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Pioneer Strategic Income Fund



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, seek enhanced yield, and offer total return potential.
Diversification does not assure a profit or protect against loss.


"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."

Fund commentary with performance analysis


Investments in high yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default. 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 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. 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. 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 May 31, 2016

(load waived) (load adjusted)
Overall Morningstar RatingTM
(out of 248 funds in the Multisector Bond Category)

Morningstar proprietary ratings reflect risk-adjusted performance as of 5/31/16

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 U.S.-domiciled multisector bond funds as follows: 3, 3 and 4 stars (load waived) and 2, 3 and 3 stars (load adjusted) among 248, 189 and 106 funds for the three-, five-, and 10-year periods ended 5/31/16, respectively. The Morningstar Rating is for Class A Shares only. Morningstar Load Waived ratings do not take into account Class A sales charges. Ratings may vary among share classes and are based on past performance, which is no guarantee of future results.

Please see a prospectus for complete information pertaining to load waived eligibility (such as large purchases or certain types of group plan participants). For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Each fund is rated exclusively against U.S. domiciled funds. The following copyright pertains only to Morningstar information. The Morningstar information contained herein 1) is proprietary to Morningstar; 2) may not be copied; and 3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 2016 Morningstar, Inc. All Rights Reserved.

ClassA SharesC SharesK SharesR SharesY Shares*
Inception Date/
Performance Inception Date
Total Net Assets (millions)$1,274.9$934.3$228.2$231.5$3,520.2
Initial Minimum Invest.$1,000$1,000$5,000,000$0$5,000,000
Management Fee0.56%0.56%0.56%0.56%0.56%
Gross Expense Ratio1.05%1.72%0.61%1.38%0.73%

Initial minimum investment amounts for retirement plans are lower.
*Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.

Portfolio Characteristics

As of May 31, 2016

30-day SEC Yield
Class A
Class C
Class K
Class R
Class Y

Weighted Average Life of Securities8.74 Years
Weighted Average Maturity9.97 Years
Duration4.27 Years
Total Holdings1438

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
Mr. Taubes, an executive vice president and Chief Investment Officer, U.S., joined Pioneer in 1998 and has been an investment professional since 1983.
Andrew Feltus, CFA, Portfolio Manager
Mr. Feltus, a senior vice president and Director of High Yield and Bank Loans, joined Pioneer in 1994 and has been an investment professional since 1991.
Charles Melchreit, Portfolio Manager
Mr. Melchreit, a senior vice president and Director of Investment Grade, joined Pioneer in 2006 and has been an investment professional since 1986.

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 or summary 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.

Neither Pioneer, nor its representatives, are legal or tax advisors. In addition, Pioneer does not provide advice or recommendations. The investments you choose should correspond to your needs, goals, and risk tolerance. For assistance in determining your financial situation, please consult an investment professional.


Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it here.

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Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA. 02109. Underwriter of Pioneer mutual funds, Member SIPC © 2016 Pioneer Investments.