Pioneer Offers a Wide Range of Funds that Have Earned High Marks from Morningstar

 

At Pioneer Investments, strength begins with our consistent, structured investment process based on research, active portfolio management and a careful balance of risk and reward. The results speak for themselves. Please note that not all Pioneer funds are ranked 4 or 5 stars.

Morningstar Ratings | Strength Across the Board

Morningstar RatingsTM as of January 31, 2017

Morningstar Rankings/Totals

 

Category

Fund Class A shares

Morningstar
Overall Rating

1-Year

3-Year

5-Year

10-Year

Ticker

 

Large Growth

Pioneer Fundamental Growth Fund

Inception: 8/22/02

HHHHH

among 1313 peers

93%
1367/1462

14%
186/1313

30%
345/1162

13%
99/806

A

C

Y

PIGFX

FUNCX

FUNYX

Large Growth

Pioneer Disciplined Growth Fund

Inception: 12/15/05

HHHH

among 1313 peers

82%
1206/1462

36%
471/1313

49%
574/1162

31%
251/806

A

C

Y

PINDX

INDCX

INYDX

Large Value

Pioneer Equity Income Fund

Inception: 7/25/90

HHHH

among 1095 peers

19%
243/1269

4%
36/1095

26%
246/937

24%
165/681

A

C

Y

PEQIX

PCEQX

PYEQX

Mid-Cap Growth

Pioneer Select Mid Cap Growth Fund

Inception: 6/30/93

HHHH

among 585 peers

69%
447/641

48%
280/585

37%
187/503

18%
66/371

A

C

Y

PGOFX

GOFCX

GROYX

Intermediate-Term Bond

Pioneer Bond Fund

Inception: 10/31/78

HHHH

among 856 peers

17%
166/971

21%
175/856

9%
68/750

12%
64/541

A

C

Y

PIOBX

PCYBX

PICYX

Muni National Long

Pioneer AMT-Free Municipal Fund

Inception: 9/30/96

HHHH

among 144 peers

79%
128/161

16%
24/144

6%
8/132

15%
16/102

A

C

Y

PBMFX
MNBCX

PBYMX

High Yield Muni

Pioneer High Income Municipal Fund

Inception: 10/17/06

HHHH

among 142 peers

16%
27/169

52%
74/142

26%
31/118

77%
64/83

A

C

Y

PIMAX
HICMX
HIMYX

Multi-Sector Bond

Pioneer Strategic Income Fund

Inception: 4/15/99

HHHH

among 216 peers

48%
146/301

32%
70/216

40%
72/178

23%
22/93

A

C

Y

PSRAX

PSRCX

STRYX

Ultrashort Bond

Pioneer Multi-Asset Ultrashort Income Fund

Inception: 4/29/11

HHHH

among 131 peers

19%
29/151

19%
25/131

23%
21/91

N/A

A

C

Y

MAFRX

MCFRX

MYFRX

Nontraditional Bond

Pioneer Dynamic Credit Fund

Inception: 4/29/11

HHHHH

among 235 peers

11%
39/357

30%
70/235

8%
13/158

N/A

A

C

Y

RCRAX

RCRCX

RCRYX

World Bond

Pioneer Global Multisector Income Fund

Inception: 12/27/07

HHHH

among 315 peers

35%
118/335

23%
73/315

31%
76/244

N/A

A

C

Y

PGABX

PGCBX

PGYBX

Allocation 30% to 50% Equity

Pioneer Multi-Asset Income Fund

Inception: 12/22/11

HHHH

among 417 peers

4%
18/517

31%
129/417

4%
13/361

N/A

A

C

Y

PMAIX

PMACX

PMFYX

Allocation 50% to 70% Equity

Pioneer Classic Balanced Fund

Inception: 12/19/91

HHHH

among 722 peers

71%
584/821

26%
185/722

28%
171/616

27%
116/429

A

C

Y

AOBLX
PCBCX

AYBLX

 

 

Morningstar Ratings for All Periods as of January, 2017

3-Year

5-Year

10-Year

 

Fund Class A Shares

Category

Rating

# of Funds

Rating

# of Funds

Rating

# of Funds

 

