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Pioneer International Value Fund


Strategy

FUND STRATEGY

The fund seeks long term capital growth. Normally, the fund invests at least 80% of its total assets in equity securities of non-U.S. issuers. These issuers may be located in both developed and emerging markets. Under normal circumstances, the fund's assets will be invested in securities of companies domiciled in at least three different foreign countries.

investment style

PORTFOLIO MANAGEMENT PERSPECTIVE

"Our approach is to combine in-depth top-down analysis of the world's economic prospects with rigorous bottom-up fundamental research. This process enables us to select stocks of well-managed companies that we believe are undervalued relative to their peers and may outperform in the long term."

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. The portfolio may invest a substantial amount of its assets in issuers located within a specific region, and is, therefore, more susceptible to adverse developments affecting those regions. 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 September 30, 2014

ClassA SharesB SharesC SharesY Shares*
CUSIP723709101723709200723709309723709507
Nasdaq SymbolPIIFXPBIFXPCITXINVYX
Inception Date/
Performance Inception Date
3/25/19934/4/19941/31/19963/25/1993
Total Net Assets (millions)$83.8$2.2$11.1$101.9
Initial Minimum Investment$1,000$1,000$1,000$5,000,000
Management Fee0.85%0.85%0.85%0.85%
Expense Ratio (Gross)1.69%3.30%2.41%1.04%
Expense Ratio (Net)1.45%2.35%2.35%1.04%

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, 4/1/2015 and 4/1/2015 for Class A, B and C Shares, respectively. 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 September 30, 2014

Average P/E (Trailing)19.7
Weighted Avg. Mkt. Capitalization (millions)$49,305
Median Market Capitalization (millions)$29,310
Total Holdings75
Turnover75%

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
Mr. Pirondini, executive vice president and Head of Equities, U.S., joined Pioneer in 2000. From 2004 through 2010, he was Global Chief Investment Officer of Pioneer Investments, overseeing equity, fixed income, balanced and quantitative portfolio management, and also quantitative and fundamental research divisions.
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.
Madelynn Matlock, Portfolio Manager
Ms. Matlock, a senior vice president, has served as a portfolio manager of the fund since joining Pioneer in December 2012.



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.