OMB APPROVAL
OMB Number: 3235-0570
Expires: August 31, 2010
Estimated average burden
hours per response.....18.9
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08448
Pioneer Emerging Markets Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: December 1, 2009 through May 31, 2010
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
- --------------------------------------------------------------------------------
Pioneer Emerging
Markets Fund
- --------------------------------------------------------------------------------
Semiannual Report | May 31, 2010
- --------------------------------------------------------------------------------
Ticker Symbols:
Class A PEMFX
Class B PBEFX
Class C PCEFX
Class R PEMRX
Class Y PYEFX
[Logo]PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 25
Notes to Financial Statements 34
Trustees, Officers and Service Providers 43
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe have begun to recover over the past
year from one of their most tumultuous periods in history. This is a welcome
relief, and we are generally optimistic about the prospects for the economy
going forward. Still, challenges remain. Unemployment is high; consumer demand
and loan growth are weak; and housing has not returned to normal.
At Pioneer, we have long advocated the benefits of investing for the long term.
This strategy has generally performed well for many investors. Those who
remained invested in the market during the downturn have most likely seen their
portfolios start to recover over the past year, as the Dow Jones Industrial
Average climbed back from the depressed levels we saw in early 2009. Many bond
investors have similarly seen a strong rebound, with a broad-based recovery
occurring across many different fixed-income asset classes. The riskiest asset
classes, such as high-yield bonds, outperformed other fixed-income asset
classes during most of 2009.
At Pioneer, we are not changing the approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, quantitative analysis, and active portfolio management. This
three-pillared process, which we apply to each of our portfolios, is supported
by an integrated team approach and is designed to carefully balance risk and
reward. While we see potential opportunities for making money in many corners
of the markets around the globe, it takes research and experience to separate
solid investment opportunities from speculation.
Following this difficult period, many investors are rethinking their approach
to investing and risk management. Some are questioning whether the basic
investment principles they were taught in the past are still useful in today's
markets. Complicating matters is that financial markets remain unpredictable.
Our advice, as always, is to work closely with a trusted financial advisor to
discuss your goals and work together to develop an investment strategy that
meets your individual needs. There is no single best strategy that works for
every investor.
2 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 3
Portfolio Management Discussion | 5/31/10
Emerging markets stocks produced a negative return during the six-month period
ended May 31, 2010. Performance was strong initially, as the combination of
improving global growth and heightened investor risk appetites led to increased
demand for emerging markets equities. The environment took a sharp turn for the
worse in May, however, when the European sovereign debt crisis led to renewed
concerns that the global economy was headed for a double-dip recession. In the
following interview, John Pollen, Pioneer Emerging Market Fund's portfolio
manager, discusses the factors that influenced the Fund's performance during
the six months ended May 31, 2010.
Q How did the Fund perform during the six months ended May 31, 2010?
A The Fund's Class A shares returned -7.14% at net asset value over the six
months ended May 31, 2010, while the Fund's benchmark, the Morgan Stanley
Capital International (MSCI) Emerging Markets Index1, returned -2.63%. Over
the same period, the average return of the 404 mutual funds in Lipper's
Emerging Markets category was -2.40%.
1 The MSCI information may only be used for your internal use, may not be
reproduced or re-disseminated in any form and may not be used as a basis
for or a component of any financial instruments or products or indices.
None of the MSCI information is intended to constitute investment advice or
a recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such. Historical data and analysis
should not be taken as an indication or guarantee of any future performance
analysis, forecast or prediction. The MSCI information is provided on an
"as is" basis and the user of this information assumes the entire risk of
any use made of this information. MSCI, each of its affiliates and each
other person involved in or related to compiling, computing or creating any
MSCI information (collectively, the "MSCI Parties") expressly disclaims all
warranties (including, without limitation, any warranties of originality,
accuracy, completeness, timeliness, non-infringement, merchantability and
fitness for a particular purpose) with respect to this information. Without
limiting any of the foregoing, in no event shall any MSCI Party have any
liability for any direct, indirect, special, incidental, punitive,
consequential (including, without limitation, lost profits) or any other
damages. (www.mscibarra.com)
Q Could you review the performance of emerging markets stocks during the six
months ended May 31, 2010?
A Emerging markets stocks produced a negative return during the six-month
period. Performance was strong initially, as the combination of improving
global growth and heightened investor risk appetites led to increased
demand for emerging markets equities. As late as April 30, 2010, in fact,
the MSCI Emerging Markets Index had returned 12.46% for the previous
six-month period (from October 31, 2009). The environment took a sharp turn
for the worse in May, however, during which the European sovereign debt
crisis led to renewed concerns that the global economy was headed for a
double-dip recession. While Europe's problems have only a limited direct
impact on most of the developing economies, emerging market equities
4 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
nonetheless sold off as investors sought to reduce their risk exposure. As
a result, the MSCI Emerging Markets Index declined by 9.70% in May alone,
bringing its six-month return into the red.
Q What were the key factors that helped and hurt the Fund's performance over
the six months ended May 31, 2010?
A The primary cause of the Fund's shortfall relative to the benchmark during
the six-month period was underperformance of Fund holdings in the two
largest countries in the MSCI Emerging Markets Index: China and Brazil. In
China, the leading detractors from performance were Fund holdings in
Dongfeng Motor, Guangzhou R&F Properties and China National Building
Materials. In Brazil, the main causes of the Fund's underperformance were
holdings in Telmar, a telecommunications firm, Petrobas, an oil giant, and
MMX, an iron ore miner.
Stock selection was also weak in Israel, where the Fund's most notable
performance detractor was a zero weight in Teva Pharmaceuticals; and in
Taiwan, where a Fund holding in Cathay Financial lagged. The Fund no longer
has any holdings in Israel, which gained developed market status during May
and was removed from the MSCI Emerging Markets Index.
The Fund generated the strongest performance in Indonesia, where our stock
picks outperformed the broader market by nearly 20% during the six-month
period. The Fund's most significant winner was Indocement Tunggal Prakarsa,
a cement producer that rose by nearly 40%. Indonesia also is home to Astra
International, an industrial conglomerate with a focus on the auto market,
whose shares gained 37% during the six months ended May 31, 2010. Both
companies benefited from a robust economy and strong domestic demand.
Holdings in South Africa, Malaysia, and India also were sources of strength
for the Fund.
Q How is the Fund positioned?
A We have been maintaining a mix of cyclical and more cautious investments in
the Fund's portfolio, as we believe the remainder of the year appears
likely to bring both lower returns and continued volatility. Following the
worst month for emerging markets since October 2008, we are cognizant of
the risks, as volatility is likely to remain high. We therefore are looking
to maintain a balance in the Fund's portfolio between higher-quality stocks
that are exposed to growth and more stable companies that we believe offer
downside protection.
We remain biased towards the consumer, and we favor domestic consumption as
a key driver of growth in the years ahead. We are striving to take
advantage of this theme via Fund holdings in Indonesia, such as Indocement
and Astra; and in Brazil, where the Fund holds several banking stocks as
well as retailers CBD and Lojas Renner. The Fund's other key theme is
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 5
investments in stocks leveraged to commodity prices. Key Fund holdings in
the commodity space include Surgetneftegas (Russia), Companhia de Minas
Buenaventura (Peru), Kumba Iron Ore (South Africa) and IAMGOLD (Canada).
From a country perspective, the Fund's main overweights relative to the
benchmark are Brazil, Indonesia, Korea, Turkey and Russia, while the key
underweights are South Africa, China, Taiwan and India. We are becoming
more positive on the economic outlook for Brazil, and we recently found
some new ideas that may help the Fund take advantage of the strength in the
Brazilian consumer sector: Duratex (building materials), Hypermarcas
(personal care consumer goods), TAM (airline) and Copel (electric utility).
Indonesia, meanwhile, has long been one of our favorite markets because of
strong fundamentals and consumer demand. We initiated two new Fund holdings
in the country during recent months: Adaro Energy, the country's
second-largest thermal coal producer, and Bank Mandiri. Korea, meanwhile,
has become more attractive due to a strong pick-up in growth and exports.
We believe that U.S. growth will be stronger than expected, and Korean
companies typically benefit from that trend. Recent Fund purchases in Korea
include Hyundai Heavy Industries, the biotechnology company, Celltrion, and
Samsung Electro-Mechanics.
On a sector basis, the Fund's main overweight positions relative to the
benchmark are in the Consumer Discretionary, Materials and Consumer Staples
groups, while its largest underweights are Telecommunications, Industrials
and Utilities.
Q What is your broader view on the emerging markets?