Pioneer Fundamental Growth Fund

Large Growth

HHHH

1313

HHHH

1162

HHHHH

806

Pioneer Disciplined Growth Fund

Large Growth

HHH

1313

HHH

1162

HHHH

806

Pioneer Equity Income Fund

Large Value

HHHHH

1095

HHHH

937

HHHH

681

Pioneer Select Mid Cap Growth Fund

Mid-Cap Growth

HHH

585

HHH

503

HHHH

371

Pioneer Bond Fund

Intermediate Term Bond

HHHH

856

HHHHH

750

HHHH

541

Pioneer AMT-Free Municipal Fund

Muni National Long

HHHH

144

HHHH

132

HHHH

102

Pioneer High Income Municipal Fund

High Yield Muni

HHHH

142

HHHH

118

HHH

83

Pioneer Strategic Income Fund

Multisector Bond

HHHH

216

HHH

178

HHHH

93

Pioneer Multi-Asset Ultrashort Income Fund

Ultrashort Bond

HHHH

131

HHHH

91

N/A

N/A

Pioneer Dynamic Credit Fund

Nontraditional Bond

HHHH

235

HHHHH

158

N/A

N/A

Pioneer Global Multisector Income Fund

World Bond

HHHH

315

HHHH

244

N/A

N/A

Pioneer Multi-Asset Income Fund

Allocation – 30% to 50% Equity

HHH

417

HHHHH

361

N/A

N/A

Pioneer Classic Balanced Fund

Allocation – 50% to 70% Equity

HHHH

722

HHHH

616

HHHH

429

 

The Overall Morningstar Rating™ 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 mutual funds shown may have experienced negative performance during one or more of the time periods represented by the Morningstar ratings shown.


Call 1-800-225-6292 or visit us.pioneerinvestments.com/performance for the most recent performance results.


Ratings and rankings 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). Class Y Shares do not carry a sales charge. Morningstar proprietary ratings reflect risk-adjusted performance as of 1/31/17. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The Morningstar Rating is for Class A or Y shares, as indicated; other classes may have different performance characteristics.


The following copyright pertains only to the 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. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. © 2016 Morningstar, Inc. All Rights Reserved.


A Word About Risk
Pioneer AMT-Free Municipal Fund 11,4,13,17,2,99
Pioneer Bond Fund 11,4,19,10,1,16,13,99
Pioneer Classic Balanced Fund 11,4,19,1,16,10,8,20,13,99
Pioneer Core Equity Fund 8,13,99
Pioneer Disciplined Growth Fund 12,21,8,13,99
Pioneer Disciplined Value Fund 12,21,8,13,99
Pioneer Dynamic Credit Fund 102
Pioneer Emerging Markets Fund 8,9,13,99
Pioneer Equity Income Fund 8,20,13,99
Pioneer Flexible Opportunities Fund 107
Pioneer Floating Rate Fund 103
Pioneer Fund 13
Pioneer Fundamental Growth Fund 8,12,13,99
Pioneer Global Equity Fund 8,5,21,11,6,13,99
Pioneer Global High Yield 10,11,4,8,19,16,6,13,99
Pioneer Global Multisector Income Fund 8,11,4,10,19,16,1,7,17,5,6,99
Pioneer High Income Municipal Fund 10,11,4,19,17,18,6,2,13,99
Pioneer High Yield Fund 10,11,4,19,16,6,13,99
Pioneer International Equity Fund 8,9,11,13,99
Pioneer Mid Cap Value Fund 14,8,20,11,13,99
Pioneer Multi-Asset Income Fund 106
Pioneer Multi-Asset Ultrashort Income Fund 108
Pioneer Real Estate Shares 20,12,11,13,99
Pioneer Select Mid Cap Growth Fund 14,11,20,8,13,99
Pioneer Short Term Income Fund 11,4,19,10,1,16,8,13,99
Pioneer Strategic Income Fund 10,11,4,19,1,16,8,13,99
Pioneer U.S. Government Money Market Fund 15,1,13,99


