The Fund seeks long-term capital growth by investing primarily in the equity securities of mid-size companies. The Fund's objective is to own higher-quality, sustainable growth companies that we believe have a competitive advantage and to buy them at the right price with a favorable risk/reward ratio.
PORTFOLIO MANAGEMENT PERSPECTIVE
"We focus on mid-cap companies with superior growth potential that can be best found in industries experiencing tailwinds. We are valuation-disciplined and buy stocks when we believe the risk/reward is most favorable." Ken Winston, Portfolio Manager
A WORD ABOUT RISK
Investments in 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. 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. 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. 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 644 funds in the Mid-Cap Growth 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)||$989.4||$68.1||$11.8||$27.7||$208.1|
|Initial Minimum Invest.||$1,000||$1,000||$5,000,000||$0||$5,000,000|
|Gross Expense Ratio||1.09%||1.91%||0.67%||1.49%||0.76%|
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.
Ken Winston, Portfolio Manager
Mr. Winston, a vice president, joined Pioneer in 2007 and has been an investment professional since 1992.
Shaji John, Portfolio Manager
Mr. John, a vice president, joined Pioneer in 2011 and has been an investment professional since 1994.
Jon Stephenson, Portfolio Manager
Mr. Stephenson, a vice president, joined Pioneer in 2011 and has been an investment professional since 1997.
|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.