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Pioneer Real Estate Shares

Highlights

  • Seeks above average income and long-term growth of capital through a diverse range of property sectors including real estate investment trusts (REITs) and other real estate or related companies.

  • Historically has provided attractive dividend income higher than that offered by many equity investments and high quality bonds.*

  • Growth at a reasonable price investment style focuses on the quality and price of individual issuers, rather than economic sector or market-timing strategies.

  • The Fund's subadvisor AEW Management and Advisors, L.P. applies 25 years of in-depth experience across market cycles. AEW has a long history of integrating fundamental real estate knowledge, capital markets expertise and applied economic research to pursue investment objectives.

  • * Past performance cannot guarantee future results


Strategy

FUND STRATEGY

The Fund seeks to provide long-term growth of capital through investment in publicly traded equity securities, issued by real estate investment trusts (REITs) and other real estate or real estate related companies. Current income is a secondary objective. It invests in a number of property sectors (apartment buildings, shopping centers, malls, hotels), and provides potential for investors to receive attractive dividend income that may be higher than that offered by equity investments and high quality bonds.


PORTFOLIO MANAGEMENT PERSPECTIVE

"We believe that the performance of real estate securities ultimately depends upon the performance of the underlying real estate, company management and the influence of capital markets. Drawing upon the combined expertise of our securities, private market real estate and research professionals, we employ a value-oriented investment strategy designed to identify securities that are under priced relative to their peers."

A WORD ABOUT RISK

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.


Fund Facts

As of June 30, 2014

ClassA SharesB SharesC SharesY Shares*
CUSIP723848107723848206723848305723848404
Nasdaq SymbolPWREXPBREXPCREXPYREX
Inception Date/
Performance Inception Date
10/25/19931/31/19961/31/199610/25/1993
Total Net Assets (millions)$99.9$3.3$12.2$48.0
Initial Minimum Investment$1,000$1,000$1,000$5,000,000
Management Fee0.80%0.80%0.80%0.80%
Gross Expense Ratio1.48%2.84%2.32%1.01%

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 June 30, 2014

Average P/E (Trailing)63.3
Weighted Avg. Mkt. Capitalization (millions)$16,455
Median Market Capitalization (millions)$5,532
Total Holdings48
Turnover17%

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.
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 the course of a given time period, usually a year. Mutual funds with higher turnover ratios tend to have higher expenses.


Portfolio Management


Pioneer Real Estate Shares Management
AEW Capital Management, L.P. (AEW), a real estate investment advisory firm, is the Fund's investment sub-adviser. Day-to-day management of the fund is the responsibility of Matthew A. Troxell, CFA (portfolio manager of the fund since 2004). Mr. Troxell is a managing director and senior portfolio manager at AEW with responsibility for construction and management of all the firm's publicly traded real estate equities portfolios. He has been employed at AEW as part of the REIT group since 1994 and has over 30 years of experience in investment analysis and portfolio management. Mr. Troxell is supported by three portfolio managers: J. Hall Jones, Jr., CFA, director of AEW (co-portfolio manager of the fund since 2012); Roman Ranocha, CFA, director of AEW (co-portfolio manager of the fund since 2012); and John A. Garofalo, CFA, director of AEW (co-portfolio manager of the fund since 2014). Prior to joining AEW in March 2014, Mr. Garofalo was a portfolio manager and chief investment officer at Merestone Capital Management.



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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