1. The securities issued by U.S. Government-sponsored entities (e.g., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. Government.
2. A portion of income may be subject to local, state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax.  
4.
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.   5. The Fund is subject to currency risk, meaning that the Fund could experience losses based on changes in the exchange rate between non-U.S. currencies and the U.S. dollar.   6. The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund.   7. Floating rate loans and similar instruments may be illiquid or less liquid than other instruments, and the value of any collateral can decline or be insufficient to meet the issuer's obligations.   8. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.   9. To the extent the Fund invests in issuers located within specific countries or regions, the Fund may be particularly affected by adverse markets, rates, and events, which may occur in those countries and regions.   10. Investments in high-yield or lower rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default.   11. 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.   12. The Fund invests in a limited number of securities and, as a result, its performance may be more volatile than the performance of other funds holding more securities.   13. At times, the Fund's investments may represent industries or sectors that are interrelated or have common risks, making them more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.   14. 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.   15. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.   16. 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.   17. The value of municipal securities can be adversely affected by changes in financial condition of municipal issuers, lower revenues, and regulatory and political developments.   18. The Fund is non-diversified, which means that it can invest a large percentage of its assets in the securities of any one or more issuers. This increases the Fund's potential risk exposure.   19. 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.   20. 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.   21. Investing in small- and 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.   99. These risks may increase share price volatility.


102 Pioneer Dynamic Credit Fund:
All investments are subject to risk, including the possible loss of principal. The Fund has the ability to invest in a wide variety of debt securities. The Fund may invest in underlying funds, including ETFs. In addition to the Fund's operating expenses, you will indirectly bear the operating expenses of investments in any underlying funds. The Fund and some of the underlying funds employ leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund's investments decline in value. The Fund and some of the underlying funds may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund may invest in inflation-linked securities. As inflationary expectations increase, inflation-linked securities may become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, inflation-linked securities will become less attractive and less valuable. The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Fund may invest in floating rate loans. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. The Fund may invest in event-linked bonds. The return of principal and the payment of interest on event-linked bonds are contingent on the non-occurrence of a pre-defined "trigger" event, such as a hurricane or an earthquake of a specific magnitude. The Fund may invest in zero coupon bonds and payment in kind securities, which may be more speculative and fluctuate more in value than other fixed income securities. The accrual of income from these securities are payable as taxable annual dividends to shareholders. Investments in equity securities are subject to price fluctuation. Investments in fixed income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed income securities falls. The Fund 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. 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. High yield bonds possess greater price volatility, illiquidity, and possibility of default
There is no assurance that these and other strategies used by the Fund or underlying funds will be successful. The Fund is not intended to outperform stocks and bonds during strong market rallies.
These risks may increase share price volatility.
Please see the prospectus for a more complete discussion of the Fund's risks.

103 Pioneer Floating Rate Fund:
Debt securities rated below investment grade are commonly referred to as "junk bonds" and are considered speculative. Below investment grade debt securities involve greater risk of loss, are subject to greater price volatility and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities. The Fund may invest in high yield securities of any rating, including securities that are in default at the time of purchase.
Securities with floating interest rates generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as prevailing interest rates. Unlike fixed-rate securities, floating rate securities generally will not increase in value if interest rates decline. Changes in interest rates also will affect the amount of interest income the Fund earns on its floating rate investments.
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
These risks may increase share price volatility.

106 Pioneer Multi-Asset Income Fund:
All investments are subject to risk, including the possible loss of principal. Pioneer Multi-Asset Income ("MAI") Fund has the ability to invest in a wide variety of securities and asset classes. High yield bonds possess greater price volatility, illiquidity, and possibility of default. Investments in fixed income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed income securities falls. 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 Fund 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. The Fund may invest in subordinated securities which may be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.The Fund may invest in inflation-linked securities. As inflationary expectations increase, inflation-linked securities may become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, inflation-linked securities will become less attractive and less valuable. The Fund may invest in event-linked bonds. The return of principal and the payment of interest on event-linked bonds are contingent on the non-occurrence of a pre-defined "trigger" event, such as a hurricane or an earthquake of a specific magnitude. The Fund may invest in floating rate loans. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. The Fund may invest in underlying funds, including ETFs. In addition to the Fund's operating expenses, you will indirectly bear the operating expenses of investments in any underlying funds.Investments in equity securities are subject to price fluctuation. Small-and mid-cap stocks involve greater risks and volatility than large-cap stocks. The Fund may invest in Master Limited Partnerships, which are subject to increased risks of liquidity, price valuation, control, voting rights and taxation. In addition, the structure affords fewer protections to investors in the Partnership than direct investors in a corporation.The Fund may invest in zero coupon bonds and payment in kind securities, which may be more speculative and fluctuate more in value than other fixed income securities. The accrual of income from these securities are payable as taxable annual dividends to shareholders. The Fund and some of the underlying funds may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Fund and some of the underlying funds employ leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund's investments decline in value.
These risks may increase share price volatility. There is no assurance that these and other strategies used by the Fund or underlying funds will be successful.
Please see the prospectus for a more complete discussion of the Fund's risks.

