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Pioneer Select Mid Cap Growth Fund


Strategy

FUND STRATEGY

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 stocks within historically high-growth sectors in the U.S. economy that offer significant opportunity to maximize growth potential."  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.


Fund Facts

As of July 31, 2015

(load waived) (load adjusted)
Overall Morningstar RatingTM
(out of 654 mid-cap growth funds)

Morningstar proprietary ratings reflect risk-adjusted performance as of 7/31/15

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 Select Mid Cap Growth Fund was rated exclusively against U.S.-domiciled mid-cap growth funds as follows: 3, 4 and 4 stars (load waived) and 2, 3 and 3 stars (load adjusted) among 654, 583 and 447 funds for the three-, five-, and 10-year periods ended 7/31/15, 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.

ClassA SharesC SharesR SharesY Shares*
CUSIP72387W40872387W60672387W73972387W762
Nasdaq SymbolPGOFXGOFCXPGRRXGROYX
Inception Date/
Performance Inception Date
6/30/19931/7/20027/10/20006/23/2004
Total Net Assets (millions)$1,074.7$76.2$17.8$199.5
Initial Minimum Invest. (A)$1,000$1,000$0$5,000,000
Management Fee0.61%0.61%0.61%0.61%
Gross Expense Ratio1.09%1.91%1.49%0.76%

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.


Portfolio Characteristics

As of July 31, 2015

Average P/E (Trailing)44.7
Weighted Avg. Mkt. Capitalization (millions)$21,717
Median Market Capitalization (millions)$8,766
Total Holdings141
Turnover105%

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


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.

 
 

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.