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Latest Update
as at 31 May2013
This Sub-Fund seeks to achievecapital appreciation
over themedium to long-term by investing at least 75%
of its assets in a diversified portfolio of equities and
equity-linked instruments issued by companies
incorporated, headquartered or having their principal
business activities in Member States of theEU which
haveadopted theeuro as their national currency.
Investment Objective
Fund Size (Mil) 1,355.1
Fund Inception 04/ 07/ 2000
Unit Class Launch 18/ 12/ 2000
Domiciled Luxembourg
ISIN Number LU0119345287
KeyFacts
Performance Fee Max. 15.00%
Management Fee 1.50 %
Initial Sales Charge Max. 5.00%
Fees and Expenses
MSCI Emu 100
Benchmark
Name %
2011 -10.3 -14.9
2010 10.0 2.4
2009 29.1 27.3
2012 21.8 19.3
Calendar Year Returns
Fund % Benchmark %
as at 31 May2013 Fund % Benchmark %
Trailing Returns
1 Year 37.9 34.0
3 Years Ann. 11.4 6.8
5 Years Ann. 2.2 -2.4
1 Month 3.9 3.2
3 Months 7.0 6.4
YTD 11.5 8.7
Past performance does not guarantee and is not
indicative of future results.
For Broker/ Dealer use onlyand not to be distributed to the public.
Seereversesidefor footnotes and other important information. www.pioneerinvestments.com
Pioneer Global Investments Limited
Pioneer Funds Euroland Equity
May 2013
FACTSHEET
0RUQLQJVWDU5DWLQJ Class A EUR Non-Distributing European Equity
Sector Fund % Bmk %
Health Care 5.7 9.1
Materials 6.3 9.1
Telecoms 5.3 5.2
IT 2.2 4.9
Utilities 4.4 5.8
Industrials 20.0 13.4
Financials 22.0 21.0
Cons Disc 13.8 12.6
Consumer Staples 8.6 11.9
Energy 11.5 7.0
Country Fund % Bmk %
Switzerland 3.9 0.2
United Kingdom 5.5 0.1
Others 2.1 9.4
Netherlands 3.5 10.0
Ireland 5.6 0.9
Germany 26.5 30.4
France 35.9 31.9
Italy 6.8 7.2
Spain 10.1 9.9
Currency Fund % Bmk %
Swedish Krona 0.03 0.0
US Dollar 0.02 0.0
Swiss Franc 0.1 0.0
Euros 101.4 100.0
Pound Sterling -1.5 0.0
Market Cap Fund % Bmk %
Small Cap 2.9 1.5
Mid Cap 15.6 18.7
Large Cap 81.4 79.8
Investment Valuation Fund % Bmk %
Return on Equity 12.9 12.2
Dividend Yield 3.5 3.6
Price/ Cash Flow 9.2 10.1
Price/ Book 2.1 2.3
Price/ Earnings 17.9 21.5
Beta 0.98
R-Squared 0.98
TrackingError 2.70%
Information Ratio 2.23
Alpha 6.50%
Standard Deviation 21.58%
Sharpe Ratio 0.64
Risk Analysis (3 Years)
Assets in Top 10 Holdings 38.0 %
Total Number of Holdings 47
Portfolio Analysis
Top 10 Holdings Fund % Bmk %
Deutsche Telekom 3.6 1.0
Allianz SE 3.6 2.1
Deutsche Bank 3.4 1.4
ENI 2.7 1.7
AXA 3.1 1.1
Bayer 4.3 2.7
Siemens 5.0 2.7
Total 4.2 3.2
BNP Paribas SA 4.0 1.8
Banco Bilbao Vizcaya Argentaria 4.0 1.5
Top 5 Overweights Fund % Bmk %
Alstom 2.5 0.2
BNP Paribas SA 4.0 1.8
Siemens 5.0 2.7
Deutsche Telekom 3.6 1.0
Banco Bilbao Vizcaya Argentaria 4.0 1.5
Instrument Allocation Net %
Cash at Bank 3.3
FXDerivatives -12.7
Equity 99.9
Pioneer Funds EurolandEquity May 2013
Growth of 10,000 EUR
Pioneer Funds Euroland EquityClass A EUR Non-Distributing Benchmark
Pioneer Funds Euroland Equity is managed by our
European Equity team with Fabio Di Giansante as lead
Portfolio Manager. Fabio is a Senior Portfolio
Manager with the European Equity team and focuses
on our euro specialised portfolios. In 2011, he was
nominated for Morningstar European Fund Manager
of the Year. Fabio joined Pioneer Investments in
August 2006 from Credit Agricole Asset Management,
where he was European Equities Portfolio Manager.
Previously he worked with Nextra Investment
Management for five years as European Equities
Portfolio Manager. Fabio holds a degree in Economics
and Finance from the University of L'Aquila, Italy.
