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Strategy

FUND STRATEGY

The Fund seeks capital growth and current income through a diversified portfolio of equity securities and bonds. The strategy is designed to provide investors the potential growth and income that stocks and fixed-income securities can provide but with less volatility than an all-equity investment.
Diversification does not ensure a profit or protect against loss in a declining market.


PORTFOLIO MANAGEMENT PERSPECTIVE

"On the equity side, we employ a value bias fundamental driven approach to seek large capitalization companies with an emphasis on above average yield. The fixed-income component of the Fund contains a mix of all fixed-income sectors for income generation. We actively allocate assets between equity and debt, based on our assessment of current business, market and economic conditions."

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 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. Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 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. 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 April 30, 2015

(load waived) (load adjusted)
Overall Morningstar RatingTM
(out of 792 funds in the Moderate Allocation Category)

Morningstar proprietary ratings reflect risk-adjusted performance as of 4/30/15

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 Classic Balanced Fund was rated exclusively against U.S.-domiciled moderate allocation funds as follows: 4, 4 and 4 stars (load waived) and 3, 3 and 3 stars (load adjusted) among 792, 702 and 470 funds for the three-, five-, and 10-year periods ended 4/30/15, 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. Morningstar is not responsible for any damages or losses arising from any use of this information. 2015 Morningstar, Inc. All Rights Reserved.

Class A SharesC SharesY Shares*
CUSIP 72387P10672387P30472387P403
Nasdaq Symbol AOBLXPCBCXAYBLX
Inception Date/
Performance Inception Date
12/19/19919/3/199712/19/1991
Total Net Assets (millions) $174.2$37.9$72.5
Initial Minimum Invest. (A) $1,000$1,000$5,000,000
Management Fee 0.65%0.65%0.65%
Expense Ratio (Gross) 1.25%1.95%0.95%
Expense Ratio (Net) 1.16%1.95%0.95%

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.
The Net Expense ratio reflects contractual expense limitations currently in effect through 12/1/2015 for Class A Shares. There can be no assurance that Pioneer will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information.


Portfolio Characteristics

As of April 30, 2015

Average P/E (Trailing) 24.7
Weighted Avg. Mkt. Capitalization (millions) $116,405
Median Market Capitalization (millions) $32,159
Total Holdings 501
Turnover 49%

P/E refers to the price of a stock divided by its earnings per share. Reflects weighted average of trailing 12-month price-to-earnings ratios of portfolio holdings. Average P/E ratio (Forecast) is the current price of a stock divided by the estimated one year projection of its earnings per share.
Market Capitalization reflects the total U.S.-denominated portion of the portfolio.
Turnover Ratio is the percentage of a fund's assets that have changed over a given period, usually a year. Mutual funds with higher turnover ratios tend to have higher expenses.


Portfolio Management


Walter Hunnewell, Jr., Portfolio Manager
Mr. Hunnewell is a vice president at Pioneer. He joined the company in August 2001 and has been an investment professional since 1985.
Richard Schlanger, Portfolio Manager
Mr. Schlanger, a vice president, joined Pioneer as a portfolio manager in 1988.





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 © 2015 Pioneer Investments.