A) 571,040
66,783 1.06 American Express Bank FSB, Floating Rate
Note, 6/12/17 66,824
1,000,000 Bank of America Corp., 2.0%, 1/11/18 1,004,649
1,135,000 Bank of America Corp., 2.6%, 1/15/19 1,149,426
600,000 Bank of America Corp., 3.875%, 3/22/17 600,877
300,000 Bank of America Corp., 5.75%, 12/1/17 309,396
585,000 2.07 Bank of America Corp., Floating Rate Note, 3/22/18 589,808
408,000 1.54 Bank of America Corp., Floating Rate Note, 8/25/17 408,683
750,000 Bank of America NA, 1.75%, 6/5/18 752,460
470,000 1.13 Bank of Montreal, Floating Rate Note, 7/14/17 470,569
585,000 1.53 Bank of Montreal, Floating Rate Note, 7/18/19 587,372
625,000 Banque Federative du Credit Mutuel SA, 2.0%,
4/12/19 (144A) 622,254
575,000 BPCE SA, 1.625%, 1/26/18 574,260
600,000 Citigroup, Inc., 1.35%, 3/10/17 600,013
750,000 Citigroup, Inc., 1.8%, 2/5/18 752,064
600,000 Citigroup, Inc., 2.05%, 12/7/18 601,742
1,450,000 1.58 Citigroup, Inc., Floating Rate Note, 4/27/18 1,456,437
1,220,000 2.74 Citigroup, Inc., Floating Rate Note, 5/15/18 1,240,147
560,000 Citizens Bank NA, 2.25%, 3/2/20 559,940
600,000 Citizens Bank NA, 2.5%, 3/14/19 605,222
650,000 1.21 Commonwealth Bank of Australia, Floating Rate
Note, 3/13/17 (144A) 650,111
750,000 1.11 Commonwealth Bank of Australia, Floating Rate
Note, 9/8/17 (144A) 750,521
580,000 1.55 Cooperatieve Rabobank UA New York, Floating Rate
Note, 8/9/19 580,984
500,000 1.39 Credit Agricole SA London, Floating Rate Note,
6/12/17 (144A) 500,452
575,000 1.42 Danske Bank AS, Floating Rate Note, 9/6/19 (144A) 575,036
575,000 Discover Bank, 2.0%, 2/21/18 576,781
1,725,000 Discover Bank, 2.6%, 11/13/18 1,744,148
585,000 HSBC USA, Inc., 1.7%, 3/5/18 585,502
750,000 1.16 HSBC USA, Inc., Floating Rate Note, 6/23/17 750,690
580,000 ING Bank NV, 2.0%, 11/26/18 (144A) 580,029
600,000 2.13 ING Bank NV, Floating Rate Note, 3/22/19 (144A) 607,358
The accompanying notes are an integral part of these financial statements.
52 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
560,000 1.65 ING Bank NV, Floating Rate Note, 8/15/19 (144A) $ 560,391
1,150,000 1.94 JPMorgan Chase & Co., Floating Rate Note, 1/25/18 1,157,814
500,000 3.69 JPMorgan Chase & Co., Floating Rate Note, 2/25/21 501,400
585,000 1.31 JPMorgan Chase Bank NA, Floating Rate Note, 9/21/18 586,802
575,000 Nordea Bank AB, 1.625%, 9/30/19 (144A) 567,968
600,000 Nordea Bank AB, 3.125%, 3/20/17 (144A) 600,682
585,000 1.36 Nordea Bank AB, Floating Rate Note, 4/4/17 585,048
295,000 Royal Bank of Canada, 1.25%, 6/16/17 295,277
560,000 Royal Bank of Canada, 2.125%, 3/2/20 559,597
1,000,000 1.09 Royal Bank of Canada, Floating Rate Note, 6/16/17 1,000,429
580,000 1.37 Royal Bank of Canada, Floating Rate Note, 7/29/19 580,838
750,000 1.41 Santander UK Plc, Floating Rate Note, 9/29/17 749,774
570,000 1.53 Skandinaviska Enskilda Banken AB, Floating Rate
Note, 9/13/19 (144A) 570,830
575,000 Sumitomo Mitsui Banking Corp., 1.762%, 10/19/18 573,128
565,000 1.56 Sumitomo Mitsui Banking Corp., Floating Rate
Note, 1/11/19 565,763
565,000 1.46 Sumitomo Mitsui Banking Corp., Floating Rate
Note, 1/16/18 566,642
560,000 Sumitomo Mitsui Trust Bank, Ltd., 2.05%, 3/6/19 (144A) 559,949
750,000 1.33 Svenska Handelsbanken AB, Floating Rate Note, 9/6/19 751,995
500,000 The Bank of Nova Scotia, 1.45%, 4/25/18 499,738
585,000 The Bank of Nova Scotia, 1.65%, 6/14/19 581,870
261,000 1.19 The Bank of Nova Scotia, Floating Rate Note, 4/11/17 261,124
305,000 The Bank of Tokyo-Mitsubishi UFJ, Ltd., 2.7%,
9/9/18 (144A) 308,057
500,000 1.26 The Bank of Tokyo-Mitsubishi UFJ, Ltd., Floating Rate
Note, 3/10/17 (144A) 500,068
500,000 1.15 The Bank of Tokyo-Mitsubishi UFJ, Ltd., Floating Rate
Note, 9/8/17 (144A) 499,990
500,000 1.31 The Huntington National Bank, Floating Rate
Note, 4/24/17 500,189
500,000 The Toronto-Dominion Bank, 1.4%, 4/30/18 500,028
500,000 1.12 The Toronto-Dominion Bank, Floating Rate Note, 5/2/17 500,176
600,000 1.55 The Toronto-Dominion Bank, Floating Rate Note, 8/13/19 602,686
750,000 1.44 US Bancorp, Floating Rate Note, 4/25/19 752,050
600,000 Wells Fargo & Co., 1.15%, 6/2/17 599,981
600,000 Wells Fargo & Co., 5.625%, 12/11/17 619,094
575,000 1.51 Wells Fargo & Co., Floating Rate Note, 4/23/18 577,542
1,000,000 1.24 Westpac Banking Corp., Floating Rate Note, 5/19/17 1,000,869
--------------
$ 42,205,800
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 53
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Regional Banks -- 2.9%
103,000 BB&T Corp., 1.6%, 8/15/17 $ 103,129
500,000 Branch Banking & Trust Co., 1.35%, 10/1/17 500,250
560,000 Branch Banking & Trust Co., 2.1%, 1/15/20 561,001
500,000 Branch Banking & Trust Co., 2.3%, 10/15/18 504,862
250,000 1.22 Branch Banking & Trust Co., Floating Rate Note, 5/23/17 250,080
500,000 Capital One NA, 1.85%, 9/13/19 496,710
550,000 Capital One NA, 2.35%, 1/31/20 551,263
750,000 Capital One NA, 2.35%, 8/17/18 755,160
485,000 Fifth Third Bank Cincinnati Ohio, 1.35%, 6/1/17 485,152
585,000 KeyBank NA Cleveland Ohio, 1.6%, 8/22/19 578,159
600,000 KeyBank NA Cleveland Ohio, 2.35%, 3/8/19 605,643
250,000 KeyCorp, 2.3%, 12/13/18 251,374
300,000 Manufacturers & Traders Trust Co., 1.45%, 3/7/18 299,818
1,000,000 1.18 Manufacturers & Traders Trust Co., Floating Rate
Note, 7/25/17 1,001,500
1,000,000 MUFG Union Bank NA, 2.625%, 9/26/18 1,011,194
600,000 PNC Bank NA, 1.6%, 6/1/18 600,214
575,000 PNC Bank NA, 1.7%, 12/7/18 575,821
750,000 1.19 PNC Bank NA, Floating Rate Note, 8/1/17 750,692
560,000 SunTrust Bank, 2.25%, 1/31/20 562,001
750,000 1.29 The Toronto-Dominion Bank, Floating Rate Note, 7/2/19 752,767
565,000 US Bank NA Cincinnati Ohio, 2.0%, 1/24/20 566,414
1,450,000 1.62 US Bank NA Cincinnati Ohio, Floating Rate
Note, 1/29/18 1,454,962
575,000 1.50 US Bank NA Cincinnati Ohio, Floating Rate
Note, 8/23/17 575,826
1,077,000 1.12 Wachovia Corp., Floating Rate Note, 6/15/17 1,077,402
575,000 Wells Fargo Bank NA, 1.75%, 5/24/19 574,382
580,000 1.38 Wells Fargo Bank NA, Floating Rate Note, 9/7/17 581,146
--------------
$ 16,026,922
--------------
Total Banks $ 58,232,722
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.8%
Other Diversified Financial Services -- 0.2%
600,000 General Electric Co., 2.3%, 4/27/17 $ 601,708
750,000 1.32 General Electric Co., Floating Rate Note, 5/15/17 750,409
--------------
$ 1,352,117
-----------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.4%
575,000 Berkshire Hathaway Finance Corp., 1.3%, 8/15/19 $ 569,422
580,000 Berkshire Hathaway Finance Corp., 1.6%, 5/15/17 580,891
1,000,000 1.16 Berkshire Hathaway Finance Corp., Floating Rate
Note, 8/14/17 1,000,395
--------------
$ 2,150,708
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
54 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
1,414,000 MassMutual Global Funding II, 1.55%,
10/11/19 (144A) $ 1,399,277
625,000 MassMutual Global Funding II, 2.0%, 4/5/17 (144A) 625,581
150,000 NYSE Holdings LLC, 2.0%, 10/5/17 150,633
--------------
$ 2,175,491
-----------------------------------------------------------------------------------------------------
Consumer Finance -- 1.5%
500,000 Ally Financial, Inc., 3.6%, 5/21/18 $ 508,750
600,000 American Express Credit Corp., 1.125%, 6/5/17 599,931
600,000 1.11 American Express Credit Corp., Floating Rate
Note, 6/5/17 600,414
1,000,000 1.17 American Express Credit Corp., Floating Rate
Note, 9/22/17 1,001,240
750,000 American Honda Finance Corp., 1.2%, 7/14/17 750,188
174,000 American Honda Finance Corp., 1.55%, 12/11/17 174,256
750,000 1.16 American Honda Finance Corp., Floating Rate
Note, 12/11/17 751,448
580,000 1.45 American Honda Finance Corp., Floating Rate
Note, 9/20/17 581,566
600,000 Capital One Bank USA NA, 1.3%, 6/5/17 600,018
750,000 Capital One NA, 1.65%, 2/5/18 750,776
625,000 General Motors Financial Co, Inc., 2.4%, 5/9/19 629,518
585,000 General Motors Financial Co, Inc., 3.1%, 1/15/19 595,631
429,000 2.34 General Motors Financial Co, Inc., Floating Rate
Note, 5/9/19 435,821
