UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21558
Pioneer Short Term Income Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Amundi Pioneer Asset Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: August 31
Date of reporting period: September 1, 2018 through August 31, 2019
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Short Term
Income Fund
--------------------------------------------------------------------------------
Annual Report | August 31, 2019
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Ticker Symbols:
Class A STABX
Class C PSHCX
Class C2 STIIX
Class K STIKX
Class Y PSHYX
Beginning in February 2021, as permitted by regulations adopted by the
Securities and Exchange Commission, paper copies of the Fund's shareholder
reports like this one will no longer be sent by mail, unless you specifically
request paper copies of the reports from the Fund or from your financial
intermediary, such as a broker-dealer, bank or insurance company. Instead, the
reports will be made available on the Fund's website, and you will be notified
by mail each time a report is posted and provided with a website link to access
the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Fund, you can inform the Fund that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-225-6292. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held within the Pioneer Fund complex if you
invest directly.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com/us
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 65
Notes to Financial Statements 74
Report of Independent Registered Public Accounting Firm 86
Additional Information 88
Trustees, Officers and Service Providers 89
Pioneer Short Term Income Fund | Annual Report | 8/31/19 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders. In fact, it's not unusual for
political and economic issues on the international front to cause or contribute
to volatility in U.S. markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who communicate directly with the
management teams of those companies. At the end of this research process, if we
have conviction in a company's business model and management team, and regard
the security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity.
As an example, the Standard & Poor's 500 Index -- the predominant benchmark for
many U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer
portfolio manager chooses to invest in only those companies that he or she
believes can offer the most attractive opportunities to pursue the fund's
investment objective, thus potentially benefiting the fund's shareowners. This
process results in a portfolio that does not own all 500 stocks, but a much
narrower universe.
The same active decision to invest in a company is also applied when we decide
to sell a security, due to changing fundamentals, valuation concerns, or market
risks. We apply this active decision-making across all of our equity,
fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, 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.
2 Pioneer Short Term Income Fund | Annual Report | 8/31/19
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
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
August 31, 2019
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 3
Portfolio Management Discussion | 8/31/19
In the following interview, portfolio managers Seth Roman, Noah Funderburk, and
Nicolas Pauwels discuss the factors that influenced Pioneer Short Term Income
Fund's performance during the 12-month period ended August 31, 2019. Mr. Roman,
a vice president and a portfolio manager at Amundi Pioneer Asset Management,
Inc. (Amundi Pioneer), Mr. Funderburk, a vice president and portfolio manager
at Amundi Pioneer, and Mr. Pauwels, a vice president and portfolio manager at
Amundi Pioneer, are responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the 12-month period ended August 31, 2019?
A Pioneer Short Term Income Fund's Class A shares returned 4.49% at net
asset value during the 12-month period ended August 31, 2019, while the
Fund's benchmark, the Bloomberg Barclays One- to Three-Year
Government/Credit Bond Index (the Bloomberg Barclays Index), returned
4.62%. During the same period, the average return of the 552 mutual funds
in Morningstar's Short-Term Bond Funds category was 4.44%.
Q How would you describe the market environment for fixed-income investors
over the 12-month period ended August 31, 2019?
A Entering the period, robust economic data and corporate earnings results
boosted market sentiment for riskier assets, outweighing concerns over
increasingly protectionist U.S. trade policy. The markets continued to
focus heavily on economic growth and inflation indicators in an effort to
predict likely U.S. Federal Reserve (Fed) policy, as the Fed was in the
process of tightening monetary conditions by raising interest rates,
having done so twice in the first half of 2018. At that time, the general
expectation among market participants was for two additional quarter-point
federal funds rate increases by year-end, for a total of four in 2018.
Treasury yields rose in advance of the Fed's September 25, 2018, meeting,
the result of which was an increase to the upper band for the benchmark
overnight lending rate from 2.00% to 2.25% . Meanwhile, equities continued
to grind higher, and credit-oriented segments of the bond market performed
well through September of 2018.
Conditions reversed in the fourth quarter of 2018, however, and it proved
to be one of the most challenging three-month periods for investors since
the end of the financial crisis in March of 2009. A number of issues
converged to produce exceptionally poor returns for riskier assets heading
into the end of the calendar year. Escalating trade tensions between the
U.S. and some of its key trading partners, especially China, with
associated implications for
4 Pioneer Short Term Income Fund | Annual Report | 8/31/19
economic growth and corporate profit margins, was perhaps the biggest
issue, followed by an inverted yield curve, which occurs when longer-term
rates dip below shorter-term rates, raising fears of recession. Other
factors affecting the markets included concerns that the Fed would
"overshoot" and raise interest rates too high after doing so again in
December, the fourth rate increase in 2018, and the prospect of a looming
U.S. government shutdown. (A shutdown did occur, but it proved relatively
short-lived.)
After the difficult fourth quarter, capped by December's rout in the
credit and equity markets, investor sentiment rebounded in January 2019 as
Fed Chairman Powell indicated that interest-rate policy was not on a fixed
course. Powell's words led market participants to conclude that the Fed
was unlikely to raise its benchmark rate again in 2019. The view received
further support from the Fed's statement at the end of January that it was
prepared to be "patient" on further rate hikes, given "muted inflation
pressures." In addition, positive readouts from employment and
manufacturing data helped boost risk sentiment at the beginning of the new
calendar year.
Despite some interim volatility, credit-sensitive and other riskier assets
generally maintained a firm tone through the end of April 2019. In May,
however, President Trump's announcement of plans to institute a 25% tariff
on some $200 billion worth of Chinese goods -- an indication that a trade
deal between the two countries was not going to be as easy to achieve as
the market initially believed -- led to another brief market downturn. At
that point, the Fed signaled a willingness to implement one or more cuts
in the federal funds rate before the end of 2019, and later implemented a
0.25% rate reduction in July 2019, prior to period-end. The Fed's
continued softer tone on monetary policy spurred a strong rally in bonds
over the final weeks of the 12-month period.
The Treasury yield curve finished the period significantly lower along its
length. The five-year Treasury yield ended the period sharply lower, at
1.39%, compared with 2.73% a year earlier. Meanwhile, yields on 13-week
T-bills finished only slightly lower, declining from 2.06% to 1.93% over
the 12-month period.
Q Can you review your principal investment strategies in managing the Fund
during the 12-month period ended August 31, 2019, and discuss how the
strategies affected the Fund's benchmark-relative performance?
A The absolute return of the Fund's Class A shares over the 12-month period
slightly lagged the benchmark's return. We positioned the portfolio
conservatively versus the benchmark with respect to overall duration
during the period. In doing so, we accepted the loss of some income
generation in exchange for improved price stability. (Duration is a
measure
Pioneer Short Term Income Fund | Annual Report | 8/31/19 5
of the sensitivity of the price, or the value of principal, of a
fixed-income investment to changes in interest rates, expressed as a
number of years.) The conservative duration positioning relative to the
Bloomberg Barclays Index was a key detractor from the Fund's
benchmark-relative returns over the 12-month period given that rates
finished lower on the front-end of the yield curve.
In late 2018, as investor sentiment for riskier assets softened, we used
that opportunity to increase the portfolio's out-of-benchmark exposure to
securitized credit sectors, due to the better relative values and solid
underlying near-term fundamentals available in that market segment. The
largest increases were in the Fund's allocations to non-agency residential
mortgages and asset-backed securities (ABS). We reduced the portfolio's
exposure to agency mortgage-backed securities (MBS) and, to a lesser
degree, its corporate credit exposure in order to fund the other
purchases. As credit markets bottomed and began to recover in early 2019,
we added back some of the portfolio's corporate credit exposure we had
sold heading into the fourth quarter of 2018.
The increased exposure to securitized credit sectors, including non-agency
MBS and commercial mortgage-backed MBS (CMBS), had a positive impact on
the Fund's benchmark-relative performance for the full 12-month period, as
those sectors benefited from strong consumer fundamentals.
The Fund's overweight exposure to corporate credit was essentially a
neutral factor with regard to benchmark-relative returns over the period,
as the slight spread widening in the sector we saw over the 12 months -- a
reflection of weaker pricing relative to Treasuries -- was offset by the
incremental yield provided by the holdings. (Credit spreads are commonly
defined as the differences in yield between Treasuries and other types of
fixed-income securities with similar maturities.)
The Fund's allocation to floating-rate bank loans made a slight positive
contribution to benchmark-relative returns during the 12-month period. We
continue to view the bank-loan category as presenting an attractive
risk/reward profile as well as a diversification* opportunity, given the
high level of income potential and relative lack of sensitivity to
changing interest rates offered by the asset class. Finally, we maintained
a modest Fund position in insurance-linked securities (ILS) during the
period. ILS are issued by insurers seeking to mitigate the risk of having
to pay damage claims resulting from a major natural disaster, such as a
flood or earthquake. While ILS can offer a source of portfolio
diversification and
* Diversification does not assure a profit nor protect against loss.
6 Pioneer Short Term Income Fund | Annual Report | 8/31/19
incremental income, the asset class lagged the more
interest-rate-sensitive segments of the market, thus muting the
contribution of ILS to the Fund's performance over the 12-month period.
Q Can you discuss the factors that affected the Fund's income-generation (or
yield), either positively or negatively, during the 12-month period ended
August 31, 2019?
A Given the flat slope of the yield curve on the front end during the
12-month period, we continued to focus on holding securities in the
portfolio with relatively short average life profiles. The Fund's
floating-rate holdings, such as bank loans, benefited from the Fed's
interest rate hikes in September and December of 2018, as the
reference-rate reset led to higher coupons; however, the Fed's rate cut in
July of 2019 partially reversed that positive effect.
Market volatility in late 2018 provided us with an opportunity to increase
the Fund's yield profile without a significant change to price stability.
Our aforementioned sector rotation out of agency mortgages and corporate
credit and into non-agency mortgages and consumer ABS were the primary
contributors to the yield pickup.
The inversion of the yield curve has allowed the Fund's income
generation** to show resiliency relative to our investment strategies that
focus on holding securities with somewhat longer maturities.
Q What role did derivatives play in the Fund's investment process and
performance during the 12-month period ended August 31, 2019?
A We used Treasury futures contracts to shift the Fund's exposure from the
five-year to the two-year part of the yield curve. The futures acted as a
constraint on performance as the curve gradually, but increasingly
inverted over the 12-month period.
Q What is your assessment of the current climate for fixed-income investing,
and how have you positioned the Fund heading into a new fiscal year?
A Though questions remain surrounding future Fed monetary policy and global
economic growth, we have continued to find attractive investment
opportunities in the fixed-income markets, particularly on the short end
of the yield curve. While global economic growth has shown signs of
stress, the U.S. consumer remains relatively robust, and so we expect that
continuing to seek value in sectors supported fundamentally by the
resilience of the U.S. domestic economy -- including many securitized
sectors -- will remain a key focus for us in managing the Fund.
** Income is not guaranteed.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 7
We continue to see limited value in U.S. Treasuries at current yield
levels; however, given geopolitical uncertainties and ongoing trade
disputes, we have maintained a modest Fund position in Treasuries for
liquidity purposes. As credit spreads remain tight by historical
standards, we are closely monitoring all of the portfolio's positions to
help ensure that the Fund receives adequate compensation for the levels of
risk assumed.
In broad terms, the portfolio has an up-in-quality bias within each credit
sector. In general, we view securitized assets as being more attractively
valued than corporate securities. Overall, investment-grade corporate
spreads remain near their post-crisis lows of 10 years ago, and reflect
lower value as well as longer duration relative to their historical
levels. While strong current fundamentals tend to counterbalance those
factors, we believe corporates face greater downside risk should market
volatility increase in the event of an unexpected change in central-bank
policies or a slowdown in global economic growth.
As always, we will continue to monitor macroeconomic factors that may
potentially affect the markets, while remaining principally focused on
adding value to the portfolio.
Please refer to the Schedule of Investments on pages 19-64 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 held by the
Fund will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities held by 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.
8 Pioneer Short Term Income Fund | Annual Report | 8/31/19
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
Investments in high-yield or lower-rated securities are subject to
greater-than-average price volatility, illiquidity and possibility of default.
The securities issued by U.S. government sponsored entities (i.e. Fannie Mae,
Freddie Mac) are neither guaranteed nor issued by the U.S. government.
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other
fixed-income securities. Mortgage-backed securities are also subject to
pre-payments.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political
conditions.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc.,
for a prospectus or summary prospectus containing this information. Read it
carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is not a
guarantee of future results.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 9
Portfolio Summary | 8/31/19
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Asset Backed Securities 34.2%
Collateralized Mortgage Obligations 30.8%
Corporate Bonds 23.0%
U.S. Government and Agency Obligations 4.2%
Senior Secured Floating Rate Loan Interests 3.9%
Insurance-Linked Securities 3.6%
Foreign Government Bonds 0.3%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. U.S. Treasury Notes, 2.25%, 2/15/21 1.17%
--------------------------------------------------------------------------------------------------------
2. U.S. Treasury Notes, 3.625%, 2/15/21 1.00
--------------------------------------------------------------------------------------------------------
3. Radnor Re, Ltd., Series 2019-2, Class M1B, 3.895% (1 Month USD
LIBOR + 175 bps), 6/25/29 (144A) 0.56
--------------------------------------------------------------------------------------------------------
4. Progress Residential Trust, Series 2018-SFR3, Class E, 4.873%, 10/17/35 (144A) 0.56
--------------------------------------------------------------------------------------------------------
5. U.S. Treasury Notes, 2.625%, 8/15/20 0.54
--------------------------------------------------------------------------------------------------------
6. Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.0%,
10/16/23 (144A) 0.52
--------------------------------------------------------------------------------------------------------
7. Westlake Automobile Receivables Trust, Series 2017-1A, Class E, 5.05%,
8/15/24 (144A) 0.52
--------------------------------------------------------------------------------------------------------
8. U.S. Treasury Notes, 2.5%, 5/31/20 0.51
--------------------------------------------------------------------------------------------------------
9. Carnow Auto Receivables Trust, Series 2019-1A, Class C, 3.36%, 6/17/24 (144A) 0.51
--------------------------------------------------------------------------------------------------------
10. Starwood Mortgage Residential Trust, Series 2018-IMC2, Class A1, 4.121%,
10/25/48 (144A) 0.51
--------------------------------------------------------------------------------------------------------
* Excludes temporary cash investments and all derivative contracts except
for options purchased. The Fund is actively managed, and current holdings
may be different. The holdings listed should not be considered
recommendations to buy or sell any securities.
10 Pioneer Short Term Income Fund | Annual Report | 8/31/19
Prices and Distributions | 8/31/19
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 8/31/19 8/31/18
--------------------------------------------------------------------------------
A $9.52 $9.40
--------------------------------------------------------------------------------
C $9.52 $9.39
--------------------------------------------------------------------------------
C2 $9.52 $9.39
--------------------------------------------------------------------------------
K $9.54 $9.42
--------------------------------------------------------------------------------
Y $9.51 $9.38
--------------------------------------------------------------------------------
Distributions per Share: 9/1/18-8/31/19
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2861 $ -- $ --
--------------------------------------------------------------------------------
C $0.2634 $ -- $ --
--------------------------------------------------------------------------------
C2 $0.2652 $ -- $ --
--------------------------------------------------------------------------------
K $0.3180 $ -- $ --
--------------------------------------------------------------------------------
Y $0.3136 $ -- $ --
--------------------------------------------------------------------------------
The Bloomberg Barclays One- to Three-Year Government/Credit Index is an
unmanaged measure of the performance of the short-term (1 to 3 years)
government and investment-grade corporate bond markets. Index returns are
calculated monthly, assume reinvestment of dividends and, unlike Fund returns,
do not reflect any fees, expenses or sales charges. It is not possible to
invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-16.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 11
Performance Update | 8/31/19 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Short Term Income Fund at public
offering price during the periods shown, compared to that of the Bloomberg
Barclays One- to Three-Year Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2019)
-------------------------------------------------------
Bloomberg
Barclays
Net Public One- to
Asset Offering Three-Year
Value Price Government/
Period (NAV) (POP)* Credit Index
-------------------------------------------------------
10 years 2.52% 2.26% 1.57%
5 years 1.84 1.32 1.58
1 year 4.49 4.49 4.62
-------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2018)
-------------------------------------------------------
Gross Net
-------------------------------------------------------
0.88% 0.83%
-------------------------------------------------------
[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
8/09 $10,000 $10,000
8/10 $10,719 $10,340
8/11 $10,900 $10,519
8/12 $11,336 $10,630
8/13 $11,530 $10,678
8/14 $11,712 $10,798
8/15 $11,799 $10,885
8/16 $11,977 $11,048
8/17 $12,195 $11,148
8/18 $12,278 $11,165
8/19 $12,829 $11,681
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share.
* POP returns shown above reflect the deduction of the maximum 2.50%
front-end sales charge on Class A shares purchased prior to February 5,
2018.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratios reflect the contractual expense limitations currently in
effect through December 31, 2019 for Class A shares. There can be no assurance
that Amundi Pioneer will extend the expense limitations beyond such time.
Please see the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for more current expense ratios.
12 Pioneer Short Term Income Fund | Annual Report | 8/31/19
Performance Update | 8/31/19 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Bloomberg Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2019)
-------------------------------------------------------
Bloomberg
Barclays
One- to
Three-Year
If If Government/
Period Held Redeemed Credit Index
-------------------------------------------------------
10 years 2.07% 2.07% 1.57%
5 years 1.60 1.60 1.58
1 year 4.25 4.25 4.62
-------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2018)
-------------------------------------------------------
Gross
-------------------------------------------------------
1.06%
-------------------------------------------------------
[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
8/09 $10,000 $10,000
8/10 $10,632 $10,340
8/11 $10,731 $10,519
8/12 $11,072 $10,630
8/13 $11,192 $10,678
8/14 $11,339 $10,798
8/15 $11,385 $10,885
8/16 $11,527 $11,048
8/17 $11,722 $11,148
8/18 $11,775 $11,165
8/19 $12,275 $11,681
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
"If Redeemed" returns would have been lower had sales charges been reflected.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 13
Performance Update | 8/31/19 Class C2 Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C2 shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Bloomberg Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2019)
-------------------------------------------------------
Bloomberg
Barclays
One- to
Three-Year
If If Government/
Period Held Redeemed Credit Index
-------------------------------------------------------
10 years 2.08% 2.08% 1.57%
5 years 1.61 1.61 1.58
1 year 4.27 4.27 4.62
-------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2018)
-------------------------------------------------------
Gross
-------------------------------------------------------
1.06%
-------------------------------------------------------
[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
8/09 $10,000 $10,000
8/10 $10,632 $10,340
8/11 $10,731 $10,519
8/12 $11,072 $10,630
8/13 $11,193 $10,678
8/14 $11,347 $10,798
8/15 $11,405 $10,885
8/16 $11,551 $11,048
8/17 $11,733 $11,148
8/18 $11,785 $11,165
8/19 $12,288 $11,681
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. For the
period beginning August 1, 2013, the actual performance of Class C2 shares is
reflected.
"If Held" results represent the percent change in net asset value per share.
Class C2 shares held for less than one year are subject to a 1% contingent
deferred sales charge (CDSC). "If Redeemed" returns would have been lower had
sales charges been reflected. Returns would have been lower had sales charges
been reflected. All results are historical and assume the reinvestment of
dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Short Term Income Fund | Annual Report | 8/31/19
Performance Update | 8/31/19 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Bloomberg Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2019)
-------------------------------------------------------
Bloomberg
Barclays
Net One- to
Asset Three-Year
Value Government/
Period (NAV) Credit Index
-------------------------------------------------------
10 years 2.69% 1.57%
5 years 2.17 1.58
1 year 4.73 4.62
-------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2018)
-------------------------------------------------------
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
8/09 $5,000,000 $5,000,000
8/10 $5,359,560 $5,169,777
8/11 $5,449,966 $5,259,579
8/12 $5,667,932 $5,315,239
8/13 $5,764,847 $5,339,093
8/14 $5,856,095 $5,399,018
8/15 $5,920,466 $5,442,749
8/16 $6,027,710 $5,524,241
8/17 $6,163,585 $5,574,013
8/18 $6,226,813 $5,582,582
8/19 $6,521,235 $5,840,469
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 1, 2014, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are
higher than those of Class K shares, the performance of Class K shares prior to
their inception would have been higher than the performance shown. For the
period beginning December 1, 2014, the actual performance of Class K shares is
reflected. Class K shares are not subject to sales charges and are available
for limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 15
Performance Update | 8/31/19 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Short Term Income Fund during the
periods shown, compared to that of the Bloomberg Barclays One- to Three-Year
Government/Credit Index.
Average Annual Total Returns
(As of August 31, 2019)
-------------------------------------------------------
Bloomberg
Barclays
Net One- to
Asset Three-Year
Value Government/
Period (NAV) Credit Index
-------------------------------------------------------
10 years 2.81% 1.57%
5 years 2.08 1.58
1 year 4.81 4.62
-------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2018)
-------------------------------------------------------
Gross Net
-------------------------------------------------------
0.64% 0.46%
-------------------------------------------------------
[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
8/09 $5,000,000 $5,000,000
8/10 $5,382,036 $5,169,777
8/11 $5,493,258 $5,259,579
8/12 $5,726,365 $5,315,239
8/13 $5,842,670 $5,339,093
8/14 $5,950,414 $5,399,018
8/15 $6,008,221 $5,442,749
8/16 $6,111,048 $5,524,241
8/17 $6,235,756 $5,574,013
8/18 $6,292,118 $5,582,582
8/19 $6,594,495 $5,840,469
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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 net expense ratio reflects the contractual expense limitation currently in
effect through December 31, 2019 for Class Y shares. There can be no assurance
that Amundi Pioneer will extend the expense limitations beyond such time.
Please see the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for more current expense ratios.
16 Pioneer Short Term Income Fund | Annual Report | 8/31/19
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Short Term Income Fund
Based on actual returns from March 1, 2019 through August 31, 2019.
--------------------------------------------------------------------------------------------------
Share Class A C C2 K Y
--------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/19
--------------------------------------------------------------------------------------------------
Ending Account $1,029.56 $1,028.51 $1,028.51 $1,031.31 $1,031.39
Value (after expenses)
on 8/31/19
--------------------------------------------------------------------------------------------------
Expenses Paid $4.19 $5.27 $5.37 $2.41 $2.41
During Period*
--------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.82%, 1.03%,
1.05%, 0.47%, and 0.47% for Class A, Class C, Class C2, Class K, and Class
Y shares, respectively, multiplied by the average account value over the
period, multiplied by 184/365, (to reflect the partial year period).
Pioneer Short Term Income Fund | Annual Report | 8/31/19 17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the
period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Short Term Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from March 1, 2019 through August 31, 2019.
--------------------------------------------------------------------------------------------------
Share Class A C C2 K Y
--------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/19
--------------------------------------------------------------------------------------------------
Ending Account $1,021.07 $1,020.01 $1,019.91 $1,022.84 $1,022.84
Value (after expenses)
on 8/31/19
--------------------------------------------------------------------------------------------------
Expenses Paid $4.18 $5.24 $5.35 $2.40 $2.40
During Period*
--------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.82%, 1.03%,
1.05%, 0.47%, and 0.47% for Class A, Class C, Class C2, Class K, and Class
Y shares, respectively, multiplied by the average account value over the
period, multiplied by 184/365, (to reflect the partial year period).