A Despite the volatility that characterized the latter part of the Fund's
reporting period, we believe the emerging markets offer a positive
trade-off of risk and return relative to their developed market peers. We
think there are still many powerful reasons why emerging equity markets can
move higher, such as strong liquidity, faster economic growth, better
government finances, higher reserves and improving corporate earnings. With
respect to government finances, the Eurozone, United States and United
Kingdom are projected to see government debt levels increase to between 93%
and 99% of gross domestic product (GDP) by the middle of 2011, while
Japan's debt is projected to top 200%. This compares to 2009 debt levels in
the emerging regions of between 29% and 41% of GDP. We expect that their
healthier fiscal position and much stronger domestic demand will drive
superior growth in emerging markets over a multi-year period.
We remain aware of potential pitfalls, and we will be closely monitoring
factors such as U.S. dollar strength, inflation, and signs of monetary
tightening, which could be a negative if interest rates are raised too
early or by too much. There are also exogenous risks, mainly in the
developed economies,
6 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
including the debt problems in Greece and other European countries. Still,
valuations in the emerging markets have been falling since last September
(2009) and are not expensive by either relative or historical measures.
Indeed, many analysts have been upgrading expectations recently on the back
of better-than-expected earnings and higher commodity prices. Positive
earnings surprises can move markets higher without expanding earnings
multiples. The valuation discount of emerging markets to developed markets
has widened in recent months, but we believe there is a very good case for
arguing that emerging markets, in fact, deserve to trade at a premium based
on both economic and corporate fundamentals.
Please refer to the Schedule of Investments on pages 17-24 for a full listing
of Fund securities.
Investing in foreign and/or emerging markets 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.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of the Fund management as of the date of this report.
These statements should not be relied upon for any other purposes.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 7
Portfolio Summary | 5/31/10
Sector Distribution
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED BY A PIE CHART INT THE PRINTED MATERIALS.]
Financials 22.5%
Materials 18.9%
Information Technology 14.8%
Energy 14.3%
Consumer Discretionary 10.9%
Consumer Staples 8.2%
Industrials 4.3%
Health Care 2.5%
Telecommunication Services 2.4%
Utilities 1.2%
Geographical Distribution
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED BY A PIE CHART INT THE PRINTED MATERIALS.]
Brazil 19.4%
South Korea 16.6%
Peoples Republic of China 10.1%
Russia 8.4%
Taiwan 7.1%
India 6.0%
Indonesia 5.8%
Turkey 4.6%
Mexico 4.4%
Hong Kong 3.7%
South Africa 3.2%
Canada 3.0%
United States 2.0%
Malaysia 1.6%
Poland 1.3%
Peru 1.1%
United Kingdom 1.0%
Argentina 0.7%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Vale SA (A.D.R.) 3.22%
2. Samsung Electronics, Ltd. 2.62
3. PT Indocement Tunggal Prakarsa Tbk 1.84
4. Petrobras Brasileiro SA (A.D.R.) 1.84
5. X-5 Retail Group NV (G.D.R.) 1.71
6. IAMGOLD Corp. 1.64
7. CIMB Group Holdings Bhd 1.62
8. Kia Motors, Ltd. 1.60
9. Novatek OAO (G.D.R.) 1.60
10. Taiwan Semiconductor Manufacturing Co. (A.D.R.) 1.59
* This list excludes temporary cash and derivative instruments. The portfolio
is actively managed, and current holdings may be different. The holdings
listed should not be considered recommendations to buy or sell any security
listed.
8 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
Prices and Distributions | 5/31/10
Net Asset Value per Share
- --------------------------------------------------------------------------------
- --------------------------------------------
Class 5/31/10 11/30/09
- --------------------------------------------
A $ 24.21 $ 26.11
- --------------------------------------------
B $ 21.14 $ 22.86
- --------------------------------------------
C $ 21.13 $ 22.84
- --------------------------------------------
R $ 23.42 $ 25.26
- --------------------------------------------
Y $ 26.03 $ 28.12
- --------------------------------------------
Distributions per Share: 11/30/09-5/31/10
- --------------------------------------------------------------------------------
- --------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- --------------------------------------------------------------
A $ 0.0397 $ -- $ --
- --------------------------------------------------------------
B $ -- $ -- $ --
- --------------------------------------------------------------
C $ -- $ -- $ --
- --------------------------------------------------------------
R $ 0.0302 $ -- $ --
- --------------------------------------------------------------
Y $ 0.1391 $ -- $ --
- --------------------------------------------------------------
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 9
Performance Update | 5/31/10 Class A Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Emerging Markets Fund at public offering price,
compared to that of the Morgan Stanley Capital International (MSCI) Emerging
Markets Index.
Average Annual Total Returns
(As of May 31, 2010)
- --------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
- --------------------------------------------------------------------
10 Years 7.83% 7.19%
5 Years 10.98 9.67
1 Year 15.40 8.78
- --------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2010)
- --------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------
1.99% 1.95%
- --------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets Index
5/00 9,425 10,000
6,652 7,840
5/02 7,186 8,410
6,950 7,872
5/04 9,301 11,131
11,897 14,485
5/06 17,639 20,409
25,298 28,284
5/08 30,103 34,507
17,357 22,728
5/10 20,031 27,604
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through April 1, 2012, for Class A 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.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
The MSCI Emerging Markets Index measures the performance of emerging market
stocks. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any sales charges, fees or expenses.
You cannot invest directly in an index.
10 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
Performance Update | 5/31/10 Class B Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Emerging Markets Fund, compared to that of the
Morgan Stanley Capital International (MSCI) Emerging Markets Index.
Average Annual Total Returns
(As of May 31, 2010)
- --------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------
10 Years 6.96% 6.96%
5 Years 10.02 10.02
1 Year 14.39 10.39
- --------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2010)
- --------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------
3.13% 2.85%
- --------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets Index
5/00 10,000 10,000
6,996 7,840
5/02 7,507 8,410
7,203 7,872
5/04 9,579 11,131
12,155 14,485
5/06 17,861 20,409
25,403 28,284
5/08 29,973 34,507
17,132 22,728
5/10 19,597 27,604
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). Effective December 1, 2004, the period during which a CDSC is applied to
withdrawals was shortened to 5 years. The maximum CDSC for Class B shares
continues to be 4%. For more complete information, please see the prospectus.
Note: Shares purchased prior to December 1, 2004 remain subject to the CDSC in
effect at the time you purchased those shares. For performance information for
shares purchased prior to December 1, 2004, please visit
www.pioneerinvestments.com.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through April 1, 2011, 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.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The MSCI Emerging Markets Index measures the performance of emerging market
stocks. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any sales charges, fees or expenses.
You cannot invest directly in an index.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 11
Performance Update | 5/31/10 Class C Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Emerging Markets Fund, compared to that of the
Morgan Stanley Capital International (MSCI) Emerging Markets Index.
Average Annual Total Returns
(As of May 31, 2010)
- --------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------
10 Years 7.07% 7.07%
5 Years 10.12 10.12
1 Year 14.46 14.46
- --------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2010)
- --------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------
2.89% 2.85%
- --------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets Index
5/00 10,000 10,000
7,017 7,840
5/02 7,533 8,410
7,240 7,872
5/04 9,617 11,131
12,223 14,485
5/06 17,996 20,409
25,614 28,284
5/08 30,248 34,507
17,291 22,728
5/10 19,792 27,604
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not
reflect the 1% front-end sales charge in effect prior to February 1, 2004. If
you paid a 1% sales charge, your returns would be lower than those shown above.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through April 1, 2011, for Class C 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.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The MSCI Emerging Markets Index measures the performance of emerging market
stocks. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any sales charges, fees or expenses.
You cannot invest directly in an index.
12 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
Performance Update | 5/31/10 Class R Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Emerging Markets Fund, compared to that of the
Morgan Stanley Capital International (MSCI) Emerging Markets Index.
Average Annual Total Returns
(As of May 31, 2010)
- ------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------
10 Years 7.53% 7.53%
5 Years 10.73 10.73
1 Year 15.22 15.22
- --------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2010)
- --------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------
2.17% 2.17%
- --------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets Index
5/00 10,000 10,000
7,024 7,840
5/02 7,550 8,410
7,271 7,872
5/04 9,767 11,131
12,421 14,485
5/06 18,358 20,409
26,272 28,284
5/08 31,171 34,507
17,943 22,728
5/10 20,674 27,604
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance of Class R shares shown for the period prior to the
commencement of operations of Class R shares on April 1, 2003 is based on the
performance of the Fund's Class A shares, reduced to reflect the higher
distribution and service fees of Class R shares. For the period after April 1,
2003, the actual performance of Class R shares is reflected. The performance of
Class R shares does not reflect the 1% CDSC that was in effect prior to July 1,
2004. Class R shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The MSCI Emerging Markets Index measures the performance of emerging market
stocks. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any sales charges, fees or expenses.