485,000 1.03 PACCAR Financial Corp., Floating Rate Note, 6/6/17 485,210
--------------
$ 8,464,767
-----------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.4%
550,000 1.95 State Street Corp., Floating Rate Note, 8/18/20 $ 559,989
750,000 The Bank of New York Mellon Corp., 1.969%,
6/20/17 (Step) 751,839
240,000 1.45 The Bank of New York Mellon Corp., Floating Rate
Note, 8/1/18 240,692
587,000 1.59 The Goldman Sachs Group, Inc., Floating Rate
Note, 5/22/17 587,824
--------------
$ 2,140,344
-----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.7%
580,000 Morgan Stanley, 2.45%, 2/1/19 $ 585,348
750,000 1.60 Morgan Stanley, Floating Rate Note, 1/5/18 753,078
275,000 3.10 Morgan Stanley, Floating Rate Note, 11/9/18 275,747
500,000 2.26 Morgan Stanley, Floating Rate Note, 2/1/19 508,746
650,000 North American Development Bank, 2.3%, 10/10/18 658,650
575,000 The Goldman Sachs Group, Inc., 2.9%, 7/19/18 583,827
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 55
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- (continued)
650,000 2.09 The Goldman Sachs Group, Inc., Floating Rate
Note, 4/30/18 $ 656,787
--------------
$ 4,022,183
-----------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.2%
750,000 2.70 ICBCIL Finance Co, Ltd., Floating Rate Note,
11/13/18 (144A) $ 758,277
--------------
$ 758,277
--------------
Total Diversified Financials $ 21,063,887
-----------------------------------------------------------------------------------------------------
INSURANCE -- 8.3%
Life & Health Insurance -- 0.9%
560,000 Jackson National Life Global Funding, 2.2%,
1/30/20 (144A) $ 559,140
575,000 Pricoa Global Funding I, 2.2%, 5/16/19 (144A) 577,957
750,000 Principal Life Global Funding II, 1.2%, 5/19/17 (144A) 750,147
565,000 Principal Life Global Funding II, 2.15%, 1/10/20 (144A) 565,661
1,400,000 1.43 Principal Life Global Funding II, Floating Rate Note,
12/1/17 (144A) 1,405,260
413,000 Protective Life Corp., 7.375%, 10/15/19 465,468
565,000 Prudential Financial, Inc., 5.375%, 6/21/20 618,828
--------------
$ 4,942,461
-----------------------------------------------------------------------------------------------------
Multi-line Insurance -- 1.2%
575,000 American International Group, Inc., 2.3%, 7/16/19 $ 578,012
500,000 Metropolitan Life Global Funding I, 1.55%,
9/13/19 (144A) 494,134
585,000 Metropolitan Life Global Funding I, 1.75%,
12/19/18 (144A) 585,058
900,000 1.26 Metropolitan Life Global Funding I, Floating Rate Note,
4/10/17 (144A) 900,508
1,150,000 New York Life Global Funding, 1.125%, 3/1/17 (144A) 1,150,000
750,000 New York Life Global Funding, 1.45%, 12/15/17 (144A) 750,038
585,000 New York Life Global Funding, 1.5%, 10/24/19 (144A) 578,683
750,000 1.13 New York Life Global Funding, Floating Rate Note,
12/15/17 (144A) 751,940
600,000 The Hartford Financial Services Group, Inc.,
5.375%, 3/15/17 600,878
--------------
$ 6,389,251
-----------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
550,000 CNA Financial Corp., 7.35%, 11/15/19 $ 621,886
-----------------------------------------------------------------------------------------------------
Reinsurance -- 6.1%
1,150,000 6.88 Alamo Re, Ltd., Floating Rate Note, 6/7/17
(Cat Bond) (144A) $ 1,156,440
350,000 6.11 Alamo Re, Ltd., Floating Rate Note, 6/7/18
(Cat Bond) (144A) 363,230
The accompanying notes are an integral part of these financial statements.
56 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 3.36 Aozora Re, Ltd., Floating Rate Note, 4/7/23
(Cat Bond) (144A) $ 255,075
100,000 Arlington Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 8/31/16 (f) (g) 4,860
150,000 Arlington Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 8/31/17 (f) (g) 165,495
500,000 4.19 Atlas IX Capital DAC, Floating Rate Note, 1/17/19
(Cat Bond) (144A) 507,550
300,000 Berwick 2016-1 Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 2/1/18 (f) (g) 38,010
300,000 Berwick 2017-1 Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 2/1/19 (f) (g) 304,260
250,000 14.11 Blue Halo Re, Ltd., Floating Rate Note, 6/21/19
(Cat Bond) (144A) 251,850
600,000 4.26 Bonanza RE, Ltd., Floating Rate Note, 12/31/19
(Cat Bond) (144A) 593,580
400,000 5.50 Caelus Re IV, Ltd., Floating Rate Note, 3/6/20
(Cat Bond) (144A) 420,960
750,000 7.06 Caelus Re, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 752,700
250,000 Carnosutie 2016-N,Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 11/30/20 (f) (g) 29,925
250,000 Carnosutie 2017,Segregated Account (Artex SAC
Ltd.), Variable Rate Notes, 11/30/21 (f) (g) 250,500
1,500,000 5.35 Citrus Re, Ltd., Floating Rate Note, 4/18/17
(Cat Bond) (144A) 1,504,650
1,400,000 4.48 Citrus Re, Ltd., Floating Rate Note, 4/24/17
(Cat Bond) (144A) 1,403,500
250,000 Cypress Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 7/10/17 (f) (g) 220,075
600,000 Denning 2016 Segregated Account (Artex),
Variable Rate Notes, 7/7/17 (f) (g) 594,540
500,000 2.65 East Lane Re VI, Ltd., Floating Rate Note, 3/14/18
(Cat Bond) (144A) 501,650
594,000 Eden Re II,Variable Rate Notes, 3/22/21 (f) (g) 602,435
527 Eden Re II, Variable Rate Notes, 4/23/19 (f) (g) 6,455
3,400,000 7.97 Everglades Re, Ltd., Floating Rate Note, 4/28/17
(Cat Bond) (144A) 3,421,760
250,000 0.00 Galilei Re, Ltd., Floating Rate Note, 1/8/20
(Cat Bond) (144A) 250,175
350,000 0.00 Galilei Re, Ltd., Floating Rate Note, 1/8/20
(Cat Bond) (144A) 350,945
250,000 0.00 Galilei Re, Ltd., Floating Rate Note, 1/8/20
(Cat Bond) (144A) 249,425
250,000 0.00 Galilei Re, Ltd., Floating Rate Note, 1/8/21
(Cat Bond) (144A) 250,775
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 57
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
52,500 6.47 Gator Re, Ltd., Floating Rate Note, 1/9/20
(Cat Bond) (144A) $ 7,875
300,000 Gleneagles Segregated Account (Artex SAC Ltd),
Variable Rate Notes, 11/30/20 (f) (g) 50,460
750,000 2.52 Golden State Re II, Ltd., Floating Rate Note, 1/8/19
(Cat Bond) (144A) 747,375
600,000 Gullane Segregated Account (Artex SAC Ltd.), Variable
Rate Note 11/30/20 (f) (g) 25,140
550,000 Gullane Segregated Account (Artex SAC Ltd.), Variable
Rate Note 11/30/21 (f) (g) 554,675
750,000 4.24 Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19
(Cat Bond) (144A) 760,425
250,000 6.75 Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19
(Cat Bond) (144A) 255,700
250,000 9.25 Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19
(Cat Bond) (144A) 260,525
650,000 5.24 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 656,695
350,000 5.00 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18
(Cat Bond) (144A) 352,660
350,000 Kingsbarns Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 5/15/17 (f) (g) 345,310
450,000 2.50 Kizuna Re II, Ltd., Floating Rate Note, 4/6/18
(Cat Bond) (144A) 450,855
250,000 Lahinch Re, Variable Rate Notes, 5/10/21 (f) (g) 4,450
300,000 0.00 Limestone Re, Ltd., Floating Rate Note,
8/31/21 (Cat Bond) 300,210
750,000 4.03 Long Point Re III, Ltd., Floating Rate Note, 5/23/18
(Cat Bond) (144A) 758,700
250,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (f) (g) 1,450
600,000 Lorenz Re, Ltd., Variable Rate Notes, 3/31/19 (f) (g) 645,900
300,000 Madison Re. Variable Rate Notes, 3/31/19 (f) (g) 323,430
650,000 2.25 Merna Re V, Ltd., Floating Rate Note, 4/7/17
(Cat Bond) (144A) 649,675
550,000 3.07 Nakama Re, Ltd., Floating Rate Note, 10/13/21
(Cat Bond) (144A) 556,930
1,000,000 Pangaea Re, Series 2015-1, Principal at Risk Notes,
2/1/19 (f) (g) 4,500
1,000,000 Pangaea Re, Series 2015-2, Principal at Risk Notes,
11/30/19 (f) (g) 80,700
500,000 Pangaea Re, Series 2016-2, Principal at Risk Notes,
11/30/20 (f) (g) 566,250
500,000 Pangaea Re., Variable Rate Notes, 11/30/21 (f) (g) 508,550
800,000 Pangaea Re., Variable Rate Notes, 2/1/20 (f) (g) 111,200
850,000 6.50 Pelican Re, Ltd., Floating Rate Note, 5/15/17
(Cat Bond) (144A) 856,205
The accompanying notes are an integral part of these financial statements.