About The Investment Team
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deta||ed |rturrat|ur) W||| be app||ed b] t|e Varagerert 0urpar] trur 1 !aruar] 2O11.
lerturrarce data pru|ded reters tu 0|ass A ur|ts ur|], ard |s based upur |Av ret ut tees. lur deta||s ut ut|er ur|t 0|asses aa||ab|e, p|ease reter tu t|e pruspectus.
Vurr|rgstar Rat|rgs: 0up]r|g|t 2O13 Vurr|rgstar uK l|r|ted. A|| R|g|ts Resered. I|e |rturrat|ur curta|red |ere|r: 1) ra] rut be cup|ed ur d|str|buted, ard 2) |s rut Warrarted tu be
accurate, curp|ete ur t|re|]. |e|t|er Vurr|rgstar rur |ts curtert pru|ders are respurs|b|e tur ar] darages ur |usses ar|s|rg trur ar] use ut t||s |rturrat|ur.
I|e VS0l |rturrat|ur ra] ur|] be used tur ]uur |rterra| use, ra] rut be repruduced ur red|sser|rated |r ar] turr ard ra] rut be used as a bas|s tur ur a curpurert ut ar] t|rarc|a|
|rstrurerts ur pruducts ur |rd|ces. |ure ut t|e VS0l |rturrat|ur |s |rterded tu curst|tute |restrert ad|ce ur a recurrerdat|ur tu ra|e ur retra|r trur ra||rg) ar] ||rd ut |restrert
dec|s|ur ard ra] rut be re||ed ur as suc|. h|stur|ca| data ard ara|]s|s s|uu|d rut be ta|er as ar |rd|cat|ur ur guarartee ut ar] tuture perturrarce ara|]s|s, turecast ur pred|ct|ur. I|e VS0l
|rturrat|ur |s pru|ded ur ar 'as |s` bas|s ard t|e user ut t||s |rturrat|ur assures t|e ert|re r|s| ut ar] use rade ut t||s |rturrat|ur. VS0l, eac| ut |ts att|||ates ard eac| ut|er persur |ru|ed
|r ur re|ated tu curp|||rg, curput|rg ur creat|rg ar] VS0l |rturrat|ur cu||ect|e|], t|e 'VS0l lart|es`) e\press|] d|sc|a|rs a|| Warrart|es |rc|ud|rg, W|t|uut ||r|tat|ur, ar] Warrart|es ut
ur|g|ra||t], accurac], curp|eteress, t|re||ress, rur-|rtr|rgerert, rerc|artab|||t] ard t|tress tur a part|cu|ar purpuse) W|t| respect tu t||s |rturrat|ur. w|t|uut ||r|t|rg ar] ut t|e turegu|rg, |r ru
eert s|a|| ar] VS0l lart] |ae ar] ||ab|||t] tur ar] d|rect, |rd|rect, spec|a|, |rc|derta|, pur|t|e, cursequert|a| |rc|ud|rg, W|t|uut ||r|tat|ur, |ust prut|ts) ur ar] ut|er darages.
WWW.rsc|barra.cur).
I|e 0|uba| lrdustr] 0|ass|t|cat|ur Stardard 0l0S) SV Was dee|uped b] ard |s t|e e\c|us|e prupert] ard a ser|ce rar| ut Stardard & luur's ard VS0l. |e|t|er Stardard & luur's, VS0l rur
ar] ut|er part] |ru|ed |r ra||rg ur curp|||rg ar] 0l0S c|ass|t|cat|urs ra|es ar] e\press ur |rp||ed Warrart|es ur represertat|urs W|t| respect tu suc| stardard ur c|ass|t|cat|ur ur t|e resu|ts
tu be ubta|red b] t|e use t|ereut), ard a|| suc| part|es |ereb] e\press|] d|sc|a|r a|| Warrart|es ut ur|g|ra||t], accurac], curp|eteress, rerc|artab|||t] ur t|tress tur a part|cu|ar purpuse W|t|
respect tu ar] ut suc| stardard ur c|ass|t|cat|ur. w|t|uut ||r|t|rg ar] ut t|e turgu|rg, |r ru eert s|a|| Stardard & luur's, VS0l, ar] ut t|e|r att|||ates ur ar] t||rd part] |ru|ed |r ra||rg ur
curp|||rg ar] 0l0S c|ass|t|cat|ur |ae ar] ||ab|||t] tur ar] d|rect, |rd|rect, spec|a|, pur|t|e, cursequert|a| ur ar] ut|er darages |rc|ud|rg |ust prut|ts) eer |t rut|t|ed ut t|e puss|b|||t] ut suc|
darages.
I||s Sub-lurd uses t\ der|at|es W||c| are ret|ected ur|] |r t|e tu||uW|rg data |r t||s ducurert: 0urrerc]: t|e e\pusure ut t\ der|at|es.