You cannot invest directly in an index.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 13
Performance Update | 5/31/10 Class Y Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Emerging Markets Fund, compared to that of the
Morgan Stanley Capital International (MSCI) Emerging Markets Index.
Average Annual Total Returns
(As of May 31, 2010)
- ------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------
10 Years 8.60% 8.60%
5 Years 11.57 11.57
1 Year 15.95 15.95
- --------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2010)
- --------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------
1.42% 1.42%
- --------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets Index
5/00 10,000 10,000
7,101 7,840
5/02 7,756 8,410
7,581 7,872
5/04 10,243 11,131
13,199 14,485
5/06 19,693 20,409
28,394 28,284
5/08 33,941 34,507
19,677 22,728
5/10 22,815 27,604
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends, and capital gains.
Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The MSCI Emerging Markets Index measures the performance of emerging market
stocks. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any sales charges, fees or expenses.
You cannot invest directly in an index.
14 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
- --------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Fund
Based on actual returns from December 1, 2009 through May 31, 2010.
- ---------------------------------------------------------------------------------------------------------
Share Class A B C R Y
- ---------------------------------------------------------------------------------------------------------
Beginning Account Value $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
on 12/1/09
- ---------------------------------------------------------------------------------------------------------
Ending Account Value $ 928.60 $ 924.80 $ 925.10 $ 928.10 $ 930.20
(after expenses)
on 5/31/10
- ---------------------------------------------------------------------------------------------------------
Expenses Paid $ 9.33 $ 13.68 $ 13.15 $ 9.85 $ 7.99
During Period*
- ---------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.94%, 2.85%,
2.74%, 2.05% and 1.66% for Class A, Class B, Class C, Class R and Class Y
shares, respectively, multiplied by the average account value over the
period, multiplied by 182/365 (to reflect the one-half year period).
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads), that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from December 1, 2009 through May 31, 2010.
- ---------------------------------------------------------------------------------------------------------
Share Class A B C R Y
- ---------------------------------------------------------------------------------------------------------
Beginning Account Value $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
on 12/1/09
- ---------------------------------------------------------------------------------------------------------
Ending Account Value $ 1,015.26 $ 1,010.72 $ 1,011.27 $ 1,014.71 $ 1,016.65
(after expenses)
on 5/31/10
- ---------------------------------------------------------------------------------------------------------
Expenses Paid $ 9.75 $ 14.29 $ 13.74 $ 10.30 $ 8.35
During Period*
- ---------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.94%, 2.85%,
2.74%, 2.05% and 1.66% for Class A, Class B, Class C, Class R and Class Y
shares, respectively, multiplied by the average account value over the
period, multiplied by 182/365 (to reflect the one-half year period).
16 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
Schedule of Investments | 5/31/10 (unaudited)
- ----------------------------------------------------------------------------------
Shares Value
- ----------------------------------------------------------------------------------
PREFERRED STOCKS -- 3.8%
TRANSPORTATION -- 1.2%
Airlines -- 1.2%
474,654 Tam SA* $ 6,393,219
------------
Total Transportation $ 6,393,219
- ---------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 1.4%
Hypermarkets & Supercenters -- 1.4%
249,610 Companhia Brasileira de Distribuicao Grupo Pao de
Acucar SA $ 7,851,663
------------
Total Food & Drug Retailing $ 7,851,663
- ---------------------------------------------------------------------------------
UTILITIES -- 1.2%
Electric Utilities -- 1.2%
363,141 Cia Paranaense de Energia SA* $ 6,671,671
------------
Total Utilities $ 6,671,671
- ---------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $23,705,253) $ 20,916,553
- ---------------------------------------------------------------------------------
COMMON STOCKS -- 93.7%
ENERGY -- 13.9%
Coal & Consumable Fuels -- 2.6%
30,168,500 Adaro Energy PT* $ 6,251,135
3,502,000 Yanzhou Coal Mining, Ltd.* 8,192,409
------------
$ 14,443,544
- ---------------------------------------------------------------------------------
Integrated Oil & Gas -- 5.3%
203,498 Gazprom OAO (A.D.R.)* $ 4,181,884
81,274 Lukoil Holding, Ltd. (A.D.R.)* 3,888,961
316,403 Petrobras Brasileiro SA (A.D.R.)* 9,799,001
824,589 Rosneft Oil Co. (G.D.R.)* 6,017,951
1,182,393 Surgutneftegaz OAO (A.D.R.)* 4,906,931
------------
$ 28,794,728
- ---------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.7%
101,861 Tenaris SA (A.D.R.) (b) $ 3,781,080
- ---------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 4.3%
5,035,700 CNOOC, Ltd. $ 7,883,680
117,683 Novatek OAO (G.D.R.)* 8,516,034
344,889 Pacific Rubiales Energy Corp.* 7,191,002
------------
$ 23,590,716
- ---------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.0%
296,263 Tupras-Turkiye Petrol Rafinerileri A.S.* $ 5,389,247
------------
Total Energy $ 75,999,315
- ---------------------------------------------------------------------------------
MATERIALS -- 18.4%
Construction Materials -- 1.8%
6,128,200 PT Indocement Tunggal Prakarsa Tbk $ 9,799,697
- ---------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 17
Schedule of Investments | 5/31/10 (unaudited) (continued)
- ------------------------------------------------------------------------------
Shares Value
- ------------------------------------------------------------------------------
Diversified Metals & Mining -- 5.2%
372,806 Eurasian Natural Resources Corp. $ 5,429,944
77,649 Freeport-McMoRan Copper & Gold, Inc. (Class B) 5,439,312
26,502 Korea Zinc Co.* 4,290,925
344,322 Norilsk Nickel OAO (A.D.R.)* 5,457,504
3,312,476 Nuevo Grupo Mexico SA 7,855,209
------------
$ 28,472,894
- ------------------------------------------------------------------------------
Forest Products -- 1.5%
980,791 Duratex SA* $ 8,266,686
- ------------------------------------------------------------------------------
Gold -- 2.8%
482,649 Gold Fields, Ltd. $ 6,597,438
505,950 IAMGOLD Corp. (b) 8,757,995
------------
$ 15,355,433
- ------------------------------------------------------------------------------
Precious Metals & Minerals -- 1.1%
162,842 Compania de Minas Buenaventura SAA (b) $ 5,862,312
- ------------------------------------------------------------------------------
Steel -- 6.0%
99,075 Kumba Iron Ore, Ltd. $ 4,215,332
1,012,084 MMX Mineracao e Metals SA* 6,172,026
486,542 Severstal OAO (G.D.R.)* 5,252,221
744,288 Vale SA (A.D.R.) (b) 17,155,838
------------
$ 32,795,417
------------
Total Materials $100,552,439
- ------------------------------------------------------------------------------
CAPITAL GOODS -- 2.5%
Construction & Engineering -- 1.4%
6,756,300 China Railways Construction Corp.* $ 7,746,272
- ------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 1.1%
32,409 Hyundai Heavy Industries, Ltd.* $ 5,770,873
------------
Total Capital Goods $ 13,517,145
- ------------------------------------------------------------------------------
TRANSPORTATION -- 0.5%
Marine -- 0.5%
2,076,700 China Shipping Development Co., Ltd.*(b) $ 2,794,218
------------
Total Transportation $ 2,794,218
- ------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 7.0%
Auto Parts & Equipment -- 1.4%
45,892 Hyundai Mobis, Ltd.* $ 7,519,934
- ------------------------------------------------------------------------------
Automobile Manufacturers -- 4.4%
6,564,000 Dongfeng Motor Group Co., Ltd.* $ 7,536,495
330,700 Kia Motors, Ltd.* 8,526,459
1,859,900 PT Astra International TbK 8,368,872
------------
$ 24,431,826
- ------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
- ----------------------------------------------------------------------
Shares Value
- ----------------------------------------------------------------------
Motorcycle Manufacturers -- 1.2%
158,707 Hero Honda Motors, Ltd. $ 6,533,401
------------
Total Automobiles & Components $ 38,485,161
- ----------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.9%
Homebuilding -- 1.0%
854,120 MRV Engenharia SA $ 5,552,192
- ----------------------------------------------------------------------
Household Appliances -- 0.9%
158,160 Woongjin Coway Co., Ltd.* $ 4,666,734
------------
