- Patient, disciplined approach pursues strong long term returns and above-average yield
- Dividend focus has kept volatility low and dividend yield high.
- Socially responsible tradition of trying to avoid the stocks of companies whose primary business is alcohol or tobacco
- Portfolio Manager John Carey, an industry veteran for over 30 years has managed the fund since its inception in 1990.
- *The performance data quoted represents past performance. Keep in mind that dividends are not guaranteed.
The Fund seeks current income and long-term capital growth primarily through income-producing equity securities of U.S. companies. It invests primarily in stocks of companies that have a strong history of paying dividends, and uses fundamental research to identify those that are undervalued but possess solid assets, market leadership and management ownership.
PORTFOLIO MANAGEMENT PERSPECTIVE
"We are long-term investors in dividend-paying stocks. We look for well-established companies with exemplary dividend growth over the past three, five, and ten years and managements committed to continuing dividend payments, selecting securities currently selling at significant discounts to their intrinsic value and holding these issues until their value is fully reflected in the marketplace."
A WORD ABOUT RISK
Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 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. 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 December 31, 2015
|Overall Morningstar RatingTM|
|(out of 1190 funds in the Large Value Category)|
Morningstar proprietary ratings reflect risk-adjusted performance as of 12/31/15
|Class||A Shares||C Shares||K Shares||R Shares||Y Shares*|
Performance Inception Date
|Total Net Assets (millions)||$732.8||$116.7||$21.1||$74.8||$546.2|
|Initial Minimum Invest.||$1,000||$1,000||$5,000,000||$0||$5,000,000|
|Gross Expense Ratio||1.09%||1.80%||0.69%||1.43%||0.79%|
Initial minimum investment amounts for retirement plans are lower.
As of December 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.
The 30-day SEC yield is based on the hypothetical annualized earning power (investment income only) of the Fund's portfolio securities during the period indicated.
John A. Carey, Portfolio Manager
Mr. Carey, an executive vice president, joined Pioneer in 1979 and has been an investment professional since that time.
Walter Hunnewell, Jr., Portfolio Manager
Mr. Hunnewell, a vice president, joined Pioneer in 2001 and has been an investment professional since 1985.
|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.