58 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
500,000 4.81 PennUnion Re, Ltd., Floating Rate Note, 12/7/18
(Cat Bond) (144A) $ 504,250
500,000 Pinehurst Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 1/16/18 (f) (g) 476,050
300,000 Port Rush RE, Variable Rate Notes, 6/15/17 (f) (g) 68,490
500,000 5.75 Queen Street X Re, Ltd., Floating Rate Note, 6/8/18
(Cat Bond) (144A) 501,700
250,000 6.15 Queen Street XI Re Dac, Floating Rate Note, 6/7/19
(Cat Bond) (144A) 253,325
250,000 9.75 Residential Reinsurance 2013, Ltd., Floating Rate
Note, 6/6/17 (Cat Bond) (144A) 252,775
250,000 3.61 Residential Reinsurance 2014, Ltd., Floating Rate
Note, 6/6/18 (Cat Bond) (144A) 251,350
500,000 0.00 Residential Reinsurance 2016, Ltd., Floating Rate
Note, 12/6/23 (Cat Bond) (144A) 486,500
250,000 0.00 Resilience Re, Ltd., 1/12/18 (Cat Bond) 234,900
350,000 0.00 Resilience Re, Ltd., 4/7/17 (Cat Bond) 352,800
250,000 0.00 Resilience Re, Ltd., 6/12/17 (Cat Bond) 249,650
250,000 4.50 Resilience Re, Ltd., Floating Rate Note, 1/9/19
(Cat Bond) 250,000
250,000 3.30 Resilience Re, Ltd., Floating Rate Note, 1/9/19
(Cat Bond) 250,000
750,000 4.00 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 749,925
750,000 4.21 Sanders Re, Ltd., Floating Rate Note, 5/5/17
(Cat Bond) (144A) 750,300
650,000 3.97 Sanders Re, Ltd., Floating Rate Note, 6/7/17
(Cat Bond) (144A) 651,040
250,000 Sector Re V, Ltd., 12/1/21 (144A) (f) (g) 253,200
300,000 Sector Re V, Ltd., 3/1/21 (f) (g) 337,470
1,185 Sector Re V, Ltd., Variable Rate Notes, 12/1/20
(144A) (f) (g) 54,099
1,250 Sector Re V, Ltd., Variable Rate Notes, 3/1/20
(144A) (f) (g) 28,318
500,000 Shenandoah 2017-1 Segregated Account (Artex),
Variable Rate Notes, 7/7/17 (f) (g) 490,050
250,000 Silverton Re, Ltd., 9/18/19 (144A) (f) (g) 254,600
400,000 Silverton Re, Ltd., Variable Rate Notes, 9/18/17
(144A) (f) (g) 800
250,000 Silverton Re, Ltd., Variable Rate Notes, 9/18/18
(144A) (f) (g) 12,200
500,000 12.00 Skyline Re, Ltd., Floating Rate Note, 1/6/20 (Cat Bond) 498,125
300,000 St. Andrews Segregated Account (Artex SAC Ltd.),
Variable Rate Notes, 2/1/19 (f) (g) 303,540
300,000 St. Andrews Segregated Account (Artex SAC Ltd.),
Variance Rate Notes, 2/1/18 (f) (g) 42,180
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 59
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 5.50 Tradewynd Re, Ltd., Floating Rate Note, 1/8/18
(Cat Bond) (144A) $ 251,750
600,000 Versutus 2016, Class A-1, Variable Rate Notes,
11/30/20 (f) (g) 24,480
450,000 Versutus Ltd., Series 2017-A, Variable RateNotes,
11/30/2021 (f) (g) 453,465
500,000 2.01 Vitality Re V, Ltd., Floating Rate Note, 1/7/19
(Cat Bond) (144A) 498,700
250,000 2.83 Vitality Re VII, Ltd., Floating Rate Note, 1/7/20
(Cat Bond) (144A) 254,050
400,000 2.47 Vitality Re VII, Ltd., Floating Rate Note, 1/7/20
(Cat Bond) (144A) 403,400
--------------
$ 34,730,147
--------------
Total Insurance $ 46,683,745
-----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.4%
Systems Software -- 0.4%
875,000 Microsoft Corp., 1.1%, 8/8/19 $ 866,344
300,000 Oracle Corp., 2.25%, 10/8/19 304,350
500,000 Oracle Corp., 2.375%, 1/15/19 508,226
575,000 1.07 Oracle Corp., Floating Rate Note, 7/7/17 575,621
--------------
$ 2,254,541
--------------
Total Software & Services $ 2,254,541
-----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Technology Hardware, Storage & Peripherals -- 0.3%
585,000 Apple, Inc., 1.7%, 2/22/19 $ 587,410
550,000 Apple, Inc., 1.9%, 2/7/20 551,210
650,000 1.74 Apple, Inc., Floating Rate Note, 2/22/19 659,888
--------------
$ 1,798,508
--------------
Total Technology Hardware & Equipment $ 1,798,508
-----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.5%
Semiconductors -- 0.5%
500,000 Altera Corp., 2.5%, 11/15/18 $ 508,170
570,000 Broadcom Corp., 2.375%, 1/15/20 (144A) 570,529
700,000 Intel Corp., 1.35%, 12/15/17 700,685
200,000 Micron Semiconductor Asia Pte, Ltd., 1.258%, 1/15/19 198,635
500,000 Texas Instruments, Inc., 0.875%, 3/12/17 499,998
575,000 TSMC Global, Ltd., 1.625%, 4/3/18 (144A) 573,454
--------------
$ 3,051,471
--------------
Total Semiconductors & Semiconductor Equipment $ 3,051,471
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
60 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.9%
Integrated Telecommunication Services -- 0.9%
650,000 AT&T, Inc., 1.7%, 6/1/17 $ 650,658
600,000 1.85 AT&T, Inc., Floating Rate Note, 11/27/18 605,035
575,000 British Telecommunications Plc, 2.35%, 2/14/19 579,202
300,000 Deutsche Telekom International Finance BV, 1.5%,
9/19/19 (144A) 295,073
570,000 1.60 Deutsche Telekom International Finance BV, Floating
Rate Note, 1/17/20 (144A) 571,311
1,000,000 GTP Acquisition Partners I LLC, 2.35%, 6/15/45 (144A) 991,530
575,000 Orange SA, 1.625%, 11/3/19 565,540
575,000 Verizon Communications, Inc., 1.375%, 8/15/19 567,168
--------------
$ 4,825,517
--------------
Total Telecommunication Services $ 4,825,517
-----------------------------------------------------------------------------------------------------
UTILITIES -- 2.4%
Electric Utilities -- 1.6%
500,000 American Electric Power Co., Inc., 1.65%, 12/15/17 $ 500,898
215,000 Duke Energy Corp., 2.1%, 6/15/18 216,082
1,740,000 1.38 Duke Energy Corp., Floating Rate Note, 4/3/17 1,740,853
440,000 1.11 Duke Energy Progress LLC, Floating Rate Note, 11/20/17 440,605
411,000 1.04 Duke Energy Progress LLC, Floating Rate Note, 3/6/17 411,017
1,180,000 Exelon Corp., 1.55%, 6/9/17 1,180,290
560,000 Georgia Power Company, 2% 3/30/2 559,731
575,000 NextEra Energy Capital Holdings, Inc., 1.649%, 9/1/18 574,320
750,000 NextEra Energy Capital Holdings, Inc., 2.056%, 9/1/17 752,842
600,000 NextEra Energy Capital Holdings, Inc., 2.3%, 4/1/19 605,575
755,000 PECO Energy Co., 5.35%, 3/1/18 784,111
575,000 PPL Capital Funding, Inc., 1.9%, 6/1/18 575,113
660,000 Southern California Edison Co., 1.125%, 5/1/17 660,152
--------------
$ 9,001,589
-----------------------------------------------------------------------------------------------------
Gas Utilities -- 0.1%
600,000 DCP Midstream Operating LP, 2.5%, 12/1/17 $ 600,000
-----------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.7%
1,021,000 Dominion Resources, Inc. Virginia, 1.25%, 3/15/17 $ 1,021,059
320,000 Dominion Resources, Inc. Virginia, 1.6%, 8/15/19 316,100
850,000 Dominion Resources, Inc. Virginia, 1.875%, 1/15/19 850,180
575,000 Dominion Resources, Inc. Virginia, 1.9%, 6/15/18 574,813
575,000 Sempra Energy, 2.3%, 4/1/17 575,522
500,000 Sempra Energy, 9.8%, 2/15/19 574,938
--------------
$ 3,912,612
--------------
Total Utilities $ 13,514,201
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 61
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.7%
Office REIT -- 0.3%
575,000 Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20 $ 577,459
585,000 Highwoods Realty LP, 5.85%, 3/15/17 585,863
575,000 Highwoods Realty LP, 7.5%, 4/15/18 609,787
--------------
$ 1,773,109
-----------------------------------------------------------------------------------------------------
Health Care REIT -- 0.1%
500,000 Welltower, Inc., 2.25%, 3/15/18 $ 502,417
-----------------------------------------------------------------------------------------------------
Specialized REIT -- 0.3%
550,000 Ventas Realty LP, 2.7%, 4/1/20 $ 554,921
1,070,000 Ventas Realty LP, 4.0%, 4/30/19 1,110,210
--------------
$ 1,665,131
--------------
Total Real Estate $ 3,940,657
-----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $221,766,286) $ 222,370,252
-----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 10.4%
1,152,940 Fannie Mae, 2.0%, 11/1/23 $ 1,159,672
1,212,234 Fannie Mae, 2.5%, 3/1/28 1,229,274
242,291 Fannie Mae, 2.5%, 6/1/23 246,698
768,543 Fannie Mae, 3.0%, 10/1/27 793,178
997,568 Fannie Mae, 3.0%, 11/1/27 1,029,589
446,298 Fannie Mae, 3.0%, 5/1/21 459,403
235,494 Fannie Mae, 4.0%, 12/1/19 242,555
161,521 Fannie Mae, 4.5%, 1/1/41 173,985
299,888 Fannie Mae, 4.5%, 5/1/39 325,773
499,302 Fannie Mae, 4.5%, 5/1/39 542,280
392,376 Fannie Mae, 5.0%, 10/1/41 430,595
114,834 Fannie Mae, 5.0%, 11/1/20 121,783
33,521 Fannie Mae, 5.5%, 12/1/35 37,540
183,298 Fannie Mae, 5.5%, 8/1/37 205,814
251,399 Fannie Mae, 6.0%, 10/1/22 268,043
15,897 Fannie Mae, 6.0%, 2/1/34 17,985
18,129 Fannie Mae, 6.0%, 4/1/38 20,546
199,989 Fannie Mae, 6.5%, 4/1/29 231,290
4,523 Fannie Mae, 6.5%, 7/1/32 5,269
1,705 Fannie Mae, 6.5%, 8/1/17 1,714
10,943 Fannie Mae, 7.0%, 1/1/36 12,317
350 Fannie Mae, 7.0%, 7/1/17 350
43,095 3.33 Fannie Mae, Floating Rate Note, 1/1/25 43,865
73,969 2.66 Fannie Mae, Floating Rate Note, 10/1/29 75,268
289,816 2.82 Fannie Mae, Floating Rate Note, 10/1/36 291,735
The accompanying notes are an integral part of these financial statements.