Total Consumer Durables & Apparel $ 10,218,926
- ----------------------------------------------------------------------
RETAILING -- 1.7%
Department Stores -- 1.7%
262,169 Lojas Renner SA* $ 6,188,647
3,778,300 New World Department Store China, Ltd. 3,019,680
------------
$ 9,208,327
------------
Total Retailing $ 9,208,327
- ----------------------------------------------------------------------
FOOD & DRUG RETAILING -- 1.7%
Food Retail -- 1.7%
282,299 X-5 Retail Group NV (G.D.R.)* $ 9,117,632
------------
Total Food & Drug Retailing $ 9,117,632
- ----------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.3%
Agricultural Products -- 0.8%
4,448,000 Chaoda Modern Agriculture, Ltd.* $ 4,257,992
- ----------------------------------------------------------------------
Packaged Foods & Meats -- 0.5%
127,718 Wimm-Bill-Dann Foods (A.D.R.)* $ 2,682,078
------------
Total Food, Beverage & Tobacco $ 6,940,070
- ----------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 3.6%
Household Products -- 1.1%
23,346 LG Household & Health Care, Ltd.* $ 6,141,425
- ----------------------------------------------------------------------
Personal Products -- 2.5%
4,307 Amorepacific Corp.* $ 3,296,105
553,501 Hypermarcas SA* 7,473,521
147,816 Natura Cosmeticos SA 3,068,286
------------
$ 13,837,912
------------
Total Household & Personal Products $ 19,979,337
- ----------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 2.4%
Pharmaceuticals -- 2.4%
602,415 Aspen Pharmacare Holdings, Ltd.* $ 6,273,823
410,264 Celltrion, Inc.* 7,124,814
------------
$ 13,398,637
------------
Total Pharmaceuticals & Biotechnology $ 13,398,637
- ----------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 19
Schedule of Investments | 5/31/10 (unaudited) (continued)
- -------------------------------------------------------------------------------
Shares Value
- -------------------------------------------------------------------------------
BANKS -- 18.0%
Diversified Banks -- 16.8%
3,015,727 Asya Katilim Bankasi AS $ 6,517,633
430,421 Banco Bradesco SA (A.D.R.)*(b) 7,033,079
452,172 Banco do Brasil SA 6,439,139
304,600 Banco Itau SA (A.D.R.) (b) 5,607,686
11,585,000 Bank Mandiri TbK* 6,386,251
9,003,700 China Construction Bank, Ltd. 7,208,340
11,660,413 Chinatrust Financial Holding Co., Ltd.* 5,908,634
4,184,000 CIMB Group Holdings Bhd 8,613,016
1,967,901 Grupo Fin Banorte SA 7,561,303
189,330 Hana Financial Holdings, Inc.* 4,758,592
292,252 ICICI Bank, Ltd. 5,415,213
7,407,900 Industrial and Commercial Bank of China, Ltd.* 5,450,052
74,040 Shinhan Financial Group Co., Ltd.* 2,610,631
1,680,702 Turkiye Garanti Bankasi AS 7,253,172
786,078 Turkiye Halk Bankasi AS 5,216,643
------------
$ 91,979,384
- -------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.2%
103,895 Housing Development Finance Corp., Ltd. $ 6,202,901
------------
Total Banks $ 98,182,285
- -------------------------------------------------------------------------------
INSURANCE -- 3.0%
Multi-Line Insurance -- 2.5%
1,811,600 China Pacific Insurance, Ltd. $ 6,975,831
63,377 Powszechny Zaklad Ubezpieczen SA* 6,679,600
------------
$ 13,655,431
- -------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.5%
17,198 Samsung Fire & Marine Insurance Co., Ltd.* $ 2,561,797
------------
Total Insurance $ 16,217,228
- -------------------------------------------------------------------------------
REAL ESTATE -- 1.0%
Real Estate Development -- 1.0%
5,310,000 Agile Property Holdings, Ltd. (b) $ 5,586,134
------------
Total Real Estate $ 5,586,134
- -------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.6%
IT Consulting & Other Services -- 2.6%
143,700 Infosys Technologies, Ltd. (A.D.R.)* $ 8,267,061
360,785 Tata Consultancy Services, Ltd.* 5,792,559
------------
$ 14,059,620
------------
Total Software & Services $ 14,059,620
- -------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 5.4%
Communications Equipment -- 0.4%
707,710 ZTE Corp.*(b) $ 2,316,900
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
- ------------------------------------------------------------------------------------
Shares Value
- ------------------------------------------------------------------------------------
Computer Hardware -- 1.9%
4,479,979 Compal Electronics, Inc. $ 5,413,399
3,134,000 Wistron Corp.* 5,117,623
------------
$ 10,531,022
- ------------------------------------------------------------------------------------
Electronic Components -- 1.7%
88,080 LG Display Co., Ltd.* $ 3,185,442
53,568 Samsung Electro Mechanics Co., Ltd.* 6,194,085
------------
$ 9,379,527
- ------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 1.4%
1,872,946 Hon Hai Precision Industry, Ltd. $ 7,371,219
------------
Total Technology Hardware & Equipment $ 29,598,668
- ------------------------------------------------------------------------------------
SEMICONDUCTORS -- 6.5%
356,550 Hynix Semiconductor, Inc.* $ 7,582,717
337,750 MediaTek, Inc.* 5,396,800
21,624 Samsung Electronics, Ltd.* 13,973,139
867,376 Taiwan Semiconductor Manufacturing Co. (A.D.R.)*(b) 8,456,916
------------
$ 35,409,572
------------
Total Semiconductors $ 35,409,572
- ------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.3%
Integrated Telecommunications Services -- 0.8%
9,896,000 China Telecom, Ltd. $ 4,532,484
- ------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.5%
171,294 America Movil (A.D.R.) Series L S.A.B.*(b) $ 8,109,057
------------
Total Telecommunication Services $ 12,641,541
- ------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $421,287,981) $511,906,255
- ------------------------------------------------------------------------------------
- ------------------------------------------------------------------------
Principal
Amount ($) Value
- ------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 6.0%
Securities Lending Collateral -- 6.0% (c)
Certificates of Deposit:
835,570 Bank of Nova Scotia, 0.2%, 6/1/10 $ 835,570
924,303 Barclays, 0.30%, 7/23/10 924,303
924,306 BBVA NY, 0.265%, 6/1/10 924,306
281,009 BNP Paribas, 0.70%, 6/4/10 281,009
1,016,733 CBA Financial, 0.27%, 1/3/11 1,016,733
924,303 Deutschebank, 0.30%, 7/19/10 924,303
554,582 DnB NOR Bank ASA NY, 0.49%, 8/26/10 554,582
924,313 Rabobank Nederland NY, 0.23%, 7/6/10 924,313
924,303 Royal Bank of Canada, 0.26%, 1/21/11 924,303
924,303 Svenska NY, 0.265%, 7/19/10 924,303
------------
$ 8,233,725
- ------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 21
Schedule of Investments | 5/31/10 (unaudited) (continued)
- ------------------------------------------------------------------------------
Principal
Amount ($) Value
- ------------------------------------------------------------------------------
Commercial Paper:
369,721 American Honda Finance, 0.37%, 4/15/11 $ 369,721
554,582 American Honda Finance, 0.31%, 5/4/11 554,582
122,291 Caterpillar Financial Services, 0.34%, 8/20/10 122,291
462,128 CBAPP, 0.20%, 6/7/10 462,128
924,059 CLIPPR, 0.28%, 7/2/10 924,059
461,781 PARFIN, 0.39%, 8/11/10 461,781
738,630 CHARFD, 0.46%, 8/23/10 738,630
384,531 FAIRPP, 0.50%, 8/16/10 384,531
836,195 CME, Inc., 0.90%, 8/6/10 836,195
100,740 GE Capital Corp., 0.31%, 10/6/10 100,740
100,053 GE Capital Corp., 0.35%, 10/21/10 100,053
277,379 GE Capital Corp., 0.43%, 8/20/10 277,379
462,097 GE, 0.30%, 1/26/11 462,097
92,343 GE Capital Corp., 0.33%, 6/6/11 92,343
103,069 John Deere Capital Corp., 0.33%, 7/16/10 103,069
781,862 JPMorgan Chase & Co., 0.57%, 9/24/10 781,862
369,575 NABPP, 0.28%, 7/19/10 369,575
1,047,948 Santander, 0.30%, 7/23/10 1,047,948
924,030 SOCNAM, 0.28%, 7/6/10 924,030
646,830 SRCPP, 0.26%, 7/7/11 646,830
369,713 STRAIT, 0.20%, 6/2/10 369,713
462,119 TB LLC, 0.23%, 6/9/10 462,119
445,749 TB LLC, 0.43%, 8/9/10 445,749
924,303 Toyota Motor Credit Corp., 0.23%, 1/10/11 924,303
92,437 US Bancorp, 0.66%, 6/4/10 92,437
923,871 VARFUN, 0.29%, 7/26/10 923,871
554,619 Wachovia, 0.36%, 3/22/11 554,619
259,744 Wal Mart Stores, Inc., 0.22%, 7/1/10 259,744
369,646 WFC, 0.33%, 12/2/10 369,646
924,303 WSTPAC, 0.32%, 11/5/10 924,303
------------
$ 15,086,348
- ------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
3,960,659 Barclays, 0.20%, 6/1/10 $ 3,960,659
2,772,909 Deutsche Bank, 0.20%, 6/1/10 2,772,909
2,772,909 RBS Securities, Inc., 0.21%, 6/1/10 2,772,909
------------
$ 9,506,477
------------
Total Securities Lending Collateral $ 32,826,550
- ------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
Principal
Amount ($) Value
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $32,826,550) $ 32,826,550
- ---------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 103.5%
(Cost $477,819,784) (a)(d) $565,649,358
- ---------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES - (3.5)% $(18,964,573)
- ---------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $546,684,785
=====================================================================
(A.D.R.) American Depositary Receipt
(G.D.R.) Global Depositary Receipt
* Non-income producing security.
