Share NASDAQ Class Symbol A PSRAX B PSRBX C PSRCX

Lipper Leader in Total Return and Consistent Return: rated among 101 funds for Total Return and 101 funds for Consistent Return for the 3-year period ended 6/30/03

Why multisector bond funds? - Lower volatility

You may be looking towards high quality corporate bonds or U.S. Treasuries for their core fixed income holdings. But did you know multisector bond funds offer the potential for greater diversification and higher yields with less volatility than long-term corporate bonds or Treasuries.

Why Pioneer? - Experience

It takes a seasoned investment professional to navigate today’s markets. Pioneer Strategic Income Fund pulls from a team of investment professionals and portfolio managers who average more than 20 years of fixed income experience.

Tactical Diversification – the key to multisector investing

The management team of Pioneer Strategic Income Fund offers true active management. The Fund is diversified across four sectors of the market – U.S. Investment Grade, U.S. High Yield, International Investment Grade and International/Emerging Markets High Yield. The team maintains a blend of each of these four sectors by carefully monitoring the portfolio and its allocation, making adjustments as needed to achieve a high level of current income.

As the chart below illustrates, different sectors of the bond market have taken turns outperforming one another. That’s further evidence of the importance of diversification.

International bonds outperformed domestic bonds in eight of the last 10 years²

Why choose Pioneer Strategic Income Fund?

Pioneer Strategic Income Fund has the potential to offer more for less. This multisector bond fund combines the potential for higher returns and an attractive level of income from a portfolio that, as of 6/30/03, had an average quality of BB+.

Highly ranked

The Fund was ranked #3 out of 99 funds in Lipper’s Multi-Sector Income Fund’s category since inception (4/15/99), #2 out of 101 for 3 years through 6/30/03 and #25 out of 110 for 1 year through 6/30/03.

Average Annual Total Returns Class A As of 6/30/03   NAV POP* Life (4/15/99) 8.21% 7.04% 3-Year 11.58% 9.89% 1-Year 19.79% 14.41%

Lipper Rankings† (Multi-Sector Income Funds)   As of 6/30/03   3 out of 99 3rd Percentile 2 out of 101 2nd Percentile 25 out of 110 23rd Percentile

* POP returns reflect 4.50% sales charge and reinvestment of all distributions at NAV.

Past performance does not guarantee future results. Mutual fund returns and principal values fluctuate and shares, when redeemed, may be worth more or less than original cost. Current performance may be low due to market volatility. Click here for monthly performance updates.

Flexible

Pioneer Strategic Income Fund invests in a diversified portfolio of bonds chosen for their individual merits. The Fund's allocation among segments of the debt market depend upon its outlook for economic, interest rate and political trends.

Portfolio Allocation (as of 6/30/03) High Yield Corporate Bonds 44.8% International Investment Grade Bonds 17.1% Investment Grade Corporate Bonds 14.9% International High Yield Bonds 11.9% Mortgage Backed Securities 8.9% US Treasury/Agency Bonds 5.1%

Portfolio Characteristics (as of 6/30/03) History 4 years, 2 months Average Quality BB+ Average Maturity 6.97 years Duration 5.07 years SEC Yield 5.04%*

Portfolio holdings will vary over other periods.

* 30-day SEC yield reflects the waiver of certain expenses by the investment advisor; without this waiver, the 30-day SEC yield would have been 4.31% and average total returns would have been lower.

Investors should consider Pioneer Strategic Income fund if they:

• desire an attractive level of income
  
• want a portfolio with low historical volatility
  

Where does this Fund fit into a portfolio?

Pioneer Strategic Income Fund may be the perfect complement to other mutual fund holdings. By diversifying your portfolio and choosing investments that historically have low correlations, you can potentially reduce volatility without reducing returns. In fact, the following chart highlights the Fund’s correlation to various equity and fixed income categories:

To learn more about Pioneer funds, please contact your financial advisor or call Pioneer at 1-800-225-6292 for a prospectus, which contains information about charges and expenses. Please read it carefully before investing or sending money.

1 The Lehman Brothers Long-Term Treasury Bond Index is the long component of the U.S. Treasury Index which is comprised of U.S. Treasury obligations with remaining maturities of one year or more. U.S. government bonds and Treasury bills are backed by the full faith and credit of the U.S. government and are guaranteed as to the timely payment of principal and interest; if you hold them to maturity your rate of return is fixed and you will receive the principal of the bond in full. Investing in mutual funds involves certain risk, including the possible loss of principal value.

The Lehman Brothers Long Credit Index is the long component of the U.S. Credit Index which is comprised of publicly issued U.S. corporate and specified foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements.

The Morningstar Multisector Bond Category is comprised of funds that seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, foreign bonds and high-yield domestic debt securities.

The Lehman Brothers Muni Bond Index is a rules-based, market-value weighted index.

The Standard and Poor’s 500 Index is an unmanaged measure of the stock market.

You cannot invest directly in an index.

2 Past performance does not guarantee future results. Mutual fund returns and principal values fluctuate and shares, when redeemed, may be worth more or less than original cost. Based on total return. U.S. investment grade bonds are represented by the Salomon Brothers Broad Investment-Grade Bond Index; high yield bonds by the Salomon Brothers High Yield Market Index; international investment grade is a composite of the Salomon Bothers World Government Bond Index; emerging markets by the JP Morgan Emerging Markets Bond Index. International investing involves risks that differ from those in the U.S., including currency and political risks. Such risks apply especially to emerging markets.

3 Lipper ratings for Total Return reflect funds' historical total return performance relative to peers as of 6/30/03. Lipper ratings for Consistent Return reflect funds' historical risk-adjusted returns, adjusted for volatility, relative to peers as of 6/30/03. The Lipper rankings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Total Return and Consistent Return metrics over three-, five- and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leaders, the next 20% receive a score of 2, the middle 20% are scored 3, the next 20% are scored 4, and the lowest 20% are scored 5. Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperleaders.com. Lipper Leader Copyright 2003, Reuters, All Rights Reserved.

† Lipper performance rankings are based on annual total returns and apply to Class A shares and do not include sales charges, which would lower returns. Lipper Inc. is an independent evaluator of mutual fund performance.

Special investment risks: International investments: investments outside the U.S. are subject to additional risks, including currency fluctuations and different securities regulations and accounting standards. These risks apply especially to emerging markets. High yield investments: increased volatility and liquidity risks related to investments in lower-rated bonds.

Investment Products: Not FDIC insured. May lose value. No bank guarantee.