62 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
70,117 3.42 Fannie Mae, Floating Rate Note, 11/1/24 $ 72,787
1,354 2.74 Fannie Mae, Floating Rate Note, 11/1/25 1,418
27,999 2.01 Fannie Mae, Floating Rate Note, 11/1/40 27,853
44,139 2.90 Fannie Mae, Floating Rate Note, 12/1/28 45,968
132,515 4.30 Fannie Mae, Floating Rate Note, 12/1/36 139,073
1,663 3.32 Fannie Mae, Floating Rate Note, 2/1/27 1,674
576 4.23 Fannie Mae, Floating Rate Note, 2/1/33 606
2,777 3.09 Fannie Mae, Floating Rate Note, 4/1/28 2,800
2,463 3.06 Fannie Mae, Floating Rate Note, 4/1/29 2,521
33,415 3.04 Fannie Mae, Floating Rate Note, 7/1/36 35,571
563,109 2.43 Fannie Mae, Floating Rate Note, 7/1/45 574,758
605,000 0.77 Federal Farm Credit Banks, Floating Rate
Note, 10/17/17 605,456
645,968 Federal Home Loan Mortgage Corp., 2.5%, 10/1/27 655,416
106,163 Federal Home Loan Mortgage Corp., 4.0%, 5/1/24 111,835
64,437 Federal Home Loan Mortgage Corp., 4.5%, 7/1/19 65,933
61,740 Federal Home Loan Mortgage Corp., 4.5%, 7/1/19 63,174
57,491 Federal Home Loan Mortgage Corp., 5.0%, 12/1/39 62,907
34,638 Federal Home Loan Mortgage Corp., 5.0%, 2/1/21 36,624
23,729 Federal Home Loan Mortgage Corp., 5.5%, 8/1/23 25,443
1,697 2.92 Federal Home Loan Mortgage Corp., Floating Rate
Note, 1/1/28 1,780
117,111 3.16 Federal Home Loan Mortgage Corp., Floating Rate
Note, 10/1/31 118,753
4,107 2.76 Federal Home Loan Mortgage Corp., Floating Rate
Note, 11/1/31 4,328
238,053 3.53 Federal Home Loan Mortgage Corp., Floating Rate
Note, 12/1/31 238,714
8,392 3.42 Federal Home Loan Mortgage Corp., Floating Rate
Note, 4/1/25 8,620
1,860 3.01 Federal Home Loan Mortgage Corp., Floating Rate
Note, 4/1/29 1,882
3,517 2.66 Federal Home Loan Mortgage Corp., Floating Rate
Note, 5/1/25 3,520
826 2.88 Federal Home Loan Mortgage Corp., Floating Rate
Note, 7/1/18 825
38,898 3.28 Federal Home Loan Mortgage Corp., Floating Rate
Note, 8/1/31 40,383
1,200,052 Federal National Mortgage Association, 2.0%, 8/1/23 1,207,053
1,031,616 Federal National Mortgage Association, 2.5%, 9/1/22 1,050,335
423,530 Federal National Mortgage Association, 3.0%, 12/1/21 435,966
401,021 Federal National Mortgage Association, 4.0%, 1/1/20 413,032
486,100 Federal National Mortgage Association, 4.0%, 10/1/20 500,933
511,590 Federal National Mortgage Association, 4.0%, 3/1/21 527,694
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 63
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
133,164 Federal National Mortgage Association, 4.0%, 8/1/19 $ 137,127
155,571 Government National Mortgage Association I,
5.0%, 8/15/19 164,340
92,497 Government National Mortgage Association I,
6.0%, 11/15/36 105,865
39,758 Government National Mortgage Association I,
6.0%, 12/15/31 45,114
21,712 Government National Mortgage Association I,
6.5%, 10/15/37 24,848
21,943 Government National Mortgage Association I,
6.5%, 5/15/31 25,599
6,896 Government National Mortgage Association I,
6.5%, 7/15/35 7,864
49,904 Government National Mortgage Association I,
7.5%, 10/15/36 57,313
155,820 Government National Mortgage Association II,
6.0%, 10/20/21 163,022
120,167 Government National Mortgage Association II,
6.0%, 11/20/22 127,212
118,152 Government National Mortgage Association II,
6.0%, 4/20/22 123,649
43,610 Government National Mortgage Association II,
6.0%, 8/20/19 44,811
500,000 U.S. Treasury Bonds, 8.125%, 8/15/21 634,336
1,975,000 U.S. Treasury Notes, 0.625%, 6/30/18 1,964,353
2,250,000 U.S. Treasury Notes, 0.75%, 9/30/18 2,237,432
650,000 U.S. Treasury Notes, 0.875%, 4/15/19 644,719
1,150,000 U.S. Treasury Notes, 1.0%, 3/15/19 1,144,429
1,410,000 U.S. Treasury Notes, 1.0%, 6/30/19 1,399,755
1,970,000 U.S. Treasury Notes, 1.125%, 1/31/19 1,966,923
1,405,000 U.S. Treasury Notes, 1.125%, 5/31/19 1,399,567
2,335,000 U.S. Treasury Notes, 1.125%, 7/31/21 2,264,859
4,100,000 U.S. Treasury Notes, 1.125%, 8/31/21 3,973,807
2,000,000 U.S. Treasury Notes, 1.25%, 11/30/18 2,003,046
550,000 U.S. Treasury Notes, 1.375%, 5/31/21 540,418
2,500,000 U.S. Treasury Notes, 1.5%, 12/31/18 2,514,160
1,945,000 U.S. Treasury Notes, 1.5%, 3/31/19 1,954,422
865,000 U.S. Treasury Notes, 1.625%, 11/30/20 862,905
2,760,000 U.S. Treasury Notes, 1.625%, 6/30/19 2,778,867
1,385,000 U.S. Treasury Notes, 1.625%, 7/31/19 1,394,198
1,415,000 U.S. Treasury Notes, 2.0%, 10/31/21 1,423,015
2,550,000 U.S. Treasury Notes, 2.0%, 8/31/21 2,566,634
565,000 U.S. Treasury Notes, 2.125%, 9/30/21 571,488
3,295,000 U.S. Treasury Notes, 2.25%, 7/31/21 3,353,048
The accompanying notes are an integral part of these financial statements.
64 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,380,000 U.S. Treasury Notes, 2.625%, 1/31/18 $ 1,401,347
1,575,000 U.S. Treasury Notes, 2.75%, 12/31/17 1,599,487
1,865,000 U.S. Treasury Notes, 3.125%, 5/15/19 1,938,798
-----------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $58,981,275) $ 58,610,933
-----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.7% (e)
Municipal Development -- 0.7%
1,480,000 0.62 County of Jackson Mississippi, Floating Rate
Note, 6/1/23 $ 1,480,000
2,395,000 0.48 Mississippi Business Finance Corp., Floating Rate
Note, 11/1/35 2,395,000
--------------
$ 3,875,000
-----------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $3,875,000) $ 3,875,000
-----------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 5.9%**
MATERIALS -- 0.6%
Commodity Chemicals -- 0.1%
440,863 4.50 Tronox Pigments Holland BV, New Term Loan, 3/19/20 $ 443,848
-----------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.1%
539,024 3.59 Huntsman International LLC, 2021 Term B
Loan, 10/1/21 $ 543,067
-----------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.3%
1,097,820 5.00 MacDermid, Inc., Tranche B-4 Term Loan, 10/13/23 $ 1,112,160
291,136 4.50 MacDermid, Inc., Tranche B-5 Term Loan, 6/7/20 295,139
118,103 3.03 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 118,989
--------------
$ 1,526,288
-----------------------------------------------------------------------------------------------------
Construction Materials -- 0.1%
20,376 4.25 CeramTec Acquisition Corp., Initial Dollar Term B-2
Loan, 8/30/20 $ 20,452
53,302 4.25 CeramTec GmbH, Dollar Term B-3 Loan, 8/30/20 53,502
174,619 4.25 CeramTec GmbH, Initial Dollar Term B-1 Loan, 8/30/20 175,274
--------------
$ 249,228
-----------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
76,771 4.75 BWAY Holding Co., Initial Term Loan (2016), 8/14/23 $ 77,018
-----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
22,111 3.75 Fortescue Metals Group Ltd., Bank Loan, 6/30/19 $ 22,259
-----------------------------------------------------------------------------------------------------
Steel -- 0.0%+
143,204 4.56 TMS International Corp., Term B Loan, 10/2/20 $ 143,920
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 65
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Paper Products -- 0.0%+
239,867 7.75 Appvion, Inc., Term Commitment, 6/28/19 $ 233,470
--------------
Total Materials $ 3,239,098
-----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.6%
Aerospace & Defense -- 0.1%
341,726 3.53 DigitalGlobe, Inc., Term Loan, 12/22/23 $ 343,790
414,502 3.50 Wesco Aircraft Hardare Corp., Tranche B Term Loan
(First Lien), 2/24/21 412,257
--------------
$ 756,047
-----------------------------------------------------------------------------------------------------
Building Products -- 0.1%
398,636 4.25 Unifrax Corp., New Term B Loan, 12/31/19 $ 398,387
-----------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
390,741 3.27 Southwire Co., Term Loan, 1/31/21 $ 394,323
334,326 6.50 WireCo WorldGroup, Inc., Initial Term Loan (First
Lien), 7/22/23 338,087
--------------
$ 732,410
-----------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
326,836 3.00 Milacron LLC, Term Loan (First Lien), 9/25/23 $ 328,879
-----------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.1%
395,000 5.00 Navistar, Inc., Tranche B Term Loan, 8/7/20 $ 398,555
252,520 3.54 Terex Corp., U.S. Term Loan (2017), 1/31/24 254,098
--------------
$ 652,653
-----------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
493,694 5.03 NN, Inc., Tranche B Term Loan, 10/19/22 $ 498,940
-----------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
45,413 3.78 WESCO Distribution, Inc., Tranche B-1 Loan, 12/12/19 $ 45,569
--------------
Total Capital Goods $ 3,412,885
-----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.3%
Environmental & Facilities Services -- 0.2%
938,697 5.00 Wheelabrator, Term B Loan, 10/15/21 $ 948,769
42,146 5.00 Wheelabrator, Term C Loan, 10/15/21 42,598
--------------
$ 991,367
-----------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.0%+
174,126 3.28 West Corp., Refinanced Term B-12 Loan, 6/17/23 $ 175,024
-----------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.1%
469,379 4.00 Garda World Security Corp., Term B Loan, 11/1/20 $ 472,117
120,074 4.00 Garda World Security Corp., Term B Loan, 11/8/20 120,774
--------------
$ 592,891
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
66 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.0%+
101,477 4.22 On Assignment, Inc., Tranche B-2 Term Loan, 6/5/22 $ 102,238
--------------
Total Commercial Services & Supplies $ 1,861,520
-----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Airlines -- 0.2%
735,000 3.27 American Airlines, Inc., 2015 Term Loan, 10/10/21 $ 739,640
96,970 3.27 Delta Air Lines, Inc., 2014 Term B-1 Loan, 10/18/18 97,848
--------------
$ 837,488
-----------------------------------------------------------------------------------------------------
Marine -- 0.0%+
205,982 5.25 Navios Maritime Partners LP, Term Loan, 6/27/18 $ 205,724
--------------
Total Transportation $ 1,043,212
-----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.3%
Auto Parts & Equipment -- 0.2%
524,000 6.00 BBB Industries US, Initial Term Loan, 10/15/21 $ 527,432
460,528 3.75 MPG Holdco I, Inc., Tranche B-1 Term Loan
(2015), 10/20/21 462,053
464,113 3.53 TI Group Automotive Systems LLC, Initial US Term
Loan, 6/25/22 467,884
--------------
$ 1,457,369
-----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
345,386 3.28 Chrysler Group LLC, Tranche B Term Loan, 12/29/18 $ 346,465
--------------
Total Automobiles & Components $ 1,803,834