(a) At May 31, 2010, the net unrealized gain on investments based on cost
for federal income tax purposes of $501,062,360 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $89,627,512
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (25,040,514)
-----------
Net unrealized gain $64,586,998
-----------
===========
(b) At May 31, 2010, the following securities were out on loan:
- ------------------------------------------------------------------------------------
Shares Description Value
- ------------------------------------------------------------------------------------
2,110,000 Agile Property Holdings, Ltd. $ 2,219,726
87,900 America Movil (A.D.R.) Series L S.A.B. * 4,161,186
391,700 Banco Bradesco SA (A.D.R.) * 6,400,378
31,000 China Shipping Development Co., Ltd. * 41,711
15,800 Compania de Minas Buenaventura SAA 568,800
31,600 IAMGOLD Corp. 546,996
225,000 Banco Itau SA (A.D.R.) 4,142,250
70,500 Taiwan Semiconductor Manufacturing Co. (A.D.R.) * 687,375
70,800 Tenaris SA (A.D.R.) 2,628,096
430,100 Vale SA (A.D.R.) 9,913,805
136,000 ZTE Corp. * 445,237
- ------------------------------------------------------------------------------------
Total $31,755,558
====================================================================================
(c) Securities lending collateral is managed by Credit Suisse AG, New York
Branch.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 23
Schedule of Investments | 5/31/10 (unaudited) (continued)
(d) Distributions of investments by country of issue, as a percentage of
total investment in securities (excluding temporary cash investments),
is as follows:
Brazil 19.4%
South Korea 16.6
People's Republic of China 10.1
Russia 8.4
Taiwan 7.1
India 6.0
Indonesia 5.8
Turkey 4.6
Mexico 4.4
Hong Kong 3.7
South Africa 3.2
Canada 3.0
United States 2.0
Malaysia 1.6
Poland 1.3
Peru 1.1
United Kingdom 1.0
Argentina 0.7
-----
100.0%
=====
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended May 31, 2010 aggregated $301,867,281 and $359,610,485,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The following is a summary of the inputs used as of May 31, 2010, in valuing the
Fund's assets:
- ---------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- ---------------------------------------------------------------------------------------------
Preferred Stocks $ 20,916,553 $ -- $-- $ 20,916,553
Common Stocks 168,254,230 343,652,025 -- 511,906,255
Temporary Cash Investments -- 32,826,550 -- 32,826,550
- ---------------------------------------------------------------------------------------------
Total $189,170,783 $376,478,575 $-- $565,649,358
=============================================================================================
Other Financial Instruments* $ -- $ 28,320 $-- $ 28,320
- ---------------------------------------------------------------------------------------------
* Other financial instruments include foreign exchange contracts.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
Statement of Assets and Liabilities | 5/31/10 (unaudited)
ASSETS:
Investment in securities (including securities loaned of $31,755,558)
(cost $477,819,784) $565,649,358
Cash 16,805,367
Foreign currencies, at value (cost $3,071,409) 3,070,513
Receivables --
Investment securities sold 3,038,879
Fund shares sold 425,222
Dividends, interest and foreign taxes withheld 2,245,022
Due from Pioneer Investment Management, Inc. 4,458
Other 300,686
- ---------------------------------------------------------------------------------------
Total assets $591,539,505
=======================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 10,179,195
Fund shares repurchased 1,311,974
Forward foreign settlement contracts, net 28,320
Upon return of securities loaned 32,826,550
Due to affiliates 351,387
Accrued expenses 157,294
- ---------------------------------------------------------------------------------------
Total liabilities $ 44,854,720
=======================================================================================
NET ASSETS:
Paid-in capital $551,454,598
Undistributed net investment income 673,303
Accumulated net realized loss on investments and foreign currency
transactions (93,226,663)
Net unrealized gain on investments 87,829,574
Net unrealized loss on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies (46,027)
- ---------------------------------------------------------------------------------------
Total net assets $546,684,785
=======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A ($303,907,348/12,551,239 shares) $ 24.21
Class B ($19,727,341/933,161 shares) $ 21.14
Class C ($53,547,740/2,534,003 shares) $ 21.13
Class R ($95,487,781/4,076,863 shares) $ 23.42
Class Y ($74,014,575/2,843,767 shares) $ 26.03
MAXIMUM OFFERING PRICE:
Class A ($24.21 [divided by] 94.25%) $ 25.69
=======================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 25
Statement of Operations (unaudited)
For the Six Months Ended 5/31/10
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $331,189) $ 6,963,896
Income from securities loaned, net 35,278
- -----------------------------------------------------------------------------------------------------------
Total investment income $ 6,999,174
- -----------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 3,561,673
Transfer agent fees and expenses
Class A 369,595
Class B 55,846
Class C 79,528
Class R 40,316
Class Y 2,505
Distribution fees
Class A 452,495
Class B 116,915
Class C 296,862
Class R 239,674
Shareholder communications expense 553,758
Administrative reimbursements 92,104
Custodian fees 269,812
Registration fees 50,234
Professional fees 47,088
Printing expense 32,204
Fees and expenses of nonaffiliated trustees 9,140
Miscellaneous 60,412
- -----------------------------------------------------------------------------------------------------------
Total expenses $ 6,330,161
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (9,914)
- -----------------------------------------------------------------------------------------------------------
Net expenses $ 6,320,247
- -----------------------------------------------------------------------------------------------------------
Net investment income $ 678,927
- -----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 36,136,929
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (1,185,112) $ 34,951,817
- -----------------------------------------------------------------------------------------------------------
Change in net unrealized loss on:
Investments $ (82,199,299)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (35,928) $ (82,235,227)
- -----------------------------------------------------------------------------------------------------------
Net loss on investments and foreign currency transactions $ (47,283,410)
- -----------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (46,604,483)
===========================================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
Statement of Changes in Net Assets
For the Six Months Ended 5/31/10 and the Year Ended 11/30/09, respectively
- -----------------------------------------------------------------------------------------------------
Six Months
Ended
5/31/10 Year Ended
(unaudited) 11/30/09
- -----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 678,927 $ 1,836,396
Net realized gain (loss) on investments and foreign currency
transactions 34,951,817 (93,480,228)
Change in net unrealized gain (loss) on investments and foreign
currency transactions (82,235,227) 370,352,243
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations $ (46,604,483) $278,708,411
- -----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.04 and $0.19 per share, respectively) $ (617,080) $ (2,381,182)
Class R ($0.03 and $0.21 per share, respectively) (102,942) (420,439)
Class Y ($0.14 and $0.35 per share, respectively) (390,487) (869,455)
- -----------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1,110,509) $ (3,671,076)
- -----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 106,745,360 $236,221,069
Reinvestment of distributions 745,169 3,145,441
Cost of shares repurchased (167,185,301) (154,335,677)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ (59,694,772) $ 85,030,833
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $(107,409,764) $360,068,168
NET ASSETS:
Beginning of period 654,094,549 294,026,381
- -----------------------------------------------------------------------------------------------------
End of period $ 546,684,785 $654,094,549
- -----------------------------------------------------------------------------------------------------
Undistributed net investment income $ 673,303 $ 1,104,885
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 27
Statement of Changes in Net Assets (continued)
- -------------------------------------------------------------------------------------------------------
'10 Shares '10 Amount '09 Shares '09 Amount
(unaudited) (unaudited)
- -------------------------------------------------------------------------------------------------------
Class A
Shares sold 2,003,306 $ 52,744,640 8,207,965 $156,774,782
Reinvestment of distributions 21,610 571,485 134,695 2,052,236
Less shares repurchased (5,067,517) (128,928,543) (5,474,120) (106,294,599)
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) (3,042,601) $(75,612,418) 2,868,540 $ 52,532,419
=======================================================================================================
Class B
Shares sold 54,016 $ 1,256,890 274,124 $ 4,957,010
Reinvestment of distributions -- -- -- --
Less shares repurchased (220,170) (4,993,884) (492,312) (7,901,677)
- -------------------------------------------------------------------------------------------------------
Net decrease (166,153) $ (3,736,994) (218,188) $ (2,944,667)
=======================================================================================================
Class C
Shares sold 336,342 $ 7,774,425 741,854 $ 13,229,800
Reinvestment of distributions -- -- -- --
Less shares repurchased (432,472) (9,747,844) (877,488) (14,142,760)
- -------------------------------------------------------------------------------------------------------
Net decrease (96,129) $ (1,973,599) (135,634) $ (912,960)
