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Home Funds & Products Mutual Funds Morningstar Ratings Printable Version
Strength Across the Board

At Pioneer Investments, strength begins with our consistent, structured investment process based on research, active portfolio management and a careful balance of risk and reward. The results speak for themselves. Please note that not all Pioneer funds are ranked 4 or 5 stars.

Morningstar RatingsSM as of 12/31/13 for Class A Shares ( Download the PDF versionQ1 2014 edition )

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by Morningstar Load Waived Overall RatingMorningstar
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Load Adjusted
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Morningstar Ratings for Additional Periods as of 12/31/13
      3 years   5 years   10 years
Fund
Class A
Shares
Category  
Load Waived
Load Adjusted
# of Funds
 
Load Waived
Load Adjusted
# of Funds
 
Load Waived
Load Adjusted
# of Funds
Pioneer AMT-Free Municipal Fund Muni National Long  
5 Star
3 Star
227
 
5 Star
4 Star
209
 
4 Star
3 Star
171
Pioneer Bond Fund Intermediate-Term Bond  
4 Star
3 Star
946
 
4 Star
4 Star
805
 
4 Star
4 Star
577
Pioneer Classic Balanced Fund Moderate Allocation  
3 Star
2 Star
739
 
3 Star
3 Star
674
 
4 Star
3 Star
422
Pioneer Core Equity Fund² Large Blend  
3 Star
2 Star
1355
 
4 Star
3 Star
1215
 
4 Star
4 Star
794
Pioneer Fundamental Growth Fund Large Growth  
4 Star
3 Star
1486
 
3 Star
3 Star
1303
 
4 Star
4 Star
903
Pioneer High Income Municipal Fund High Yield
Municipal
 
3 Star
1 Star
153
 
4 Star
3 Star
124
 
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--
Pioneer Multi-Asset Real Return Fund Tactical Allocation  
5 Star
4 Star
165
 
--
--
--
 
--
--
--
Pioneer Oak Ridge Small Cap Growth Fund Small Growth  
3 Star
2 Star
630
 
3 Star
2 Star
554
 
5 Star
4 Star
367
Pioneer Short Term Income Fund Short Term Bond  
4 Star
3 Star
394
 
4 Star
3 Star
344
 
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--
--
Pioneer Strategic Income Fund Multisector Bond  
3 Star
2 Star
219
 
3 Star
3 Star
176
 
4 Star
3 Star
113
 

The Overall Morningstar Rating™ 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 rating is for Class A shares only.

The mutual funds shown may have experienced negative performance during one or more of the time
periods represented by the Morningstar ratings shown.

Call 1-800-225-6292 or visit us.pioneerinvestments.com/performance for the most recent performance results.

The performance data quoted represents 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). Morningstar load waived ratings are based on the standard Morningstar rating methodology with the exception that they are recalculated without the effects of the front load sales charge. Class A shares performance includes a maximum 5.75% or 4.50% sales charge, for equity and fixed income funds, respectively. Performance for Pioneer Short Term Income Fund reflects a 2.50% sales charge. Ratings are based on past performance, which is no guarantee of future results. Morningstar proprietary ratings reflect risk adjusted performance as of 12/31/13. 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. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (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.)

The following copyright pertains only to the 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. © 2014 Morningstar, Inc. All Rights Reserved.

1. Effective June 7, 2013, Pioneer Research Fund has been renamed Pioneer Core Equity Fund. It has assumed the assets, NASDAQ symbols and CUSIPS of the former Pioneer Value Fund. Performance history of the 'combined fund' remains that of the former Pioneer Research Fund.

 

A Word About Risk

Pioneer AMT-Free Municipal Fund 5, 8, 2 ,1
Pioneer Bond Fund 5, 8, 9, 4, 10, 6, 2
Pioneer Classic Balanced Fund 5, 8, 9, 11, 3, 6, 2
Pioneer Core Equity Fund 2
Pioneer Fundamental Growth Fund 3,2
Pioneer High Income Municipal Fund 1,2,4,5,8,9,6,14
Pioneer Multi-Asset Real Return Fund*
Pioneer Oak Ridge Small Cap Growth Fund 7,3,2
Pioneer Short Term Income Fund 5,8,9,10,6,3,2
Pioneer Strategic Income Fund 5,8,4,9,10,6,3,2

These risks may increase share price volatility: 1. A portion of income may be subject to local, state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax. 2. At times, the Fundís 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. 3. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 4. Investments in high yield or lower rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default. 5. 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. 6. 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. 7. Investments in small companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies. 8. 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. 9. 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. 10. The securities issued by U.S. Government sponsored entities (i.e., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. Government. 11.  The portfolio invests in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws. 12. The Fund invests in a limited number of securities and, as a result, the fundís performance may be more volatile than the performance of other funds holding more securities. 13. Investing in small and mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies. 14. The fund may invest in inverse floating rate obligations (a type of derivative instrument), which may have price volatility and involve leverage risk.

* Pioneer Multi-Asset Real Return Fund risks:
All investments are subject to risk, including the possible loss of principal. Pioneer Multi-Asset Real Return ("MARR") Fund has the ability to invest in a wide variety of securities and asset classes. In addition, the Fund is non-diversified, which means that it can invest a large percentage of its assets in the securities of any one or more issuers. This increases the Fund's potential risk exposure. The Fund may invest in underlying funds (ETFs and unit investment trusts). In addition to the Fund's operating expenses, you will indirectly bear the operating expenses of investments in any underlying funds. The Fund and some of the underlying funds employ leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund's investments decline in value. The Fund and some of the underlying funds may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund and some of the underlying funds may employ short selling, a speculative strategy. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. The Fund may invest in inflation-linked securities. As inflationary expectations increase, inflation-linked securities may become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, inflation-linked securities will become less attractive and less valuable. The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Fund may invest in subordinated securities which may be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer. The Fund may invest in floating rate loans. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. The Fund may invest in event-linked bonds. The return of principal and the payment of interest on event-linked bonds are contingent on the non-occurrence of a pre-defined "trigger" event, such as a hurricane or an earthquake of a specific magnitude.
The Fund may invest in commodities. The value of commodity-linked derivatives may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, factors affecting a particular industry or commodity, international economic, political and regulatory developments, supply and demand, and governmental regulatory policies. Investments in equity securities are subject to price fluctuation. Small-and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.Investments in fixed income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed income securities falls. The Fund 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. Prepayment risk is the chance that mortgage-backed bonds will be paid off early if falling interest rates prompt homeowners to refinance their mortgages.
High yield bonds possess greater price volatility, illiquidity, and possibility of default.
These risks may increase share price volatility.
There is no assurance that these and other strategies used by the Fund or underlying funds will be successful.
Please see the prospectus for a more complete discussion of the Fund's risks.

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 here .

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 financial 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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