107 Pioneer Flexible Opportunities Fund:
All investments are subject to risk, including the possible loss of principal. Pioneer Flexible Opportunities Fund has the ability to invest in a wide variety of securities and asset classes. The Fund may invest in underlying funds (ETFs and unit investment trusts). In addition to the Fund's operating expenses, you will indirectly bear the operating expenses of investments in any underlying funds.The Fund and some of the underlying funds employ leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund's investments decline in value. The Fund and some of the underlying funds may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund and some of the underlying funds may employ short selling, a speculative strategy. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. The Fund may invest in inflation-linked securities. As inflationary expectations increase, inflation-linked securities may become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, inflation-linked securities will become less attractive and less valuable. The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Fund may invest in subordinated securities, which may be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer. The Fund may invest in floating rate loans. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. The Fund may invest in event-linked bonds. The return of principal and the payment of interest on event-linked bonds are contingent on the nonoccurrence of a pre-defined "trigger" event, such as a hurricane or an earthquake of a specific magnitude. The Fund may invest in securities that provide exposure to commodities. The value of commodity-linked derivatives may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, factors affecting a particular industry or commodity, international economic, political and regulatory developments, supply and demand, and governmental regulatory policies. Investments in equity securities are subject to price fluctuation. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Investments in fixed income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed income securities falls. The Fund 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. Prepayment risk is the chance that mortgage-backed bonds will be paid off early if falling interest rates prompt homeowners to refinance their mortgages. High yield bonds possess greater price volatility, illiquidity, and possibility of default. These risks may increase share price volatility. There is no assurance that these and other strategies used by the Fund or underlying funds will be successful. Please see the prospectus for a more complete discussion of the Fund's risks. 


108 Pioneer Multi-Asset Ultrashort Income Fund:
All investments are subject to risk, including the possible loss of principal. Pioneer Multi-Asset Ultrashort Income (“MAUI”) Fund has the ability to invest in a wide variety of debt securities. The Fund may invest in underlying funds, including ETFs. In addition to the Fund's operating expenses, you will indirectly bear the operating expenses of investments in any underlying funds. The Fund and some of the underlying funds employ leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund's investments decline in value. The Fund and some of the underlying funds may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund may invest in inflation-linked securities. As inflationary expectations increase, inflation-linked securities may become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, inflation-linked securities will become less attractive and less valuable. The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Fund may invest in subordinated securities which may be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer. The Fund may invest in floating rate loans. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. The Fund may invest in event-linked bonds. The return of principal and the payment of interest on event-linked bonds are contingent on the non-occurrence of a pre-defined "trigger" event, such as a hurricane or an earthquake of a specific magnitude. The Fund may invest in zero coupon bonds and payment in kind securities, which may be more speculative and fluctuate more in value than other fixed income securities. The accrual of income from these securities are payable as taxable annual dividends to shareholders. Investments in equity securities are subject to price fluctuation. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Investments in fixed income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed income securities falls. The Fund 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. 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. High yield bonds possess greater price volatility, illiquidity, and possibility of default. There may be insufficient or illiquid collateral securing the floating rate loans held within the Fund. This may reduce the future redemption or recovery value of such loans. The Fund may have disadvantaged access to confidential information that could be used to assess a loan issuer, as Pioneer normally seeks to avoid receiving material, non-public information.
Multi-Asset Ultrashort Income Fund is not a money market fund.
These risks may increase share price volatility. There is no assurance that these and other strategies used by the Fund or underlying funds will be successful.
Please see the prospectus for a more complete discussion of the Fund's risks.