=======================================================================================================
Class R
Shares sold 1,302,893 $ 33,235,270 2,193,543 $ 42,920,340
Reinvestment of distributions 3,788 96,945 25,854 381,600
Less shares repurchased (558,233) (14,003,291) (727,933) (14,221,475)
- -------------------------------------------------------------------------------------------------------
Net increase 748,448 $ 19,328,924 1,491,464 $ 29,080,465
=======================================================================================================
Class Y
Shares sold 415,895 $ 11,734,697 820,100 $ 18,341,262
Reinvestment of distributions 2,689 76,357 43,473 709,480
Less shares repurchased (338,738) (9,511,739) (538,936) (11,775,166)
- -------------------------------------------------------------------------------------------------------
Net increase 79,846 $ 2,299,315 324,637 $ 7,275,576
=======================================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
Financial Highlights
- ---------------------------------------------------------------------------------------------------------
Six Months
Ended
5/31/10
(unaudited)
- ---------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 26.11
- ---------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions ( 1.90)
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.86)
- ---------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.04)
Net realized gain --
- ---------------------------------------------------------------------------------------------------------
Total distributions $ (0.04)
- ---------------------------------------------------------------------------------------------------------
Redemption fee $ --
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.90)
- ---------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 24.21
=========================================================================================================
Total return* (7.14)%
Ratio of net expenses to average net assets+ 1.94%**
Ratio of net investment income to average net assets+ 0.26%**
Portfolio turnover rate 118%**
Net assets, end of period (in thousands) $303,907
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.94%**
Net investment income 0.26%**
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.94%**
Net investment income 0.26%**
- ---------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended
11/30/09 11/30/08 11/30/07
- --------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 14.20 $ 38.29 $ 29.06
- --------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.09 $ 0.33 $ 0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions 12.00 (24.03) 13.40
- --------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 12.10 $ (23.70) $ 13.45
- --------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.19) $ -- $ (0.07)
Net realized gain -- (0.39) (4.15)
- --------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.19) $ (0.39) $ (4.22)
- --------------------------------------------------------------------------------------------------------------------------------
Redemption fee $ -- $ -- $ --
- --------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 11.91 $ (24.09) $ 9.23
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 26.11 $ 14.20 $ 38.29
================================================================================================================================
Total return* 86.13% (61.91)% 47.03%
Ratio of net expenses to average net assets+ 1.95% 1.86% 1.79%
Ratio of net investment income to average net assets+ 0.49% 0.99% 0.17%
Portfolio turnover rate 68% 54% 45%
Net assets, end of period (in thousands) $407,113 $180,675 $497,008
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.99% 1.86% 1.79%
Net investment income 0.45% 0.99% 0.17%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.95% 1.86% 1.78%
Net investment income 0.49% 0.99% 0.18%
- --------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended
11/30/06 11/30/05
- -------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 23.64 $ 17.88
- -------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.15 $ 0.19
Net realized and unrealized gain (loss) on investments and foreign currency transactions 8.45 6.22
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 8.60 $ 6.41
- -------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.11) $ --
Net realized gain (3.07) (0.65)
- -------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.18) $ (0.65)
- -------------------------------------------------------------------------------------------------------------------------
Redemption fee $ 0.00(a) $ 0.00(a)
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 5.42 $ 5.76
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 29.06 $ 23.64
=========================================================================================================================
Total return* 36.84% 35.82%
Ratio of net expenses to average net assets+ 1.90% 2.15%
Ratio of net investment income to average net assets+ 0.49% 0.87%
Portfolio turnover rate 42% 69%
Net assets, end of period (in thousands) $240,097 $154,442
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.90% 2.23%
Net investment income 0.49% 0.79%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.89% 2.15%
Net investment income 0.50% 0.87%
- -------------------------------------------------------------------------------------------------------------------------
(a) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 29
Financial Highlights (continued)
- -----------------------------------------------------------------------------------------------------------
Six Months
Ended
5/31/10
(unaudited)
- -----------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 22.86
- -----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.07)#
Net realized and unrealized gain (loss) on investments and foreign currency transactions (1.65)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.72)
- -----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ --
Net realized gain --
- -----------------------------------------------------------------------------------------------------------
Total distributions $ --
- -----------------------------------------------------------------------------------------------------------
Redemption fee $ --
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.72)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 21.14
===========================================================================================================
Total return* (7.52)%
Ratio of net expenses to average net assets+ 2.85%* *
Ratio of net investment income (loss) to average net assets+ (0.63)%**
Portfolio turnover rate 118%**
Net assets, end of period (in thousands) $ 19,726
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 2.93%**
Net investment income (loss) (0.72)%**
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 2.85%**
Net investment income (loss) (0.63)%**
- -----------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended
11/30/09 11/30/08 11/30/07
- -------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 12.39 $ 33.84 $ 26.19
- -------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.03)# $ 0.02 $ (0.19)
Net realized and unrealized gain (loss) on investments and foreign currency transactions 10.50 (21.08) 11.99
- -------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 10.47 $ (21.06) $ 11.80
- -------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ --
Net realized gain -- (0.39) (4.15)
- -------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (0.39) $ (4.15)
- -------------------------------------------------------------------------------------------------------------------------------
Redemption fee $ -- $ -- $ --
- -------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 10.47 $ (21.45) $ 7.65
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 22.86 $ 12.39 $ 33.84
===============================================================================================================================
Total return* 84.50% (61.25)% 45.78%
Ratio of net expenses to average net assets+ 2.85% 2.75% 2.65%
Ratio of net investment income (loss) to average net assets+ (0.37)% 0.06% (0.67)%
Portfolio turnover rate 68% 54% 45%
Net assets, end of period (in thousands) $ 25,130 $ 16,323 $64,562
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 3.13% 2.75% 2.65%
Net investment income (loss) (0.65)% 0.06% (0.67)%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 2.85% 2.74% 2.63%
Net investment income (loss) (0.37)% 0.07% (0.65)%
- -------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended
11/30/06 11/30/05
- ---------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 21.62 $ 16.52
- ---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.09) $ (0.00)(a)
Net realized and unrealized gain (loss) on investments and foreign currency transactions 7.73 5.75
- ---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 7.64 $ 5.75
- ---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ --(a) $ --
Net realized gain (3.07) (0.65)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.07) $ (0.65)
- ---------------------------------------------------------------------------------------------------------------------------
Redemption fee $ 0.00(a) $ 0.00(a)
- ---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 4.57 $ 5.10
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 26.19 $ 21.62
===========================================================================================================================
Total return* 35.72% 34.78%
Ratio of net expenses to average net assets+ 2.74% 2.94%
Ratio of net investment income (loss) to average net assets+ (0.34)% 0.04%
Portfolio turnover rate 42% 69%
Net assets, end of period (in thousands) $ 48,312 $ 43,085
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 2.74% 2.96%
Net investment income (loss) (0.34)% 0.02%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 2.71% 2.94%
Net investment income (loss) (0.31)% 0.04%
- ---------------------------------------------------------------------------------------------------------------------------
(a) Amount rounds to less than one cent per share.