-----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%+
Housewares & Specialties -- 0.0%+
210,000 3.50 Prestige Brands, Inc., Term B-4 Loan, 1/20/24 $ 212,888
--------------
Total Consumer Durables & Apparel $ 212,888
-----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.4%
Casinos & Gaming -- 0.1%
711,833 4.84 Scientific Games International, Inc., Initial Term B-3
Loan, 10/1/21 $ 722,866
-----------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
21,499 3.50 Hilton Worldwide Finance LLC, Series B-1 Term
Loan, 9/23/20 $ 21,690
292,300 3.28 Hilton Worldwide Finance LLC, Series B-2 Term
Loan, 10/25/23 295,244
--------------
$ 316,934
-----------------------------------------------------------------------------------------------------
Education Services -- 0.2%
388,896 3.52 Bright Horizons Family Solutions, Term Loan
(First Lien), 11/3/23 $ 393,855
734,887 4.55 Nord Anglia Education, Initial Term Loan, 3/31/21 744,532
--------------
$ 1,138,387
--------------
Total Consumer Services $ 2,178,187
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 67
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
MEDIA -- 0.9%
Broadcasting -- 0.5%
288,750 3.03 CBS Outdoor Americas Capital llc, Tranche B Term
Loan (First Lien), 1/15/21 $ 290,134
310,077 4.51 Entercom Radio LLC, Term B Loan, 11/1/23 312,441
801,032 2.50 Gray Television, Inc., Term B-2 Loan, 2/7/24 808,642
194,458 3.54 Quebecor Media, Inc., Facility B-1 Tranche, 8/17/20 195,390
430,493 3.04 Sinclair Television Group, Inc., Tranche B Term
Loan, 1/31/24 432,018
270,172 3.28 The EW Scripps Co., Tranche B Term Loan, 11/26/20 272,423
35,074 4.43 Tribune Media Co., Term B Loan, 12/27/20 35,128
438,249 3.78 Tribune Media Co., Term C Loan, 1/18/24 441,947
--------------
$ 2,788,123
-----------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.3%
389,000 3.00 Mediacom Illinois LLC, Tranche K Term Loan, 2/19/24 $ 391,431
1,025,000 2.50 Ziggo Secured Finance Partnership, Term Loan
(First Lien), 4/25/25 1,029,805
--------------
$ 1,421,236
-----------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
241,913 3.52 AMC Entertainment, Inc., Initial Term Loan, 4/30/20 $ 244,735
498,750 3.31 Live Nation Entertainment, Inc., Term B-2
Loan, 10/27/23 505,296
--------------
$ 750,031
--------------
Total Media $ 4,959,390
-----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Retail -- 0.1%
451,553 4.30 Albertsons LLC, 2016-1 Term B-6 Loan, 6/23/23 $ 458,751
--------------
Total Food & Staples Retailing $ 458,751
-----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Agricultural Products -- 0.1%
510,563 3.28 Darling International, Inc., Term B USD Loan, 12/19/20 $ 517,902
-----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
477,086 3.25 JBS USA, Term Loan (First Lien), 10/30/22 $ 479,223
--------------
Total Food, Beverage & Tobacco $ 997,125
-----------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
456,517 3.86 Party City Holdings, Inc., 2016 Replacement Term
Loan, 8/19/22 $ 454,968
--------------
Total Household & Personal Products $ 454,968
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
68 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.6%
Health Care Supplies -- 0.2%
260,788 3.53 Halyard Health, Inc., Term Loan, 11/1/21 $ 263,722
580,000 4.25 Kinetic Concepts, Inc., Term Loan B, 2/1/24 579,534
296,250 4.25 Sterigenics-Nordion Holdings LLC, Initial Term
Loan, 4/27/22 296,802
--------------
$ 1,140,058
-----------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
496,250 4.00 Envision Healthcare Corp., Initial Term Loan, 11/17/23 $ 501,124
643,500 5.25 US Renal Care, Inc., Initial Term Loan (First
Lien), 11/16/22 594,916
--------------
$ 1,096,040
-----------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
84,377 4.18 CHS, Incremental 2018 Term F Loan, 12/31/18 $ 84,248
88,816 3.75 CHS, Incremental 2019 Term G Loan, 12/31/19 88,233
163,419 4.00 CHS, Incremental 2021 Term H Loan, 1/27/21 160,917
269,474 4.31 Kindred Healthcare, Inc., Tranche B Loan (First
Lien), 4/10/21 268,012
263,956 5.00 Vizient, Inc., Term B-2 Loan, 2/11/23 267,970
--------------
$ 869,380
-----------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
391,000 3.75 Emdeon Inc., Term B-3 Loan, 2.50%, 11/2/18 $ 391,550
--------------
Total Health Care Equipment & Services $ 3,497,028
-----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 0.2%
Pharmaceuticals -- 0.2%
241,560 3.81 Endo Luxembourg Finance I Co Sarl, 2015
Incremental Term B Loan, 6/24/22 $ 242,818
274,407 3.75 Mallincrodt International Finance, Term Loan (First
Lien), 9/24/24 275,951
466,284 5.53 Valeant Pharmaceuticals, Series F-1, 3/11/22 469,927
--------------
$ 988,696
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 988,696
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Other Diversified Financial Services -- 0.2%
423,530 3.25 Delos Finance Sarl, Loan, 10/6/23 $ 427,765
335,000 3.79 Fly Funding II Sarl, Loan, 8/9/19 337,792
--------------
$ 765,557
-----------------------------------------------------------------------------------------------------
SPECIALIZED FINANCE -- 0.1%
523,259 3.25 101178 BC ULC, Term Loan (First Lien), 2/17/24 $ 524,370
195,000 3.04 SBA Senior Finance II LLC, Incremental Tranche B-1
Term Loan, 3/31/21 195,655
--------------
$ 720,025
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 69
Schedule of Investments | 2/28/17 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.0%+
143,340 4.28 LPL Holdings, Inc., 2021 Tranche B Term Loan, 3/29/21 $ 145,221
--------------
Total Diversified Financials $ 1,630,803
-----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Internet Software & Services -- 0.0%+
185,786 3.27 Vantiv LLC, Term B Loan, 6/12/21 $ 187,760
-----------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.1%
394,939 3.25 CDW LLC, Term Loan, 8/16/23 $ 397,309
195,000 5.75 Evergreen Skills Lux Sarl, Initial Term Loan (First
Lien), 4/23/21 178,974
--------------
$ 576,283
-----------------------------------------------------------------------------------------------------
Application Software -- 0.1%
345,941 4.79 MA FinanceCo LLC, Initial Tranche B-2 Term
Loan, 11/20/21 $ 349,895
259,451 3.65 Verint Systems, Inc., Tranche B-2 Term Loan
(First Lien), 9/6/19 261,267
--------------
$ 611,162
--------------
Total Software & Services $ 1,375,205
-----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Communications Equipment -- 0.0%+
277,516 3.28 Ciena Corporation, Term Loan (First Lien), 2/25/22 $ 279,250
-----------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.1%
371,136 3.45 Zebra Technologies Corp., Refinancing Term
Loan, 12/27/21 $ 376,096
--------------
Total Technology Hardware & Equipment $ 655,346
-----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
606,038 3.25 Sensata Technologies BV, Sixth Amendment Term
Loan, 10/14/21 $ 610,962
-----------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
199,500 4.03 On Semiconductor Corp., Term Loan (First
Lien), 3/31/23 $ 201,855
--------------
Total Semiconductors & Semiconductor Equipment $ 812,817
-----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.2%
Integrated Telecommunication Services -- 0.1%
225,000 3.03 Level 3 Financing, Term Loan (First Lien), 2/17/24 $ 226,434
368,342 4.22 GCI Holdings, Inc., New Term B Loan (2016), 2/2/22 370,875
--------------
$ 597,309
-----------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
235,662 3.52 Virgin Media Bristol LLC, I Facility, 1/31/25 $ 237,283
--------------
Total Telecommunication Services $ 834,592
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
70 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
UTILITIES -- 0.4%
Electric Utilities -- 0.4%
912,797 6.00 APLP Holdings LP, Term Loan, 4/12/23 $ 921,925
654,708 3.28 Calpine Construction Finance Co. LP, Term B-2
Loan, 1/3/22 655,117
699,189 5.00 TPF II Power, LLC, Term Loan, 10/2/21 707,003
--------------
$ 2,284,045
--------------
Total Utilities $ 2,284,045
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Hotel & Resort REIT -- 0.1%
312,638 3.28 MGM Growth Properties Operating Partnership LP,
Term B Loan, 4/7/23 $ 315,102
--------------
Total Real Estate $ 315,102
-----------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $32,658,830) $ 33,015,492
-----------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 2.6%
Commercial Paper -- 2.6%
500,000 Autozone Inc., Commercial Paper, 3/8/17 (d) $ 499,894
1,250,000 1.67 Bank of Montreal, Floating Rate Note, 3/16/18 1,249,669
500,000 1.46 Bank of Nova Scotia Houston, Floating Rate
Note, 5/2/17 500,085
560,000 Bell Canada, Commercial Paper, 5/16/17 (d) 558,692
69,000 BMO Harris Bank NA, 1.0%, 4/24/17 69,041
560,000 Canadian National Resources, Commercial
Paper, 3/28/17 (d) 559,504
320,000 1.30 Credit Agricole, Commercial Paper, 7/12/17 320,295
308,000 2.25 Credit Suisse AG New York NY, Floating Rate
Note, 3/8/18 308,832
1,500,000 1.05 KBC Bank NV, Commercial Paper, 3/6/17 1,500,079
1,500,000 1.10 Mizuho Bank Limited, Commercial Paper, 5/5/17 1,500,701
600,000 1.72 Mizuho Bank, Ltd. New York, Floating Rate
Note, 10/12/17 602,030
2,810,000 Natixis, Commercial Paper, 3/1/17 (d) 2,809,954
550,000 Oneok Partners, Commercial Paper, 3/1/17 (d) 549,986
345,000 1.56 Sumitomo Mitsui Trust Bank, Ltd., Floating Rate
Note, 9/20/17 345,922
580,000 1.26 Sumitomo Mitsui, Floating Rate Note, 11/1/16 580,303
755,000 1.50 Sumitomo Mitsui, Floating Rate Note,7/20/17 756,039
540,000 1.36 Svenska Handelsbanken New York NY, Floating
Rate Note, 5/26/17 540,084
750,000 0.93 UBS AG, Floating Rate Note, 5/25/17 751,111
550,000 Verizon Communications, Commercial Paper, 3/2/17 549,971
--------------
$ 14,552,192
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 71
Schedule of Investments | 2/28/17 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $14,548,356) $ 14,552,192
------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 100.7%
(Cost $566,064,399) (a) $ 566,087,163
------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (0.7)% $ (4,042,975)
------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 562,044,188
======================================================================================================
+ Amount rounds to less than 0.1%.
