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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 RatingsTM as of 9/30/14 for Class A Shares ( Download the PDF versionQ3 2014 edition )

Click the sort icons at the top of each column to sort in ascending or descending order.

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by Morningstar Load Waived Overall RatingMorningstar
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by Morningstar Load Adjusted Overall RatingMorningstar
Load Adjusted
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Morningstar Ratings for Additional Periods as of 9/30/14
      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
238
 
5 Star
3 Star
215
 
4 Star
4 Star
176
Pioneer Bond Fund Intermediate-Term Bond  
4 Star
3 Star
929
 
4 Star
3 Star
808
 
4 Star
4 Star
574
Pioneer Classic Balanced Fund Moderate Allocation  
4 Star
3 Star
737
 
4 Star
3 Star
652
 
4 Star
3 Star
430
Pioneer Core Equity Fund Large Blend  
3 Star
2 Star
1343
 
3 Star
2 Star
1204
 
5 Star
4 Star
804
Pioneer Disciplined Growth Fund Large Growth  
4 Star
3 Star
1504
 
4 Star
3 Star
1334
 
--
--
--
Pioneer Dynamic Credit Fund Non-Traditional
Bond
 
4 Star
3 Star
196
 
--
--
--
 
--
--
--
Pioneer Equity Income Fund Large Value  
2 Star
1 Star
1092
 
4 Star
3 Star
966
 
4 Star
3 Star
635
Pioneer Fundamental Growth Fund Large Growth  
3 Star
2 Star
1504
 
4 Star
3 Star
1334
 
5 Star
5 Star
912
Pioneer Global Equity Fund World Stock  
5 Star
4 Star
825
 
3 Star
2 Star
674
 
--
--
--
Pioneer Multi-Asset Ultrashort Income Fund Ultrashort Bond  
4 Star
3 Star
96
 
--
--
--
 
--
--
--
Pioneer Select Mid Cap Growth Fund Mid-Cap Growth  
4 Star
3 Star
642
 
3 Star
3 Star
582
 
4 Star
3 Star
425
Pioneer Short Term Income Fund Short-Term Bond  
4 Star
3 Star
428
 
4 Star
3 Star
362
 
3 Star
3 Star
257
Pioneer Strategic Income Fund Multisector Bond  
3 Star
3 Star
223
 
3 Star
3 Star
167
 
4 Star
3 Star
106
 

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 9/30/14. 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.

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 Disciplined Growth Fund 12,13,2
Pioneer Global Equity Fund 3,14,13,5,15,2
Pioneer Dynamic Credit Fund*
Pioneer Equity Income Fund 3, 11, 2
Pioneer Fundamental Growth Fund 3, 12, 2
Pioneer Multi-Asset Ultrashort Income Fund***
Pioneer Select Mid Cap Growth Fund 13, 5 ,11, 3 ,2
Pioneer Short Term Income Fund 5, 8, 9, 4, 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 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. 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 fund's 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 is subject to currency risk, meaning that the Fund could experience losses based on changes in the exchange rate between non-U.S. currencies and the U.S. dollar. 15. The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund.

* Pioneer Dynamic Credit Fund risks:
All investments are subject to risk, including the possible loss of principal. The Fund has the ability to invest in a wide variety of debt securities. 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 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 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 zero coupon bonds and payment in kind securities, which may be more speculative and fluctuate more in value than other fixed income securities. The accrual of income from these securities are payable as taxable annual dividends to shareholders. Investments in equity securities are subject to price fluctuation. 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 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. High yield bonds possess greater price volatility, illiquidity, and possibility of default.
There is no assurance that these and other strategies used by the Fund or underlying funds will be successful. The Fund is not intended to outperform stocks and bonds during strong market rallies.
These risks may increase share price volatility.
Please see the prospectus for a more complete discussion of the Fund's risks.

*** Pioneer Multi-Asset Ultrashort Income Fund risks:
All investments are subject to risk, including the possible loss of principal. Pioneer Multi-Asset Ultrashort Income ("MAUI") Fund has the ability to invest in a wide variety of debt securities. The Fund may invest in underlying funds, including ETFs. 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 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 zero coupon bonds and payment in kind securities, which may be more speculative and fluctuate more in value than other fixed income securities. The accrual of income from these securities are payable as taxable annual dividends to shareholders. Investments in equity securities are subject to price fluctuation. 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 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. High yield bonds possess greater price volatility, illiquidity, and possibility of default. There may be insufficient or illiquid collateral securing the floating rate loans held within the Fund. This may reduce the future redemption or recovery value of such loans. The Fund may have disadvantaged access to confidential information that could be used to assess a loan issuer, as Pioneer normally seeks to avoid receiving material, non-public information.
Multi-Asset Ultrashort Income Fund is not a money market fund.
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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