# The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
** Annualized.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
- ---------------------------------------------------------------------------------------------------------
Six Months
Ended
5/31/10
(unaudited)
- ---------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 22.84
- ---------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.05)#
Net realized and unrealized gain (loss) on investments and foreign currency transactions (1.65)
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.71)
- ---------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ --
Net realized gain --
- ---------------------------------------------------------------------------------------------------------
Total distributions $ --
- ---------------------------------------------------------------------------------------------------------
Redemption fee $ --
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.71)
- ---------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 21.13
=========================================================================================================
Total return* (7.49)%
Ratio of net expenses to average net assets+ 2.74%**
Ratio of net investment income (loss) to average net assets+ (0.47)%**
Portfolio turnover rate 118%**
Net assets, end of period (in thousands) $ 53,548
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 2.74%**
Net investment income (loss) (0.47)%**
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 2.74%**
Net investment income (loss) (0.47)%**
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended
11/30/09 11/30/08 11/30/07
- ---------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 12.38 $ 33.78 $ 26.12
- ---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.06)# $ 0.06 $ (0.17)
Net realized and unrealized gain (loss) on investments and foreign currency transactions 10.52 (21.07) 11.98
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 10.46 $ (21.01) $ 11.81
- ---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ --
Net realized gain -- ( 0.39) (4.15)
- ---------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (0.39) $ (4.15)
- ---------------------------------------------------------------------------------------------------------------------------------
Redemption fee $ -- $ -- $ --
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 10.46 $ (21.40) $ 7.66
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 22.84 $ 12.38 $ 33.78
=================================================================================================================================
Total return* 84.49% (62.21)% 45.94%
Ratio of net expenses to average net assets+ 2.85% 2.65% 2.57%
Ratio of net investment income (loss) to average net assets+ (0.39)% 0.20% (0.59)%
Portfolio turnover rate 68% 54% 45%
Net assets, end of period (in thousands) $ 60,066 $ 34,242 $99,966
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 2.89% 2.65% 2.57%
Net investment income (loss) (0.43)% 0.20% (0.59)%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 2.85% 2.64% 2.56%
Net investment income (loss) (0.39)% 0.21% (0.58)%
- ---------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended
11/30/06 11/30/05
- -----------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 21.58 $ 16.47
- -----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.06) $ 0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions 7.69 5.74
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 7.63 $ 5.76
- -----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.02) $ --
Net realized gain (3.07) (0.65)
- -----------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.09) $ (0.65)
- -----------------------------------------------------------------------------------------------------------------------
Redemption fee $ -- $ 0.00(a)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 4.54 $ 5.11
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 26.12 $ 21.58
=======================================================================================================================
Total return* 35.75% 34.94%
Ratio of net expenses to average net assets+ 2.65% 2.80%
Ratio of net investment income (loss) to average net assets+ (0.27)% 0.15%
Portfolio turnover rate 42% 69%
Net assets, end of period (in thousands) $60,039 $ 44,468
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 2.65% 2.82%
Net investment income (loss) (0.27)% 0.13%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 2.64% 2.80%
Net investment income (loss) (0.26)% 0.15%
- -----------------------------------------------------------------------------------------------------------------------
(a) Amount rounds to less than one cent per share.
# The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 31
Financial Highlights (continued)
- -------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year
5/31/10 Ended
(unaudited) 11/30/09
- -------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 25.26 $ 13.80
- -------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.03 $ 0.12
Net realized and unrealized gain (loss) on investments and foreign currency transactions (1.84) 11.56
- -------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.81) $ 11.68
- -------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.03) $ (0.21)
Net realized gain -- --
- -------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.03) $ (0.21)
- -------------------------------------------------------------------------------------------------------------------
Redemption fee $ -- $ --
- -------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.84) $ 11.46
- -------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 23.42 $ 25.26
===================================================================================================================
Total return* (7.19)% 85.71%
Ratio of net expenses to average net assets+ 2.05%** 2.17%
Ratio of net investment income (loss) to average net assets+ 0.34%** 0.19%
Portfolio turnover rate 118%** 68%
Net assets, end of period (in thousands) $ 95,488 $ 84,064
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 2.05%** 2.17%
Net investment income (loss) 0.34%** 0.19%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 2.05%** 2.17%
Net investment income (loss) 0.34%** 0.19%
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended
11/30/08 11/30/07
- -------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 37.32 $ 28.52
- -------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.16 $ 0.09
Net realized and unrealized gain (loss) on investments and foreign currency transactions (23.29) 13.00
- -------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (23.13) $ 13.09
- -------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ (0.14)
Net realized gain (0.39) (4.15)
- -------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.39) $ (4.29)
- -------------------------------------------------------------------------------------------------------------------
Redemption fee $ -- $ --
- -------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (23.52) $ 8.80
- -------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.80 $ 37.32
===================================================================================================================
Total return* (61.99)% 46.75%
Ratio of net expenses to average net assets+ 2.13% 2.06%
Ratio of net investment income (loss) to average net assets+ 0.78% (0.26)%
Portfolio turnover rate 54% 45%
Net assets, end of period (in thousands) $ 25,341 $26,316
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 2.13% 2.06%
Net investment income (loss) 0.78% (0.26)%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 2.13% 2.06%
Net investment income (loss) 0.78% (0.26)%
- -------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended
11/30/06 11/30/05
- ---------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 23.37 $ 17.72
- ---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.10 $ 0.12
Net realized and unrealized gain (loss) on investments and foreign currency transactions 8.26 6.18
- ---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 8.36 $ 6.30
- ---------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.14) $ --
Net realized gain (3.07) (0.65)
- ---------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.21) $ (0.65)
- ---------------------------------------------------------------------------------------------------------------------
Redemption fee $ 0.00(a) $ --
- ---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 5.15 $ 6.30
- ---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 28.52 $ 23.37
=====================================================================================================================
Total return* 36.30% 35.53%
Ratio of net expenses to average net assets+ 2.52% 2.37%
Ratio of net investment income (loss) to average net assets+ (0.21)% 0.53%
Portfolio turnover rate 42% 69%
Net assets, end of period (in thousands) $ 1,142 $ 135
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 2.26% 2.58%
Net investment income (loss) (0.06)% 0.32%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 2.51% 2.37%
Net investment income (loss) (0.45)% 0.53%
- ---------------------------------------------------------------------------------------------------------------------
(a) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
+ Ratios with no reduction for fees paid indirectly.
** Annualized.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
- -------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year
5/31/10 Ended
(unaudited) 11/30/09
- -------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 28.12 $ 15.35
- -------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.09 $ 0.22
Net realized and unrealized gain (loss) on investments and foreign currency transactions (2.04) 12.90
- -------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.95) $ 13.12
- -------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.14) $ (0.35)
Net realized gain -- --
- -------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.14) $ (0.35)
- -------------------------------------------------------------------------------------------------------------------
Redemption fee $ -- $ --
- -------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.09) $ 12.77
- -------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 26.03 $ 28.12
- ------------------------------------------------------------------------------------------ --------- --------
Total return* (6.98)% 87.18%
Ratio of net expenses to average net assets+ 1.66%** 1.42%
Ratio of net investment income to average net assets+ 0.64%** 1.03%
Portfolio turnover rate 118%** 68%
Net assets, end of period (in thousands) $ 74,015 $ 77,721
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.66%** 1.42%
Net investment income 0.64%** 1.03%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.66%** 1.42%
Net investment income 0.64%** 1.03%
- -------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended
11/30/08 11/30/07
- ------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 41.10 $ 30.95
- ------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.35 $ 0.25
Net realized and unrealized gain (loss) on investments and foreign currency transactions (25.71) 14.26
- ------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (25.36) $ 14.51
- ------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ (0.21)
Net realized gain ( 0.39) (4.15)
- ------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.39) $ (4.36)
- ------------------------------------------------------------------------------------------------------------------
Redemption fee $ -- $ --
- ------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (25.75) $ 10.15
- ------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 15.35 $ 41.10
===================================================================================================================
Total return* (61.71)% 47.75%
Ratio of net expenses to average net assets+ 1.38% 1.32%
Ratio of net investment income to average net assets+ 1.45% 0.68%
Portfolio turnover rate 54% 45%
Net assets, end of period (in thousands) $ 37,445 $ 70,870
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.38% 1.32%
Net investment income 1.45% 0.68%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.38% 1.32%
Net investment income 1.45% 0.68%
- ------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended
11/30/06 11/30/05
- --------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 25.04 $ 18.78
- --------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.34 $ 0.16
Net realized and unrealized gain (loss) on investments and foreign currency transactions 8.92 6.75
- --------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 9.26 $ 6.91
- --------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.28) $ --
Net realized gain (3.07) (0.65)
- --------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.35) $ (0.65)
- --------------------------------------------------------------------------------------------------------------------------
Redemption fee $ 0.00(a) 0.00(a)
- --------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 5.91 $ 6.26
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 30.95 $ 25.04
==========================================================================================================================
Total return* 37.60% 36.77%
Ratio of net expenses to average net assets+ 1.33% 1.40%
Ratio of net investment income to average net assets+ 1.02% 1.66%
Portfolio turnover rate 42% 69%
Net assets, end of period (in thousands) $ 47,573 $ 23,273
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.33% 1.40%
Net investment income 1.02% 1.66%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.33% 1.40%
Net investment income 1.02% 1.66%
- --------------------------------------------------------------------------------------------------------------------------
(a) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
+ Ratios with no reduction for fees paid indirectly.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 33
Notes to Financial Statements | 5/31/10 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Emerging Markets Fund (the Fund) is a Delaware statutory trust
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is long-term
growth of capital.