(Cat Bond) Catastrophe or event-linked bond. At February 28, 2017, the value of
these securities amounted to $26,492,635 or 4.7% of total net
assets. See Notes to Financial Statements -- Note 1H.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
(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, 2017, the value of these securities
amounted to $191,871,599 or 34.1% of total net assets.
ARM Adjustable Rate Mortgage.
REMICS Real Estate Mortgage Investment Conduits.
REIT Real Estate Investment Trust.
Strips Separate trading of Registered interest and principal of securities.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major U.S. banks,
(iii) the certificate of deposit or (iv) other base lending rates
used by commercial lenders. The rate shown is the coupon rate at
period end.
(a) At February 28, 2017, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $567,234,747 was as
follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 1,816,942
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (2,964,526)
------------
Net unrealized depreciation $(1,147,584)
============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
period end.
(c) Security represents the interest only portion payments on a pool of
underlying mortgages or mortgage-backed securities.
(d) Security issued with a zero coupon. Income is earned through
accretion of discount.
(e) Consists of Revenue Bonds unless otherwise indicated.
(f) Structured reinsurance investment. At February 28, 2017, the value
of these securities amounted to $8,237,512 or 1.5% of total net
assets. See Notes to Financial Statements -- Note 1H.
(g) Rate to be determined.
The accompanying notes are an integral part of these financial statements.
72 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended February 28, 2017 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government $ 66,811,537 $ 62,502,831
Other Long-Term Securities 146,005,007 161,857,080
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain Funds and accounts for which Pioneer Investment
Management, Inc. (PIM) 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, 2017, the Fund engaged in purchases and
sales pursuant to these procedures amounting to $6,275,116 and $15,658,165,
respectively, which resulted in a net realized gain/loss of $(2,599).
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes to
Financial Statements -- Note 1A.
The following is a summary of the inputs used as of February 28, 2017, in
valuing the Fund's investments:
-----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 71,749,443 $ -- $ 71,749,443
Collateralized Mortgage
Obligations -- 161,913,851 -- 161,913,851
Corporate Bonds
Insurance
Reinsurance -- 24,855,075 9,875,072 34,730,147
All Other Corporate Bonds -- 187,640,105 -- 187,640,105
U.S. Government Agency Obligations -- 58,610,933 -- 58,610,933
Municipal Bonds -- 3,875,000 -- 3,875,000
Senior Floating Rate Loan Interests -- 33,015,492 -- 33,015,492
Commercial paper -- 14,552,192 -- 14,552,192
-----------------------------------------------------------------------------------------------
Total $ -- $ 556,212,091 $ 9,875,072 $566,087,163
===============================================================================================
Other Financial Instruments
Net unrealized appreciation
on futures contracts $ 82,985 $ -- $ -- $ 82,985
-----------------------------------------------------------------------------------------------
Total Other Financial
Instruments $ 82,985 $ -- $ -- $ 82,985
===============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 73
Schedule of Investments | 2/28/17 (unaudited) (continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
--------------------------------------------------------------------------------
Corporate
Bonds
--------------------------------------------------------------------------------
Balance as of 8/31/16 $ 9,834,965
Realized gain (loss)(1) (3,524)
Change in unrealized appreciation (depreciation)(2) 120,016
Purchases 5,167,760
Sales (5,244,145)
Transfers in to Level 3* --
Transfers out of Level 3* --
--------------------------------------------------------------------------------
Balance as of 2/28/17 $ 9,875,072
================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended February 28, 2017, there were no transfers between Levels 1, 2
and 3.
Net change in unrealized appreciation (depreciation) of investments still
held as of 2/28/17 $ 129,194
---------
The accompanying notes are an integral part of these financial statements.
74 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
Statement of Assets and Liabilities | 2/28/17 (unaudited)
ASSETS:
Investment in securities (cost $566,064,399) $ 566,087,163
Cash 3,363,616
Restricted cash* 513,001
Receivables --
Investment securities sold 349,230
Fund shares sold 2,955,494
Interest 1,777,413
Prepaid expenses 57,561
--------------------------------------------------------------------------------------------------
Total assets $ 575,103,478
--------------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 10,506,007
Fund shares repurchased 2,036,396
Distributions 164,066
Variation margin for futures contracts 34,133
Trustee fees 4,148
Due to affiliates 31,619
Accrued expenses 282,921
--------------------------------------------------------------------------------------------------
Total liabilities $ 13,059,290
--------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $578,196,427
Undistributed net investment income (1,489,845)
Accumulated net realized loss on investments (14,768,143)
Net unrealized depreciation on investments 22,764
Unrealized depreciation on futures contracts 82,985
--------------------------------------------------------------------------------------------------
Total net assets $562,044,188
--------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $172,704,717/18,125,424 shares) $ 9.53
Class C (based on $84,636,135/8,898,669 shares) $ 9.51
Class C2 (based on $2,788,301/293,073 shares) $ 9.51
Class K (based on $15,524,533/1,627,521 shares) $ 9.54
Class Y (based on $286,390,502/30,127,006 shares) $ 9.51
MAXIMUM OFFERING PRICE:
Class A ($9.53 (divided by) 97.5%) $ 9.77
==================================================================================================
* Represents restricted cash deposited at the custodian and/or counterparty
for derivative contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 75
Statement of Operations (unaudited)
For the six months ended 2/28/17
INVESTMENT INCOME:
Interest $6,861,458
---------------------------------------------------------------------------------------------------
Total investment income $ 6,861,458
---------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 994,484
Transfer agent fees
Class A 115,795
Class C 30,448
Class C2 964
Class K 41
Class Y 181,828
Distribution fees
Class A 176,821
Class C 228,062
Class C2 7,172
Shareholder communications expense 7,906
Administrative expense 104,524
Custodian fees 54,969
Registration fees 50,995
Professional fees 34,748
Printing expense 10,718
Fees and expenses of nonaffiliated Trustees 11,552
Miscellaneous 110,300
---------------------------------------------------------------------------------------------------
Total expenses $ 2,121,327
---------------------------------------------------------------------------------------------------
Net investment income $ 4,740,131
---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FUTURES CONTRACTS
Net realized gain (loss) on:
Investments $ (266,176)
Futures contracts (566,856) $ (833,032)
---------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 641,659
Futures contracts 136,081 $ 777,740
---------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments and
futures contracts $ (55,292)
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 4,684,839
===================================================================================================
The accompanying notes are an integral part of these financial statements.
76 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------------
Semi-Annual
2/28/17 Year Ended
(unaudited) 8/31/16
-----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 4,740,131 $ 8,719,199
Net realized gain (loss) on investments (833,032) (1,065,864)
Change in net unrealized appreciation (depreciation)
on investments 777,740 1,792,249
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 4,684,839 $ 9,445,584
-----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.11 and $0.15 per share, respectively) $ (2,008,812) $ (3,226,254)
Class C ($0.10 and $0.00 per share, respectively) (917,134) (1,384,199)
Class C2 ($0.10 and $0.13 per share, respectively) (28,795) (44,578)
Class K ($0.12 and $0.13 per share, respectively) (201,076) (277,479)
Class Y ($0.12 and $0.18 per share, respectively) (3,509,789) (4,913,027)
-----------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (6,665,606) $ (9,845,537)
=====================================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 122,678,323 $ 320,569,300
Reinvestment of distributions 5,513,014 8,167,268
Cost of shares repurchased (139,186,954) (350,725,882)
-----------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (10,995,617) $ (21,989,314)
-----------------------------------------------------------------------------------------------------
Net decrease in net assets $ (12,976,384) $ (22,389,267)
NET ASSETS:
Beginning of year $ 575,020,572 $ 597,409,839
-----------------------------------------------------------------------------------------------------
End of year $ 562,044,188 $ 575,020,572
-----------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net
investment income $ (1,489,845) $ 435,630
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 77
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------
Semi-Annual Year Ended
2/28/17 2/28/17 Year Ended Year Ended
Shares Amount 8/31/16 8/31/16
(unaudited) (unaudited) Shares Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 2,836,129 $ 27,052,005 7,920,973 $ 75,411,797
Reinvestment of distributions 182,764 1,742,116 298,715 2,848,521
Less shares repurchased (3,703,828) (35,328,555) (10,872,579) (103,673,378)
------------------------------------------------------------------------------------------------
Net decrease (684,935) $ (6,534,434) (2,652,891) $ (25,413,060)
================================================================================================
Class C
Shares sold 1,370,540 $ 13,041,057 5,709,801 $ 54,341,633
Reinvestment of distributions 93,495 889,639 140,618 1,338,300
Less shares repurchased (2,731,682) (26,016,408) (6,001,794) (57,127,721)
------------------------------------------------------------------------------------------------
Net decrease (1,267,647) $(12,085,712) (151,375) $ (1,447,788)
================================================================================================
Class C2
Shares sold 26,209 $ 249,665 161,411 $ 1,535,562
Reinvestment of distributions 1,299 12,363 1,951 18,584
Less shares repurchased (41,332) (394,275) (171,799) (1,636,013)
------------------------------------------------------------------------------------------------
Net decrease (13,824) $ (132,247) (8,437) $ (81,867)
================================================================================================
Class K
Shares sold 98,610 $ 936,191 1,776,384 $ 16,995,201
Reinvestment of distributions 252 2,407 -- --
Less shares repurchased (195,359) (1,869,272) (287,286) (2,738,090)
------------------------------------------------------------------------------------------------
Net increase (decrease) (96,497) $ (930,674) 1,489,098 $ 14,257,111
================================================================================================
Class Y
Shares sold 8,556,832 $ 81,399,405 18,121,505 $ 172,285,107
Reinvestment of distributions 301,334 2,866,489 416,374 3,961,863
Less shares repurchased (7,942,454) (75,578,444) (19,487,306) (185,550,680)
------------------------------------------------------------------------------------------------
Net increase (decrease) 915,712 $ 8,687,450 (949,427) $ (9,303,710)
================================================================================================
The accompanying notes are an integral part of these financial statements.