18 Pioneer Short Term Income Fund | Annual Report | 8/31/19
Schedule of Investments | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 98.9%
ASSET BACKED SECURITIES -- 31.9% of Net Assets
165,061(a) 321 Henderson Receivables I LLC, Series 2005-1A,
Class A1, 2.425% (1 Month USD LIBOR + 23 bps),
11/15/40 (144A) $ 160,892
281,649(a) 321 Henderson Receivables I LLC, Series 2006-2A,
Class A1, 2.395% (1 Month USD LIBOR + 20 bps),
6/15/41 (144A) 275,537
234,752(a) 321 Henderson Receivables I LLC, Series 2007-1A,
Class A1, 2.395% (1 Month USD LIBOR + 20 bps),
3/15/42 (144A) 226,001
1,500,000 A10 Bridge Asset Financing LLC, Series 2019-B, Class D,
4.523%, 8/15/40 (144A) 1,500,000
71,889 ACC Trust, Series 2018-1, Class A, 3.7%, 12/21/20 (144A) 71,980
1,500,000 Access Point Funding I LLC, Series 2017-A, Class B,
3.97%, 4/15/29 (144A) 1,512,981
139,286(a) ACE Securities Corp. Home Equity Loan Trust, Series
2005-WF1, Class M2, 2.805% (1 Month USD LIBOR +
66 bps), 5/25/35 140,231
1,500,000 American Credit Acceptance Receivables Trust, Series 2019-2,
Class E, 4.29%, 6/12/25 (144A) 1,523,242
1,500,000 Americredit Automobile Receivables Trust, Series 2018-2,
Class D, 4.01%, 7/18/24 1,568,787
250,000 Amur Equipment Finance Receivables V LLC, Series 2018-1A,
Class D, 3.98%, 4/22/24 (144A) 255,071
496,000 Amur Equipment Finance Receivables V LLC, Series 2018-1A,
Class E, 5.36%, 4/22/24 (144A) 507,183
500,000 Amur Equipment Finance Receivables VI LLC, Series 2018-2A,
Class D, 4.45%, 6/20/23 (144A) 520,892
400,000 Amur Equipment Finance Receivables VI LLC, Series 2018-2A,
Class E, 5.45%, 11/20/23 (144A) 416,097
1,500,000 Amur Equipment Finance Receivables VII LLC, Series 2019-1A,
Class B, 2.8%, 3/20/25 (144A) 1,521,682
500,000 Amur Equipment Finance Receivables VII LLC, Series 2019-1A,
Class E, 4.47%, 3/20/25 (144A) 507,252
600,000(a) Arbor Realty Commercial Real Estate Notes, Ltd., Series
2017-FL1, Class A, 3.495% (1 Month USD LIBOR +
130 bps), 4/15/27 (144A) 599,993
1,100,000 Ascentium Equipment Receivables Trust, Series 2018-1A,
Class E, 5.36%, 3/10/25 (144A) 1,152,908
2,100,000 Ascentium Equipment Receivables Trust, Series 2019-1A,
Class C, 3.18%, 5/12/25 (144A) 2,165,289
9,699(a) Asset Backed Securities Corp. Home Equity Loan Trust, Series
2006-HE1, Class A3, 2.345% (1 Month USD LIBOR +
20 bps), 1/25/36 9,665
1,147,308 Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1,
Class A, 4.0%, 4/28/55 (144A) 1,175,950
9,821(a) Bear Stearns Asset Backed Securities Trust, Series 2006-SD2,
Class A3, 2.635% (1 Month USD LIBOR + 49 bps), 6/25/36 9,808
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 19
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
7,847(a) Bear Stearns Structured Products Trust, Series 2007-EMX1,
Class A1, 3.145% (1 Month USD LIBOR + 100 bps),
3/25/37 (144A) $ 7,850
1,836,267 BRE Grand Islander Timeshare Issuer LLC, Series 2019-A,
Class B, 3.78%, 9/26/33 (144A) 1,879,457
1,469,384 BXG Receivables Note Trust, Series 2018-A, Class C,
4.44%, 2/2/34 (144A) 1,525,617
2,500,000 Carnow Auto Receivables Trust, Series 2019-1A, Class C,
3.36%, 6/17/24 (144A) 2,495,870
625(a) Carrington Mortgage Loan Trust, Series 2006-OPT1,
Class A3, 2.325% (1 Month USD LIBOR +
18 bps), 2/25/36 625
2,000,000 Carvana Auto Receivables Trust, Series 2019-2A, Class B,
2.74%, 12/15/23 (144A) 2,020,991
7,900 Cazenovia Creek Funding I LLC, Series 2015-1A, Class A,
2.0%, 12/10/23 (144A) 7,891
701,768 Cazenovia Creek Funding II LLC, Series 2018-1A, Class B,
3.984%, 7/15/30 (144A) 706,124
200,741(a) CDC Mortgage Capital Trust, Series 2002-HE1, Class A,
2.765% (1 Month USD LIBOR + 62 bps), 1/25/33 199,473
62,928(a) Chase Funding Trust, Series 2003-3, Class 2A2, 2.685%
(1 Month USD LIBOR + 54 bps), 4/25/33 60,524
101,141(b) Chase Funding Trust, Series 2003-6, Class 1A7,
5.017%, 11/25/34 106,450
104,167(a) CIFC Funding, Ltd., Series 2013-1A, Class X, 3.172%
(3 Month USD LIBOR + 85 bps), 7/16/30 (144A) 104,188
4,316 CIG Auto Receivables Trust, Series 2017-1A, Class A,
2.71%, 5/15/23 (144A) 4,321
1,750,000 CIG Auto Receivables Trust, Series 2019-1A, Class C,
3.82%, 8/15/24 (144A) 1,794,701
5,578(a) Citigroup Mortgage Loan Trust, Inc., Series 2004-RES1,
Class M2, 3.165% (1 Month USD LIBOR +
102 bps), 11/25/34 5,583
37,577 Colony American Finance, Ltd., Series 2015-1, Class A,
2.896%, 10/15/47 (144A) 37,525
400,000(b) Colony American Finance, Ltd., Series 2016-1, Class D,
5.972%, 6/15/48 (144A) 414,857
174,038 Commonbond Student Loan Trust, Series 2017-BGS, Class C,
4.44%, 9/25/42 (144A) 173,916
1,254,962 Commonbond Student Loan Trust, Series 2018-CGS,
Class A1, 3.87%, 2/25/46 (144A) 1,313,628
204,541 Conn's Receivables Funding LLC, Series 2018-A, Class B,
4.65%, 1/15/23 (144A) 205,910
1,000,000 Conn's Receivables Funding LLC, Series 2019-A, Class B,
4.36%, 10/16/23 (144A) 1,010,492
500,000 Conn's Receivables Funding LLC, Series 2019-A, Class C,
5.29%, 10/16/23 (144A) 504,933
The accompanying notes are an integral part of these financial statements.
20 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
237,968(a) Conseco Finance Home Equity Loan Trust, Series 2002-C,
Class MV1, 3.695% (1 Month USD LIBOR +
150 bps), 5/15/32 $ 237,292
2,000,000 Continental Credit Card ABS LLC, Series 2019-1A,
Class A, 3.83%, 8/15/26 (144A) 1,999,987
500,000 Continental Credit Card ABS LLC, Series 2019-1A,
Class C, 6.16%, 8/15/26 (144A) 499,883
325,611(a) Countrywide Asset-Backed Certificates, Series 2004-SD3,
Class A2, 3.245% (1 Month USD LIBOR + 110 bps),
9/25/34 (144A) 323,991
148,751(a) Countrywide Asset-Backed Certificates, Series 2005-BC1,
Class M4, 3.045% (1 Month USD LIBOR +
90 bps), 5/25/35 148,841
28,416 CPS Auto Receivables Trust, Series 2014-C, Class C,
3.77%, 8/17/20 (144A) 28,431
1,359,000 Dell Equipment Finance Trust, Series 2019-1, Class C,
3.14%, 3/22/24 (144A) 1,385,520
1,500,000 Diamond Resorts Owner Trust, Series 2019-1A, Class B,
3.53%, 2/20/32 (144A) 1,507,384
500,000 Diamond Resorts Owner Trust, Series 2019-1A, Class D,
5.25%, 2/20/32 (144A) 502,653
61,287(a) DRB Prime Student Loan Trust, Series 2016-B, Class A1,
4.066% (1 Month USD LIBOR + 180 bps),
6/25/40 (144A) 62,688
2,000,000 Drive Auto Receivables Trust, Series 2019-1, Class D,
4.09%, 6/15/26 2,079,056
1,050,000 Drive Auto Receivables Trust, Series 2019-2, Class D,
3.69%, 8/17/26 1,088,823
45,850(a) Drug Royalty II LP 2, Series 2014-1, Class A1, 5.153%
(3 Month USD LIBOR + 285 bps), 7/15/23 (144A) 45,991
62,820 Drug Royalty III LP 1, Series 2016-1A, Class A, 3.979%,
4/15/27 (144A) 62,996
402,647(a) Drug Royalty III LP 1, Series 2017-1A, Class A1, 4.803%
(3 Month USD LIBOR + 250 bps), 4/15/27 (144A) 405,365
710,553 Drug Royalty III LP 1, Series 2017-1A, Class A2, 3.6%,
4/15/27 (144A) 711,758
646,883 Drug Royalty III LP 1, Series 2018-1A, Class A2, 4.27%,
10/15/31 (144A) 666,911
60,390(a) Earnest Student Loan Program LLC, Series 2017-A,
Class A1, 3.145% (1 Month USD LIBOR + 100 bps),
1/25/41 (144A) 60,537
1,250,000(a) Elevation CLO, Ltd., Series 2015-4A, Class CR, 4.5%
(3 Month USD LIBOR + 220 bps), 4/18/27 (144A) 1,249,131
110,246 Elm Trust, Series 2016-1A, Class A2, 4.163%,
6/20/25 (144A) 110,762
1,500,000 Elm Trust, Series 2018-2A, Class B, 5.584%,
10/20/27 (144A) 1,531,433
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 21
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
500,000 Engs Commercial Finance Trust, Series 2016-1A, Class B,
3.45%, 3/22/22 (144A) $ 498,603
4,222 Enterprise Fleet Financing LLC, Series 2016-2, Class A2,
1.74%, 2/22/22 (144A) 4,220
1,000,000 Exeter Automobile Receivables Trust, Series 2019-2A,
Class C, 3.3%, 3/15/24 (144A) 1,020,686
409,116 FCI Funding LLC, Series 2019-1A, Class B, 4.03%,
2/18/31 (144A) 412,871
1,630,000(c) Finance of America Structured Securities Trust, Series
2018-HB1, Class M3, 4.392%, 9/25/28 (144A) 1,628,668
376,000(c) Finance of America Structured Securities Trust, Series
2019-HB1, Class M2, 3.676%, 4/25/29 (144A) 376,075
2,000,000 First Investors Auto Owner Trust, Series 2019-1A,
Class D, 3.55%, 4/15/25 (144A) 2,058,804
39,293 Flagship Credit Auto Trust, Series 2016-3, Class B,
2.43%, 6/15/21 (144A) 39,291
1,475,000(a) Fort CRE LLC, Series 2018-1A, Class A1, 3.517% (1 Month
USD LIBOR + 135 bps), 11/21/35 (144A) 1,476,667
500,000 Four Seas LP, Series 2017-1A, Class A1, 4.95%,
8/28/27 (144A) 503,125
500,000 Foursight Capital Automobile Receivables Trust, Series
2018-1, Class D, 4.19%, 11/15/23 (144A) 515,318
500,000 Foursight Capital Automobile Receivables Trust, Series
2018-2, Class E, 5.5%, 10/15/24 (144A) 525,683
1,000,000 Foursight Capital Automobile Receivables Trust, Series
2019-1, Class D, 3.27%, 6/16/25 (144A) 1,021,968
127,548(a) Freddie Mac Structured Pass-Through Certificates, Series
T-20, Class A7, 2.295% (1 Month USD LIBOR +
15 bps), 12/25/29 125,400
1,000,000 FREED ABS Trust, Series 2019-1, Class B, 3.87%,
6/18/26 (144A) 1,018,283
176,893(a) Fremont Home Loan Trust, Series 2005-E, Class 1A1,
2.375% (1 Month USD LIBOR + 23 bps), 1/25/36 176,583
1,150,000 Genesis Sales Finance Master Trust, Series 2019-AA,
Class A, 4.68%, 8/20/23 (144A) 1,175,577
1,500,000 GLS Auto Receivables Issuer Trust, Series 2019-1A,
Class C, 3.87%, 12/16/24 (144A) 1,545,639
2,000,000 GLS Auto Receivables Issuer Trust, Series 2019-3A,
Class C, 2.96%, 5/15/25 (144A) 2,009,052
1,805,000 GLS Auto Receivables Trust, Series 2018-3A, Class B,
3.78%, 8/15/23 (144A) 1,841,083
13,725(b) GMAT Trust, Series 2013-1A, Class A, 6.967%,
11/25/43 (144A) 13,735
301,004(c) Gold Key Resorts LLC, Series 2014-A, Class C, 5.87%,
3/17/31 (144A) 303,971
204,923(a) GSAA Home Equity Trust, Series 2005-8, Class A3, 2.575%
(1 Month USD LIBOR + 43 bps), 6/25/35 205,591
The accompanying notes are an integral part of these financial statements.
22 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
28,107(a) GSRPM Mortgage Loan Trust, Series 2006-1, Class A1,
2.445% (1 Month USD LIBOR + 30 bps), 3/25/35 (144A) $ 27,992
3,715(a) GSRPM Mortgage Loan Trust, Series 2006-2, Class A2,
2.445% (1 Month USD LIBOR + 30 bps), 9/25/36 (144A) 3,714
74,393 Hero Residual Funding, Series 2016-1R, Class A1, 4.5%,
9/21/42 (144A) 75,172
500,000(a) Hertz Fleet Lease Funding LP, Series 2016-1, Class D,
5.551% (1 Month USD LIBOR + 335 bps), 4/10/30 (144A) 502,194
400,000(a) Hertz Fleet Lease Funding LP, Series 2016-1, Class E,
5.701% (1 Month USD LIBOR + 350 bps), 4/10/30 (144A) 400,706
400,000 Hertz Fleet Lease Funding LP, Series 2018-1, Class C,
3.77%, 5/10/32 (144A) 408,199
116,380 Hilton Grand Vacations Trust, Series 2014-AA, Class B,
2.07%, 11/25/26 (144A) 115,717
1,350,000 HOA Funding LLC, Series 2014-1A, Class A2, 4.846%,
8/20/44 (144A) 1,359,288
14,933(b) Home Equity Mortgage Trust, Series 2004-6, Class M2,
5.821%, 4/25/35 14,880
500,000(a) Home Partners of America Trust, Series 2016-2, Class C,
4.582% (1 Month USD LIBOR + 240 bps), 10/17/33 (144A) 500,593
1,750,000 Horizon Funding, Series 2019-1A, Class A1, 4.21%,
9/15/27 (144A) 1,749,854
700,000(a) Hunt CRE, Ltd., Series 2017-FL1, Class A, 3.195%
(1 Month USD LIBOR + 100 bps), 8/15/34 (144A) 697,002
56,656(a) Interstar Millennium Trust, Series 2003-3G, Class A2,
2.811% (3 Month USD LIBOR + 50 bps), 9/27/35 54,906
1,800,000(a) Invitation Homes Trust, Series 2017-SFR2, Class D,
3.982% (1 Month USD LIBOR + 180 bps),
12/17/36 (144A) 1,801,766
1,759,759(a) Invitation Homes Trust, Series 2018-SFR1, Class E,
4.182% (1 Month USD LIBOR + 200 bps), 3/17/37 (144A) 1,760,032
1,800,000(a) Invitation Homes Trust, Series 2018-SFR2, Class E,
4.195% (1 Month USD LIBOR + 200 bps), 6/17/37 (144A) 1,799,994
1,800,000(a) Invitation Homes Trust, Series 2018-SFR3, Class E,
4.182% (1 Month USD LIBOR + 200 bps), 7/17/37 (144A) 1,800,962
1,130,000(a) Invitation Homes Trust, Series 2018-SFR4, Class E,
4.132% (1 Month USD LIBOR + 195 bps), 1/17/38 (144A) 1,133,404
1,500,000 Jamestown CLO V, Ltd., Series 2014-5A, Class B2R, 3.84%,
1/17/27 (144A) 1,500,108
2,000,000 Kabbage Funding LLC, Series 2019-1, Class B, 4.071%,
3/15/24 (144A) 2,022,656
1,500,000 Kabbage Funding LLC, Series 2019-1, Class C, 4.611%,
3/15/24 (144A) 1,520,556
2,000,000 Lendingpoint Asset Securitization Trust, Series 2019-1,
Class B, 3.613%, 8/15/25 (144A) 1,999,981
1,000,000(a) M360 LLC, Series 2019-CRE2, Class A, 3.9% (1 Month USD
LIBOR + 140 bps), 9/15/34 (144A) 999,928
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 23
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
1,000,000(a) Marathon CRE, Ltd., Series 2018-FL1, Class A, 3.345%
(1 Month USD LIBOR + 115 bps), 6/15/28 (144A) $ 1,000,926
1,000,000 Marlette Funding Trust, Series 2018-3A, Class B, 3.86%,
9/15/28 (144A) 1,015,720
1,000,000 Marlette Funding Trust, Series 2019-1A, Class C, 4.42%,
4/16/29 (144A) 1,024,533
1,150,000 Marlette Funding Trust, Series 2019-2A, Class C, 4.11%,
7/16/29 (144A) 1,171,031
114,652(c) Marriott Vacation Club Owner Trust, Series 2012-1A,
Class B, 3.5%, 5/20/30 (144A) 114,974
137,668(a) Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-WMC5,
Class M4, 3.105% (1 Month USD LIBOR + 96 bps), 6/25/35 138,588
1,190,585 MVW Owner Trust, Series 2019-1A, Class A, 2.89%,
11/20/36 (144A) 1,220,404
2,000,000(c) Nationstar HECM Loan Trust, Series 2018-3A, Class M3,
4.353%, 11/25/28 (144A) 2,023,289
652,000(c) Nationstar HECM Loan Trust, Series 2019-1A, Class M1,
2.664%, 6/25/29 (144A) 657,220
1,000,000(c) Nationstar HECM Loan Trust, Series 2019-1A, Class M3,
3.276%, 6/25/29 (144A) 1,011,099
1,000,000(a) Navistar Financial Dealer Note Master Owner Trust II, Series
2018-1, Class C, 3.316% (1 Month USD LIBOR + 105 bps),
9/25/23 (144A) 1,001,315
600,000 Navitas Equipment Receivables LLC, Series 2016-1,
Class C, 5.05%, 12/15/21 (144A) 602,427
500,000 Navitas Equipment Receivables LLC, Series 2016-1,
Class D, 7.87%, 3/15/23 (144A) 505,819
25,517(c) New Century Home Equity Loan Trust, Series 2004-A,
Class AII9, 5.47%, 8/25/34 25,786
398,556(a) Newtek Small Business Loan Trust, Series 2017-1,
Class B, 5.145% (1 Month USD LIBOR + 300 bps),
2/15/43 (144A) 400,509
2,000,000 NFAS LLC, Series 2019-1, Class A, 4.172%, 8/15/24 (144A) 2,003,672
321,273(a) NovaStar Mortgage Funding Trust, Series 2003-1,
Class A2, 2.925% (1 Month USD LIBOR +
78 bps), 5/25/33 321,604
560,000(a) NovaStar Mortgage Funding Trust, Series 2004-3,
Class M4, 3.72% (1 Month USD LIBOR + 158 bps), 12/25/34 567,576
526,610(a) NovaStar Mortgage Funding Trust, Series 2005-3,
Class M1, 2.82% (1 Month USD LIBOR +
68 bps), 1/25/36 526,010
94,653(b) Oak Hill Advisors Residential Loan Trust, Series 2017-NPL2,
Class A1, 3.0%, 7/25/57 (144A) 94,368
1,000,000 Ocwen Master Advance Receivables Trust, Series 2019-T1,
Class DT1, 3.107%, 8/15/50 (144A) 1,001,288
77,443(c) Orange Lake Timeshare Trust, Series 2014-AA, Class B,
3.03%, 7/9/29 (144A) 77,076
The accompanying notes are an integral part of these financial statements.
24 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
1,390,369 Orange Lake Timeshare Trust, Series 2019-A, Class A,
3.06%, 4/9/38 (144A) $ 1,423,742
926,919 Orange Lake Timeshare Trust, Series 2019-A, Class D,
4.93%, 4/9/38 (144A) 948,125
1,700,000 Oxford Finance Funding LLC, Series 2019-1A, Class B,
5.438%, 2/15/27 (144A) 1,747,641
500,000(a) Palmer Square Loan Funding, Ltd., Series 2018-1A,
Class A2, 3.353% (3 Month USD LIBOR + 105 bps),
4/15/26 (144A) 491,158
1,250,000(a) PNMAC GMSR Issuer Trust, Series 2018-GT2, Class A,
4.795% (1 Month USD LIBOR + 265 bps),
8/25/25 (144A) 1,254,484
445,034(b) Popular ABS Mortgage Pass-Through Trust, Series 2004-4,
Class M1, 4.285%, 9/25/34 469,100
1,355,000 Prestige Auto Receivables Trust, Series 2017-1A,
Class D, 3.61%, 10/16/23 (144A) 1,380,888
300,000 Progress Residential Trust, Series 2017-SFR1, Class B,
3.017%, 8/17/34 (144A) 303,566
333,000 Progress Residential Trust, Series 2017-SFR1, Class D,
3.565%, 8/17/34 (144A) 339,707
2,250,000 Progress Residential Trust, Series 2017-SFR1, Class E,
4.261%, 8/17/34 (144A) 2,323,036
2,175,000 Progress Residential Trust, Series 2018-SFR1, Class E,
4.38%, 3/17/35 (144A) 2,233,973
1,793,000 Progress Residential Trust, Series 2018-SFR2, Class E,
4.656%, 8/17/35 (144A) 1,863,541
2,600,000 Progress Residential Trust, Series 2018-SFR3, Class E,
4.873%, 10/17/35 (144A) 2,737,449
500,000 Purchasing Power Funding LLC, Series 2018-A, Class B,
3.58%, 8/15/22 (144A) 501,184
555,473(a) RAMP Trust, Series 2005-RS7, Class M1, 2.645% (1 Month
USD LIBOR + 50 bps), 7/25/35 556,664
2,000,000(c) RMF Buyout Issuance Trust, Series 2018-1, Class M3,
4.448%, 11/25/28 (144A) 2,001,761
1,500,000 Santander Drive Auto Receivables Trust, Series 2017-2,
Class D, 3.49%, 7/17/23 1,519,424
2,000,000 Santander Drive Auto Receivables Trust, Series 2018-2,
Class E, 5.02%, 9/15/25 2,061,669
825,000 Santander Drive Auto Receivables Trust, Series 2018-4,
Class D, 3.98%, 12/15/25 854,264
1,056,000 Santander Drive Auto Receivables Trust, Series 2018-5,
Class C, 3.81%, 12/16/24 1,077,590
500,000 Santander Drive Auto Receivables Trust, Series 2018-5,
Class D, 4.19%, 12/16/24 518,318
900,000 Santander Drive Auto Receivables Trust, Series 2019-1,
Class C, 3.42%, 4/15/25 920,489
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 25
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
11,577(a) SASCO Mortgage Loan Trust, Series 2005-GEL1, Class M1,
2.97% (1 Month USD LIBOR + 83 bps), 12/25/34 $ 11,572
981,372 SCF Equipment Leasing LLC, Series 2019-1A, Class E,
5.49%, 4/20/30 (144A) 1,009,973
74,210 Skopos Auto Receivables Trust, Series 2018-1A, Class A,
3.19%, 9/15/21 (144A) 74,264
1,500,000 Small Business Lending Trust, Series 2019-A, Class B,
3.42%, 7/15/26 (144A) 1,499,389
400,000 Small Business Lending Trust, Series 2019-A, Class C,
4.31%, 7/15/26 (144A) 399,976
67,743 Sofi Consumer Loan Program LLC, Series 2017-1, Class A,
3.28%, 1/26/26 (144A) 68,257
45,333(a) Sofi Professional Loan Program LLC, Series 2016-C,
Class A1, 3.245% (1 Month USD LIBOR + 110 bps),
10/27/36 (144A) 45,813
1,391,084 SpringCastle Funding Asset-Backed Notes, Series 2019-AA,
Class A, 3.2%, 5/27/36 (144A) 1,415,214
599,989 SPS Servicer Advance Receivables Trust Advance Receivables
Backed Notes, Series 2018-T1, Class CT1, 4.16%,
10/17/50 (144A) 608,061
879,991 SPS Servicer Advance Receivables Trust Advance Receivables
Backed Notes, Series 2018-T1, Class DT1, 4.5%,
10/17/50 (144A) 892,039
500,000(a) Starwood Waypoint Homes Trust, Series 2017-1, Class B,
3.365% (1 Month USD LIBOR + 117 bps), 1/17/35 (144A) 499,509
2,889(b) Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2005-2XS, Class 1A5B, 5.15%, 2/25/35 2,938
81,526 Structured Receivables Finance LLC, Series 2010-B,
Class A, 3.73%, 8/15/36 (144A) 82,675
152,319 Tax Ease Funding LLC, Series 2016-1A, Class A, 3.131%,
6/15/28 (144A) 152,125
259,551(a) Terwin Mortgage Trust, Series 2006-1, Class 1A3, 2.525%
(1 Month USD LIBOR + 38 bps), 1/25/37 (144A) 260,135
785,047 Tidewater Auto Receivables Trust, Series 2016-AA,
Class D, 5.86%, 11/15/21 (144A) 785,227
400,000 Tidewater Auto Receivables Trust, Series 2018-AA,
Class D, 4.3%, 11/15/24 (144A) 410,568
245,715 TLF National Tax Lien Trust, Series 2017-1A, Class B,
3.84%, 12/15/29 (144A) 246,761
1,747,976(c) Towd Point Mortgage Trust, Series 2015-2, Class 1A12,
2.75%, 11/25/60 (144A) 1,753,582
70,525(c) Towd Point Mortgage Trust, Series 2015-3, Class A1B,
3.0%, 3/25/54 (144A) 70,784
280,580(c) Towd Point Mortgage Trust, Series 2016-1, Class A1,
3.5%, 2/25/55 (144A) 284,375
550,383(a) Towd Point Mortgage Trust, Series 2017-5, Class A1,
2.745% (1 Month USD LIBOR + 60 bps), 2/25/57 (144A) 548,220
The accompanying notes are an integral part of these financial statements.
