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Pioneer Strategic Income Fund


Strategy

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, seek enhanced yield, and offer total return potential.
Diversification does not ensure a profit or protect against a loss in a declining market.


PORTFOLIO MANAGEMENT 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."

Fund commentary with performance analysis

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 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. Investments in high yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default. 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 February 28, 2014

ClassA SharesB SharesC SharesR SharesY Shares*
CUSIP723884102723884201723884300723884508723884409
Nasdaq SymbolPSRAXPSRBXPSRCXSTIRXSTRYX
Inception Date/
Performance Inception Date
4/15/19994/15/19994/15/19994/15/19994/15/1999
Total Net Assets (millions)$1,852.6$23.5$1,201.9$198.7$3,584.3
Initial Minimum Investment$1,000$1,000$1,000$0$5,000,000
Management Fee0.56%0.56%0.56%0.56%0.56%
Gross Expense Ratio1.02%1.86%1.72%1.34%0.74%

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 February 28, 2014

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

3.98%
3.22%
3.48%
3.87%
4.50%
Weighted Average Life of Securities7.55 Years
Weighted Average Maturity10.25 Years
Duration4.14 Years
Total Holdings1488
Turnover34%

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, Chief Investment Officer, U.S. and an Executive Vice President, joined Pioneer in September 1998 and has been an investment professional since 1982.
Andrew Feltus, CFA, Portfolio Manager
Mr. Feltus, 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, 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 © 2014 Pioneer Investments.