| Highlights |
- Management uses a top-down, bottom-up investment approach to select their best 40-60 global investment ideas in developed and emerging markets
- Emphasis on quality companies with strong balance sheets, strong cash flow, excellent management and reasonable growth prospects trading at attractive valuations
| Strategy |
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FUND STRATEGY The Fund seeks to achieve long-term capital appreciation by investing primarily in a diversified portfolio of equity securities issued by mid- and/or large-capitalization companies around the globe. The Fund will generally focus on mid- and large-capitalization issuers in developed or emerging markets and will use a "growth at a reasonable price" style of management. It seeks to invest in issues with above-average potential for earnings and revenue growth that are trading at attractive market valuations. |  |
MANAGER'S PERSPECTIVE
"Overall, we take a top-down and bottom-up approach to valuing countries and companies. First, we identify countries where we see prospects for meaningful improvement in economic, political and social trends over the next year or two. We want to invest in those countries where these factors are improving and to avoid those that are deteriorating. Second, we seek companies that are well positioned in their industry and whose businesses will benefit from the improving economic cycle in the country. We believe that our experience and our consistent investment process may continue to position us well versus our peers."
Marco Pirondini, Portfolio Manager
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. 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. The Fund invests in a limited number of securities and, as a result, the fund's performance may be more volatile than the performance of other funds holding more securities. 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, 2010
| Class | A Shares | B Shares | C Shares | Y Shares* |
| CUSIP | 72387N705 | 72387N804 | 72387N887 | 72387N788 |
| Nasdaq Symbol | GLOSX | GBSLX | GCSLX | PGSYX |
| Inception Date | 12/15/2005 | 12/15/2005 | 12/15/2005 | 12/15/2005 |
| Total Net Assets (millions) | $65.5 | $6.1 | $6.7 | $63.1 |
| Initial Minimum Investment | $1,000 | $1,000 | $1,000 | $5,000,000 |
| Management Fee | 0.75% | 0.75% | 0.75% | 0.75% |
| Total Expense Ratio (Gross) | 2.25% | 4.14% | 3.76% | 1.10% |
| Total Expense Ratio (Net) | 1.30% | 2.20% | 2.20% | 0.80% |
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Initial minimum investment amounts for retirement plans are lower. |
| Portfolio Characteristics |
As of July 31, 2010
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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 |
Marco Pirondini, Portfolio Manager
Marco Pirondini, head of equities, U.S., joined Pioneer in 2000. From 2004 until 2010, Marco was Global Chief Investment Officer of Pioneer Investments, overseeing equity, fixed income, balanced, and quantitative portfolio management, and quantitative and fundamental research divisions.
| 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 containing this information. Read it carefully. To obtain a free prospectus and for information on any Pioneer fund, please download from our web site.