26 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
381,192(c) Towd Point Mortgage Trust, Series 2017-5, Class XA,
3.5%, 2/25/57 (144A) $ 379,162
2,107,144(c) Towd Point Mortgage Trust, Series 2018-SJ1, Class A1,
4.0%, 10/25/58 (144A) 2,131,034
739,564(c) Towd Point Mortgage Trust, Series 2018-SJ1, Class XA,
5.0%, 10/25/58 (144A) 737,403
1,351,362(c) Towd Point Mortgage Trust, Series 2019-SJ1, Class A1,
3.75%, 11/25/58 (144A) 1,364,751
1,000,000(a) Trafigura Securitisation Finance Plc, Series 2017-1A,
Class B, 3.895% (1 Month USD LIBOR + 170 bps),
12/15/20 (144A) 1,003,710
1,250,000 Trafigura Securitisation Finance Plc, Series 2018-1A,
Class B, 4.29%, 3/15/22 (144A) 1,283,293
690,000 Tricon American Homes Trust, Series 2016-SFR1, Class E,
4.878%, 11/17/33 (144A) 711,264
600,000 United Auto Credit Securitization Trust, Series 2018-2,
Class F, 6.82%, 6/10/25 (144A) 617,777
1,500,000 United Auto Credit Securitization Trust, Series 2019-1,
Class D, 3.47%, 8/12/24 (144A) 1,515,868
2,000,000 Upstart Securitization Trust, Series 2019-2, Class B,
3.734%, 9/20/29 (144A) 2,018,560
1,000,000 US Auto Funding LLC, Series 2019-1A, Class B, 3.99%,
12/15/22 (144A) 1,021,736
16,321(a) Velocity Commercial Capital Loan Trust, Series 2016-1,
Class AFL, 4.595% (1 Month USD LIBOR + 245 bps),
4/25/46 (144A) 16,347
2,000,000 Veros Automobile Receivables Trust, Series 2018-1,
Class C, 4.65%, 2/15/24 (144A) 2,047,165
99,872 Welk Resorts LLC, Series 2013-AA, Class A, 3.1%,
3/15/29 (144A) 99,773
1,993,009 Welk Resorts LLC, Series 2019-AA, Class D, 4.03%,
6/15/38 (144A) 2,021,797
32,441 Westgate Resorts LLC, Series 2015-2A, Class A, 3.2%,
7/20/28 (144A) 32,393
2,500,000 Westlake Automobile Receivables Trust, Series 2017-1A,
Class E, 5.05%, 8/15/24 (144A) 2,550,982
2,295,000 Westlake Automobile Receivables Trust, Series 2017-2A,
Class D, 3.28%, 12/15/22 (144A) 2,319,442
350,000 Westlake Automobile Receivables Trust, Series 2018-2A,
Class E, 4.86%, 1/16/24 (144A) 359,501
2,500,000 Westlake Automobile Receivables Trust, Series 2018-3A,
Class D, 4.0%, 10/16/23 (144A) 2,572,987
605,000 Westlake Automobile Receivables Trust, Series 2018-3A,
Class E, 4.9%, 12/15/23 (144A) 628,071
500,000 Westlake Automobile Receivables Trust, Series 2019-2A,
Class B, 2.62%, 7/15/24 (144A) 503,162
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 27
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Asset Backed Securities -- (continued)
1,000,000 Westlake Automobile Receivables Trust, Series 2019-2A,
Class E, 4.02%, 4/15/25 (144A) $ 1,011,187
34,783 World Omni Automobile Lease Securitization Trust, Series
2017-A, Class A3, 2.13%, 4/15/20 34,777
300,000 WRG Debt Funding II LLC, Series 2017-1, Class A, 4.458%,
3/15/26 (144A) 301,266
-----------------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $165,639,353) $168,296,169
-----------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
28.7% of Net Assets
1,725,000(a) 280 Park Avenue Mortgage Trust, Series 2017-280P,
Class C, 3.445% (1 Month USD LIBOR + 125 bps),
9/15/34 (144A) $ 1,724,994
155,565(a) A10 Term Asset Financing LLC, Series 2017-1A,
Class A1FL, 3.045% (1 Month USD LIBOR + 85 bps),
3/15/36 (144A) 155,652
4,477(a) Alternative Loan Trust, Series 2003-14T1, Class A9,
2.595% (1 Month USD LIBOR + 45 bps), 8/25/18 4,470
48,843(a) Alternative Loan Trust, Series 2004-6CB, Class A, 2.725%
(1 Month USD LIBOR + 58 bps), 5/25/34 48,987
1,494,837(c) Angel Oak Mortgage Trust I LLC, Series 2019-1, Class A1,
3.92%, 11/25/48 (144A) 1,520,202
600,000(c) Angel Oak Mortgage Trust I LLC, Series 2019-1, Class M1,
4.5%, 11/25/48 (144A) 625,169
500,000(c) BAMLL Commercial Mortgage Securities Trust, Series
2016-FR14, Class A, 2.97%, 2/27/48 (144A) 499,223
1,350,000(a) BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ,
Class C, 3.795% (1 Month USD LIBOR + 160 bps),
4/15/36 (144A) 1,348,821
168,541(a) Bancorp Commercial Mortgage Trust, Series 2017-CRE2,
Class A, 3.045% (1 Month USD LIBOR + 85 bps),
8/15/32 (144A) 168,421
913,981(b)(d) Bayview Commercial Asset Trust, Series 2007-2A,
Class IO, 0.0%, 7/25/37 (144A) --
315,030(a) Bear Stearns ALT-A Trust, Series 2004-4, Class A1,
2.745% (1 Month USD LIBOR + 60 bps), 6/25/34 316,208
1,175(a) Bear Stearns ALT-A Trust, Series 2004-11, Class 1A2,
2.985% (1 Month USD LIBOR + 84 bps), 11/25/34 1,175
137,014(a) Bear Stearns ALT-A Trust, Series 2004-12, Class 1A1,
2.845% (1 Month USD LIBOR + 70 bps), 1/25/35 139,022
48,795(a) Bear Stearns ALT-A Trust, Series 2004-12, Class 1A2,
2.985% (1 Month USD LIBOR + 84 bps), 1/25/35 49,330
186,942(a) Bear Stearns ALT-A Trust, Series 2004-12, Class 1A4,
2.985% (1 Month USD LIBOR + 84 bps), 1/25/35 188,507
699,265(a) Bear Stearns ALT-A Trust, Series 2005-7, Class 11A1,
2.685% (1 Month USD LIBOR + 54 bps), 8/25/35 703,838
The accompanying notes are an integral part of these financial statements.
28 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
28,461(c) Bear Stearns Mortgage Securities, Inc., Series 1997-6,
Class 3B1, 4.338%, 6/25/30 $ 29,061
987,249(a) Bellemeade Re, Ltd., Series 2017-1, Class M1, 3.845%
(1 Month USD LIBOR + 170 bps), 10/25/27 (144A) 990,793
1,500,000(a) Bellemeade Re, Ltd., Series 2017-1, Class M2, 5.495%
(1 Month USD LIBOR + 335 bps), 10/25/27 (144A) 1,542,203
1,983,903(a) Bellemeade Re, Ltd., Series 2018-1A, Class M1B, 3.745%
(1 Month USD LIBOR + 160 bps), 4/25/28 (144A) 1,986,169
866,228(a) Bellemeade Re, Ltd., Series 2018-2A, Class M1A, 3.095%
(1 Month USD LIBOR + 95 bps), 8/25/28 (144A) 866,544
1,730,000(a) Bellemeade Re, Ltd., Series 2018-2A, Class M1B, 3.495%
(1 Month USD LIBOR + 135 bps), 8/25/28 (144A) 1,733,363
1,900,000(a) Bellemeade Re, Ltd., Series 2018-3A, Class M1B, 3.995%
(1 Month USD LIBOR + 185 bps), 10/25/27 (144A) 1,904,608
800,000(a) Bellemeade Re, Ltd., Series 2019-1A, Class M1B, 3.895%
(1 Month USD LIBOR + 175 bps), 3/25/29 (144A) 802,332
1,000,000(a) Bellemeade Re, Ltd., Series 2019-1A, Class M2, 4.845%
(1 Month USD LIBOR + 270 bps), 3/25/29 (144A) 1,000,101
2,000,000(a) Bellemeade Re, Ltd., Series 2019-3A, Class B1, 4.89%
(1 Month USD LIBOR + 250 bps), 7/25/29 (144A) 1,992,906
1,500,000(a) BHP Trust, Series 2019-BXHP, Class D, 4.031% (1 Month
USD LIBOR + 177 bps), 8/15/36 (144A) 1,496,216
1,000,000(a) BTH-3 Mortgage-Backed Securities Trust, Series 2018-3,
Class A, 4.72% (1 Month USD LIBOR + 250 bps), 7/6/20 1,001,333
800,000(a) BTH-13 Mortgage Backed Securities Trust, Series 2018-13,
Class A, 4.73% (1 Month USD LIBOR + 250 bps),
8/18/21 (144A) 800,991
600,000(a) BTH-16 Mortgage-Backed Securities Trust, Series 2018-16,
Class A, 4.72% (1 Month USD LIBOR + 250 bps),
8/4/21 (144A) 600,750
700,000(a) BTH-20 Mortgage-Backed Securities Trust, Series 2018-20,
Class A, 4.73% (1 Month USD LIBOR + 250 bps),
9/24/20 (144A) 700,840
675,000(a) BTH-21 Mortgage-Backed Securities Trust, Series 2018-21,
Class A, 4.73% (1 Month USD LIBOR + 250 bps),
10/7/21 (144A) 675,942
1,500,000(a) BTH-24 Mortgage-Backed Securities Trust, Series 2018-24,
Class A, 4.62% (1 Month USD LIBOR + 240 bps),
12/5/20 (144A) 1,509,375
1,000,000(a) BTH-25 Mortgage-Backed Securities Trust, Series 2019-25,
Class A, 4.744% (1 Month USD LIBOR + 250 bps),
2/14/20 (144A) 1,001,652
812,124(a) BX Commercial Mortgage Trust, Series 2018-IND, Class E,
3.895% (1 Month USD LIBOR + 170 bps),
11/15/35 (144A) 814,160
510,000(a) BX Trust, Series 2017-APPL, Class B, 3.345% (1 Month USD
LIBOR + 115 bps), 7/15/34 (144A) 509,356
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 29
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
299,603(a) BX Trust, Series 2017-SLCT, Class B, 3.395% (1 Month USD
LIBOR + 120 bps), 7/15/34 (144A) $ 299,599
800,000(a) BXMT, Ltd., Series 2017-FL1, Class A, 3.067% (1 Month
USD LIBOR + 87 bps), 6/15/35 (144A) 800,003
132,433 Cendant Mortgage Corp., Series 2002-2, Class A6, 6.25%,
3/25/32 (144A) 134,316
133,105(a) CG-CCRE Commercial Mortgage Trust, Series 2014-FL2,
Class A, 4.049% (1 Month USD LIBOR + 185 bps),
11/15/31 (144A) 132,844
1,000,000(a) CGDBB Commercial Mortgage Trust, Series 2017-BIOC,
Class B, 3.165% (1 Month USD LIBOR + 97 bps),
7/15/32 (144A) 999,998
850,000(a) CGMS Commercial Mortgage Trust, Series 2017-MDRC,
Class C, 3.495% (1 Month USD LIBOR + 130 bps),
7/15/30 (144A) 844,970
1,000,000(a) CHC Commercial Mortgage Trust, Series 2019-CHC,
Class E, 4.545% (1 Month USD LIBOR + 235 bps),
6/15/34 (144A) 1,000,001
68,728(c) CHL Mortgage Pass-Through Trust, Series 2004-14,
Class 4A1, 3.792%, 8/25/34 67,297
7,649 Citicorp Mortgage Securities REMIC Pass-Through Certificates
Trust, Series 2005-4, Class 2A1, 5.0%, 7/25/20 7,985
400,000(a) Citigroup Commercial Mortgage Trust, Series 2015-SHP2,
Class D, 5.495% (1 Month USD LIBOR + 330 bps),
7/15/27 (144A) 400,720
9,020 Citigroup Mortgage Loan Trust, Inc., Series 2003-UP3,
Class A1, 7.0%, 9/25/33 9,027
1,000,000(a) CLNS Trust, Series 2017-IKPR, Class C, 3.301% (1 Month
USD LIBOR + 110 bps), 6/11/32 (144A) 998,418
1,000,000(c) COLT Mortgage Loan Trust, Series 2018-3, Class M2,
4.583%, 10/26/48 (144A) 1,017,884
1,341,828(c) COLT Mortgage Loan Trust, Series 2019-1, Class A3,
4.012%, 3/25/49 (144A) 1,362,574
250,000 COMM Mortgage Trust, Series 2012-CR4, Class AM,
3.251%, 10/15/45 250,617
92,208(a) COMM Mortgage Trust, Series 2014-FL5, Class B, 3.711%
(1 Month USD LIBOR + 215 bps), 10/15/31 (144A) 92,181
1,000,000(c) COMM Mortgage Trust, Series 2015-CR23, Class CMD,
3.807%, 5/10/48 (144A) 1,001,180
750,000(a) Credit Suisse Commercial Mortgage Securities Corp., Series
2019-SKLZ, Class B, 4.095% (1 Month USD LIBOR +
190 bps), 1/15/34 (144A) 752,756
154,412 Credit Suisse First Boston Mortgage Securities Corp., Series
2002-10, Class 2A1, 7.5%, 5/25/32 170,230
7,971 Credit Suisse First Boston Mortgage Securities Corp., Series
2005-C2, Class AMFX, 4.877%, 4/15/37 7,777
The accompanying notes are an integral part of these financial statements.
30 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
750,000(a) Credit Suisse Mortgage Capital Certificates, Series
2019-ICE4, Class E, 4.345% (1 Month USD LIBOR +
215 bps), 5/15/36 (144A) $ 753,287
10,147 CSFB Mortgage-Backed Trust, Series 2004-7, Class 6A1,
5.25%, 10/25/19 10,157
1,000,000(a) CSMC Trust, Series 2017-HD, Class B, 3.545% (1 Month USD
LIBOR + 135 bps), 2/15/31 (144A) 998,260
1,663,085(c) CSMC Trust, Series 2019-RPL1, Class A1A, 3.65%,
7/25/58 (144A) 1,721,623
1,250,000(c) Deephaven Residential Mortgage Trust, Series 2018-3A,
Class B1, 5.007%, 8/25/58 (144A) 1,284,506
1,793,523(c) Deephaven Residential Mortgage Trust, Series 2018-4A,
Class A1, 4.08%, 10/25/58 (144A) 1,814,070
1,000,000(c) Deephaven Residential Mortgage Trust, Series 2019-3A,
Class B1, 4.258%, 7/25/59 (144A) 1,011,896
1,595,588(a) Eagle Re, Ltd., Series 2018-1, Class M1, 3.845% (1 Month
USD LIBOR + 170 bps), 11/25/28 (144A) 1,598,444
1,620,000(a) Eagle Re, Ltd., Series 2019-1, Class M1B, 3.945%
(1 Month USD LIBOR + 180 bps), 4/25/29 (144A) 1,613,584
367,444(c) Fannie Mae Grantor Trust, Series 2004-T2, Class 2A,
4.646%, 7/25/43 387,209
87,351(a) Federal Home Loan Mortgage Corp. REMICS, Series 2315,
Class FW, 2.745% (1 Month USD LIBOR + 55 bps), 4/15/27 87,872
228,817(a) Federal Home Loan Mortgage Corp. REMICS, Series 2334,
Class FA, 2.695% (1 Month USD LIBOR + 50 bps), 7/15/31 227,543
85,541(a) Federal Home Loan Mortgage Corp. REMICS, Series 2391,
Class FJ, 2.695% (1 Month USD LIBOR + 50 bps), 4/15/28 85,221
1,549(a) Federal Home Loan Mortgage Corp. REMICS, Series 2437,
Class FD, 2.395% (1 Month USD LIBOR + 20 bps), 10/15/20 1,549
66,521(a) Federal Home Loan Mortgage Corp. REMICS, Series 2439,
Class F, 3.195% (1 Month USD LIBOR +
100 bps), 3/15/32 68,311
107,519(a) Federal Home Loan Mortgage Corp. REMICS, Series 2470,
Class AF, 3.195% (1 Month USD LIBOR +
100 bps), 3/15/32 110,400
93,073(a) Federal Home Loan Mortgage Corp. REMICS, Series 2489,
Class FA, 3.195% (1 Month USD LIBOR +
100 bps), 2/15/32 94,958
146,508(a) Federal Home Loan Mortgage Corp. REMICS, Series 2498,
Class FL, 2.765% (1 Month USD LIBOR +
57 bps), 3/15/32 147,155
13,992 Federal Home Loan Mortgage Corp. REMICS, Series 2776,
Class QP, 4.0%, 1/15/34 14,006
74,388(a) Federal Home Loan Mortgage Corp. REMICS, Series 2916,
Class NF, 2.445% (1 Month USD LIBOR + 25 bps), 1/15/35 74,234
30,352(a) Federal Home Loan Mortgage Corp. REMICS, Series 3042,
Class PF, 2.445% (1 Month USD LIBOR + 25 bps), 8/15/35 30,290
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 31
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
20,300(a) Federal Home Loan Mortgage Corp. REMICS, Series 3102,
Class FG, 2.495% (1 Month USD LIBOR +
30 bps), 1/15/36 $ 20,127
79,666(a) Federal Home Loan Mortgage Corp. REMICS, Series 3117,
Class FE, 2.495% (1 Month USD LIBOR +
30 bps), 2/15/36 79,321
45,002(a) Federal Home Loan Mortgage Corp. REMICS, Series 3173,
Class FC, 2.615% (1 Month USD LIBOR +
42 bps), 6/15/36 45,148
85,518(a) Federal Home Loan Mortgage Corp. REMICS, Series 3181,
Class HF, 2.695% (1 Month USD LIBOR +
50 bps), 7/15/36 85,979
28,152(a) Federal Home Loan Mortgage Corp. REMICS, Series 3235,
Class FX, 2.515% (1 Month USD LIBOR +
32 bps), 11/15/36 28,094
72,525(a) Federal Home Loan Mortgage Corp. REMICS, Series 3239,
Class EF, 2.545% (1 Month USD LIBOR +
35 bps), 11/15/36 72,470
35,390(a) Federal Home Loan Mortgage Corp. REMICS, Series 3239,
Class FB, 2.545% (1 Month USD LIBOR +
35 bps), 11/15/36 35,364
107,502(a) Federal Home Loan Mortgage Corp. REMICS, Series 3373,
Class FB, 2.775% (1 Month USD LIBOR +
58 bps), 10/15/37 108,443
166,872(a) Federal Home Loan Mortgage Corp. REMICS, Series 3386,
Class FB, 2.57% (1 Month USD LIBOR +
38 bps), 11/15/37 166,909
49,336 Federal Home Loan Mortgage Corp. REMICS, Series 3416,
Class BJ, 4.0%, 2/15/23 50,091
88,208(a) Federal Home Loan Mortgage Corp. REMICS, Series 3610,
Class FA, 2.895% (1 Month USD LIBOR +
70 bps), 12/15/39 89,500
705,609 Federal Home Loan Mortgage Corp. REMICS, Series 3614,
Class QB, 4.0%, 12/15/24 731,906
474,661 Federal Home Loan Mortgage Corp. REMICS, Series 3693,
Class BD, 3.0%, 7/15/25 484,466
39,159 Federal Home Loan Mortgage Corp. REMICS, Series 3706,
Class C, 2.0%, 8/15/20 39,041
19,762 Federal Home Loan Mortgage Corp. REMICS, Series 3722,
Class AK, 1.75%, 9/15/20 19,661
66,564(a) Federal Home Loan Mortgage Corp. REMICS, Series 3745,
Class FB, 2.445% (1 Month USD LIBOR +
25 bps), 8/15/25 66,585
23,154 Federal Home Loan Mortgage Corp. REMICS, Series 3760,
Class KH, 2.0%, 11/15/20 23,086
25,250(a) Federal Home Loan Mortgage Corp. REMICS, Series 3767,
Class JF, 2.495% (1 Month USD LIBOR +
30 bps), 2/15/39 25,274
The accompanying notes are an integral part of these financial statements.
32 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
117,519 Federal Home Loan Mortgage Corp. REMICS, Series 3779,
Class KJ, 2.75%, 11/15/25 $ 118,988
37,826(a) Federal Home Loan Mortgage Corp. REMICS, Series 3784,
Class F, 2.595% (1 Month USD LIBOR +
40 bps), 7/15/23 37,806
1,211 Federal Home Loan Mortgage Corp. REMICS, Series 3788,
Class AB, 3.5%, 11/15/28 1,210
97,499(a) Federal Home Loan Mortgage Corp. REMICS, Series 3807,
Class FM, 2.695% (1 Month USD LIBOR +
50 bps), 2/15/41 97,818
120,932(a) Federal Home Loan Mortgage Corp. REMICS, Series 3850,
Class FC, 2.615% (1 Month USD LIBOR +
42 bps), 4/15/41 121,220
180,604(a) Federal Home Loan Mortgage Corp. REMICS, Series 3867,
Class PF, 2.595% (1 Month USD LIBOR +
40 bps), 3/15/41 181,170
31,131(a) Federal Home Loan Mortgage Corp. REMICS, Series 3868,
Class FA, 2.595% (1 Month USD LIBOR +
40 bps), 5/15/41 30,790
34,905(a) Federal Home Loan Mortgage Corp. REMICS, Series 3914,
Class LF, 2.395% (1 Month USD LIBOR +
20 bps), 8/15/26 34,960
71,388(a) Federal Home Loan Mortgage Corp. REMICS, Series 3919,
Class AF, 2.545% (1 Month USD LIBOR +
35 bps), 3/15/30 71,520
943,747 Federal Home Loan Mortgage Corp. REMICS, Series 3937,
Class PA, 4.0%, 8/15/39 975,447
91,844 Federal Home Loan Mortgage Corp. REMICS, Series 3953,
Class CD, 3.0%, 1/15/30 92,688
50,976(a) Federal Home Loan Mortgage Corp. REMICS, Series 3960,
Class FB, 2.495% (1 Month USD LIBOR +
30 bps), 2/15/30 51,010
71,135(a) Federal Home Loan Mortgage Corp. REMICS, Series 3970,
Class GF, 2.495% (1 Month USD LIBOR +
30 bps), 9/15/26 71,352
221,459 Federal Home Loan Mortgage Corp. REMICS, Series 3976,
Class A, 3.5%, 8/15/29 223,033
66,827(a) Federal Home Loan Mortgage Corp. REMICS, Series 4002,
Class YF, 2.745% (1 Month USD LIBOR +
55 bps), 2/15/42 67,319
107,461 Federal Home Loan Mortgage Corp. REMICS, Series 4016,
Class AB, 2.0%, 9/15/25 107,262
327,943 Federal Home Loan Mortgage Corp. REMICS, Series 4018,
Class AL, 2.0%, 3/15/27 328,538
131,136 Federal Home Loan Mortgage Corp. REMICS, Series 4366,
Class VA, 3.0%, 12/15/25 135,296
847,619 Federal Home Loan Mortgage Corp. REMICS, Series 4444,
Class CD, 3.0%, 8/15/39 859,934
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 33
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
46,824(a) Federal Home Loan Mortgage Corp. Strips, Series 237,
Class F14, 2.595% (1 Month USD LIBOR +
40 bps), 5/15/36 $ 47,000
101,806(a) Federal Home Loan Mortgage Corp. Strips, Series 239,
Class F30, 2.495% (1 Month USD LIBOR +
30 bps), 8/15/36 101,330
40,642(a) Federal Home Loan Mortgage Corp. Strips, Series 244,
Class F22, 2.545% (1 Month USD LIBOR +
35 bps), 12/15/36 40,783
214,882(c) Federal Home Loan Mortgage Corp. Whole Loan Securities
Trust, Series 2015-SC02, Class M1, 3.672%, 9/25/45 215,298
1,461,987(a) Federal National Mortgage Association, Connecticut Avenue
Securities, Series 2014-C02, Class 1M2, 4.745%
(1 Month USD LIBOR + 260 bps), 5/25/24 1,522,675
2,179,260(a) Federal National Mortgage Association, Connecticut Avenue
Securities, Series 2014-C03, Class 2M2, 5.045%
(1 Month USD LIBOR + 290 bps), 7/25/24 2,267,901
272,713(a) Federal National Mortgage Association, Connecticut Avenue
Securities, Series 2017-C04, Class 2M1, 2.995%
(1 Month USD LIBOR + 85 bps), 11/25/29 272,864
82,010(a) Federal National Mortgage Association, Connecticut Avenue
Securities, Series 2017-C05, Class 1M1, 2.695%
(1 Month USD LIBOR + 55 bps), 1/25/30 81,988
1,297,959(a) Federal National Mortgage Association, Connecticut Avenue
Securities, Series 2017-C05, Class 1M2A, 4.345%
(1 Month USD LIBOR + 220 bps), 1/25/30 1,314,391
1,590,000(a) Federal National Mortgage Association, Connecticut Avenue
Securities, Series 2017-C05, Class 1M2B, 4.345%
(1 Month USD LIBOR + 220 bps), 1/25/30 1,610,353
1,500,000(a) Federal National Mortgage Association, Connecticut Avenue
Securities, Series 2017-C07, Class 1M2A, 4.545%
(1 Month USD LIBOR + 240 bps), 5/28/30 1,543,495
18,629(a) Federal National Mortgage Association REMICS, Series
1992-162, Class FB, 1.49% (7 Year U.S. Treasury Yield
Curve Rate T Note Constant Maturity + -5 bps), 9/25/22 18,577
47,713(a) Federal National Mortgage Association REMICS, Series
1994-40, Class FC, 2.645% (1 Month USD LIBOR +
50 bps), 3/25/24 48,145
37,914 Federal National Mortgage Association REMICS, Series
1999-25, Class Z, 6.0%, 6/25/29 42,608
46,301(a) Federal National Mortgage Association REMICS, Series
2001-72, Class FB, 3.045% (1 Month USD LIBOR +
90 bps), 12/25/31 47,324
25,403(a) Federal National Mortgage Association REMICS, Series
2001-81, Class FL, 2.832% (1 Month USD LIBOR +
65 bps), 1/18/32 25,677
164,496(a) Federal National Mortgage Association REMICS, Series
2002-75, Class FD, 3.182% (1 Month USD LIBOR +
100 bps), 11/18/32 168,979
The accompanying notes are an integral part of these financial statements.
