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Pioneer Emerging Markets Fund

Highlights

  • Consistent, research-intensive investment process blends top-down analysis with rigorous bottom-up analysis of individual stocks

  • Long-term, value-oriented approach targets underappreciated regions, countries, and sectors that offer favorable growth and economic outlooks; seeks securities selling at reasonable prices or substantial discounts to their underlying values

  • /misc/pdfs/monthlycomments/emmkts.pdf

  • * Past performance cannot guarantee future results


Strategy

FUND STRATEGY

The Fund seeks long-term capital appreciation primarily through the securities of issuers in countries with emerging economies or securities markets. It uses a value oriented approach to target under-appreciated regions, countries and sectors that offer favorable growth and economic outlooks, diversifying through exposure to markets that may move independently of U.S. equity and international developed markets.
Diversification does not ensure a profit or protect against loss in a declining market.

investment style

PORTFOLIO MANAGEMENT PERSPECTIVE

"Emerging Markets may offer strong growth relative to mature markets over the medium term. Volatility triggered by global events may present attractive entry points to buy this growth at attractive valuations."

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. 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 SharesR SharesY Shares*
CUSIP723661104723661203723661302723661500723661401
Nasdaq SymbolPEMFXPBEFXPCEFXPEMRXPYEFX
Inception Date/
Performance Inception Date
6/23/19946/23/19941/31/19966/23/19946/23/1994
Total Net Assets (millions)$121.9$3.5$22.8$39.3$53.2
Initial Minimum Investment$1,000$1,000$1,000$0$5,000,000
Management Fee1.10%1.10%1.10%1.10%1.10%
Expense Ratio (Gross)1.91%3.47%2.73%2.08%1.33%
Expense Ratio (Net)1.91%2.85%2.73%2.08%1.33%

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.
The Net Expense ratio reflects contractual expense limitations currently in effect through 4/1/2015 for Class B Shares. There can be no assurance that Pioneer will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information.


Portfolio Characteristics

As of June 30, 2014

Average P/E (Trailing)18.6
Weighted Avg. Mkt. Capitalization (millions)$18,240
Median Market Capitalization (millions)$5,699
Total Holdings78
Turnover77%

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


Mauro Ratto, Portfolio Manager
Mr. Ratto is Head of Emerging Markets. He joined Pioneer in 1998.
Marco Mencini, Portfolio Manager
Mr. Mencini is the Head of Equities - Emerging Markets. He joined Pioneer in 2001.
Andrea Salvatori, Portfolio Manager
Mr. Salvatori is Head of Emerging Market Equity Research and Head of Global Emerging Markets and LatAm Equities. He joined Pioneer in 1999.



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 © 2014 Pioneer Investments.