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.
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.
As of May 31, 2015
|Overall Morningstar RatingTM|
|(out of 816 moderate allocation funds)|
Morningstar proprietary ratings reflect risk-adjusted performance as of 5/31/15
|Class||A Shares||C Shares||Y Shares*|
Performance Inception Date
|Total Net Assets (millions)||$180.3||$39.2||$68.5|
|Initial Minimum Invest. (A)||$1,000||$1,000||$5,000,000|
|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.
As of May 31, 2015
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.
Walter Hunnewell, Jr., Portfolio Manager
Mr. Hunnewell, a vice president, joined Pioneer in 2001 and has been an investment professional since 1985.
Richard Schlanger, Portfolio Manager
Mr. Schlanger, a vice president, joined Pioneer in 1988 and has been an investment professional since 1979.
|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.