34 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
124,659(a) Federal National Mortgage Association REMICS, Series
2002-77, Class WF, 2.582% (1 Month USD LIBOR +
40 bps), 12/18/32 $ 124,238
33,001(a) Federal National Mortgage Association REMICS, Series
2002-93, Class FH, 2.645% (1 Month USD LIBOR +
50 bps), 1/25/33 33,234
80,492(a) Federal National Mortgage Association REMICS, Series 2003-8,
Class FJ, 2.495% (1 Month USD LIBOR + 35 bps), 2/25/33 80,568
42,669(a) Federal National Mortgage Association REMICS, Series
2003-42, Class JF, 2.645% (1 Month USD LIBOR +
50 bps), 5/25/33 42,961
179,748(a) Federal National Mortgage Association REMICS, Series
2003-63, Class F1, 2.445% (1 Month USD LIBOR +
30 bps), 11/25/27 179,694
154,314(a) Federal National Mortgage Association REMICS, Series
2004-14, Class F, 2.666% (1 Month USD LIBOR +
40 bps), 3/25/34 154,668
21,613(a) Federal National Mortgage Association REMICS, Series
2004-25, Class FA, 2.545% (1 Month USD LIBOR +
40 bps), 4/25/34 21,661
67,429(a) Federal National Mortgage Association REMICS, Series
2004-28, Class PF, 2.545% (1 Month USD LIBOR +
40 bps), 3/25/34 67,578
46,915(a) Federal National Mortgage Association REMICS, Series
2004-52, Class FW, 2.545% (1 Month USD LIBOR +
40 bps), 7/25/34 47,047
144,305(a) Federal National Mortgage Association REMICS, Series
2005-69, Class AF, 2.445% (1 Month USD LIBOR +
30 bps), 8/25/35 143,868
68,614(a) Federal National Mortgage Association REMICS, Series
2005-83, Class KT, 2.445% (1 Month USD LIBOR +
30 bps), 10/25/35 68,418
70,899(a) Federal National Mortgage Association REMICS, Series
2005-83, Class LF, 2.455% (1 Month USD LIBOR +
31 bps), 2/25/35 70,888
14,710(a) Federal National Mortgage Association REMICS, Series
2005-120, Class UF, 2.495% (1 Month USD LIBOR +
35 bps), 3/25/35 14,719
33,365(a) Federal National Mortgage Association REMICS, Series
2006-33, Class FH, 2.495% (1 Month USD LIBOR +
35 bps), 5/25/36 33,338
79,525(a) Federal National Mortgage Association REMICS, Series
2006-42, Class CF, 2.595% (1 Month USD LIBOR +
45 bps), 6/25/36 79,657
103,081(a) Federal National Mortgage Association REMICS, Series
2006-49, Class PF, 2.395% (1 Month USD LIBOR +
25 bps), 4/25/36 102,124
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 35
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
59,395(a) Federal National Mortgage Association REMICS, Series
2006-81, Class FA, 2.495% (1 Month USD LIBOR +
35 bps), 9/25/36 $ 59,399
25,544(a) Federal National Mortgage Association REMICS, Series
2006-82, Class F, 2.715% (1 Month USD LIBOR +
57 bps), 9/25/36 25,759
125,926(a) Federal National Mortgage Association REMICS, Series
2006-93, Class FN, 2.545% (1 Month USD LIBOR +
40 bps), 10/25/36 126,100
36,618(a) Federal National Mortgage Association REMICS, Series 2007-2,
Class FT, 2.395% (1 Month USD LIBOR + 25 bps), 2/25/37 35,791
73,052(a) Federal National Mortgage Association REMICS, Series 2007-7,
Class FJ, 2.345% (1 Month USD LIBOR + 20 bps), 2/25/37 72,589
65,136(a) Federal National Mortgage Association REMICS, Series 2007-9,
Class FB, 2.495% (1 Month USD LIBOR + 35 bps), 3/25/37 65,082
18,591(a) Federal National Mortgage Association REMICS, Series
2007-13, Class FA, 2.395% (1 Month USD LIBOR +
25 bps), 3/25/37 18,492
35,634(a) Federal National Mortgage Association REMICS, Series
2007-14, Class F, 2.505% (1 Month USD LIBOR +
36 bps), 3/25/37 35,800
45,775(a) Federal National Mortgage Association REMICS, Series
2007-24, Class FD, 2.395% (1 Month USD LIBOR +
25 bps), 3/25/37 45,549
44,152(a) Federal National Mortgage Association REMICS, Series
2007-41, Class FA, 2.545% (1 Month USD LIBOR +
40 bps), 5/25/37 44,209
96,613(a) Federal National Mortgage Association REMICS, Series
2007-50, Class FN, 2.385% (1 Month USD LIBOR +
24 bps), 6/25/37 96,065
103,770(a) Federal National Mortgage Association REMICS, Series
2007-58, Class FV, 2.395% (1 Month USD LIBOR +
25 bps), 6/25/37 102,814
112,675(a) Federal National Mortgage Association REMICS, Series
2007-86, Class FC, 2.715% (1 Month USD LIBOR +
57 bps), 9/25/37 113,674
122,112(a) Federal National Mortgage Association REMICS, Series
2007-89, Class F, 2.725% (1 Month USD LIBOR +
58 bps), 9/25/37 123,175
30,218(a) Federal National Mortgage Association REMICS, Series
2007-92, Class OF, 2.715% (1 Month USD LIBOR +
57 bps), 9/25/37 30,158
15,209(a) Federal National Mortgage Association REMICS, Series
2007-110, Class FA, 2.765% (1 Month USD LIBOR +
62 bps), 12/25/37 15,369
83,528(a) Federal National Mortgage Association REMICS, Series
2008-53, Class FM, 3.045% (1 Month USD LIBOR +
90 bps), 7/25/38 85,408
The accompanying notes are an integral part of these financial statements.
36 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
61,709(a) Federal National Mortgage Association REMICS, Series
2008-88, Class FA, 3.365% (1 Month USD LIBOR +
122 bps), 10/25/38 $ 63,091
140,064(a) Federal National Mortgage Association REMICS, Series
2009-103, Class FM, 2.845% (1 Month USD LIBOR +
70 bps), 11/25/39 141,713
17,528 Federal National Mortgage Association REMICS, Series
2010-13, Class WD, 4.25%, 3/25/25 17,598
2,934 Federal National Mortgage Association REMICS, Series
2010-17, Class DE, 3.5%, 6/25/21 2,924
17,129(a) Federal National Mortgage Association REMICS, Series
2010-43, Class FE, 2.695% (1 Month USD LIBOR +
55 bps), 9/25/39 17,115
9,769 Federal National Mortgage Association REMICS, Series
2010-43, Class KG, 3.0%, 1/25/21 9,773
40,613 Federal National Mortgage Association REMICS, Series
2010-54, Class LC, 3.0%, 4/25/40 41,773
24,218 Federal National Mortgage Association REMICS, Series
2010-145, Class A, 3.5%, 8/25/25 24,186
79,541(a) Federal National Mortgage Association REMICS, Series
2011-19, Class FM, 2.695% (1 Month USD LIBOR +
55 bps), 5/25/40 79,939
732 Federal National Mortgage Association REMICS, Series
2011-23, Class AB, 2.75%, 6/25/20 732
8,224 Federal National Mortgage Association REMICS, Series
2011-67, Class EA, 4.0%, 7/25/21 8,224
60,358 Federal National Mortgage Association REMICS, Series
2012-58, Class LC, 3.5%, 10/25/39 61,376
195,498 Federal National Mortgage Association REMICS, Series
2012-67, Class HG, 1.5%, 4/25/27 193,803
364,105(a) Federal National Mortgage Association Trust, Series 2005-W3,
Class 2AF, 2.365% (1 Month USD LIBOR + 22 bps), 3/25/45 362,686
104,440(c) Federal National Mortgage Association Trust, Series 2005-W3,
Class 3A, 4.279%, 4/25/45 109,785
109,522(c) Federal National Mortgage Association Trust, Series 2005-W4,
Class 3A, 4.424%, 6/25/45 116,162
258,594(a) Federal National Mortgage Association Whole Loan, Series
2007-W1, Class 1AF1, 2.405% (1 Month USD
LIBOR + 26 bps), 11/25/46 254,796
190,286(c) FirstKey Mortgage Trust, Series 2014-1, Class A2, 3.0%,
11/25/44 (144A) 189,898
2,200,000(a) Freddie Mac STACR Trust, Series 2019-HRP1, Class M2,
3.545% (1 Month USD LIBOR + 140 bps),
2/25/49 (144A) 2,196,688
306,310(a) Freddie Mac Structured Agency Credit Risk Debt Notes, Series
2016-DNA1, Class M2, 5.166% (1 Month USD
LIBOR + 290 bps), 7/25/28 308,652
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 37
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
198,682(a) Freddie Mac Structured Agency Credit Risk Debt Notes, Series
2017-HQA1, Class M1, 3.345% (1 Month USD
LIBOR + 120 bps), 8/25/29 $ 199,005
2,127,433(a) Freddie Mac Structured Agency Credit Risk Debt Notes, Series
2017-HRP1, Class M2, 4.595% (1 Month USD
LIBOR + 245 bps), 12/25/42 2,151,744
612,750(a) Freddie Mac Structured Agency Credit Risk Debt Notes, Series
2017-HRP1, Class M2D, 3.395% (1 Month USD
LIBOR + 125 bps), 12/25/42 605,747
788,673(c) Freddie Mac Structured Agency Credit Risk Debt Notes, Series
2018-SPI1, Class M1, 3.741%, 2/25/48 (144A) 793,468
1,409,112(c) Freddie Mac Structured Agency Credit Risk Debt Notes, Series
2018-SPI2, Class M1, 3.817%, 5/25/48 (144A) 1,412,171
731,094(c) Freddie Mac Structured Agency Credit Risk Debt Notes, Series
2018-SPI3, Class M1, 4.161%, 8/25/48 (144A) 736,946
1,715,481(c) Freddie Mac Structured Agency Credit Risk Debt Notes, Series
2018-SPI4, Class M1, 4.459%, 11/25/48 (144A) 1,729,672
1,000,000(c) FREMF Mortgage Trust, Series 2010-K6, Class B, 5.539%,
12/25/46 (144A) 1,007,513
346,000(c) FREMF Mortgage Trust, Series 2012-K17, Class B, 4.478%,
12/25/44 (144A) 362,156
1,400,000(c) FREMF Mortgage Trust, Series 2013-K712, Class B, 3.408%,
5/25/45 (144A) 1,398,843
650,000(c) FREMF Mortgage Trust, Series 2014-K716, Class B, 4.079%,
8/25/47 (144A) 669,429
297,042(a) FREMF Mortgage Trust, Series 2014-KF04, Class B, 5.474%
(1 Month USD LIBOR + 325 bps), 6/25/21 (144A) 298,147
269,245(a) FREMF Mortgage Trust, Series 2014-KF05, Class B, 6.224%
(1 Month USD LIBOR + 400 bps), 9/25/22 (144A) 273,274
626,245(a) FREMF Mortgage Trust, Series 2014-KS02, Class B, 7.224%
(1 Month USD LIBOR + 500 bps), 8/25/23 (144A) 633,291
326,517(a) FREMF Mortgage Trust, Series 2018-KI01, Class B, 4.674%
(1 Month USD LIBOR + 245 bps), 9/25/22 (144A) 328,562
2,420,292(c) FWDSecuritization Trust, Series 2019-INV1, Class A2,
3.01%, 6/25/49 (144A) 2,429,233
1,000,000(c) GCAT LLC, Series 2019-NQM1, Class M1, 3.849%,
2/25/59 (144A) 1,007,375
114,898(a) Government National Mortgage Association, Series 2005-3,
Class FC, 2.447% (1 Month USD LIBOR + 25 bps), 1/16/35 114,563
111,853(a) Government National Mortgage Association, Series 2005-16,
Class FA, 2.422% (1 Month USD LIBOR + 25 bps), 2/20/35 111,113
74,655(a) Government National Mortgage Association, Series 2008-9,
Class FA, 2.672% (1 Month USD LIBOR + 50 bps), 2/20/38 75,095
234,571 Government National Mortgage Association, Series 2010-67,
Class MA, 4.0%, 5/16/25 242,522
41,501 Government National Mortgage Association, Series 2011-44,
Class PG, 3.5%, 5/20/39 41,564
The accompanying notes are an integral part of these financial statements.
38 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
291,164 Government National Mortgage Association, Series 2011-150,
Class M, 3.0%, 8/16/26 $ 298,313
341,348 Government National Mortgage Association, Series 2012-17,
Class KH, 3.0%, 7/20/39 344,425
78,750 Government National Mortgage Association, Series 2012-130,
Class PA, 3.0%, 4/20/41 79,680
160,220(a) Government National Mortgage Association, Series 2013-51,
Class JF, 2.472% (1 Month USD LIBOR + 30 bps), 8/20/40 159,931
182,985 Government National Mortgage Association, Series 2013-168,
Class CE, 2.5%, 11/16/28 185,224
1,390,931 Government National Mortgage Association, Series 2014-28,
Class A, 2.0%, 1/16/46 1,385,796
532,030 Government National Mortgage Association, Series 2014-51,
Class CK, 2.5%, 7/16/26 540,244
1,253,372(a) Government National Mortgage Association, Series 2017-4,
Class FC, 2.58% (1 Month USD LIBOR + 35 bps), 1/20/47 1,256,838
719,955 Government National Mortgage Association, Series 2018-20,
Class A, 2.5%, 9/16/49 721,051
1,000,000(a) Great Wolf Trust, Series 2017-WOLF, Class C, 3.515%
(1 Month USD LIBOR + 132 bps), 9/15/34 (144A) 999,672
500,000(c) GS Mortgage Securities Corp. Trust, Series 2016-RENT,
Class C, 4.202%, 2/10/29 (144A) 507,152
1,100,000(a) GS Mortgage Securities Corp. Trust, Series 2017-500K,
Class B, 3.095% (1 Month USD LIBOR +
90 bps), 7/15/32 (144A) 1,097,243
500,000(a) GS Mortgage Securities Corp. Trust, Series 2017-STAY,
Class B, 3.295% (1 Month USD LIBOR +
110 bps), 7/15/32 (144A) 492,024
1,200,000(a) GS Mortgage Securities Corp. Trust, Series 2018-TWR,
Class A, 3.095% (1 Month USD LIBOR +
90 bps), 7/15/31 (144A) 1,197,374
500,000(a) GS Mortgage Securities Trust, Series 2018-HART, Class C,
3.895% (1 Month USD LIBOR + 170 bps), 10/15/31 (144A) 500,526
2,310,654 GS Mortgage-Backed Securities Trust, Series 2018-RPL1,
Class A1A, 3.75%, 10/25/57 (144A) 2,387,977
2,033,984(a) Home Re, Ltd., Series 2018-1, Class M1, 3.745% (1 Month
USD LIBOR + 160 bps), 10/25/28 (144A) 2,037,778
1,500,000(a) Home Re, Ltd., Series 2019-1, Class M1, 3.795% (1 Month
USD LIBOR + 165 bps), 5/25/29 (144A) 1,499,998
444,898(a) HomeBanc Mortgage Trust, Series 2005-3, Class A1, 2.385%
(1 Month USD LIBOR + 24 bps), 7/25/35 443,743
2,036,154(c) Homeward Opportunities Fund I Trust, Series 2018-2,
Class A1, 3.985%, 11/25/58 (144A) 2,075,246
1,000,000(a) HPLY Trust, Series 2019-HIT, Class C, 3.795% (1 Month
USD LIBOR + 160 bps), 11/15/36 (144A) 1,000,625
1,000,000(a) IMT Trust, Series 2017-APTS, Class BFL, 3.145% (1 Month
USD LIBOR + 95 bps), 6/15/34 (144A) 998,434
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 39
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
1,000,000(a) IMT Trust, Series 2017-APTS, Class DFL, 3.745% (1 Month
USD LIBOR + 155 bps), 6/15/34 (144A) $ 999,686
30,715(c) IndyMac INDX Mortgage Loan Trust, Series 2004-AR6,
Class 6A1, 4.567%, 10/25/34 30,453
375,000(a) JP Morgan Chase Commercial Mortgage Securities Trust, Series
2017-FL11, Class B, 3.295% (1 Month USD LIBOR +
110 bps), 10/15/32 (144A) 374,205
750,000(a) JP Morgan Chase Commercial Mortgage Securities Trust, Series
2018-PHH, Class B, 3.355% (1 Month USD LIBOR +
116 bps), 6/15/35 (144A) 750,041
900,000(a) JP Morgan Chase Commercial Mortgage Securities Trust, Series
2019-MFP, Class E, 4.355% (1 Month USD LIBOR +
216 bps), 7/15/36 (144A) 903,383
20,994(a) JP Morgan Madison Avenue Securities Trust, Series 2015-CH1,
Class M1, 4.145% (1 Month USD LIBOR +
200 bps), 10/25/25 (144A) 21,021
651,973(a) JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2,
3.016% (1 Month USD LIBOR + 75 bps), 4/25/46 (144A) 649,300
422,241(a) JP Morgan Seasoned Mortgage Trust, Series 2014-1,
Class AM, 2.645% (1 Month USD LIBOR +
50 bps), 5/25/33 (144A) 418,198
1,078,684(c) JP Morgan Seasoned Mortgage Trust, Series 2014-1,
Class B1, 3.094%, 5/25/33 (144A) 1,055,507
400,000(a) KNDL Mortgage Trust, Series 2019-KNSQ, Class D, 3.545%
(1 Month USD LIBOR + 135 bps), 5/15/36 (144A) 400,060
445,439(a) La Hipotecaria Panamanian Mortgage Trust, Series 2007-1GA,
Class A, 4.5% (Panamanian Mortgage Reference
Rate - 125 bps), 12/23/36 (144A) 456,575
2,994(c) Merrill Lynch Mortgage Investors Trust, Series 2003-G,
Class A3, 4.019%, 1/25/29 3,030
152,925(a) Merrill Lynch Mortgage Investors Trust, Series 2003-H,
Class A1, 2.785% (1 Month USD LIBOR +
64 bps), 1/25/29 153,249
35,354(a) Merrill Lynch Mortgage Investors Trust, Series 2004-G,
Class A2, 2.82% (6 Month USD LIBOR +
60 bps), 1/25/30 34,893
335,074(c) Morgan Stanley Capital I Trust, Series 2007-T25,
Class AJ, 5.574%, 11/12/49 338,891
500,000(a) Morgan Stanley Capital I Trust, Series 2017-CLS,
Class C, 3.195% (1 Month USD LIBOR +
100 bps), 11/15/34 (144A) 500,470
1,000,000(a) Morgan Stanley Capital I Trust, Series 2018-BOP,
Class C, 3.695% (1 Month USD LIBOR +
150 bps), 8/15/33 (144A) 1,000,001
850,000(a) Morgan Stanley Capital I Trust, Series 2019-AGLN,
Class E, 4.245% (1 Month USD LIBOR +
205 bps), 3/15/34 (144A) 852,657
The accompanying notes are an integral part of these financial statements.