78 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/28/17 Ended Ended Ended Ended Ended
(unaudited) 8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.56 $ 9.57 $ 9.66 $ 9.66 $ 9.72 $ 9.64
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.08(a) $ 0.13(a) $ 0.10 $ 0.13 $ 0.21 $ 0.28
Net realized and unrealized gain (loss) on investments 0.00(b) 0.01 (0.03) 0.02 (0.04) 0.10
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.08 $ 0.14 $ 0.07 $ 0.15 $ 0.17 $ 0.38
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.11) $ (0.15) $ (0.16) $ (0.15) $ (0.23) $ (0.30)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.01) $ (0.09) $ -- $ (0.06) $ 0.08
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.53 $ 9.56 $ 9.57 $ 9.66 $ 9.66 $ 9.72
==================================================================================================================================
Total return* 0.82% 1.50% 0.74% 1.58% 1.71% 4.00%
Ratio of total expenses to average net assets 0.82%** 0.79% 0.82% 0.79% 0.88% 0.90%
Ratio of net investment income (loss) to average net assets 1.59%** 1.41% 1.12% 1.34% 1.95% 2.94%
Portfolio turnover rate 76%** 44% 48% 41% 28% 43%
Net assets, end of period (in thousands) $172,705 $179,870 $205,451 $ 230,938 $169,587 $55,212
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets 0.82%** 0.79% 0.82% 0.79% 0.98% 1.30%
Net investment income (loss) to average net assets 1.59%** 1.41% 1.12% 1.34% 1.85% 2.54%
==================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 per share.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 79
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/28/17 Ended Ended Ended Ended Ended
(unaudited) 8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
---------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.54 $ 9.55 $ 9.65 $ 9.65 $ 9.70 $ 9.62
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.06(a) $ 0.11(a) $ 0.08 $ 0.11 $ 0.15 $ 0.20
Net realized and unrealized gain (loss) on investments 0.01 0.01 (0.04) 0.02 (0.04) 0.10
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.07 $ 0.12 $ 0.04 $ 0.13 $ 0.11 $ 0.30
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.10) $ (0.13) $ (0.14) $ (0.13) $ (0.16) $ (0.22)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.01) $ (0.10) $ -- $ (0.05) $ 0.08
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.51 $ 9.54 $ 9.55 $ 9.65 $ 9.65 $ 9.70
=================================================================================================================================
Total return* 0.69% 1.25% 0.40% 1.31% 1.09% 3.18%
Ratio of total expenses to average net assets 1.05%** 1.05% 1.06% 1.06% 1.53% 1.71%
Ratio of net investment income (loss) to average net assets 1.36%** 1.16% 0.87% 1.07% 1.39% 2.08%
Portfolio turnover rate 76%** 44% 48% 41% 28% 43%
Net assets, end of period (in thousands) $84,636 $97,028 $98,585 $ 93,355 $52,072 $24,830
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets 1.05%** 1.05% 1.06% 1.06% 1.54% 1.71%
Net investment income (loss) to average net assets 1.36%** 1.16% 0.87% 1.07% 1.38% 2.08%
=================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
80 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
2/28/17 Ended Ended Ended 8/1/13
(unaudited) 8/31/16 8/31/15 8/31/14 to 8/31/13
------------------------------------------------------------------------------------------------------------------------
Class C2
Net asset value, beginning of period $ 9.55 $ 9.56 $ 9.65 $ 9.65 $ 9.65
------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.06(a) $ 0.11(a) $ 0.08 $ 0.13 $ 0.02
Net realized and unrealized gain (loss) on investments 0.00(b) 0.01 (0.03) 0.00(b) (0.01)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.06 $ 0.12 $ 0.05 $ 0.13 $ 0.01
------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.10) $ (0.13) $ (0.14) $ (0.13) $ (0.01)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.04) $ (0.01) $ (0.09) $ -- $ --
------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.51 $ 9.55 $ 9.56 $ 9.65 $ 9.65
========================================================================================================================
Total return* 0.59% 1.28% 0.51% 1.37% 0.15%
Ratio of total expenses to average net assets 1.05%** 1.04% 1.04% 1.05% 1.01%**
Ratio of net investment income (loss) to average net assets 1.37%** 1.17% 0.90% 1.13% 2.07%**
Portfolio turnover rate 76%** 44% 48% 41% 28%**
Net assets, end of period (in thousands) $ 2,788 $ 2,930 $ 3,014 $ 2,934 $ 26
========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 per share.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 81
Financial Highlights (continued)
-------------------------------------------------------------------------------------
Six Months
Ended
2/28/17 Year Ended 12/1/14 to
(unaudited) 8/31/16 8/31/15
-------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.57 $ 9.58 $ 9.65
-------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.09(a) $ 0.17(a) $ (0.18)
Net realized and unrealized gain (loss)
on investments 0.00(b) 0.00(b) 0.26
-------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ 0.09 $ 0.17 $ 0.08
-------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.12) $ (0.18) $ (0.15)
-------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.01) $ (0.07)
-------------------------------------------------------------------------------------
Net asset value, end of period $ 9.54 $ 9.57 $ 9.58
=====================================================================================
Total return* 0.98% 1.81% 0.84%***
Ratio of total expenses to average net assets 0.49%** 0.50% 0.50%**
Ratio of net investment income (loss) to average
net assets 1.93%** 1.74% 1.26%**
Portfolio turnover rate 76%** 44% 48%
Net assets, end of period (in thousands) $15,525 $16,502 $ 2,251
=====================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
*** Not annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 per share.
The accompanying notes are an integral part of these financial statements.
82 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/28/17 Ended Ended Ended Ended Ended
(unaudited) 8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.54 $ 9.55 $ 9.64 $ 9.64 $ 9.70 $ 9.63
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.09(a) $ 0.15(a) $ 0.11 $ 0.16 $ 0.24 $ 0.31
Net realized and unrealized gain (loss) on investments 0.00(b) 0.01 (0.02) 0.02 (0.04) 0.09
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.09 $ 0.16 $ 0.09 $ 0.18 $ 0.20 $ 0.40
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.12) $ (0.17) $ (0.18) $ (0.18) $ (0.26) $ (0.33)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.01) $ (0.09) $ -- $ (0.06) $ 0.07
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.51 $ 9.54 $ 9.55 $ 9.64 $ 9.64 $ 9.70
==================================================================================================================================
Total return* 0.93% 1.71% 0.97% 1.84% 2.03% 4.24%
Ratio of total expenses to average net assets 0.61%** 0.59% 0.60% 0.57% 0.59% 0.61%
Ratio of net investment income (loss) to average net assets 1.80%** 1.61% 1.33% 1.57% 2.34% 3.18%
Portfolio turnover rate 76%** 44% 48% 41% 28% 43%
Net assets, end of period (in thousands) $286,391 $278,689 $288,108 $ 403,710 $264,018 $132,645
==================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 per share.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 83
Notes to Financial Statements | 2/28/17 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Short Term Income Fund (the Fund) is a Delaware statutory trust
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to seek a
high level of current income to the extent consistent with a relatively high
level of stability of principal.
The Fund offers five classes of shares designated as Class A, Class 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 Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the management
of the Fund to 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:
84 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
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 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.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 85
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 Pioneer Investment Management, Inc. (PIM), the Fund's
investment adviser and a wholly owned indirect subsidiary of UniCredit
S.p.A. (UniCredit), pursuant to procedures adopted by the Fund's Board of
Trustees. PIM's fair valuation team uses fair value methods approved by the
Valuation Committee of the Board of Trustees. PIM's fair valuation team is
responsible for monitoring developments that may impact fair valued
securities and for discussing and assessing fair values on an ongoing
basis, and at least quarterly, with the Valuation Committee of the Board of
Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
At February 28, 2017, there were no securities valued using fair value
methods (other than securities valued using prices supplied by independent
pricing services, broker-dealers or using a third party insurance industry
pricing model).
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
Dividend income is recorded on the ex-dividend date except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income, including
86 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
interest on income-bearing cash accounts, is recorded on the accrual basis.
Dividend and interest income are reported net of unrecoverable foreign
taxes withheld at the applicable country rates.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the statement of operations from
the effects of changes in the market prices of those securities, but are
included with the net realized and unrealized gain or loss on investments.
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required. As of August 31, 2016, the Fund did not accrue any interest or
penalties related to uncertain tax positions, which, if applicable, would
be recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years remain subject to examination by
federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from (U.S. GAAP). Distributions in excess of net
investment income or net realized gains are temporary overdistributions for
financial statement purposes resulting from differences in the recognition
or classification of income or distributions for financial statement and
tax purposes. Capital accounts within the financial statements are adjusted
for permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 87
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
during the year ended August 31, 2016 was as follows:
---------------------------------------------------------------------------
2016
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 9,845,537
---------------------------------------------------------------------------
Total $ 9,845,537
===========================================================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at August 31, 2016:
---------------------------------------------------------------------------
2016
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,216,516
Capital loss carryforward (13,457,025)
Current year dividend payable (141,721)
Unrealized depreciation (1,789,242)
---------------------------------------------------------------------------
Total $ (14,171,472)
===========================================================================
The difference between book-basis and tax-basis net unrealized depreciation
is attributable to the tax deferral on wash sales, adjustments relating to
catastrophe bonds and reinsurance sidecars, the tax treatment of premium
and amortization and the market to market of futures contracts.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit, earned $2,751 in
underwriting commissions on the sale of Class A shares during the six
months ended February 28, 2017.
F. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C, Class C2, and Class K shares of the Fund,
respectively (see Note 4). Class 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).
88 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C, Class C2, Class K and
Class Y shares can reflect different transfer agent and distribution
expense rates.
G. Risks
Interest rates in the U.S. recently have been historically low, so the Fund
faces a heightened risk that interest rates may rise. A general rise in
interest rates may cause investors to move out of fixed-income securities
on a large scale, which could adversely affect the price and liquidity of
fixed-income securities and could also result in increased redemptions from
the Fund.
When interest rates rise, the prices of fixed-income securities in the Fund
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Fund will generally rise. Investments in the
Fund are subject to possible loss due to the financial failure of
underlying issuers and their inability to meet their debt obligations. The
Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
H. Insurance-linked securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event occurs, as defined within the
terms of an event-linked bond, the Fund may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
Fund is entitled to receive principal and interest payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, event-linked bonds
may expose the Fund to other risks, including but not limited to issuer
(credit) default, adverse regulatory or jurisdictional interpretations and
adverse tax consequences.
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
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 89
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments also may include industry loss warranties ("ILWs").
A traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, generally are subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance of underlying reinsurance contracts, the Fund
has limited transparency into the individual underlying contracts and
therefore must rely upon the risk assessment and sound underwriting
practices of the issuer. Accordingly, it may be more difficult for PIM to
fully evaluate the underlying risk profile of the Fund's structured
reinsurance investments and therefore the Fund's assets are placed at
greater risk of loss than if PIM had more complete information. Structured
reinsurance instruments generally will be considered illiquid securities by
the Fund. These securities may be difficult to purchase, sell or unwind.
Illiquid securities also may be difficult to value. If the Fund is forced
to sell an illiquid asset, the Fund may be forced to sell at a loss.
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. PIM is responsible for determining that the value of the collateral
remains at least equal to the repurchase price. In the event of a default
by the counterparty, the Fund is entitled to sell the securities, but the
Fund may not be able to sell them for the price at which they were
purchased, thus causing a loss to the Fund. Additionally, if the
counterparty becomes insolvent, there is some risk that the Fund will not
have a right to the securities, or the immediate right to sell the
securities. For the six months ended February 28, 2017, the Fund had no
open repurchase agreements.
90 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
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, 2017 was $513,000 and is included in "Restricted Cash" in the
Statement of Assets and Liabilities. Subsequent payments for futures
contracts ("variation margin") are paid or received by the Fund, depending
on the daily fluctuation in the value of the contracts, and are recorded by
the Fund as unrealized appreciation or depreciation. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between
the opening and closing value of the contract as well as any fluctuation in
foreign currency exchange rates where applicable. The use of futures
contracts are subject to market risk, interest rate risk and currency
exchange rate risk. Changes in value of the contracts may not directly
correlate to the changes in value of the underlying securities. The average
value of contracts open during the six months ended February 28, 2017 was
$127,016,702.
At February 28, 2017, open futures contracts were as follows:
---------------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation
Description Counterparty Long/(Short) Month Value (Depreciation)
---------------------------------------------------------------------------------------
U.S. Treasury
2 Year Note Citibank NA 487 06/17 $111,296,422 $82,985
---------------------------------------------------------------------------------------
Total $111,296,422 $82,985
=======================================================================================
2. Management Agreement
PIM 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, 2017, the
effective management fee (excluding waivers and/or assumption of expenses) was
equivalent to 0.35% of the Fund's average daily net assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting, and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$23,027 in management fees, administrative costs and certain other
reimbursements payable to PIM at February 28, 2017.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 91
3. Transfer Agent
Boston Financial Data Services, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
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, 2017, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $7,656
Class C 18
Class C2 1
Class K 51
Class Y 180
--------------------------------------------------------------------------------
Total $7,906
================================================================================
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.20% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Further pursuant to the Plan, the Fund also pays PFD 0.50% of the
average daily net assets attributable to Class C and Class C2 shares. The fee
for Class C and Class C2 shares consists of a 0.25% service fee and a 0.25%
distribution fee paid as compensation for personal services and/or account
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 $8,592 in distribution fees payable to PFD at February 28,
2017.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C and Class C2 shares within
12 months of purchase are subject to a CDSC of 1.00%, based on
92 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
the lower of cost or market value of shares being redeemed. Shares purchased as
part of an exchange remain subject to any CDSC that applied to the original
purchase of those shares. There is no CDSC for Class Y shares. Proceeds from the
CDSCs are paid to PFD. For the six months ended February 28, 2017, CDSCs in the
amount of $1,091 were paid to PFD.
5. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may subject it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Portfolio.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at February 28,
2017 was as follows:
--------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Assets and Liabilities Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------
Liabilities
Net unrealized
depreciation of
futures contracts* $82,985 $ -- $ -- $ -- $ --
--------------------------------------------------------------------------------
Total Value $82,985 $ -- $ -- $ -- $ --
================================================================================
* Reflects unrealized appreciation/depreciation of futures contracts (see
Note 1J). The current day's variation margin is disclosed on the Statement
of Assets and Liabilities.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 93
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, 2017 was as follows:
--------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Operations Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------
Net realized gain
(loss) on
Futures contracts $(566,856) $ -- $ -- $ -- $ --
--------------------------------------------------------------------------------
Total Value $(566,856) $ -- $ -- $ -- $ --
================================================================================
Change in net
unrealized
appreciation
(depreciation) on
Futures contracts $ 136,081 $ -- $ -- $ -- $ --
--------------------------------------------------------------------------------
Total Value $ 136,081 $ -- $ -- $ -- $ --
================================================================================
94 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
ADDITIONAL INFORMATION
Pioneer Investment Management, Inc. (the "Adviser"), the Fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On December 12, 2016, UniCredit announced that it has entered
into a binding agreement for the sale of its Pioneer Investments business, which
includes the Adviser, to Amundi (the "Transaction"). Amundi is headquartered in
Paris, France, and, as of September 30, 2016, had more than $1.1 trillion in
assets under management worldwide. The closing of the Transaction is expected to
happen in 2017, subject to certain regulatory and antitrust approvals, and other
conditions.
Under the Investment Company Act of 1940, the closing of the Transaction will
cause the Fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, the Fund's Board of Trustees has approved a new
investment advisory agreement for the Fund, which will be submitted to the
shareholders of the Fund for their approval.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 95
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Short Term Income Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in January 2016 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
Contract review materials were provided to the Trustees in March 2016 and May
2016. In addition, the Trustees reviewed and discussed the Fund's performance at
regularly scheduled meetings throughout the year, and took into account other
information related to the Fund provided to the Trustees at regularly scheduled
meetings, in connection with the review of the Fund's investment advisory
agreement.
In March 2016, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment advisory agreement, and reviewed and
discussed the qualifications of the investment management teams, as well as the
level of investment by the Fund's portfolio managers in the Fund. In May 2016,
the Trustees, among other things, reviewed the Fund's management fee and total
expense ratios, the financial statements of PIM and its parent companies, the
profitability analyses provided by PIM, and possible economies of scale. The
Trustees also reviewed the profitability of the institutional business of PIM
and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with
PIM, "Pioneer"), as compared to that of PIM's fund management business, and
considered the differences between the fees and expenses of the Fund and the
fees and expenses of Pioneer's institutional accounts, as well as the different
services provided by PIM to the Fund and by Pioneer to the institutional
accounts. The Trustees further considered contract review materials in July and
September 2016.
At a meeting held on September 13, 2016, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In approving the
renewal of the investment advisory agreement, the Trustees considered various
factors that they determined were relevant, including the factors described
below. The Trustees did not identify any single factor as the controlling factor
in determining to approve the renewal of the agreement.
96 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees also reviewed PIM's investment approach
for the Fund and its research process. The Trustees considered the resources of
PIM and the personnel of PIM who provide investment management services to the
Fund. They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in PIM's services to the Fund, including PIM's
compliance and legal resources and personnel. The Trustees noted the substantial
attention and high priority given by PIM's senior management to the Pioneer fund
complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and discuss
throughout the year data prepared by PIM and information comparing the Fund's
performance with the performance of its peer group of funds as classified by
each of Morningstar, Inc. (Morningstar) and Lipper, and with the performance of
the Fund's benchmark index. They also discuss the Fund's performance with PIM on
a regular basis. The Trustees' regular reviews and discussions were factored
into the Trustees' deliberations concerning the renewal of the advisory
agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 97
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party. In all quintile rankings referred to below, first quintile is most
favorable to the Fund's shareowners.
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the second quintile relative to the management fees paid by
other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rate above a certain asset level. The Trustees considered that the
expense ratio of the Fund's Class A shares for the most recent fiscal year was
in the fourth quintile relative to its Morningstar peer group and in the third
quintile relative to its Strategic Insight peer group, in each case for the
comparable period. The Trustees considered that the expense ratio of the Fund's
Class Y shares for the most recent fiscal year was in the fourth quintile
relative to its Morningstar peer group and in the fourth quintile relative to
its Strategic Insight peer group, in each case for the comparable period. The
Trustees considered that the expense ratio of the Fund's Class A shares was
approximately two basis points higher than the median expense ratio paid by
other funds in its Morningstar peer group. The Trustees considered the impact of
transfer agency, sub-transfer agency and other non-management fee expenses on
the expense ratios of the Fund, and noted the impact of expenses relating to
small accounts and omnibus accounts on transfer and sub-transfer agency expenses
generally. The Trustees noted that they separately review the Fund's transfer
agency, sub-transfer agency and intermediary arrangements and that the results
of the most recent such review were considered in the consideration of the
Fund's expense ratio.
The Trustees reviewed management fees charged by Pioneer to institutional and
other clients, including publicly offered European funds sponsored by affiliates
of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Fund and Pioneer's
costs in providing services to the other clients and considered the differences
in management fees and profit margins for Fund and non-Fund services. In
evaluating the fees associated with Pioneer's client accounts, the Trustees took
into account the respective demands, resources and complexity associated with
the Fund and client accounts. The Trustees noted that, in some instances, the
fee rates for those clients were lower than the management fee for the Fund and
considered that, under the investment advisory agreement with the Fund, PIM
performs additional services for the Fund that it does not provide to those
other clients or services that are broader
98 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
in scope, including oversight of the Fund's other service providers and
activities related to compliance and the extensive regulatory and tax regimes to
which the Fund is subject. The Trustees also considered the different
entrepreneurial risks associated with PIM's management of the Fund and Pioneer's
management of the other client accounts.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by PIM
to the Fund.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results, including the profit margins, realized by PIM and its
affiliates from non-fund businesses. The Trustees considered PIM's profit
margins with respect to the Fund in comparison to the limited industry data
available and noted that the profitability of any adviser was affected by
numerous factors, including its organizational structure and method for
allocating expenses. The Trustees concluded that PIM's profitability with
respect to the management of the Fund was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, and that, among other
factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Fund. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons including reductions in
expenses. The Trustees concluded that economies of scale, if any, were being
appropriately shared with the Funds.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 99
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. Pioneer is the
principal U.S. asset management business of Pioneer Global Asset Management, the
worldwide asset management business of UniCredit Group, which manages over $150
billion in assets (including the Funds). Pioneer and the Funds receive
reciprocal intangible benefits from the relationship, including mutual brand
recognition and, for the Funds, direct and indirect access to the resources of a
large global asset manager. The Trustees concluded that any such benefits
received by Pioneer as a result of its relationship with the Funds were
reasonable and their consideration of the advisory agreement between the Fund
and PIM and the fees thereunder were unaffected by Pioneer's possible receipt of
any such intangible benefits.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
100 Pioneer Short Term Income Fund | Semiannual Report | 2/28/17
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
Pioneer Short Term Income Fund | Semiannual Report | 2/28/17 101
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How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Pioneer Investments 19127-11-0417
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 Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
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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.
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(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. 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 May 1, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date May 1, 2017
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date May 1, 2017
* Print the name and title of each signing officer under his or her signature.