Pioneer Strategic Income Fund · 497 · On 9/22/99

Filed On 9/22/99   ·   SEC File 333-71813   ·   Accession Number 1077452-99-5

Definitive Material   ·   Rule 497
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 497         Pioneer Strategic Income Fund                          2±    10K 

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                                                            September 22, 1999

 SUPPLEMENT TO THE PROSPECTUS OF
 PIONEER STRATEGIC INCOME FUND
DATED APRIL 15, 1999

The following information supplements the corresponding section in the          
prospectus. Please consult the prospectus for the full text of the revised      
section.                                                                        

BASIC INFORMATION ABOUT THE FUND                                                

INVESTMENT STRATEGIES Normally, the fund invests at least 80% of its total      
assets in debt securities. The fund has the flexibility to invest in a broad    
range of issuers and segments of the debt securities market. Pioneer, the fund's
investment adviser, allocates the fund's investments among the following three  
segments of the debt markets:                                                   

o   Below investment grade (high yield) securities of U.S. and non-U.S. issuers 
o   Investment grade securities of U.S. issuers                                 
o   Investment grade securities of non-U.S. issuers                             

Pioneer's  allocation  among these segments of the debt markets depends upon its
outlook for economic, interest rate and political trends.                       

The fund invests primarily in:                                                  
o    Debt securities issued or guaranteed by the U.S. government, its agencies  
or instrumentalities or non-U.S governmental entities                 
o    Debt securities of U.S. and non-U.S. corporate issuers                     
o    Mortgage-backed and asset-backed securities                                

The fund's investments may have all types of interest rate payment and reset    
terms, including fixed rate, adjustable rate, zero coupon, contingent, deferred,
payment in kind and auction rate features. The fund invests in securities with a
broad range of maturities.                                                      

Depending upon Pioneer's allocation among market segments, up to 70% of the     
fund's total assets may be in debt securities rated below investment grade at   
the time of purchase or determined to be of equivalent quality by Pioneer. Up to
20% of the fund's total assets (at the time of purchase) may be invested in debt
securities rated below CCC by Standard & Poor's Rating Group or the equivalent  
by another nationally recognized rating organization or determined to be of     
equivalent credit quality by Pioneer. Debt securities rated below investment    
grade are commonly referred to as "junk bonds" and are considered speculative.  
Below investment grade debt securities involve greater risk of loss, are subject
to greater price volatility and are less liquid, especially during periods of   
economic uncertainty or change, than higher rated debt securities.              

Depending upon Pioneer's allocation among market segments, up to 85% of the     
fund's total assets may be in debt securities of non-U.S. corporate and         
governmental issuers, including debt securities of corporate and governmental   
issuers in emerging markets. Non-U.S. investments include securities issued by  
non-U.S. governments, banks or corporations and certain supranational           
organizations, such as the World Bank and the European Union.                   

Pioneer considers both broad economic factors and issuer specific factors in    
selecting a portfolio designed to achieve the fund's investment objective. In   
assessing the appropriate maturity, rating, sector and country weighting of the 
fund's portfolio, Pioneer considers a variety of factors that are expected to   
influence economic activity and interest rates. These factors include           
fundamental economic indicators, such as the rates of economic growth and       
inflation, Federal Reserve monetary policy and the relative value of the U.S.   
dollar compared to other currencies. Once Pioneer determines the preferable     
portfolio characteristics, Pioneer selects individual securities based upon the 
terms of the securities (such as yields compared to U.S. Treasuries or          
comparable issues), liquidity and rating, sector and issuer diversification.    
Pioneer also employs fundamental research and due diligence to assess an        
issuer's credit quality, taking into account financial condition and            
profitability, future capital needs, potential for change in rating, industry   
outlook, the competitive environment and management ability. In making these    
portfolio decisions, Pioneer relies on the knowledge, experience and judgment of
its own staff who have access to a wide variety of research.                    

                                                                       0999-7121
                                              (C)Pioneer Funds Distributor, Inc.

Dates Referenced Herein   and   Documents Incorporated By Reference

This 497 Filing		Date		Other Filings
		4/15/99
Filed On / Filed As Of		9/22/99
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