40 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
350,000(a) Morgan Stanley Capital I Trust, Series 2019-BPR,
Class B, 4.295% (1 Month USD LIBOR + 210 bps),
5/15/36 (144A) $ 350,213
31,828(a) Morgan Stanley Mortgage Loan Trust, Series 2005-6AR,
Class 1A1, 2.425% (1 Month USD LIBOR +
28 bps), 11/25/35 31,809
1,178,891(a) Motel 6 Trust, Series 2017-MTL6, Class C, 3.595%
(1 Month USD LIBOR + 140 bps), 8/15/34 (144A) 1,178,511
426,222(a) Natixis Commercial Mortgage Securities Trust, Series
2018-FL1, Class MCR1, 4.675% (1 Month USD
LIBOR + 235 bps), 6/15/35 (144A) 425,416
114,297(a) NCUA Guaranteed Notes Trust, Series 2011-C1, Class 2A,
2.759% (1 Month USD LIBOR + 53 bps), 3/9/21 114,201
1,209,540(a) New Residential Mortgage Loan Trust, Series 2018-4A,
Class A1S, 2.895% (1 Month USD LIBOR +
75 bps), 1/25/48 (144A) 1,205,212
2,087,623(c) New Residential Mortgage Loan Trust, Series 2018-5A,
Class A1, 4.75%, 12/25/57 (144A) 2,199,039
1,000,000(c) New Residential Mortgage Loan Trust, Series 2018-NQM1,
Class M1, 4.621%, 11/25/48 (144A) 1,027,622
332,589(c) Oaks Mortgage Trust, Series 2015-1, Class A9, 3.0%,
4/25/46 (144A) 332,341
1,891,588(a) Oaktown Re II, Ltd., Series 2018-1A, Class M1, 3.695%
(1 Month USD LIBOR + 155 bps), 7/25/28 (144A) 1,894,061
1,350,000(a) Oaktown Re III, Ltd., Series 2019-1A, Class B1A, 5.645%
(1 Month USD LIBOR + 350 bps), 7/25/29 (144A) 1,357,009
500,000(a) Oaktown Re III, Ltd., Series 2019-1A, Class M1B, 4.095%
(1 Month USD LIBOR + 195 bps), 7/25/29 (144A) 500,915
310,578(a) Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through
Certificates, Series 2005-4, Class 1A2, 2.535%
(1 Month USD LIBOR + 39 bps), 11/25/35 311,217
68,615(a) Pepper Residential Securities Trust No. 18, Series 18A,
Class A1UA, 3.151% (1 Month USD LIBOR + 95 bps),
3/12/47 (144A) 68,624
1,781,163(a) Radnor Re, Ltd., Series 2018-1, Class M1, 3.545%
(1 Month USD LIBOR + 140 bps), 3/25/28 (144A) 1,783,792
1,780,000(a) Radnor Re, Ltd., Series 2019-1, Class M1B, 4.095%
(1 Month USD LIBOR + 195 bps), 2/25/29 (144A) 1,786,584
2,750,000(a) Radnor Re, Ltd., Series 2019-2, Class M1B, 3.895%
(1 Month USD LIBOR + 175 bps), 6/25/29 (144A) 2,746,850
1,194(a) RALI Trust, Series 2002-QS16, Class A2, 2.695% (1 Month
USD LIBOR + 55 bps), 10/25/17 1,223
231 RALI Trust, Series 2003-QS14, Class A1, 5.0%, 7/25/18 225
89,337(a) RAIT Trust, Series 2017-FL7, Class A, 3.145% (1 Month
USD LIBOR + 95 bps), 6/15/37 (144A) 89,267
519,460(a) RESI Finance LP, Series 2003-CB1, Class B3, 3.651%
(1 Month USD LIBOR + 145 bps), 6/10/35 (144A) 444,822
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 41
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations -- (continued)
146,409(a) Resimac Premier, Series 2017-1A, Class A1A, 3.151%
(1 Month USD LIBOR + 95 bps), 9/11/48 (144A) $ 146,381
500,000(c) RMF Buyout Issuance Trust, Series 2019-1, Class M2,
2.872%, 7/25/29 (144A) 502,713
500,000(c) RMF Buyout Issuance Trust, Series 2019-1, Class M4,
4.23%, 7/25/29 (144A) 503,318
76,967(c) Sequoia Mortgage Trust, Series 2013-8, Class A1,
3.0%, 6/25/43 78,001
1,142,486(a) STACR Trust, Series 2018-HRP1, Class M2, 3.795% (1 Month
USD LIBOR + 165 bps), 4/25/43 (144A) 1,147,101
2,185,000(a) STACR Trust, Series 2018-HRP2, Class M3, 4.545% (1 Month
USD LIBOR + 240 bps), 2/25/47 (144A) 2,232,971
2,426,595(c) Starwood Mortgage Residential Trust, Series 2018-IMC2,
Class A1, 4.121%, 10/25/48 (144A) 2,485,178
966,295(a) Stonemont Portfolio Trust, Series 2017-MONT, Class B,
3.272% (1 Month USD LIBOR + 110 bps), 8/20/30 (144A) 966,281
36,118(a) Structured Asset Mortgage Investments II Trust, Series
2005-F1, Class FA, 2.766% (1 Month USD LIBOR +
50 bps), 8/26/35 36,028
329,910(c) Sutherland Commercial Mortgage Loans, Series 2017-SBC6,
Class A, 3.192%, 5/25/37 (144A) 326,665
377,055(c) Sutherland Commercial Mortgage Loans, Series 2018-SBC7,
Class A, 4.72%, 5/25/39 (144A) 382,469
405,040(a) Tharaldson Hotel Portfolio Trust, Series 2018-THL,
Class C, 3.573% (1 Month USD LIBOR + 135 bps),
11/11/34 (144A) 405,034
1,162,000(c) UBS-Barclays Commercial Mortgage Trust, Series 2012-C3,
Class C, 5.198%, 8/10/49 (144A) 1,232,360
1,000,000(a) VMC Finance LLC, Series 2018-FL2, Class B, 3.547%
(1 Month USD LIBOR + 135 bps), 10/15/35 (144A) 997,528
639,144(c) WaMu Commercial Mortgage Securities Trust, Series 2006-SL1,
Class C, 3.981%, 11/23/43 (144A) 642,293
1,400,000(a) Wells Fargo Commercial Mortgage Trust, Series 2017-SMP,
Class C, 3.395% (1 Month USD LIBOR + 120 bps),
12/15/34 (144A) 1,397,219
547,932(c) WinWater Mortgage Loan Trust, Series 2015-2, Class A5,
3.0%, 2/20/45 (144A) 556,798
-----------------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $151,043,761) $151,306,526
-----------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 21.5% of Net Assets
Aerospace & Defense -- 0.7%
510,000 Boeing Co., 2.3%, 8/1/21 $ 513,434
125,000 Boeing Co., 2.7%, 5/1/22 127,397
680,000 Boeing Co., 2.8%, 3/1/23 696,663
970,000 Rockwell Collins, Inc., 2.8%, 3/15/22 986,793
1,130,000 Rockwell Collins, Inc., 3.1%, 11/15/21 1,150,846
------------
Total Aerospace & Defense $ 3,475,133
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Auto Manufacturers -- 0.8%
500,000 American Honda Finance Corp., 2.2%, 6/27/22 $ 503,939
460,000 American Honda Finance Corp., 2.6%, 11/16/22 468,849
585,000 American Honda Finance Corp., 3.55%, 1/12/24 624,637
700,000 BMW US Capital LLC, 3.25%, 8/14/20 (144A) 706,602
565,000 Daimler Finance North America LLC, 2.3%, 1/6/20 (144A) 564,943
750,000 Hyundai Capital America, 3.0%, 6/20/22 (144A) 758,606
500,000 PACCAR Financial Corp., 3.1%, 5/10/21 509,594
------------
Total Auto Manufacturers $ 4,137,170
-----------------------------------------------------------------------------------------------------------------------
Banks -- 8.0%
750,000 ABN AMRO Bank NV, 2.65%, 1/19/21 (144A) $ 754,473
635,000 Bank of America Corp., 2.625%, 4/19/21 640,943
1,465,000 Bank of America Corp., 5.7%, 1/24/22 1,589,801
255,000(a) Bank of Montreal, 2.85% (3 Month USD LIBOR +
44 bps), 6/15/20 255,719
525,000 Bank of Montreal, 3.3%, 2/5/24 550,095
470,000 Bank of Nova Scotia, 2.45%, 3/22/21 473,448
675,000 Bank of Nova Scotia, 3.4%, 2/11/24 711,314
450,000 Banque Federative du Credit Mutuel SA, 2.2%,
7/20/20 (144A) 450,659
675,000 Banque Federative du Credit Mutuel SA, 3.75%,
7/20/23 (144A) 712,395
660,000(c) Barclays Plc, 4.61% (3 Month USD LIBOR +
140 bps), 2/15/23 683,898
1,150,000 BB&T Corp., 3.75%, 12/6/23 1,227,141
762,000 BPCE SA, 2.65%, 2/3/21 767,452
485,000 BPCE SA, 3.0%, 5/22/22 (144A) 493,167
715,000 Canadian Imperial Bank of Commerce, 2.7%, 2/2/21 722,336
475,000 Citibank NA, 3.4%, 7/23/21 486,690
565,000 Citigroup, Inc., 2.9%, 12/8/21 574,794
765,000(c) Citigroup, Inc., 3.352% (3 Month USD LIBOR +
90 bps), 4/24/25 797,934
250,000 Citizens Bank NA, 2.2%, 5/26/20 249,958
1,165,000 Citizens Bank NA, 3.25%, 2/14/22 1,196,090
750,000 Cooperatieve Rabobank UA, 2.625%, 7/22/24 (144A) 763,922
328,000 Cooperatieve Rabobank UA, 3.125%, 4/26/21 333,751
470,000 Cooperatieve Rabobank UA, 4.5%, 1/11/21 485,559
885,000 Credit Suisse AG, 4.375%, 8/5/20 904,067
475,000 Credit Suisse Group Funding Guernsey, Ltd.,
3.125%, 12/10/20 480,319
700,000 Credit Suisse Group Funding Guernsey, Ltd., 3.8%, 6/9/23 734,813
585,000 DNB Bank ASA, 2.125%, 10/2/20 (144A) 585,287
795,000(a) DNB Bank ASA, 2.69% (3 Month USD LIBOR + 37 bps),
10/2/20 (144A) 796,552
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 43
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Banks -- (continued)
1,300,000 Federation des Caisses Desjardins du Quebec, 2.25%,
10/30/20 (144A) $ 1,303,351
660,000 Fifth Third Bancorp, 3.5%, 3/15/22 681,882
675,000 Fifth Third Bancorp, 3.65%, 1/25/24 715,662
1,575,000 Goldman Sachs Group, Inc., 3.625%, 2/20/24 1,660,900
500,000 Huntington National Bank, 3.25%, 5/14/21 508,556
440,000 ING Groep NV, 3.15%, 3/29/22 451,060
510,000 KeyBank NA, 2.25%, 3/16/20 510,481
500,000 KeyCorp, 2.9%, 9/15/20 504,122
350,000 KeyCorp, 5.1%, 3/24/21 365,681
735,000 Lloyds Bank Plc, 3.3%, 5/7/21 747,273
1,010,000 Lloyds Banking Group Plc, 3.0%, 1/11/22 1,023,187
445,000 Manufacturers & Traders Trust Co., 2.625%, 1/25/21 448,959
465,000 Mitsubishi UFJ Financial Group, Inc., 2.95%, 3/1/21 470,053
710,000 Mitsubishi UFJ Financial Group, Inc., 3.535%, 7/26/21 727,651
905,000 Mizuho Financial Group, Inc., 2.953%, 2/28/22 921,497
440,000 Morgan Stanley, 5.75%, 1/25/21 461,751
575,000 Nordea Bank Abp, 2.125%, 5/29/20 (144A) 575,553
1,750,000 PNC Bank NA, 3.5%, 6/8/23 1,845,882
590,000 Royal Bank of Canada, 2.15%, 10/26/20 591,471
575,000 Royal Bank of Canada, 2.8%, 4/29/22 587,316
450,000(c) State Street Corp., 2.653% (3 Month USD LIBOR +
64 bps), 5/15/23 457,151
550,000(a) State Street Corp., 3.024% (3 Month USD LIBOR +
90 bps), 8/18/20 554,205
975,000 Sumitomo Mitsui Banking Corp., 3.95%, 1/12/22 (144A) 1,015,750
465,000 Sumitomo Mitsui Financial Group, Inc., 2.058%, 7/14/21 464,435
750,000(c) SunTrust Bank, 2.59% (3 Month USD LIBOR +
30 bps), 1/29/21 751,015
480,000 SunTrust Bank, 2.75%, 5/1/23 489,583
735,000 Svenska Handelsbanken AB, 3.9%, 11/20/23 789,064
440,000 Toronto-Dominion Bank, 3.25%, 6/11/21 450,186
670,000 Toronto-Dominion Bank, 3.25%, 3/11/24 704,855
900,000 UBS Group Funding Switzerland AG, 2.95%, 9/24/20 (144A) 907,991
465,000 UBS Group Funding Switzerland AG, 3.491%, 5/23/23 (144A) 479,085
990,000 US Bancorp, 3.375%, 2/5/24 1,047,669
500,000 US Bank NA, 3.15%, 4/26/21 508,948
------------
Total Banks $ 42,144,802
-----------------------------------------------------------------------------------------------------------------------
Beverages -- 0.1%
500,000 Constellation Brands, Inc., 2.25%, 11/6/20 $ 500,651
------------
Total Beverages $ 500,651
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Biotechnology -- 0.4%
430,000 Amgen, Inc., 3.875%, 11/15/21 $ 444,663
475,000 Biogen, Inc., 2.9%, 9/15/20 477,880
970,000 Biogen, Inc., 3.625%, 9/15/22 1,010,804
------------
Total Biotechnology $ 1,933,347
-----------------------------------------------------------------------------------------------------------------------
Chemicals -- 0.1%
660,000 DuPont de Nemours, Inc., 3.766%, 11/15/20 $ 673,599
------------
Total Chemicals $ 673,599
-----------------------------------------------------------------------------------------------------------------------
Commercial Services -- 0.2%
645,000 Moody's Corp., 2.75%, 12/15/21 $ 653,700
480,000 Moody's Corp., 3.25%, 6/7/21 489,080
------------
Total Commercial Services $ 1,142,780
-----------------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 1.3%
890,000 AIG Global Funding, 2.15%, 7/2/20 (144A) $ 890,789
500,000 AIG Global Funding, 2.3%, 7/1/22 (144A) 501,909
575,000 AIG Global Funding, 2.7%, 12/15/21 (144A) 581,252
590,000 American Express Co., 3.7%, 8/3/23 625,257
465,000 American Express Credit Corp., 2.7%, 3/3/22 474,259
205,000 Ameriprise Financial, Inc., 3.0%, 3/22/22 209,450
700,000 Capital One Bank USA NA, 3.375%, 2/15/23 722,241
233,000 Capital One Financial Corp., 2.5%, 5/12/20 233,414
1,000,000 GTP Acquisition Partners I LLC, 2.35%, 6/15/20 (144A) 998,334
730,000 TD Ameritrade Holding Corp., 2.95%, 4/1/22 747,500
515,000 TD Ameritrade Holding Corp., 5.6%, 12/1/19 518,933
455,000 Visa, Inc., 2.8%, 12/14/22 469,307
------------
Total Diversified Financial Services $ 6,972,645
-----------------------------------------------------------------------------------------------------------------------
Electric -- 1.8%
1,030,000 American Electric Power Co., Inc., 2.15%, 11/13/20 $ 1,031,029
450,000 CenterPoint Energy, Inc., 3.6%, 11/1/21 462,871
675,000 Consolidated Edison, Inc., 2.0%, 5/15/21 674,720
520,000 Dominion Energy, Inc., 2.579%, 7/1/20 520,871
750,000(b) Dominion Energy, Inc., 2.715%, 8/15/21 756,279
210,000 Duke Energy Corp., 3.05%, 8/15/22 215,493
1,520,000 Georgia Power Co., 2.0%, 3/30/20 1,517,040
875,000 LG&E & KU Energy LLC, 4.375%, 10/1/21 907,705
700,000 NextEra Energy Capital Holdings, Inc., 2.9%, 4/1/22 715,005
700,000 NextEra Energy Capital Holdings, Inc., 3.342%, 9/1/20 707,358
376,000 PNM Resources, Inc., 3.25%, 3/9/21 380,271
670,000 WEC Energy Group, Inc., 3.1%, 3/8/22 686,262
485,000 WEC Energy Group, Inc., 3.375%, 6/15/21 495,656
440,000 Wisconsin Public Service Corp., 3.35%, 11/21/21 452,707
------------
Total Electric $ 9,523,267
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 45
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Electronics -- 0.7%
780,000 Amphenol Corp., 2.2%, 4/1/20 $ 779,833
765,000 Amphenol Corp., 3.125%, 9/15/21 777,582
645,000 Flex, Ltd., 5.0%, 2/15/23 690,610
750,000 Honeywell International, Inc., 2.15%, 8/8/22 758,011
875,000 Keysight Technologies, Inc., 4.55%, 10/30/24 951,652
------------
Total Electronics $ 3,957,688
-----------------------------------------------------------------------------------------------------------------------
Food -- 0.5%
1,257,000 Conagra Brands, Inc., 4.3%, 5/1/24 $ 1,350,414
1,075,000 Smithfield Foods, Inc., 2.7%, 1/31/20 (144A) 1,072,870
------------
Total Food $ 2,423,284
-----------------------------------------------------------------------------------------------------------------------
Hand & Machine Tools -- 0.1%
660,000 Stanley Black & Decker, Inc., 2.9%, 11/1/22 $ 676,688
------------
Total Hand & Machine Tools $ 676,688
-----------------------------------------------------------------------------------------------------------------------
Healthcare-Products -- 0.5%
500,000 Becton Dickinson & Co., 2.404%, 6/5/20 $ 500,565
500,000 Becton Dickinson & Co., 3.125%, 11/8/21 509,398
333,000(a) Becton Dickinson & Co., 3.194% (3 Month USD LIBOR +
88 bps), 12/29/20 333,097
1,270,000(a) Medtronic, Inc., 3.21% (3 Month USD LIBOR +
80 bps), 3/15/20 1,273,976
------------
Total Healthcare-Products $ 2,617,036
-----------------------------------------------------------------------------------------------------------------------
Healthcare-Services -- 0.2%
1,180,000 UnitedHealth Group, Inc., 3.5%, 6/15/23 $ 1,245,055
------------
Total Healthcare-Services $ 1,245,055
-----------------------------------------------------------------------------------------------------------------------
Insurance -- 1.5%
3(a) Ambac LSNI LLC, 7.319% (3 Month USD LIBOR + 500 bps),
2/12/23 (144A) $ 3
450,000 Liberty Mutual Group, Inc., 4.25%, 6/15/23 (144A) 479,384
980,000 Liberty Mutual Group, Inc., 5.0%, 6/1/21 (144A) 1,020,939
1,035,000 Metropolitan Life Global Funding I, 3.375%, 1/11/22 (144A) 1,067,997
750,000 New York Life Global Funding, 2.25%, 7/12/22 (144A) 755,711
1,035,000 New York Life Global Funding, 2.95%, 1/28/21 (144A) 1,050,163
700,000 Pricoa Global Funding I, 2.2%, 6/3/21 (144A) 702,021
740,000 Principal Life Global Funding II, 2.15%, 1/10/20 (144A) 739,938
485,000 Principal Life Global Funding II, 2.625%, 11/19/20 (144A) 487,856
600,000 Protective Life Global Funding, 2.161%, 9/25/20 (144A) 600,569
455,000 Protective Life Global Funding, 3.104%, 4/15/24 (144A) 472,399
565,000 Prudential Financial, Inc., 5.375%, 6/21/20 579,846
------------
Total Insurance $ 7,956,826
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Internet -- 0.3%
675,000 Booking Holdings, Inc., 2.75%, 3/15/23 $ 692,391
655,000 Expedia Group, Inc., 4.5%, 8/15/24 714,872
------------
Total Internet $ 1,407,263
-----------------------------------------------------------------------------------------------------------------------
Machinery-Constructions & Mining -- 0.2%
520,000 Caterpillar Financial Services Corp., 2.9%, 3/15/21 $ 528,720
500,000 Caterpillar Financial Services Corp., 2.95%, 5/15/20 502,808
------------
Total Machinery-Constructions & Mining $ 1,031,528
-----------------------------------------------------------------------------------------------------------------------
Machinery-Diversified -- 0.2%
670,000 John Deere Capital Corp., 2.95%, 4/1/22 $ 685,878
450,000 John Deere Capital Corp., 3.2%, 1/10/22 463,425
------------
Total Machinery-Diversified $ 1,149,303
-----------------------------------------------------------------------------------------------------------------------
Media -- 0.2%
485,000 Comcast Corp., 3.3%, 10/1/20 $ 492,046
480,000 Comcast Corp., 5.15%, 3/1/20 486,298
------------
Total Media $ 978,344
-----------------------------------------------------------------------------------------------------------------------
Miscellaneous Manufacturers -- 0.1%
525,000 Ingersoll-Rand Global Holding Co., Ltd., 2.9%, 2/21/21 $ 530,339
------------
Total Miscellaneous Manufacturers $ 530,339
-----------------------------------------------------------------------------------------------------------------------
Oil & Gas -- 0.6%
925,000 BP Capital Markets America, Inc., 3.79%, 2/6/24 $ 988,881
705,000 EQT Corp., 3.0%, 10/1/22 674,959
525,000(a) Phillips 66, 2.732% (3 Month USD LIBOR +
60 bps), 2/26/21 525,020
750,000 Total Capital International SA, 2.218%, 7/12/21 754,943
------------
Total Oil & Gas $ 2,943,803
-----------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.9%
1,485,000 AbbVie, Inc., 2.5%, 5/14/20 $ 1,487,434
955,000 Bayer US Finance II LLC, 3.5%, 6/25/21 (144A) 975,191
640,000 CVS Health Corp., 3.35%, 3/9/21 652,574
460,000 Perrigo Finance Unlimited Co., 3.5%, 12/15/21 462,055
350,000 Takeda Pharmaceutical Co., Ltd., 4.0%, 11/26/21 (144A) 362,664
665,000 Zoetis, Inc., 3.25%, 8/20/21 677,987
------------
Total Pharmaceuticals $ 4,617,905
-----------------------------------------------------------------------------------------------------------------------
Pipelines -- 0.5%
450,000 Kinder Morgan Energy Partners LP, 5.0%, 10/1/21 $ 470,898
805,000 Kinder Morgan Energy Partners LP, 6.5%, 4/1/20 824,221
1,145,000 Midwest Connector Capital Co. LLC, 3.9%, 4/1/24 (144A) 1,203,870
------------
Total Pipelines $ 2,498,989
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 47
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
REITs -- 0.5%
915,000 Boston Properties LP, 3.125%, 9/1/23 $ 949,309
655,000 Duke Realty LP, 3.875%, 2/15/21 670,118
1,233,000 UDR, Inc., 3.7%, 10/1/20 1,249,315
------------
Total REITs $ 2,868,742
-----------------------------------------------------------------------------------------------------------------------
Retail -- 0.5%
1,475,000 Alimentation Couche-Tard, Inc., 2.7%, 7/26/22 (144A) $ 1,490,526
460,000 Walmart, Inc., 2.35%, 12/15/22 468,484
705,000 Walmart, Inc., 2.85%, 7/8/24 737,132
------------
Total Retail $ 2,696,142
-----------------------------------------------------------------------------------------------------------------------
Software -- 0.0%+
115,000 Fiserv, Inc., 3.8%, 10/1/23 $ 121,884
------------
Total Software $ 121,884
-----------------------------------------------------------------------------------------------------------------------
Telecommunications -- 0.3%
595,000 AT&T, Inc., 2.45%, 6/30/20 $ 596,059
440,000 AT&T, Inc., 3.8%, 3/15/22 458,296
570,000(a) Deutsche Telekom International Finance BV, 2.883%
(3 Month USD LIBOR + 58 bps), 1/17/20 (144A) 570,569
------------
Total Telecommunications $ 1,624,924
-----------------------------------------------------------------------------------------------------------------------
Transportation -- 0.1%
485,000 Union Pacific Corp., 3.2%, 6/8/21 $ 494,368
------------
Total Transportation $ 494,368
-----------------------------------------------------------------------------------------------------------------------
Trucking & Leasing -- 0.2%
895,000 Penske Truck Leasing Co. LP/PTL Finance Corp., 3.375%,
2/1/22 (144A) $ 915,805
------------
Total Trucking & Leasing $ 915,805
-----------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $111,316,230) $113,259,310
-----------------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BOND -- 0.3% of Net Assets
1,330,000 Federal Home Loan Mortgage Corp., 2.17% (SOFRRATE +
3 bps), 6/2/20 $ 1,330,000
-----------------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $1,330,000) $ 1,330,000
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
INSURANCE-LINKED SECURITIES -- 3.3%
of Net Assets(e)
Catastrophe Linked Bonds -- 2.3%
Earthquakes -- California -- 0.2%
650,000(a) Ursa Re, 5.476% (3 Month U.S. Treasury Bill + 350 bps),
5/27/20 (144A) $ 643,825
250,000(a) Ursa Re, 6.056% (3 Month USD LIBOR + 400 bps),
12/10/20 (144A) 247,800
------------
$ 891,625
-----------------------------------------------------------------------------------------------------------------------
Earthquakes -- Japan -- 0.1%
550,000(a) Nakama Re, 4.029% (6 Month USD LIBOR + 220 bps),
10/13/21 (144A) $ 547,195
-----------------------------------------------------------------------------------------------------------------------
Earthquakes -- U.S. -- 0.1%
750,000(a) Kilimanjaro Re, 5.726% (3 Month U.S. Treasury Bill +
375 bps), 11/25/19 (144A) $ 746,475
-----------------------------------------------------------------------------------------------------------------------
Health -- U.S. -- 0.1%
400,000(a) Vitality Re VII, 4.126% (3 Month U.S. Treasury Bill +
215 bps), 1/7/20 (144A) $ 400,680
250,000(a) Vitality Re VII, 4.626% (3 Month U.S. Treasury Bill +
265 bps), 1/7/20 (144A) 250,025
------------
$ 650,705
-----------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- 0.8%
400,000(a) Caelus Re IV, 7.226% (3 Month U.S. Treasury Bill +
525 bps), 3/6/20 (144A) $ 397,640
250,000(a) Caelus Re V, 2.476% (1 Month U.S. Treasury Bill +
50 bps), 6/5/20 (144A) 96,250
250,000(a) Caelus Re V, 5.906% (3 Month U.S. Treasury Bill +
393 bps), 6/7/21 (144A) 237,325
250,000(a) Kilimanjaro Re, 7.029% (3 Month USD LIBOR + 494 bps),
5/6/22 (144A) 243,500
250,000(a) Kilimanjaro Re, 8.726% (3 Month U.S. Treasury Bill +
675 bps), 12/6/19 (144A) 248,225
250,000(a) Kilimanjaro Re, 11.226% (3 Month U.S. Treasury Bill +
925 bps), 12/6/19 (144A) 222,925
400,000(a) Kilimanjaro II Re, 8.213% (6 Month USD LIBOR + 630 bps),
4/20/21 (144A) 397,600
300,000(a) Kilimanjaro II Re, 9.843% (6 Month USD LIBOR + 791 bps),
4/21/22 (144A) 294,990
500,000(a) Residential Reinsurance 2016, 5.946% (3 Month U.S.
Treasury Bill + 397 bps), 12/6/20 (144A) 491,500
400,000(a) Residential Reinsurance 2017, 5.146% (3 Month U.S.
