| 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
- * Past performance cannot guarantee future results
| Strategy |
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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. |  |
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 May 31, 2013
| Class | A Shares | B Shares | C Shares | R Shares | Y Shares* |
| CUSIP | 723661104 | 723661203 | 723661302 | 723661500 | 723661401 |
| Nasdaq Symbol | PEMFX | PBEFX | PCEFX | PEMRX | PYEFX |
| Inception Date/ Performance Inception Date | 6/23/1994 | 6/23/1994 | 1/31/1996 | 6/23/1994 | 6/23/1994 |
| Total Net Assets (millions) | $131.6 | $5.3 | $25.9 | $40.9 | $59.5 |
| Initial Minimum Investment | $1,000 | $1,000 | $1,000 | $0 | $5,000,000 |
| Management Fee | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
| Total Expense Ratio (Gross) | 2.03% | 3.27% | 2.75% | 2.13% | 1.39% |
| Total Expense Ratio (Net) | 1.95% | 2.85% | 2.75% | 2.13% | 1.39% |
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Initial minimum investment amounts for retirement plans are lower. |
| Portfolio Characteristics |
As of May 31, 2013
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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 |
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, a senior vice president and senior equity portfolio manager, is the Head of Global Emerging Markets and LatAm Equities. He joined Pioneer in 1999.
Effective March 1, 2013, Mauro Ratto, Marco Mencini and Andrea Salvatori assumed management of the fund, replacing Sean Taylor.
| 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.