Notes
ur|ess ut|erW|se stated a|| |rturrat|ur curta|red |r t||s ducurert |s trur l|ureer lrestrerts ard |s as at 31/O5/2O13. l|ureer lurds - luru|ard lqu|t] |s a sub-turd t|e "Sub-lurd") ut
l|ureer lurds t|e "lurd"), a turds currur de p|acerert W|t| seera| separate sub-turds estab||s|ed urder t|e |aWs ut t|e 0rard uuc|] ut lu\erbuurg. last perturrarce dues rut
guarartee ard |s rut |rd|cat|e ut tuture resu|ts. ur|ess ut|erW|se stated, a|| |eWs e\pressed are t|use ut l|ureer lrestrerts. I|ese |eWs are subject tu c|arge at ar] t|re based ur rar|et
ard ut|er curd|t|urs ard t|ere car be ru assurarces t|at cuurtr|es, rar|ets ur secturs W||| perturr as e\pected. lrestrerts |ru|e certa|r r|s|s, |rc|ud|rg pu||t|ca| ard currerc] r|s|s .
lrestrert returr ard pr|rc|pa| a|ue ra] gu duWr as We|| as up ard cuu|d resu|t |r t|e |uss ut a|| cap|ta| |rested. Vure recert returrs ra] be d|tterert t|ar t|use s|uWr. l|ease curtact ]uur
sa|es represertat|e tur rure currert perturrarce resu|ts. I||s rater|a| |s rut a pruspectus ard dues rut curst|tute ar utter tu bu] ur a su||c|tat|ur tu se|| ar] ur|ts ut t|e lurd ur ar] ser|ces, b]
ur tu ar]ure |r ar] jur|sd|ct|ur |r W||c| suc| utter ur su||c|tat|ur Wuu|d be ur|aWtu| ur |r W||c| t|e persur ra||rg suc| utter ur su||c|tat|ur |s rut qua||t|ed tu du su ur tu ar]ure tu W|ur |t |s
ur|aWtu| tu ra|e suc| utter ur su||c|tat|ur. lur add|t|ura| |rturrat|ur ur t|e lurd, a tree pruspectus s|uu|d be requested trur l|ureer 0|uba| lrestrerts l|r|ted "l0ll"), 1 0eurge's ua]
l|a/a, 0eurge's ua], uub||r 2, lre|ard. 0a|| 353 1 48O 2OOO la\ 353 1 449 5OOO. I||s curtert ut t||s ducurert |s apprued b] l0ll. lr t|e uK, |t |s d|rected at prutess|ura| c||erts ard rut
at reta|| c||erts ard |t |s apprued tur d|str|but|ur b] l|ureer 0|uba| lrestrerts l|r|ted lurdur brarc|), lurt|ard huuse, 8t| l|uur, bresserder l|ace, lurdur Sw1l 5bh, aut|ur|sed b] t|e
0ertra| bar| ut lre|ard ard regu|ated b] t|e l|rarc|a| Ser|ces Aut|ur|t] tur t|e curduct ut uK bus|ress. I|e lurd |s ar urregu|ated cu||ect|e |restrert sc|ere urder t|e uK l|rarc|a|
Ser|ces ard Var|ets Act 2OOO ard t|ereture dues rut carr] t|e prutect|ur pru|ded b] t|e uK regu|atur] s]ster.
l|ureer lurds u|str|butur, lrc., 6O State Street, bustur, VA O21O9 "llu"), a u.S.-reg|stered bru|er-dea|er, pru|des rar|et|rg ser|ces |r currect|ur W|t| t|e d|str|but|ur ut l|ureer
lrestrerts' pruducts. llu rar|ets t|ese pruducts tu t|rarc|a| |rterred|ar|es, but| W|t||r ard uuts|de ut t|e u.S. |r jur|sd|ct|urs W|ere perr|tted tu du su) tur sa|e tu c||erts W|u are rut
ur|ted States persurs. l|ureer lrestrerts |s a trad|rg rare ut t|e l|ureer 0|uba| Asset Varagerert S.p.A. gruup ut curpar|es. lur bru|er/uea|er use ur|] ard rut tu be d|str|buted tu t|e
lub||c. uate ut l|rst use 14/O6/2O13.
This information is not for distribution and does not constitute an offer to sell or the solicitation of anyoffer to buyanysecurities or services in the United States or in anyof its territories
or possessions subject to its jurisdiction to or for the benefit of anyUnited States person (beingresidents and citizens of the United States or partnerships or corporations organized
under United States laws). The Fund has not been registered in the United States under the Investment CompanyAct of 1940 and units of the Fund are not registered in the United
States under the Securities Act of 1933. This document is not intended for and no reliance can be placed on this document byretail clients, to whomthe document should not be
provided.
Disclaimer