Treasury Bill + 317 bps), 6/6/21 (144A) 394,520
500,000(a) Sanders Re, 4.87% (6 Month USD LIBOR + 299 bps),
12/6/21 (144A) 489,000
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 49
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- (continued)
500,000(a) Skyline Re, 4.476% (3 Month U.S. Treasury Bill +
250 bps), 1/6/20 (144A) $ 495,000
------------
$ 4,008,475
-----------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. Regional -- 0.2%
350,000(a) Bonanza Re, 5.243% (6 Month USD LIBOR + 337 bps),
12/31/19 (144A) $ 344,190
250,000(a) Long Point Re III, 4.726% (3 Month U.S. Treasury Bill +
275 bps), 6/1/22 (144A) 247,750
400,000(a) MetroCat Re, 5.676% (3 Month U.S. Treasury Bill +
370 bps), 5/8/20 (144A) 401,880
------------
$ 993,820
-----------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.2%
250,000(a) Galilei Re, 6.651% (6 Month USD LIBOR + 479 bps),
1/8/20 (144A) $ 249,175
350,000(a) Galilei Re, 7.461% (6 Month USD LIBOR + 560 bps),
1/8/20 (144A) 349,300
250,000(a) Galilei Re, 7.481% (6 Month USD LIBOR + 560 bps),
1/8/21 (144A) 247,525
250,000(a) Galilei Re, 8.641% (6 Month USD LIBOR + 678 bps),
1/8/20 (144A) 248,625
------------
$ 1,094,625
-----------------------------------------------------------------------------------------------------------------------
Pandemic -- Worldwide -- 0.0%+
250,000(a) International Bank for Reconstruction & Development, 8.713%
(6 Month USD LIBOR + 690 bps), 7/15/20 (144A) $ 250,650
-----------------------------------------------------------------------------------------------------------------------
Windstorm -- Florida -- 0.2%
300,000(a) Casablanca Re, 6.051% (6 Month USD LIBOR + 402 bps),
6/4/20 (144A) $ 297,000
500,000(a) Integrity Re, 4.93% (6 Month USD LIBOR + 328 bps),
6/10/20 (144A) 492,000
------------
$ 789,000
-----------------------------------------------------------------------------------------------------------------------
Windstorm -- Japan -- 0.1%
250,000(a) Aozora Re, 4.343% (6 Month USD LIBOR + 229 bps),
4/7/20 (144A) $ 248,575
400,000(a) Aozora Re, 4.346% (6 Month USD LIBOR + 200 bps),
4/7/21 (144A) 343,520
------------
$ 592,095
-----------------------------------------------------------------------------------------------------------------------
Windstorm -- Massachusetts -- 0.1%
400,000(a) Cranberry Re, 3.632% (6 Month USD LIBOR + 198 bps),
7/13/20 (144A) $ 399,240
-----------------------------------------------------------------------------------------------------------------------
Windstorm -- Mexico -- 0.1%
250,000(a) International Bank for Reconstruction & Development, 7.537%
(6 Month USD LIBOR + 590 bps), 12/20/19 (144A) $ 246,900
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
50 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Windstorm -- Texas -- 0.1%
250,000(a) Alamo Re, 5.456% (1 Month U.S. Treasury Bill + 348 bps),
6/7/21 (144A) $ 247,250
350,000(a) Alamo Re, 5.786% (3 Month U.S. Treasury Bill + 381 bps),
6/8/20 (144A) 351,155
------------
$ 598,405
-----------------------------------------------------------------------------------------------------------------------
Windstorm -- U.S. Multistate -- 0.0%+
500,000(a) Citrus Re, 2.476% (1 Month U.S. Treasury Bill + 50 bps),
4/9/20 (144A) $ 125,000
------------
Total Catastrophe Linked Bonds $ 11,934,210
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Face
Amount
USD ($)
-----------------------------------------------------------------------------------------------------------------------
Collateralized Reinsurance -- 0.2%
Multiperil -- Massachusetts -- 0.1%
250,000+(f)(g) Denning Re 2019, 7/31/20 $ 245,986
-----------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- 0.0%+
250,000+(f)(g) Dingle Re 2019, 2/1/20 $ 241,543
300,000+(f)(g) Kingsbarns Re 2017, 5/19/20 300
250,000+(f)(g) Port Royal Re 2019, 5/31/20 247,056
------------
$ 488,899
-----------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.1%
250,000+(f)(g) Cypress Re 2017, 1/10/20 $ 4,550
307,363+(g) Kilarney Re 2018, 4/15/20 155,157
14,000+(g) Limestone Re 2016-1, 8/31/21 30,898
250,000+(f)(g) Mid Ocean Re 2019, 7/31/20 235,146
250,000+(f)(g) Resilience Re, 12/31/19 175
350,000+(f)(g) Resilience Re, 4/6/20 35
------------
$ 425,961
-----------------------------------------------------------------------------------------------------------------------
Windstorm -- Florida -- 0.0%+
250,000+(f)(g) Portrush Re 2017, 6/15/20 $ 159,842
-----------------------------------------------------------------------------------------------------------------------
Windstorm -- U.S. Regional -- 0.0%+
250,000+(f)(g) Oakmont Re 2017, 4/15/20 $ 7,350
------------
Total Collateralized Reinsurance $ 1,328,038
-----------------------------------------------------------------------------------------------------------------------
Industry Loss Warranties -- 0.0%+
Multiperil -- U.S. -- 0.0%+
250,000+(f)(g) Cypress Re 2019, 1/31/20 $ 242,157
------------
Total Industry Loss Warranties $ 242,157
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 51
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Face
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Reinsurance Sidecars -- 0.8%
All Natural Peril -- Worldwide -- 0.1%
250,000+(f)(g) Eden Re II, 3/22/23 (144A) $ 276,000
-----------------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- 0.1%
250,000+(f)(g) Carnoustie Re 2016, 11/30/20 $ 6,750
250,000+(f)(g) Carnoustie Re 2017, 11/30/21 63,550
250,000+(f)(g) Carnoustie Re 2018, 12/31/21 24,950
250,000+(f)(g) Castle Stuart Re 2018, 12/1/21 210,850
250,000+(f)(h) Harambee Re 2018, 12/31/21 28,750
250,000+(f)(h) Harambee Re 2019, 12/31/22 261,025
150,001+(f)(g) Sector Re V, Series 7, Class G, 3/1/22 (144A) 125,046
------------
$ 720,921
-----------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.6%
250,000+(f)(g) Alturas Re 2019-2, 3/10/22 $ 262,475
100,000+(f)(g) Arlington Re 2015, 2/1/20 4,860
300,000+(f)(g) Bantry Re 2016, 3/30/20 24,180
250,000+(f)(g) Bantry Re 2017, 3/31/20 79,275
300,000+(f)(g) Berwick Re 2017-1, 2/1/20 9,930
601,682+(g) Berwick Re 2018-1, 12/31/21 96,089
463,223+(f)(g) Berwick Re 2019-1, 12/31/22 483,925
250,000+(f)(h) Blue Lotus Re 2018, 12/31/21 269,250
22,275+(f)(g) Eden Re II, 3/22/22 (144A) 41,526
12,500+(f)(g) Eden Re II, 3/22/22 (144A) 28,018
300,000+(g) Gleneagles Re 2016, 11/30/20 9,360
264,623+(g) Gullane Re 2018, 12/31/21 255,948
500,000+(f)(h) Lorenz Re 2017, 3/31/20 12,400
250,000+(f)(h) Lorenz Re 2018, 7/1/21 49,375
128,615+(f)(h) Lorenz Re 2019, 6/30/22 134,248
1,000,000+(g) Pangaea Re 2015-1, 2/1/20 1,300
1,000,000+(g) Pangaea Re 2015-2, 11/30/19 900
800,000+(g) Pangaea Re 2016-1, 11/30/20 2,640
500,000+(g) Pangaea Re 2016-2, 11/30/20 1,800
500,000+(f)(g) Pangaea Re 2017-1, 11/30/21 8,050
400,000+(g) Pangaea Re 2017-3, 5/31/22 20,400
500,000+(f)(g) Pangaea Re 2018-1, 12/31/21 29,400
250,000+(f)(g) Pangaea Re 2018-3, 7/1/22 12,400
409,624+(f)(g) Pangaea Re 2019-1, 2/1/23 423,337
183,828+(f)(g) Pangaea Re 2019-3, 7/1/23 188,736
250,000+(f)(g) Sector Re V, Series 7, Class A, 12/1/23 (144A) 251,265
150,000+(f)(g) Sector Re V, Series 7, Class C, 12/1/22 (144A) 40,245
250,000+(f)(g) Silverton Re, 9/16/19 (144A) 3,050
300,000+(f)(g) St. Andrews Re 2017-1, 2/1/20 20,340
The accompanying notes are an integral part of these financial statements.
52 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Face
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- (continued)
347,597+(f)(g) St. Andrews Re 2017-4, 6/1/20 $ 34,203
250,000+(f)(h) Thopas Re 2018, 12/31/21 25,300
250,000+(f)(h) Thopas Re 2019, 12/31/22 276,600
450,000+(g) Versutus Re 2017, 11/30/21 5,715
250,000+(f)(g) Versutus Re 2018, 12/31/21 --
220,637+(f)(g) Versutus Re 2019-A, 12/31/21 239,303
29,363+(f)(g) Versutus Re 2019-B, 12/31/21 31,847
------------
$ 3,377,690
------------
Total Reinsurance Sidecars $ 4,374,611
-----------------------------------------------------------------------------------------------------------------------
TOTAL INSURANCE-LINKED SECURITIES
(Cost $19,001,920) $ 17,879,016
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($)
-----------------------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE LOAN
INTERESTS -- 3.6% of Net Assets*(a)
Aerospace & Defense -- 0.0%+
250,000 MRO Holdings, Inc., Initial Term Loan, 7.479% (LIBOR +
500 bps), 6/4/26 $ 248,125
------------
Total Aerospace & Defense $ 248,125
-----------------------------------------------------------------------------------------------------------------------
Automobile -- 0.3%
390,699 American Axle & Manufacturing, Inc., Tranche B Term Loan,
4.426% (LIBOR + 225 bps), 4/6/24 $ 384,008
298,469 Cooper-Standard Automotive, Inc., Additional Term B-1 Loan,
4.112% (LIBOR + 200 bps), 11/2/23 285,413
387,105 Navistar, Inc., Tranche B Term Loan, 5.7% (LIBOR +
350 bps), 11/6/24 386,460
351,179 TI Group Automotive Systems LLC, Initial US Term Loan,
4.612% (LIBOR + 250 bps), 6/30/22 349,201
------------
Total Automobile $ 1,405,082
-----------------------------------------------------------------------------------------------------------------------
Beverage, Food & Tobacco -- 0.1%
435,188 Darling Ingredients, Inc. (fka Darling International, Inc.),
Term B Loan, 4.12% (LIBOR + 200 bps), 12/18/24 $ 436,547
------------
Total Beverage, Food & Tobacco $ 436,547
-----------------------------------------------------------------------------------------------------------------------
Broadcasting & Entertainment -- 0.3%
742,826 Gray Television, Inc., Term B-2 Loan, 4.582% (LIBOR +
225 bps), 2/7/24 $ 743,157
472,625 Gray Television, Inc., Term C Loan, 4.832% (LIBOR +
250 bps), 1/2/26 473,131
419,731 Sinclair Television Group, Inc., Tranche B Term Loan, 4.37%
(LIBOR + 225 bps), 1/3/24 419,521
------------
Total Broadcasting & Entertainment $ 1,635,809
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 53
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Buildings & Real Estate -- 0.1%
325,946 WireCo WorldGroup, Inc. (WireCo WorldGroup Finance LP),
First Lien Initial Term Loan, 7.112% (LIBOR +
500 bps), 9/29/23 $ 325,811
------------
Total Buildings & Real Estate $ 325,811
-----------------------------------------------------------------------------------------------------------------------
Chemicals -- 0.0%+
204,198 Univar USA, Inc., Term B-4 Loan, 4.612% (LIBOR +
250 bps), 7/1/24 $ 204,581
------------
Total Chemicals $ 204,581
-----------------------------------------------------------------------------------------------------------------------
Chemicals, Plastics & Rubber -- 0.3%
223,867 Axalta Coating Systems Dutch Holding B BV (Axalta Coating
Systems U.S. Holdings, Inc.), Term B-3 Dollar
Loan, 4.08% (LIBOR + 175 bps), 6/1/24 $ 222,987
500,000 Berry Global, Inc. (fka Berry Plastics Corp.), Term Loan U,
4.701% (LIBOR + 250 bps), 7/1/26 500,563
320,433 Element Solutions, Inc. (Macdermid, Inc.), Initial Term
Loan, 4.362% (LIBOR + 225 bps), 1/30/26 320,767
402,500 Tronox Finance LLC, First Lien Initial Dollar Term Loan,
4.947% (LIBOR + 275 bps), 9/23/24 400,128
------------
Total Chemicals, Plastics & Rubber $ 1,444,445
-----------------------------------------------------------------------------------------------------------------------
Computers & Electronics -- 0.0%+
92,526 ON Semiconductor Corp., 2018 New Replacement Term
B-3 Loan, 3.862% (LIBOR + 175 bps), 3/31/23 $ 92,461
------------
Total Computers & Electronics $ 92,461
-----------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Manufacturing -- 0.1%
352,942 Delos Finance S.a r.l., New Term Loan, 4.08% (LIBOR +
175 bps), 10/6/23 $ 354,013
------------
Total Diversified & Conglomerate Manufacturing $ 354,013
-----------------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Service -- 0.2%
380,146 Bright Horizons Family Solutions LLC (fka Bright Horizons
Family Solutions, Inc.), Term B Loan, 3.862%
(LIBOR + 175 bps), 11/7/23 $ 380,797
400,000 NVA Holdings, Inc., Incremental Term B-4 Loan, 5.612%
(LIBOR + 350 bps), 2/2/25 400,250
267,201 Outfront Media Capital LLC (Outfront Media Capital Corp.),
Term Loan, 4.213% (LIBOR + 200 bps), 3/18/24 268,120
111,449 West Corp., Initial Term B Loan, 6.112% (LIBOR +
400 bps), 10/10/24 100,583
------------
Total Diversified & Conglomerate Service $ 1,149,750
-----------------------------------------------------------------------------------------------------------------------
Electric & Electrical -- 0.1%
273,909 Dell International LLC (EMC Corp.), Refinancing Term B Loan,
4.12% (LIBOR + 200 bps), 9/7/23 $ 274,834
------------
Total Electric & Electrical $ 274,834
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
54 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Electronics -- 0.1%
58 Evergreen Skills Lux S.a.r.l., First Lien Initial Term Loan,
6.946% (LIBOR + 475 bps), 4/28/21 $ 49
223,867 Scientific Games International, Inc., Initial Term B-5 Loan,
4.889% (LIBOR + 275 bps), 8/14/24 221,628
241,644 Verint Systems, Inc., Refinancing Term Loan, 4.23% (LIBOR +
200 bps), 6/28/24 242,852
------------
Total Electronics $ 464,529
-----------------------------------------------------------------------------------------------------------------------
Healthcare -- 0.0%+
250,000 Phoenix Guarantor, Inc. (aka Brightspring), First Lien
Initial Term Loan, 6.744% (LIBOR + 450 bps), 3/5/26 $ 249,167
------------
Total Healthcare $ 249,167
-----------------------------------------------------------------------------------------------------------------------
Healthcare & Pharmaceuticals -- 0.2%
235,200 Endo Luxembourg Finance Co. I S.a.r.l., Initial Term Loan,
6.375% (LIBOR + 425 bps), 4/29/24 $ 215,502
397,464 Gentiva Health Services, Inc., First Lien Closing Date
Initial Term Loan, 5.875% (LIBOR + 375 bps), 7/2/25 398,205
114,005 Prestige Brands, Inc., Term B-4 Loan, 4.112% (LIBOR +
200 bps), 1/26/24 114,076
288,851 Sotera Health Holdings LLC, Incremental Term Loan, 5.112%
(LIBOR + 300 bps), 5/15/22 284,278
------------
Total Healthcare & Pharmaceuticals $ 1,012,061
-----------------------------------------------------------------------------------------------------------------------
Healthcare, Education & Childcare -- 0.1%
198,778 Bausch Health Cos., Inc. (fka Valeant Pharmaceuticals
International, Inc.), Initial Term Loan, 5.201%
(LIBOR + 300 bps), 6/2/25 $ 199,316
568,400 Kinetic Concepts, Inc., Dollar Term Loan, 5.58% (LIBOR +
325 bps), 2/2/24 569,821
------------
Total Healthcare, Education & Childcare $ 769,137
-----------------------------------------------------------------------------------------------------------------------
Hotel, Gaming & Leisure -- 0.2%
511,485 1011778 B.C. Unlimited Liability Co. (New Red Finance, Inc.)
(aka Burger King/Tim Hortons), Term B-3 Loan, 4.362%
(LIBOR + 225 bps), 2/16/24 $ 511,590
247,249 Hilton Worldwide Finance LLC, Refinanced Series B-2 Term
Loan, 3.895% (LIBOR + 175 bps), 6/22/26 248,221
304,763 MGM Growth Properties Operating Partnership LP, Term B Loan,
4.112% (LIBOR + 200 bps), 3/21/25 305,389
------------
Total Hotel, Gaming & Leisure $ 1,065,200
-----------------------------------------------------------------------------------------------------------------------
Leasing -- 0.1%
292,303 Fly Funding II S.a.r.l., Term Loan, 4.18% (LIBOR +
200 bps), 2/9/23 $ 292,486
------------
Total Leasing $ 292,486
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 55
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Leisure & Entertainment -- 0.0%+
235,810 AMC Entertainment Holdings, Inc. (fka AMC Entertainment,
Inc.), Term B-1 Loan, 5.23% (LIBOR + 300 bps), 4/22/26 $ 236,890
------------
Total Leisure & Entertainment $ 236,890
-----------------------------------------------------------------------------------------------------------------------
Machinery -- 0.1%
165,432 NN, Inc., Tranche B Term Loan, 5.862% (LIBOR +
375 bps), 10/19/22 $ 162,881
249,375 Terex Corp., 2019 U.S. Term Loan Commitments, 4.862%
(LIBOR + 275 bps), 1/31/24 250,193
246,838 Terex Corp., Incremental U.S. Term Loan, 4.112% (LIBOR +
200 bps), 1/31/24 246,807
------------
Total Machinery $ 659,881
-----------------------------------------------------------------------------------------------------------------------
Media -- 0.1%
498,750 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)),
February 2019 Incremental Term Loan, 5.195%
(LIBOR + 300 bps), 4/15/27 $ 501,452
------------
Total Media $ 501,452
-----------------------------------------------------------------------------------------------------------------------
Metals & Mining -- 0.0%+
61,890 BWay Holding Co., Initial Term Loan, 5.59% (LIBOR +
325 bps), 4/3/24 $ 60,236
123,487 TMS International Corp. (aka Tube City IMS Corp.), Term B-2
Loan, 4.95% (LIBOR + 275 bps), 8/14/24 122,561
------------
Total Metals & Mining $ 182,797
-----------------------------------------------------------------------------------------------------------------------
Oil & Gas -- 0.1%
447,750 Centurion Pipeline Co. LLC (fka Lotus Midstream LLC),
Initial Term Loan, 5.362% (LIBOR + 325 bps), 9/29/25 $ 448,310
------------
Total Oil & Gas $ 448,310
-----------------------------------------------------------------------------------------------------------------------
Personal, Food & Miscellaneous Services -- 0.0%+
111,453 Diamond (BC) BV (aka Diversey), Initial USD Term Loan,
5.256% (LIBOR + 300 bps), 9/6/24 $ 102,537
------------
Total Personal, Food & Miscellaneous Services $ 102,537
-----------------------------------------------------------------------------------------------------------------------
Printing & Publishing -- 0.0%+
81,137 Red Ventures LLC (New Imagitas, Inc.), First Lien Term B-1
Loan, 5.112% (LIBOR + 300 bps), 11/8/24 $ 81,202
33,254 Tribune Media Co. (fka Tribune Co.), Term B Loan, 5.112%
(LIBOR + 300 bps), 12/27/20 33,268
------------
Total Printing & Publishing $ 114,470
-----------------------------------------------------------------------------------------------------------------------
Professional & Business Services -- 0.2%
248,750 Global Payments, Inc., Term B-4 Loan, 3.862% (LIBOR +
175 bps), 10/17/25 $ 248,905
447,733 Lamar Media Corp., Term B Loan, 4.125% (LIBOR +
175 bps), 3/14/25 449,129
The accompanying notes are an integral part of these financial statements.
56 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Professional & Business Services -- (continued)
250,000 MYOB US Borrower LLC, First Lien Initial U.S. Term Loan,
6.112% (LIBOR + 400 bps), 5/6/26 $ 250,469
------------
Total Professional & Business Services $ 948,503
-----------------------------------------------------------------------------------------------------------------------
Retail -- 0.1%
385,016 CDW LLC (aka AP Exhaust Acq) (fka CDW Corp.), Term Loan,
3.87% (LIBOR + 175 bps), 8/17/23 $ 386,652
114,713 Staples, Inc., 2019 Refinancing New Term B-2 Loan, 6.697%
(LIBOR + 450 bps), 9/12/24 111,845
------------
Total Retail $ 498,497
-----------------------------------------------------------------------------------------------------------------------
Securities & Trusts -- 0.0%+
249,375 KSBR Holding Corp., Initial Term Loan, 6.682% (LIBOR +
450 bps), 4/15/26 $ 249,998
------------
Total Securities & Trusts $ 249,998
-----------------------------------------------------------------------------------------------------------------------
Telecommunications -- 0.4%
348,232 CenturyLink, Inc., Initial Term B Loan, 4.862% (LIBOR +
275 bps), 1/31/25 $ 343,952
272,938 Ciena Corp., Refinancing Term Loan, 4.172% (LIBOR +
200 bps), 9/26/25 274,302
210,000 Commscope, Inc., Initial Term Loan, 5.362% (LIBOR +
325 bps), 4/6/26 209,541
300,301 Go Daddy Operating Co. LLC (GD Finance Co., Inc.), Tranche
B-1 Term Loan, 4.112% (LIBOR + 200 bps), 2/15/24 301,310
225,000 Level 3 Financing, Inc., Tranche B 2024 Term Loan, 4.362%
(LIBOR + 225 bps), 2/22/24 225,457
190,575 SBA Senior Finance II LLC, Initial Term Loan, 4.12% (LIBOR +
200 bps), 4/11/25 189,792
235,662 Virgin Media Bristol LLC, Facility K, 4.695% (LIBOR +
250 bps), 1/15/26 235,883
------------
Total Telecommunications $ 1,780,237
-----------------------------------------------------------------------------------------------------------------------
Transportation -- 0.1%
360,000 Travelport Finance S.a.r.l., First Lien Initial Term Loan,
7.541% (LIBOR + 500 bps), 5/29/26 $ 333,270
------------
Total Transportation $ 333,270
-----------------------------------------------------------------------------------------------------------------------
Utilities -- 0.3%
595,577 APLP Holdings, Ltd. Partnership, Term Loan, 4.862% (LIBOR +
275 bps), 4/13/23 $ 596,788
380,364 Eastern Power LLC (Eastern Covert Midco LLC) (aka TPF II LC
LLC), Term Loan, 5.862% (LIBOR + 375 bps), 10/2/23 382,173
500,000 Edgewater Generation LLC, Term Loan, 5.862% (LIBOR +
375 bps), 12/13/25 494,531
------------
Total Utilities $ 1,473,492
-----------------------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $18,929,578) $ 18,954,372
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 57
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 3.9%
of Net Assets
297,249(a) Fannie Mae, 2.354% (2 Month USD LIBOR + 160 bps), 7/1/45 $ 303,733
421,439 Fannie Mae, 3.0%, 10/1/27 433,396
580,529 Fannie Mae, 3.0%, 11/1/27 597,922
55,194(a) Fannie Mae, 4.229% (11th District Cost of Funds Index +
193 bps), 12/1/36 57,193
265,270(a) Fannie Mae, 4.23% (2 Month USD LIBOR + 140 bps), 10/1/36 268,001
13,126(a) Fannie Mae, 4.48% (2 Month USD LIBOR + 174 bps), 7/1/36 13,842
199,258 Fannie Mae, 4.5%, 5/1/39 218,139
330,111 Fannie Mae, 4.5%, 5/1/39 360,978
112,000 Fannie Mae, 4.5%, 10/1/49 (TBA) 117,994
33,393(a) Fannie Mae, 4.53% (1 Year CMT Index + 216 bps), 10/1/29 34,066
16,782(a) Fannie Mae, 4.598% (1 Year CMT Index + 232 bps), 12/1/28 17,304
566(a) Fannie Mae, 4.672% (1 Year CMT Index + 212 bps), 11/1/25 576
16,935(a) Fannie Mae, 4.8% (6 Month USD LIBOR + 218 bps), 11/1/24 17,256
1,706(a) Fannie Mae, 4.959% (1 Year CMT Index + 222 bps), 4/1/29 1,744
27,848(a) Fannie Mae, 5.001% (6 Month USD LIBOR + 226 bps), 1/1/25 28,205
2,264(a) Fannie Mae, 5.088% (1 Year CMT Index + 246 bps), 4/1/28 2,277
14,499 Fannie Mae, 5.5%, 12/1/35 16,375
110,325 Fannie Mae, 5.5%, 8/1/37 124,830
397(a) Fannie Mae, 5.808% (6 Month USD LIBOR + 285 bps), 2/1/33 397
14,181 Fannie Mae, 6.0%, 2/1/34 15,638
9,777 Fannie Mae, 6.0%, 4/1/38 11,205
132,681 Fannie Mae, 6.5%, 4/1/29 148,651
2,834 Fannie Mae, 6.5%, 7/1/32 3,309
10,125 Fannie Mae, 7.0%, 1/1/36 11,613
391,264 Federal Home Loan Mortgage Corp., 2.5%, 10/1/27 397,508
48,560 Federal Home Loan Mortgage Corp., 4.0%, 5/1/24 50,546
13,913(a) Federal Home Loan Mortgage Corp., 4.408% (2 Month USD
LIBOR + 191 bps), 8/1/31 13,943
101,809(a) Federal Home Loan Mortgage Corp., 4.656% (2 Month USD
LIBOR + 191 bps), 10/1/31 103,101
3,100(a) Federal Home Loan Mortgage Corp., 4.675% (1 Year CMT
Index + 225 bps), 11/1/31 3,261
1,285(a) Federal Home Loan Mortgage Corp., 4.799% (1 Year CMT
Index + 236 bps), 1/1/28 1,343
151,019(a) Federal Home Loan Mortgage Corp., 4.908% (2 Month USD
LIBOR + 191 bps), 12/1/31 151,581
40,519 Federal Home Loan Mortgage Corp., 5.0%, 12/1/39 44,785
6,037(a) Federal Home Loan Mortgage Corp., 5.041% (6 Month USD
LIBOR + 229 bps), 4/1/25 6,156
27,978 Government National Mortgage Association I, 6.0%, 12/15/31 31,148
57,688 Government National Mortgage Association I, 6.0%, 11/15/36 66,180
13,103 Government National Mortgage Association I, 6.5%, 5/15/31 15,281
The accompanying notes are an integral part of these financial statements.
