| Strategy |
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FUND STRATEGY The Fund seeks high current income by actively managing a diversified portfolio of U.S. and international high yield and investment-grade debt securities. It selects sector concentrations driven by evaluation of capital markets. The Fund actively adjusts a blend of fixed-income securities to manage risk, enhance yield, and offer total return potential. |  |
MANAGER'S PERSPECTIVE
"In depth, bottom up research, timely asset allocation, and well-diversified bond asset classes are the foundation of our portfolio construction and security selection process. We believe this approach allows higher yields and higher returns than a core bond strategy alone allows without increased risk."
Kenneth J. Taubes, Portfolio Manager
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 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 market 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 it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. These risks may increase share price volatility.
| Fund Facts |
As of June 30, 2010
| Class | A Shares | B Shares | C Shares | R Shares | Y Shares* |
| CUSIP | 723884102 | 723884201 | 723884300 | 723884508 | 723884409 |
| Nasdaq Symbol | PSRAX | PSRBX | PSRCX | STIRX | STRYX |
| Inception Date | 4/15/1999 | 4/15/1999 | 4/15/1999 | 4/15/1999 | 4/15/1999 |
| Total Net Assets (millions) | $1,168.1 | $98.8 | $779.8 | $141.3 | $460.8 |
| Initial Minimum Investment | $1,000 | $1,000 | $1,000 | $0 | $5,000,000 |
| Management Fee | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| Total Expense Ratio (Gross) | 1.17% | 1.94% | 1.85% | 1.44% | 0.70% |
| Total Expense Ratio (Net) | 1.17% | 1.94% | 1.85% | 1.44% | 0.70% |
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Initial minimum investment amounts for retirement plans are lower. |
| Portfolio Characteristics |
As of June 30, 2010
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The 30-day SEC yield is based on the hypothetical annualized earning power (investment income only) of the Fund's portfolio securities during the period indicated.
The Average Maturity of certain funds might not be a useful measure if they contain securities with principal paydowns, such as mortgage passthroughs. Instead, market participants calculate Average Life, which reflects the average time to receipt of principal payments (scheduled principal payments and projected prepayments).
| Portfolio Management |
Kenneth J. Taubes, Portfolio Manager
A team of experienced fixed-income portfolio managers and analysts led by Kenneth J. Taubes, Head of Portfolio Management, U.S., is responsible for the day-to-day management of the Fund. Mr. Taubes joined Pioneer in 1998 and has been an investment professional since 1983.
| Not FDIC insured | May lose value | No bank guarantee |
Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus containing this information. Read it carefully. To obtain a free prospectus and for information on any Pioneer fund, please download from our web site.