A Word About Risk:
When interest rates rise, the prices of fixed income securities in the fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities in the fund will generally rise.
Investments in the fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations.
Prepayment risk is the chance that mortgage-backed bonds will be paid off early if falling interest rates prompt homeowners to refinance their mortgages. 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 associated with falling interest rates.
The securities issued by U.S. Government sponsored entities (i.e., FNMA, 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.
Investments in high yield or lower-rated securities are subject to greater-than-average risk.
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.
These risks may increase share price volatility.
* Morningstar proprietary ratings reflect risk-adjusted performance as of 4/30/13.
The Overall Morningstar RatingTM is based on a weighted average of the star ratings assigned to a fund's three, five, and ten year (as applicable) time periods. The Morningstar Category identifies funds based on their underlying portfolio holdings. Classifications are based on portfolio statistics and compositions over the past three years. For funds less than three years old, category classifications are based on life of the fund. Pioneer Strategic Income Fund was rated exclusively against the following numbers of U.S.- domiciled multisector bond funds over the following time periods: 222 funds in the last three years, 185 funds in the last five years and 106 funds in the last 10 years. With respect to these multisector bond funds, Pioneer Strategic Income Fund received a Morningstar rating of 3 stars for the three-year period, 4 stars for the five-year period and 4 stars for the 10-year period. The Morningstar Rating is for Class A Shares only. Ratings may vary among share classes and are based on past performance, which is no guarantee of future results.