58 Pioneer Short Term Income Fund | Annual Report | 8/31/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
U.S. Government and Agency Obligations -- (continued)
6,256 Government National Mortgage Association I, 6.5%, 7/15/35 $ 6,884
17,502 Government National Mortgage Association I, 6.5%, 10/15/37 20,918
30,087 Government National Mortgage Association I, 7.5%, 10/15/36 32,553
1,250,000(a) U.S. Treasury Notes, 2.099% (3 Month U.S. Treasury Bill
Money Market Yield + 14 bps), 4/30/21 1,248,403
5,715,000 U.S. Treasury Notes, 2.25%, 2/15/21 5,764,783
2,500,000 U.S. Treasury Notes, 2.5%, 5/31/20 2,511,719
2,625,000 U.S. Treasury Notes, 2.625%, 8/15/20 2,644,893
4,786,900 U.S. Treasury Notes, 3.625%, 2/15/21 4,922,279
-----------------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $20,767,073) $ 20,841,909
-----------------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 5.7% of Net Assets
CERTIFICATE OF DEPOSIT -- 0.1%
500,000(a) Svenska Handelsbanken AB, 2.434% (1 Month USD LIBOR +
19 bps), 5/5/20 $ 499,883
-----------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPERS -- 3.8%
300,000 AbbVie, Inc., 2.292%, 9/9/19 $ 299,808
500,000 Amphenol Corp., 2.24%, 9/3/19 499,877
500,000 Anthem, Inc., 2.194%, 9/25/19 499,144
1,300,000 AutoZone, Inc., 2.232%, 9/3/19 1,299,675
500,000 Bell Canada, Inc., 2.284%, 9/20/19 499,301
700,000 Bell Canada, Inc., 2.297%, 9/23/19 698,883
1,300,000 Berkshire Hathway Energy Co., 2.253%, 9/10/19 1,299,112
500,000 Boston Scientific Corp., 2.393%, 9/11/19 499,621
750,000 Boston Scientific Corp., 2.368%, 10/21/19 747,481
750,000 Canadian Natural Resources, Ltd., 2.304%, 9/25/19 748,606
500,000 CenterPoint Energy, Inc., 2.24%, 9/3/19 499,875
500,000 Consolidated Edison, Inc., 2.232%, 9/5/19 499,802
250,000 Dominion Energy, Inc., 2.263%, 9/9/19 249,833
1,200,000 Dow Chemical Co., 2.276%, 9/27/19 1,197,848
1,000,000 Duke Energy Corp., 2.243%, 9/17/19 998,857
500,000 Energy Transfer Operating LP, 2.551%, 9/3/19 499,860
500,000 Eni Finance USA, Inc., 2.336%, 10/8/19 498,720
750,000 Eni Finance USA, Inc., 2.346%, 12/12/19 744,824
1,100,000 Eversource Energy, 2.252%, 9/4/19 1,099,634
525,000 Eversource Energy, 2.222%, 9/10/19 524,615
1,000,000 General Motors Financial Co., Inc., 2.424%, 9/12/19 999,087
500,000 Kinder Morgan Energy Partners LP, 2.321%, 9/3/19 499,860
445,000 National Grid USA, 2.303%, 9/9/19 444,720
250,000 National Grid USA, 2.337%, 10/10/19 249,340
525,000 PPL Capital Funding, Inc., 2.241%, 9/4/19 524,836
250,000 PPL Capital Funding, Inc., 2.304%, 9/16/19 249,730
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 59
Schedule of Investments | 8/31/19 (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Commercial Papers -- (continued)
500,000 PPL Capital Funding, Inc., 2.318%, 10/4/19 $ 498,876
750,000 Sherwin Williams Co., 2.402%, 9/5/19 749,731
500,000 Sherwin Williams Co., 2.403%, 9/17/19 499,463
500,000 TransCanada Pipelines, Ltd., 2.524%, 9/3/19 499,875
500,000 TransCanada Pipelines, Ltd., 2.304%, 9/6/19 499,780
500,000 TransCanada Pipelines, Ltd., 2.541%, 9/13/19 499,557
------------
$ 20,120,231
-----------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 1.8%
3,160,000 $3,160,000 Merrill Lynch, Pierce, Fenner & Smith, Inc., 2.16%,
dated 8/30/19 plus accrued interest on 9/3/19, collateralized by
$3,223,200 Federal National Mortgage Association,
3.318%, 6/1/46 $ 3,160,000
3,160,000 $3,160,000 Royal Bank of Canada, 2.16%, dated 8/30/19
plus accrued interest on 9/3/19 collateralized by the following:
$2,385,298 Freddie Mac Giant, 3.5% -- 4.5%, 2/1/48 -- 1/1/49
$835,479 Federal National Mortgage Association,
3.0% -- 4.0%, 12/1/46 -- 2/1/57
$3,197 Government National Mortgage Association,
5.0%, 1/20/49 3,160,000
1,580,000 $1,580,000 TD Securities USA LLC, 2.14%, dated 8/30/19
plus accrued interest on 9/3/19 collateralized by
$1,611,600 Federal National Mortgage Association,
4.0%, 7/1/48 1,580,000
1,580,000 $1,5800,000 TD Securities USA LLC, 2.16%, dated 8/30/19
plus accrued interest on 9/3/19 collateralized by
$1,611,691 U.S. Treasury Notes, 0.625% -- 3.625%,
4/15/28 -- 2/15/43 1,580,000
------------
$ 9,480,000
-----------------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $30,103,206) $ 30,100,114
-----------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 98.9%
(Cost $518,131,121) $521,967,416
-----------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 1.1% $ 5,804,288
-----------------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $527,177,704
=======================================================================================================================
bps Basis Points.
CMT Constant Maturity Treasury Index.
FREMF Freddie Mac Multifamily Fixed-Rate Mortgage Loans.
LIBOR London Interbank Offered Rate.
REIT Real Estate Investment Trust.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Short Term Income Fund | Annual Report | 8/31/19
REMICS Real Estate Mortgage Investment Conduits.
SOFRRATE Secured Overnight Financing Rate.
Strips Separate Trading of Registered Interest and Principal of Securities.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At August 31, 2019, the value of these securities
amounted to $310,526,040, or 58.8% of net assets.
(TBA) "To Be Announced" Securities.
+ Amount rounds to less than 0.1%.
* Senior secured floating rate loan interests in which the Fund
invests generally pay interest at rates that are periodically
redetermined by reference to a base lending rate plus a premium.
These base lending rates are generally (i) the lending rate offered
by one or more major European banks, such as LIBOR, (ii) the prime
rate offered by one or more major United States banks, (iii) the
rate of a certificate of deposit or (iv) other base lending rates
used by commercial lenders. The interest rate shown is the rate
accruing at August 31, 2019.
+ Security that used significant unobservable inputs to determine its
value.
(a) Floating rate note. Coupon rate, reference index and spread shown at
August 31, 2019.
(b) Debt obligation initially issued at one coupon which converts to a
higher coupon at a specific date. The rate shown is the rate at
August 31, 2019.
(c) The interest rate is subject to change periodically. The interest
rate and/or reference index and spread is shown at August 31, 2019.
(d) Security represents the interest-only portion payments on a pool of
underlying mortgages or mortgage-backed securities.
(e) Securities are restricted as to resale.
(f) Non-income producing security.
(g) Issued as participation notes.
(h) Issued as preference shares.
FUTURES CONTRACTS
FIXED INCOME INDEX FUTURES CONTRACTS
---------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Unrealized
Long Description Date Amount Market Value Appreciation
---------------------------------------------------------------------------------------
853 U.S. 2 Year 12/31/19 $184,308,063 $184,347,962 $39,899
Note (CBT)
----------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Unrealized
Short Description Date Amount Market Value Appreciation
----------------------------------------------------------------------------------
279 U.S. 5 Year 12/31/19 $ 33,474,508 $ 33,473,461 $ 1,047
Note (CBT)
----------------------------------------------------------------------------------
TOTAL FUTURES CONTRACTS $150,833,555 $150,874,501 $40,946
==================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 61
Schedule of Investments | 8/31/19 (continued)
Purchases and sales of securities (excluding temporary cash investments) for
the year ended August 31, 2019 were as follows:
-----------------------------------------------------------------------------------------
Purchases Sales
-----------------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ 56,264,964 $ (66,012,454)
Other Long-Term Securities $345,300,360 $(317,621,815)
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc., (the "Adviser") serves as the Fund's investment adviser, as
set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to
procedures adopted by the Board of Trustees. Under these procedures, cross
trades are effected at current market prices. During the year ended August 31,
2019, the Fund engaged in purchases of $99,984 and sales of $12,381,254
pursuant to these procedures, which resulted in a net realized gain/(loss) of
$(115,339).
At August 31, 2019, the net unrealized appreciation on investments based on
cost for federal tax purposes of $518,999,259 was as follows:
Aggregate gross unrealized appreciation for all investments in which there
is an excess of value over tax cost $ 6,740,342
Aggregate gross unrealized depreciation for all investments in which there
is an excess of tax cost over value (3,731,239)
-----------
Net unrealized appreciation $ 3,009,103
===========
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes
to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Short Term Income Fund | Annual Report | 8/31/19
The following is a summary of the inputs used as of August 31, 2019, in valuing
the Fund's investments:
-----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $168,296,169 $ -- $168,296,169
Collateralized Mortgage Obligations -- 151,306,526 -- 151,306,526
Corporate Bonds -- 113,259,310 -- 113,259,310
Foreign Government Bond -- 1,330,000 -- 1,330,000
Insurance-Linked Securities
Collateralized Reinsurance
Multiperil -- Massachusetts -- -- 245,986 245,986
Multiperil -- U.S. -- -- 488,899 488,899
Multiperil -- Worldwide -- -- 425,961 425,961
Windstorm -- Florida -- -- 159,842 159,842
Windstorm -- U.S. Regional -- -- 7,350 7,350
Industry Loss Warranties
Multiperil -- U.S. -- -- 242,157 242,157
Reinsurance Sidecars
All Natural Peril -- Worldwide -- -- 276,000 276,000
Multiperil -- U.S. -- -- 720,921 720,921
Multiperil -- Worldwide -- -- 3,377,690 3,377,690
All Other Insurance-Linked
Securities -- 11,934,210 -- 11,934,210
Senior Secured Floating Rate
Loan Interests -- 18,954,372 -- 18,954,372
U.S. Government and
Agency Obligations -- 20,841,909 -- 20,841,909
Certificate of Deposit -- 499,883 -- 499,883
Commercial Papers -- 20,120,231 -- 20,120,231
Repurchase Agreements -- 9,480,000 -- 9,480,000
-----------------------------------------------------------------------------------------------------
Total Investments in Securities $ -- $516,022,610 $5,944,806 $521,967,416
-----------------------------------------------------------------------------------------------------
Other Financial Instruments
Net unrealized appreciation
on futures contracts $40,946 $ -- $ -- $ 40,946
-----------------------------------------------------------------------------------------------------
Total Other Financial Instruments $40,946 $ -- $ -- $ 40,946
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 63
Schedule of Investments | 8/31/19 (continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
-----------------------------------------------------------------------------------
Insurance-
Linked
Securities
-----------------------------------------------------------------------------------
Balance as of 8/31/18 $ 9,112,784(a)
Realized gain (loss)(1) (51,882)
Changed in unrealized appreciation (depreciation)(2) (397,258)
Accrued discounts/premiums --
Purchases 4,151,152
Sales (6,066,730)
Transfers in to Level 3* --
Transfers out of Level 3* (803,260)
-----------------------------------------------------------------------------------
Balance as of 8/31/19 $ 5,944,806
===================================================================================
(a) Securities were classified as Corporate Bonds on the August 31, 2018
financial statements.
(1) Realized gain (loss) on these securities is included in the realized gain
(loss) from investments on the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) from investments on
the Statement of Operations.
* Transfers are calculated on the beginning of period value. For the year
ended August 31, 2019, investments having a value of $803,260 were
transferred out of Level 3 to Level 2, as there were observable inputs
available to determine their value. There were no other transfers between
Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments still
held and considered Level 3 at August 31, 2019: $(347,517)
----------
The accompanying notes are an integral part of these financial statements.
64 Pioneer Short Term Income Fund | Annual Report | 8/31/19
Statement of Assets and Liabilities | 8/31/19
ASSETS:
Investments in unaffiliated issuers, at value (cost $518,131,121) $521,967,416
Cash 1,730,332
Futures collateral 410,086
Due from broker for futures 793,379
Variation margin for futures contracts 53,813
Net unrealized appreciation on futures contracts 40,946
Receivables --
Investment securities sold 73,560
Fund shares sold 3,982,761
Interest 1,681,957
Due from the Adviser 22,724
Other assets 51,132
----------------------------------------------------------------------------------------
Total assets $530,808,106
========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 1,565,871
Fund shares repurchased 810,255
Distributions 373,330
Trustees' fees 2,527
Professional fees 51,294
Transfer agent fees 104,621
Due to affiliates 25,001
Accrued expenses 103,503
----------------------------------------------------------------------------------------
Total liabilities $ 3,036,402
========================================================================================
NET ASSETS:
Paid-in capital $542,181,666
Distributable earnings (loss) (14,409,962)
----------------------------------------------------------------------------------------
Net assets $527,771,704
========================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $176,600,872/18,540,897 shares) $ 9.52
Class C (based on $32,889,447/3,456,572 shares) $ 9.52
Class C2 (based on $1,172,929/123,262 shares) $ 9.52
Class K (based on $14,450,584/1,514,728 shares) $ 9.54
Class Y (based on $302,657,872/31,822,310 shares $ 9.51
========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 65
Statement of Operations
For the Year Ended 8/31/19
INVESTMENT INCOME:
Interest from unaffiliated issuers $16,961,564
Dividends from unaffiliated issuers 303,516
---------------------------------------------------------------------------------------------------------
Total investment income $17,265,080
---------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,634,103
Administrative expense 196,454
Transfer agent fees
Class A 226,639
Class C 17,590
Class C2 990
Class K 325
Class Y 211,436
Distribution fees
Class A 300,948
Class C 173,844
Class C2 6,627
Shareowner communications expense 28,225
Custodian fees 87,483
Registration fees 111,652
Professional fees 93,176
Printing expense 27,297
Pricing fees 159,141
Trustees' fees 16,869
Insurance expense 6,045
Miscellaneous 16,772
---------------------------------------------------------------------------------------------------------
Total expenses $ 3,315,616
Less fees waived and expenses reimbursed by the Adviser (380,377)
---------------------------------------------------------------------------------------------------------
Net expenses $ 2,935,239
---------------------------------------------------------------------------------------------------------
Net investment income $14,329,841
---------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $(1,484,026)
Futures contracts 1,174,520 $ (309,506)
---------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $ 7,220,283
Futures contracts 75,650 $ 7,295,933
---------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ 6,986,427
---------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $21,316,268
=========================================================================================================
The accompanying notes are an integral part of these financial statements.
66 Pioneer Short Term Income Fund | Annual Report | 8/31/19
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------------
Year Ended Year Ended
8/31/19 8/31/18
-----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 14,329,841 $ 10,591,710
Net realized gain (loss) on investments (309,506) (2,770,461)
Change in net unrealized appreciation (depreciation)
on investments 7,295,933 (4,321,560)
-----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 21,316,268 $ 3,499,689
-----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:*
Class A ($0.29 and $0.20 per share, respectively) $ (4,562,979) $ (3,155,205)
Class C ($0.26 and $0.18 per share, respectively) (969,718) (1,404,261)
Class C2 ($0.27 and $0.18 per share, respectively) (36,548) (35,129)
Class K ($0.32 and $0.24 per share, respectively) (417,515) (332,948)
Class Y ($0.31 and $0.22 per share, respectively) (8,932,282) (6,864,307)
-----------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (14,919,042) $ (11,791,850)
-----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 278,570,758 $ 172,170,612
Reinvestment of distributions 11,226,791 9,085,414
Cost of shares repurchased (231,635,936) (307,124,269)
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from Fund share transactions $ 58,161,613 $(125,868,243)
-----------------------------------------------------------------------------------------------------
Net increase in net assets $ 64,558,839 $(134,160,404)
NET ASSETS:**
Beginning of year $ 463,212,865 $ 597,373,269
-----------------------------------------------------------------------------------------------------
End of year $ 527,771,704 $ 463,212,865
=====================================================================================================
* For the year ended August 31, 2018, distributions to shareowners were
presented as net investment income.
** For the year ended August 31, 2018, undistributed net investment income
was presented as follows: $55,335.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 67
Statements of Changes in Net Assets (continued)
-------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
8/31/19 8/31/19 8/31/18 8/31/18
Shares Amount Shares Amount
-------------------------------------------------------------------------------------------------------
Class A
Shares sold 10,234,600 $ 96,562,420 4,053,630 $ 38,315,306
Reinvestment of distributions 416,419 3,926,837 285,291 2,692,222
Less shares repurchased (6,402,430) (60,225,067) (7,060,001) (66,684,519)
-------------------------------------------------------------------------------------------------------
Net increase (decrease) 4,248,589 $ 40,264,190 (2,721,080) $ (25,676,991)
=======================================================================================================
Class C
Shares sold 1,389,339 $ 13,045,877 1,332,549 $ 12,606,369
Reinvestment of distributions 99,828 939,837 146,309 1,378,280
Less shares repurchased (4,249,518) (39,906,267) (4,041,605) (38,085,792)
-------------------------------------------------------------------------------------------------------
Net decrease (2,760,351) $ (25,920,553) (2,562,747) $ (24,101,143)
=======================================================================================================
Class C2
Shares sold 7,078 $ 67,056 5,476 $ 51,796
Reinvestment of distributions 1,851 17,419 1,570 14,789
Less shares repurchased (61,283) (575,464) (48,611) (458,792)
-------------------------------------------------------------------------------------------------------
Net decrease (52,354) $ (490,989) (41,565) $ (392,207)
=======================================================================================================
Class K
Shares sold 644,091 $ 6,053,817 112,407 $ 1,060,545
Reinvestment of distributions 7,832 74,049 3,421 32,288
Less shares repurchased (216,959) (2,046,478) (653,296) (6,160,928)
-------------------------------------------------------------------------------------------------------
Net increase (decrease) 434,964 $ 4,081,388 (537,468) $ (5,068,095)
=======================================================================================================
Class Y
Shares sold 17,300,086 $ 162,841,588 12,742,265 $ 120,136,596
Reinvestment of distributions 665,683 6,268,649 527,563 4,967,835
Less shares repurchased (13,704,981) (128,882,660) (20,761,267) (195,734,238)
-------------------------------------------------------------------------------------------------------
Net increase (decrease) 4,260,788 $ 40,227,577 (7,491,439) $ (70,629,807)
=======================================================================================================
The accompanying notes are an integral part of these financial statements.
68 Pioneer Short Term Income Fund | Annual Report | 8/31/19
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/19 8/31/18 8/31/17 8/31/16* 8/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.40 $ 9.54 $ 9.56 $ 9.57 $ 9.66
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.27(a) $ 0.18(a) $ 0.16(a) $ 0.13(a) $ 0.10
Net realized and unrealized gain (loss) on investments 0.14 (0.12) 0.01 0.01 (0.03)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.41 $ 0.06 $ 0.17 $ 0.14 $ 0.07
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.29) $ (0.20) $ (0.19) $ (0.15) $ (0.16)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.12 $ (0.14) $ (0.02) $ (0.01) $ (0.09)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.52 $ 9.40 $ 9.54 $ 9.56 $ 9.57
====================================================================================================================================
Total return (b) 4.39% 0.68% 1.82% 1.50% 0.74%
Ratio of net expenses to average net assets 0.82% 0.88% 0.84% 0.79% 0.82%
Ratio of net investment income (loss) to average net assets 2.87% 1.90% 1.64% 1.41% 1.12%
Portfolio turnover rate 84% 54% 70% 44% 48%
Net assets, end of period (in thousands) $176,601 $134,382 $162,375 $179,870 $205,451
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.86% 0.88% 0.84% 0.79% 0.82%
Net investment income (loss) to average net assets 2.83% 1.90% 1.64% 1.41% 1.12%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 69
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/19 8/31/18 8/31/17 8/31/16* 8/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.39 $ 9.53 $ 9.54 $ 9.55 $ 9.65
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.25(a) $ 0.16(a) $ 0.14(a) $ 0.11(a) $ 0.08
Net realized and unrealized gain (loss) on investments 0.14 (0.12) 0.02 0.01 (0.04)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.39 $ 0.04 $ 0.16 $ 0.12 $ 0.04
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.26) $ (0.18) $ (0.17) $ (0.13) $ (0.14)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.13 $ (0.14) $ (0.01) $ (0.01) $ (0.10)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.52 $ 9.39 $ 9.53 $ 9.54 $ 9.55
====================================================================================================================================
Total return (b) 4.25% 0.45% 1.69% 1.25% 0.40%
Ratio of net expenses to average net assets 1.03% 1.06% 1.05% 1.05% 1.06%
Ratio of net investment income (loss) to average net assets 2.66% 1.72% 1.42% 1.16% 0.87%
Portfolio turnover rate 84% 54% 70% 44% 48%
Net assets, end of period (in thousands) $32,889 $58,380 $83,649 $97,028 $98,585
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.07% 1.06% 1.05% 1.05% 1.06%
Net investment income (loss) to average net assets 2.62% 1.72% 1.42% 1.16% 0.87%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
70 Pioneer Short Term Income Fund | Annual Report | 8/31/19
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/19 8/31/18 8/31/17 8/31/16* 8/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class C2
Net asset value, beginning of period $ 9.39 $ 9.53 $ 9.55 $ 9.56 $ 9.65
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.25(a) $ 0.16(a) $ 0.14(a) $ 0.11(a) $ 0.08
Net realized and unrealized gain (loss) on investments 0.15 (0.12) 0.01 0.01 (0.03)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.40 $ 0.04 $ 0.15 $ 0.12 $ 0.05
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.27) $(0.18) $(0.17) $(0.13) $(0.14)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.13 $(0.14) $(0.02) $(0.01) $(0.09)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.52 $ 9.39 $ 9.53 $ 9.55 $ 9.56
====================================================================================================================================
Total return (b) 4.27% 0.44% 1.57% 1.28% 0.51%
Ratio of net expenses to average net assets 1.05% 1.06% 1.05% 1.04% 1.04%
Ratio of net investment income (loss) to average net assets 2.61% 1.73% 1.42% 1.17% 0.90%
Portfolio turnover rate 84% 54% 70% 44% 48%
Net assets, end of period (in thousands) $1,173 $1,650 $2,070 $2,930 $3,014
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.09% 1.06% 1.05% 1.04% 1.04%
Net investment income (loss) to average net assets 2.57% 1.73% 1.42% 1.17% 0.90%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 71
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 12/1/14 to
8/31/19 8/31/18 8/31/17 8/31/16* 8/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.42 $ 9.56 $ 9.57 $ 9.58 $ 9.65
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.31(a) $ 0.21(a) $ 0.19(a) $ 0.17(a) $(0.18)
Net realized and unrealized gain (loss) on investments 0.13 (0.11) 0.02 0.00(b) 0.26
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.44 $ 0.10 $ 0.21 $ 0.17 $ 0.08
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.32) $ (0.24) $ (0.22) $ (0.18) $(0.15)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.12 $ (0.14) $ (0.01) $ (0.01) $(0.07)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.54 $ 9.42 $ 9.56 $ 9.57 $ 9.58
====================================================================================================================================
Total return (c) 4.73% 1.03% 2.25% 1.81% 0.84%(d)
Ratio of net expenses to average net assets 0.47% 0.50% 0.49% 0.50% 0.50%(e)
Ratio of net investment income (loss) to average net assets 3.26% 2.26% 1.99% 1.74% 1.26%(e)
Portfolio turnover rate 84% 54% 70% 44% 48%
Net assets, end of period (in thousands) $14,451 $10,166 $15,454 $16,502 $2,251
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.51% 0.50% 0.49% 0.50% 0.50%(e)
Net investment income (loss) to average net assets 3.22% 2.26% 1.99% 1.74% 1.26%(e)
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 or $(0.01) per-share.
(c) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(d) Not annualized.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
72 Pioneer Short Term Income Fund | Annual Report | 8/31/19
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/19 8/31/18 8/31/17 8/31/16* 8/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.38 $ 9.52 $ 9.54 $ 9.55 $ 9.64
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.30(a) $ 0.20(a) $ 0.18(a) $ 0.15(a) $ 0.11
Net realized and unrealized gain (loss) on investments 0.14 (0.12) 0.01 0.01 (0.02)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.44 $ 0.08 $ 0.19 $ 0.16 $ 0.09
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.31) $ (0.22) $ (0.21) $ (0.17) $ (0.18)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.13 $ (0.14) $ (0.02) $ (0.01) $ (0.09)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.51 $ 9.38 $ 9.52 $ 9.54 $ 9.55
====================================================================================================================================
Total return (b) 4.81% 0.90% 2.04% 1.71% 0.97%
Ratio of net expenses to average net assets 0.47% 0.64% 0.61% 0.59% 0.60%
Ratio of net investment income (loss) to average net assets 3.23% 2.14% 1.88% 1.61% 1.33%
Portfolio turnover rate 84% 54% 70% 44% 48%
Net assets, end of period (in thousands) $302,658 $258,634 $333,825 $278,689 $288,108
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.59% 0.64% 0.61% 0.59% 0.60%
Net investment income (loss) to average net assets 3.11% 2.14% 1.88% 1.61% 1.33%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
The accompanying notes are an integral part of these financial statements.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 73
Notes to Financial Statements | 8/31/19
1. Organization and Significant Accounting Policies
Pioneer Short Term Income Fund (the "Fund") is a Delaware statutory trust. The
Fund is 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 shareowner approval. Under per-share voting,
each share of a class of the Fund is entitled to one vote. Under
dollar-weighted voting, a shareowner's voting power is determined not by the
number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class K and Class Y shares.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
In August 2018, the Securities and Exchange Commission ("SEC") released a
Disclosure Update and Simplification Final Rule. The Final Rule amends
Regulation S-X disclosures requirements to conform them to U.S. Generally
Accepted Accounting Principles ("U.S. GAAP") for investment companies. The
Fund's financial statements were prepared in compliance with the new amendments
to Regulation S-X.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the
Fund to make estimates and assumptions that affect the
74 Pioneer Short Term Income Fund | Annual Report | 8/31/19
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 gain or loss on investments during the
reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange ("NYSE") is open, as of the close of regular
trading on the NYSE.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to
supply prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information 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.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 75
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Repurchase agreements are valued at par. Cash may include overnight time
deposits at approved financial institutions.
Securities or loan interests for which independent pricing services or
broker-dealers are unable to supply prices or for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued by a fair valuation team comprised of certain
personnel of the Adviser pursuant to procedures adopted by the Fund's
Board of Trustees. The Adviser's fair valuation team uses fair value
methods approved by the Valuation Committee of the Board of Trustees. The
Adviser's fair valuation team is responsible for monitoring developments
that may impact fair valued securities and for discussing and assessing
fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after
the close of the exchange or market on which the security trades and prior
to the determination of the Fund's net asset value. Examples of a
significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts.
Thus, the valuation of the Fund's securities may differ significantly from
exchange prices, and such differences could be material.
At August 31, 2019, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country
rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
76 Pioneer Short Term Income Fund | Annual Report | 8/31/19
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly
paydowns. All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. 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, 2019, the Fund did not accrue any
interest or penalties with respect to uncertain tax positions, which, if
applicable, would be recorded as an income tax expense on the Statement of
Operations. Tax returns filed within the prior three years remain subject
to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary over distributions for
financial statement purposes resulting from differences in the recognition
or classification of income or distributions for financial statement and
tax purposes. Capital accounts within the financial statements are
adjusted for permanent book/tax differences to reflect tax character, but
are not adjusted for temporary differences.
At August 31, 2019, the Fund reclassified $987,898 to increase
distributable earnings and $987,898 to decrease paid-in capital to reflect
permanent book/tax differences. These adjustments have no impact on net
assets or the results of operations.
At August 31, 2019, the Fund was permitted to carry forward indefinitely
$5,712,949 of short-term and $12,204,599 of long-term losses under the
Regulated Investment Company Modernization Act of 2010 without limitation.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 77
The tax character of distributions paid during the years ended August 31,
2019 and August 31, 2018, were as follows:
--------------------------------------------------------------------------
2019 2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $14,919,042 $11,791,850
--------------------------------------------------------------------------
Total $14,919,042 $11,791,850
==========================================================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at August 31, 2019:
--------------------------------------------------------------------------
2019
--------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 871,813
Capital loss carryforward (17,917,548)
Current year dividend payable (373,330)
Unrealized appreciation 3,009,103
--------------------------------------------------------------------------
Total $(14,409,962)
==========================================================================
The difference between book-basis and tax-basis net unrealized
appreciation is attributable to the tax deferral of losses on wash sales,
adjustments relating to catastrophe bonds and reinsurance sidecars, the
tax treatment of premium and amortization and the mark to market of
futures contracts.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $0 in underwriting commissions on the sale of Class A
shares during the year ended August 31, 2019.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset
value attributable to Class A, Class C and Class C2 shares of the Fund,
respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent
for its services are allocated among the classes of shares based on the
number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions
78 Pioneer Short Term Income Fund | Annual Report | 8/31/19
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.
F. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread. A general rise in
interest rates could adversely affect the price and liquidity of
fixed-income securities and could also result in increased redemptions
from the Fund.
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or
other risks affecting those industries and sectors. The Fund's investments
in foreign markets and countries with limited developing markets may
subject the Fund to a greater degree of risk than investments in a
developed market. These risks include disruptive political or economic
conditions and the imposition of adverse governmental laws or currency
exchange restrictions.
Interest rates in the U.S. have been historically low and have begun to
rise, so the Fund faces a heightened risk that interest rates may continue
to rise. A general rise in interest rates could adversely affect the price
and liquidity of fixed-income securities and could also result in
increased redemptions from the Fund.
The Fund invests in below-investment-grade (high-yield) debt securities
and preferred stocks. Some of these high-yield securities may be
convertible into equity securities of the issuer. Debt securities rated
below-investment-grade are commonly referred to as "junk bonds" and are
considered speculative. These securities involve greater risk of loss, are
subject to greater price volatility, and are less liquid, especially
during periods of economic uncertainty or change, than higher rated debt
securities.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or
Pioneer Short Term Income Fund | Annual Report | 8/31/19 79
mitigate, such cyber-attacks, there are inherent limitations in such plans
and systems, including the possibility that certain risks have not been
identified. Furthermore, the Fund cannot control the cybersecurity plans
and systems put in place by service providers to the Fund such as Brown
Brothers Harriman & Co., the Fund's custodian and accounting agent, and
DST Asset Manager Solutions, Inc., the Fund's transfer agent. In addition,
many beneficial owners of Fund shares hold them through accounts at
broker-dealers, retirement platforms and other financial market
participants over which neither the Fund nor Amundi Pioneer exercises
control. Each of these may in turn rely on service providers to them,
which are also subject to the risk of cyber-attacks. Cybersecurity
failures or breaches at Amundi Pioneer or the Fund's service providers or
intermediaries have the ability to cause disruptions and impact business
operations, potentially resulting in financial losses, interference with
the Fund's ability to calculate its net asset value, impediments to
trading, the inability of Fund shareowners to effect share purchases,
redemptions or exchanges or receive distributions, loss of or unauthorized
access to private shareowner information and violations of applicable
privacy and other laws, regulatory fines, penalties, reputational damage,
or additional compliance costs. Such costs and losses may not be covered
under any insurance. In addition, maintaining vigilance against
cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
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.
G. Insurance-Linked Securities ("ILS")
The Fund invests in ILS. The Fund could lose a portion or all of the
principal it has invested in an ILS, and the right to additional interest
or dividend payments with respect to the security, upon the occurrence of
one or more trigger events, as defined within the terms of an
insurance-linked security. Trigger events, generally, are hurricanes,
earthquakes, or other natural events of a specific size or magnitude that
occur in a designated geographic region during a specified time period,
and/or that involve losses or other metrics that exceed a specific amount.
There is no way to accurately predict whether a trigger event will occur,
and accordingly, ILS carry significant risk. The Fund is entitled to
receive principal, and interest and/or dividend payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, ILS may expose
the Fund to other risks, including but not limited to issuer (credit)
default, adverse regulatory or jurisdictional interpretations and adverse
tax consequences.
80 Pioneer Short Term Income Fund | Annual Report | 8/31/19
The Fund's investments in ILS may include event-linked bonds. ILS also may
include special purpose vehicles ("SPVs") or similar instruments
structured to comprise a portion of a reinsurer's catastrophe-oriented
business, known as quota share instruments (sometimes referred to as
reinsurance sidecars), or to provide reinsurance relating to specific
risks to insurance or reinsurance companies through a collateralized
instrument, known as collateralized reinsurance. Structured reinsurance
investments also may include industry loss warranties ("ILWs"). A
traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange-traded instruments.
Where the ILS are based on the performance of underlying reinsurance
contracts, the Fund has limited transparency into the individual
underlying contracts, and therefore must rely upon the risk assessment and
sound underwriting practices of the issuer. Accordingly, it may be more
difficult for the Adviser to fully evaluate the underlying risk profile of
the Fund's structured reinsurance investments, and therefore the Fund's
assets are placed at greater risk of loss than if the Adviser had more
complete information. Structured reinsurance instruments generally will be
considered illiquid securities by the Fund. These securities may be
difficult to purchase, sell or unwind. Illiquid securities also may be
difficult to value. If the Fund is forced to sell an illiquid asset, the
Fund may be forced to sell at a loss.
H. 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 sub-custodian of the
Fund. The Adviser is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Fund is entitled to sell the
securities, but the Fund may not be able to sell them for the price at
which they were purchased, thus causing a loss to the Fund. Additionally,
if the counterparty becomes insolvent, there is some risk that the Fund
will not have a right to the securities, or the immediate right to sell
the securities.
Open repurchase agreements as of August 31, 2019 are disclosed in the
Fund's Schedule of Investments.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 81
I. 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
August 31, 2019, is recorded as "Futures collateral" on the Statement of
Assets and Liabilities.
Subsequent payments for futures contracts ("variation margin") are paid or
received by the Fund, depending on the daily fluctuation in the value of
the contracts, and are recorded by the Fund as unrealized appreciation or
depreciation. Cash received from or paid to the broker related to previous
margin movement is held in a segregated account at the broker and is
recorded as either "Due from broker for futures" or "Due to broker for
futures" on the Statement of Assets and Liabilities. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between
the opening and closing value of the contract as well as any fluctuation
in foreign currency exchange rates where applicable. Futures contracts are
subject to market risk, interest rate risk and currency exchange rate
risk. Changes in value of the contracts may not directly correlate to the
changes in value of the underlying securities. With futures, there is
reduced counterparty credit risk to the Fund since futures are
exchange-traded and the exchange's clearinghouse, as counterparty to all
exchange-traded futures, guarantees the futures against default.
The average market value of futures contracts open during the year ended
August 31, 2019, was $139,876,096. Open futures contracts outstanding at
August 31, 2019, are listed in the Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund's portfolio. Management fees are calculated daily
at the annual rate equal to 0.35% of the Fund's average daily net assets up to
$1 billion and 0.30% of the Fund's average daily net assets over $1 billion.
For the year ended August 31, 2019, the effective management fee (excluding
waivers and/or assumption of expenses) was equivalent to 0.35% of the Fund's
average daily net assets.
82 Pioneer Short Term Income Fund | Annual Report | 8/31/19
The Adviser has contractually agreed to limit ordinary operating expenses
(ordinary operating expenses means all fund expenses other than extraordinary
expenses, such as litigation, taxes, brokerage commissions and acquired fund
fees and expenses) of the Fund to the extent required to reduce Fund expenses
to 0.83% and 0.46% of the average daily net assets attributable to Class A and
Class Y shares, respectively. Class C, Class C2 and Class K shares do not have
an expense limitation. This expense limitation is in effect through December
31, 2019, for Class A and Class Y shares. There can be no assurance that the
Adviser will extend the expense limitation agreement beyond the date referred
to above.
Fees waived and expenses reimbursed, during the year ended August 31, 2019 are
reflected on the Statement of Operations.
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
$19,274 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at August 31, 2019.
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings, and outgoing phone calls. For the year
ended August 31, 2019, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareowner Communications:
--------------------------------------------------------------------------------
Class A $11,504
Class C 4,056
Class C2 78
Class K 283
Class Y 12,304
--------------------------------------------------------------------------------
Total $28,225
================================================================================
Pioneer Short Term Income Fund | Annual Report | 8/31/19 83
4. Distribution Plan
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class C and
Class C2 shares. Pursuant to the Plan, the Fund pays the Distributor 0.20% of
the average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays the
Distributor 0.50% of the average daily net assets attributable to Class C and
Class C2 shares. The fee for Class C and Class C2 shares consists of a 0.25%
service fee and a 0.25% distribution fee paid as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class C and Class C2 shares. Included in "Due to affiliates"
reflected on the Statement of Assets and Liabilities is $5,727 in distribution
fees payable to the Distributor at August 31, 2019.
In addition, redemptions of Class C2 shares within 12 months of purchase are
subject to a contingent deferred sales charge ("CDSC") of 1.00%, based on the
lower of cost or market value of shares being redeemed. Shares purchased as
part of an exchange remain subject to any CDSC that applied to the original
purchase of those shares. There is no CDSC for Class A, Class C, Class K and
Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the
year ended August 31, 2019, CDSCs in the amount of $439 were paid to the
Distributor.
5. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may enhance or mitigate the Fund's exposure to
the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
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 rate 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.
84 Pioneer Short Term Income Fund | Annual Report | 8/31/19
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at August 31,
2019, was as follows:
----------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Assets and Liabilities Rate Risk Risk Rate Risk Risk Risk
----------------------------------------------------------------------------------------
Assets
Net unrealized
appreciation on
futures contracts $40,946 $ -- $ -- $ -- $ --
----------------------------------------------------------------------------------------
Total Value $40,946 $ -- $ -- $ -- $ --
========================================================================================
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at August 31, 2019, was as follows:
---------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Operations Rate Risk Risk Rate Risk Risk Risk
---------------------------------------------------------------------------------------
Net realized gain
(loss) on:
Futures contracts $1,174,520 $ -- $ -- $ -- $ --
---------------------------------------------------------------------------------------
Total Value $1,174,520 $ -- $ -- $ -- $ --
=======================================================================================
Change in net
unrealized
appreciation
(depreciation) on:
Futures contracts $ 75,650 $ -- $ -- $ -- $ --
---------------------------------------------------------------------------------------
Total Value $ 75,650 $ -- $ -- $ -- $ --
=======================================================================================
Pioneer Short Term Income Fund | Annual Report | 8/31/19 85
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareholders of
Pioneer Short Term Income Fund:
--------------------------------------------------------------------------------
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer
Short Term Income Fund (the "Fund"), including the schedule of investments, as
of August 31, 2019, and the related statement of operations for the year then
ended, the statements changes in net assets for each of the two years in the
period then ended and the financial highlights for each of the three years in
the period then ended (collectively referred to as the "financial statements").
The financial highlights for the periods ended August 31, 2015 and August 31,
2016 were audited by another independent registered public accounting firm
whose report, dated October 24, 2016, expressed an unqualified opinion on those
financial highlights. In our opinion, the financial statements present fairly,
in all material respects, the financial position of the Fund at August 31,
2019, the results of its operations for the year then ended, the changes in its
net assets for each of the two years in the period then ended, and the
financial highlights for each of the three years in the period then ended, in
conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our
responsibility is to express an opinion on the Fund's financial statements
based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required
to be independent with respect to the Fund in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. The Fund is not required to have,
nor were we engaged to perform, an audit of the Fund's internal control over
financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting, but not for the
purpose of expressing an opinion on the effectiveness of the Fund's internal
control over financial reporting. Accordingly, we express no such opinion.
86 Pioneer Short Term Income Fund | Annual Report | 8/31/19
Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of August 31, 2019, by correspondence with the custodian and brokers.
Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.
/s/ Ernst & Young LLP
We have served as the Fund's auditor since 2017.
Boston, Massachusetts
October 29, 2019
Pioneer Short Term Income Fund | Annual Report | 8/31/19 87
ADDITIONAL INFORMATION (unaudited)
The percentage of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest
income was 82.67%.
88 Pioneer Short Term Income Fund | Annual Report | 8/31/19
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.amundipioneer.com/us. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their
principal occupations and other directorships they have held during at least
the past five years. Trustees who are interested persons of the Fund within the
meaning of the 1940 Act are referred to as Interested Trustees. Trustees who
are not interested persons of the Fund are referred to as Independent Trustees.
Each of the Trustees, except Mr. Bock and Ms. Durnin, serve as Trustees of each
of the 44 U.S. registered investment portfolios for which Amundi Pioneer serves
as investment adviser (the "Pioneer Funds"). Mr. Bock and Ms. Durnin serve as
a Trustee of 37 Pioneer Funds. The address for all Trustees and all officers of
the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 89
Independent Trustees
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (68) Trustee since 2006. Private investor (2004 - 2008 and Director, Broadridge
Chairman of the Board Serves until a successor 2013 - present); Chairman (2008 - 2013) Financial Solutions,
and Trustee trustee is elected or earlier and Chief Executive Officer (2008 - Inc. (investor
retirement or removal. 2012), Quadriserv, Inc. (technology communications and
products for securities lending industry); securities processing
and Senior Executive Vice President, The provider for financial
Bank of New York (financial and securities services industry)
services) (1986 - 2004) (2009 - present);
Director, Quadriserv,
Inc. (2005 - 2013);
and Commissioner, New
Jersey State Civil
Service Commission
(2011 - 2015)
------------------------------------------------------------------------------------------------------------------------------------
John E. Baumgardner, Trustee since 2019. Of Counsel (2019 - present), Partner Chairman, The Lakeville
Jr. (68) Serves until a successor (1983-2018), Sullivan & Cromwell LLP Journal Company, LLC,
Trustee trustee is elected or earlier (law firm). (privately-held community
retirement or removal. newspaper group)
(2015-present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (75) Trustee since 2005. Managing Partner, Federal City Capital Director of New York
Trustee Serves until a successor Advisors (corporate advisory services Mortgage Trust (publicly-
trustee is elected or earlier company) (1997 - 2004 and 2008 - present); traded mortgage REIT)
retirement or removal. Interim Chief Executive Officer, Oxford (2004 - 2009, 2012 -
Analytica, Inc. (privately held research present); Director of The
and consulting company) (2010); Executive Swiss Helvetia Fund, Inc.
Vice President and Chief Financial closed-end fund) (2010 -
Officer, I-trax, Inc. (publicly traded 2017); Director of Oxford
health care services company) (2004 - Analytica, Inc. (2008 -
2007); and Executive Vice President and 2015); and Director of
Chief Financial Officer, Pedestal Inc. Enterprise Community
(internet-based mortgage trading company) Investment, Inc.
(2000 - 2002); Private Consultant (1995 - (privately-held affordable
1997); Managing Director, Lehman Brothers housing finance company)
(1992 - 1995); and Executive, The World (1985 - 2010)
Bank (1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
90 Pioneer Short Term Income Fund | Annual Report | 8/31/19
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Diane Durnin (62) Trustee since 2019. Managing Director - Head of Product None
Trustee Serves until a successor Strategy and Development, BNY Mellon
trustee is elected or earlier Investment Management (2012-2018); Vice
retirement or removal. Chairman - The Dreyfus Corporation
(2005 - 2018): Executive Vice President
Head of Product, BNY Mellon Investment
Management (2007-2012); Executive
Director- Product Strategy, Mellon Asset
Management (2005-2007); Executive Vice
President Head of Products, Marketing
and Client Service, Dreyfus Corporation
(2000-2005); and Senior Vice President
Strategic Product and Business Development,
Dreyfus Corporation (1994-2000)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (75) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon
Trustee Serves until a successor Political Economy, Harvard University Institutional Funds
trustee is elected or earlier (1972 - present) Investment Trust and
retirement or removal. Mellon Institutional
Funds Master Portfolio
(oversaw 17 portfolios in
fund complex) (1989 - 2008)
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (72) Trustee since 2004. Founding Director, Vice-President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop Group,
trustee is elected or earlier Inc. (consulting firm) (1982 - present);
retirement or removal. Desautels Faculty of Management, McGill
University (1999 - 2017); and Manager of
Research Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Lorraine H. Monchak (62) Trustee since 2017. Chief Investment Officer, 1199 SEIU Funds None
Trustee (Advisory Trustee from (healthcare workers union pension
2014 - 2017) Serves funds) (2001 - present); Vice President -
until a successor trustee International Investments Group, American
is elected or earlier International Group, Inc. (insurance
retirement or removal. company) (1993 - 2001); Vice President -
Corporate Finance and Treasury Group,
Citibank, N.A. (1980 - 1986 and 1990 -
1993); Vice President - Asset/Liability
Management Group, Federal Farm Funding
Corporation (government-sponsored issuer
of debt securities) (1988 - 1990);
Mortgage Strategies Group, Shearson Lehman
Hutton, Inc. (investment bank) (1987 -
1988); and Mortgage Strategies Group,
Drexel Burnham Lambert, Ltd. (investment
bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Short Term Income Fund | Annual Report | 8/31/19 91
Independent Trustees (continued)
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (71) Trustee since 2004. President and Chief Executive Officer, Director of New America
Trustee Serves until a successor Metric Financial Inc. (formerly known as High Income Fund, Inc.
trustee is elected or earlier Newbury Piret Company) (investment banking (closed-end investment
retirement or removal. firm) (1981 - present) company) (2004 - present);
and Member, Board of
Governors, Investment
Company Institute
(2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (72) Trustee since 2014. Consultant (investment company services) None
Trustee Serves until a successor (2012 - present); Executive Vice President,
trustee is elected or earlier BNY Mellon (financial and investment
retirement or removal. company services) (1969 - 2012); Director,
BNY International Financing Corp.
(financial services) (2002 - 2012);
Director, Mellon Overseas Investment Corp.
(financial services) (2009 - 2012);
Director, Financial Models (technology)
(2005-2007); Director, BNY Hamilton Funds,
Ireland (offshore investment companies)
(2004-2007); Chairman/Director, AIB/BNY
Securities Services, Ltd., Ireland
(financial services) (1999-2006); and
Chairman, BNY Alternative Investment
Services, Inc. (financial services)
(2005-2007)
------------------------------------------------------------------------------------------------------------------------------------
92 Pioneer Short Term Income Fund | Annual Report | 8/31/19
Interested Trustees
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (57)* Trustee since 2017. Director, CEO and President of Amundi None
Trustee, President and Serves until a successor Pioneer Asset Management USA, Inc. (since
Chief Executive Officer trustee is elected or earlier September 2014); Director, CEO and
retirement or removal President of Amundi Pioneer Asset
Management, Inc. (since September 2014);
Director, CEO and President of Amundi
Pioneer Distributor, Inc. (since September
2014); Director, CEO and President of
Amundi Pioneer Institutional Asset
Management, Inc. (since September 2014);
Chair, Amundi Pioneer Asset Management
USA, Inc., Amundi Pioneer Distributor,
Inc. and Amundi Pioneer Institutional
Asset Management, Inc. (September 2014 -
2018); Managing Director, Morgan Stanley
Investment Management (2010 - 2013);
Director of Institutional Business, CEO of
International, Eaton Vance Management
(2005 - 2010); and Director of Amundi USA,
Inc. (since 2017)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (61)* Trustee since 2014. Director and Executive Vice President None
Trustee Serves until a successor (since 2008) and Chief Investment Officer,
trustee is elected or earlier U.S. (since 2010) of Amundi Pioneer Asset
retirement or removal Management USA, Inc.; Director and
Executive Vice President and Chief
Investment Officer, U.S. of Amundi Pioneer
(since 2008); Executive Vice President and
Chief Investment Officer, U.S. of Amundi
Pioneer Institutional Asset Management,
Inc. (since 2009); Portfolio Manager of
Amundi Pioneer (since 1999); and Director
of Amundi USA, Inc. (since 2017)
------------------------------------------------------------------------------------------------------------------------------------
* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or
directors of the Fund's investment adviser and certain of its affiliates.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 93
Fund Officers
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Since 2004. Serves at the Vice President and Associate General None
Kelley (54) discretion of the Board Counsel of Amundi Pioneer since January
Secretary and 2008; Secretary and Chief Legal Officer of
Chief Legal Officer all of the Pioneer Funds since June 2010;
Assistant Secretary of all of the Pioneer
Funds from September 2003 to May 2010; and
Vice President and Senior Counsel of
Amundi Pioneer from July 2002 to
December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (58) Since 2010. Serves at the Fund Governance Director of Amundi Pioneer None
Assistant Secretary discretion of the Board since December 2006 and Assistant
Secretary of all the Pioneer Funds since
June 2010; Manager - Fund Governance of
Amundi Pioneer from December 2003 to
November 2006; and Senior Paralegal of
Amundi Pioneer from January 2000 to
November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (56) Since 2010. Serves at the Senior Counsel of Amundi Pioneer since May None
Assistant Secretary discretion of the Board 2013 and Assistant Secretary of all the
Pioneer Funds since June 2010; and Counsel
of Amundi Pioneer from June 2007 to
May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (59) Since 2008. Serves at the Vice President - Fund Treasury of Amundi None
Treasurer and discretion of the Board Pioneer; Treasurer of all of the Pioneer
Chief Financial and Funds since March 2008; Deputy Treasurer
Accounting Officer of Amundi Pioneer from March 2004 to
February 2008; and Assistant Treasurer of
all of the Pioneer Funds from March 2004
to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (54) Since 2004. Serves at the Director - Fund Treasury of Amundi None
Assistant Treasurer discretion of the Board Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (61) Since 2004. Serves at the Senior Manager - Fund Treasury of Amundi None
Assistant Treasurer discretion of the Board Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (39) Since 2009. Serves at the Senior Manager - Fund Treasury of Amundi None
Assistant Treasurer discretion of the Board Pioneer since November 2008; Assistant
Treasurer of all of the Pioneer Funds
since January 2009; and Client Service
Manager - Institutional Investor Services
at State Street Bank from March 2003 to
March 2007
------------------------------------------------------------------------------------------------------------------------------------
94 Pioneer Short Term Income Fund | Annual Report | 8/31/19
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
John Malone (48) Since 2018. Serves at the Managing Director, Chief Compliance None
Chief Compliance Officer discretion of the Board Officer of Amundi Pioneer Asset Management;
Amundi Pioneer Institutional Asset
Management, Inc.; and the Pioneer Funds
since September 2018; and Chief Compliance
Officer of Amundi Pioneer Distributor, Inc.
since January 2014
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (48) Since 2006. Serves at the Vice President - Amundi Pioneer Asset None
Anti-Money discretion of the Board Management; and Anti-Money Laundering
Laundering Officer Officer of all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Short Term Income Fund | Annual Report | 8/31/19 95
This page is for your notes.
96 Pioneer Short Term Income Fund | Annual Report | 8/31/19
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Pioneer Short Term Income Fund | Annual Report | 8/31/19 97
This page is for your notes.
98 Pioneer Short Term Income Fund | Annual Report | 8/31/19
This page is for your notes.
Pioneer Short Term Income Fund | Annual Report | 8/31/19 99
This page is for your notes.
100 Pioneer Short Term Income Fund | Annual Report | 8/31/19
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFoneSM for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 219427
Kansas City, MO 64121-9427
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.com/us
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year as
an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form
N-PORT by visiting the Commission's web site at https://www.sec.gov.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com/us
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
[C] 2019 Amundi Pioneer Asset Management 19427-13-1019
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)).
Mr. David R. Bock, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
The audit fees for the Fund were $38,000
payable to Ernst & Young LLP for the year ended
August 31, 2019 and $38,000 payable
for the year ended August 31, 2018.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
There were no audit-related services in 2019 or 2018.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
The tax fees for the Fund were $11,450
payable to Ernst & Young LLP for the year ended
August 31, 2019 and $11,450
for the year ended August 31, 2018.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
There were no other fees in 2019 or 2018.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Amudi Pioneer Asset Management, Inc, the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Fund. For the
years ended August 31 2019 and 2018, there were no
services provided to an affiliate that required the
Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund were $11,450
payable to Ernst & Young LLP for the year ended
August 31, 2019 and $11,450 for the year ended
August 31, 2018.
(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.
Item 12. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Short Term Income Fund
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date November 1, 2019
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 November 1, 2019
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date November 1, 2019
* Print the name and title of each signing officer under his or her signature.