The Fund offers four classes of shares designated as Class A, Class C, Class R,
and Class Y shares. Effective as of the close of business on December 31, 2009,
Class B shares are no longer offered to new or existing shareholders, except
that dividends and/or capital gain distributions may continue to be reinvested
in Class B shares, and shareholders may exchange their Class B shares for Class
B shares of other Pioneer funds, as permitted by existing exchange privileges.
Each class of shares represents an interest in the same portfolio of investments
of the Fund and has identical rights (based on relative net asset values) to
assets and liquidation proceeds. Share classes can bear different rates of
class-specific fees and expenses such as transfer agent and distribution fees.
Differences in class-specific fees and expenses will result in differences in
net investment income and, therefore, the payment of different dividends from
net investment income earned by each class. The Amended and Restated Declaration
of Trust of the Fund gives the Board the flexibility to specify either per-share
voting or dollar-weighted voting when submitting matters for shareholder
approval. Under per-share voting, each share of a class of the Fund is entitled
to one vote. Under dollar-weighted voting, a shareholder's voting power is
determined not by the number of shares owned, but by the dollar value of the
shares on the record date. Each share class has exclusive voting rights with
respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class Y
shares. Class B shares convert to Class A shares approximately eight years after
the date of purchase.
The Fund's investments in emerging markets or countries with limited or
developing markets may subject the Fund to a greater degree of risk than in a
developed market. Risks associated with these developing markets include
political, social or economic factors and may affect the price of the Fund's
investments and income generated by these investments, as well as the Fund's
ability to repatriate such amounts. 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. The Fund's
prospectuses contain unaudited information regarding the Fund's principal risks.
Please refer to those documents when considering the Fund's principal risks.
34 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities that have traded on an exchange are fair
valued using the last sale price on the principal exchange where they are
traded. Securities that have not traded on the date of valuation, or
securities for which sale prices are not available, generally are fair valued
using the mean between the last bid and asked prices. Securities for which
market prices and/or quotations are not readily available or are considered
to be unreliable are valued using fair value methods pursuant to procedures
adopted by the Board of Trustees.
The Fund invests primarily in securities of non-U.S. issuers. The principal
exchanges and markets for such securities have closing times prior to the
close of the NYSE. However, the value of these securities may be influenced
by changes in global markets occurring after the closing times of the local
exchanges and markets up to the time the Fund determines its net asset value.
Consequently, the Board of Trustees of the Fund has determined that daily
adjustments to the valuation of securities of non-U.S. issuers will be made
by utilizing an independent service that applies the appropriate fair value
method.
The Fund may also use fair value methods if it is determined that a
significant event has occurred after the close of the exchange or market on
which the security trades and prior to the determination of the Fund's net
asset value. Thus, the valuation of the Fund's securities may differ from
exchange prices. At May 31, 2010, there were no securities that were valued
using fair value methods (other than securities that were valued using prices
supplied by independent pricing services). Short-term fixed income securities
with remaining maturities of sixty days or less generally are valued at
amortized cost. Money market mutual funds are valued at net asset value.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 35
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in the
exercise of reasonable diligence. Interest income, including interest on
income-bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the Statement of Operations from the
effects of changes in market price of those securities but are included with
the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded in
the Fund's financial statements. The Fund records realized gains and losses
at the time a portfolio hedge is offset by entry into a closing transaction
or extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (see Note 6).
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
share-owners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years remain subject to examination by tax
authorities.
36 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
In addition to the requirements of the Internal Revenue Code, the Fund may
also be required to pay local taxes on the recognition of capital gains
and/or the repatriation of foreign currencies in certain countries. During
the six months ended May 31, 2010, the Fund paid no such taxes.
In determining the daily net asset value, the Fund estimates the reserve for
such taxes, if any, associated with investments in certain countries. The
estimated reserve for the capital gains is based on the net unrealized
appreciation on certain portfolio securities, the holding period of such
securities and the related tax rates, tax loss carryforward (if applicable)
and other such factors. As of May 31, 2010, the Fund had no reserve related
to capital gains.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal income
tax rules. Therefore, the sources of the Fund's distributions may be shown in
the accompanying financial statements as from or in excess of net investment
income or as from net realized gain on investment transactions, or as from
paid-in capital, depending on the type of book/tax differences that may
exist.
The tax character of current year distributions payable will be determined at
the end of the current taxable year. The tax character of distributions paid
during the year ended November 30, 2009 was as follows:
- -----------------------------------------------
2009
- -----------------------------------------------
Distributions paid from:
Ordinary income $3,671,076
Long-term capital gain --
- -----------------------------------------------
Total $3,671,076
===============================================
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2009:
- ----------------------------------------------------
2009
- ----------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,104,884
Capital loss carryforward (104,841,077)
Post-October loss deferred (94,827)
Unrealized appreciation 146,776,199
- ----------------------------------------------------
Total $ 42,945,179
====================================================
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund
and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned approximately $29,330 in underwriting commissions on the sale of Class
A shares during the six months ended May 31, 2010.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 37
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning of
the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, Class C and Class R shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time except that net investment
income dividends to Class A, Class B, Class C, Class R and Class Y shares can
reflect different transfer agent and distribution expense rates.
G. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or other
institutional investors. When entering into a securities loan transaction,
the Fund typically receives cash collateral from the borrower equal to at
least the value of the securities loaned, which is invested in temporary
investments. Credit Suisse AG, New York Branch, as the Fund's securities
lending agent, manages the Fund's securities lending collateral. The income
earned on the investment of collateral is shared with the borrower and the
lending agent in payment of any rebate due to the borrower with respect to
the securities loan, and in compensation for the lending agent's services to
the Fund. The Fund also continues to receive payments in lieu of dividends or
interest on the securities loaned. Gain or loss on the fair value of the
loaned securities that may occur during the term of the loan will be for the
account of the Fund. The amount of the collateral is required to be adjusted
daily to reflect any price fluctuation in the fair value of the loaned
securities. If the required market value of the collateral is less than the
fair value of the loaned securities, the borrower is required to deliver
additional collateral for the account of the Fund prior to the close of the
next business day. The Fund has the right, under the lending agreement, to
terminate the loan and recover the securities from the borrower with prior
notice. The Fund is required to return the cash collateral to the borrower
and could suffer a loss if the value of the collateral, as invested, has
declined.
38 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
H. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is responsible
for determining that the value of the collateral remains at least equal to
the repurchase price.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at an annual rate of 1.15% of
the Fund's average daily net assets up to $1 billion, and 1.10% of the Fund's
average daily net assets over $1 billion. Prior to January 1, 2010, the Fund
paid management fees calculated daily at an annual rate of 1.15% of the Fund's
average daily net assets. For the six months ended May 31, 2010, the effective
management fee was 1.15% of the fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.95%, 2.85%, 2.85% and 2.20% of the
average daily net assets attributable to Class A, Class B, Class C and Class R
shares, respectively. Class Y shares do not have an expense limitation. These
expense limitations are in effect through April 1, 2012 for Class A shares and
through April 1, 2011 for Class B, Class C and Class R shares. There can be no
assurance that PIM will extend the expense limitation agreement for a class of
shares beyond the dates referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$70,956 in management fees, administrative costs and certain other
reimbursements payable to PIM at May 31, 2010.
3. Transfer Agent
PIMSS, a wholly-owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the six months ended May 31, 2010, such out-of-pocket expenses by class of
shares were as follows:
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 39
- ----------------------------------------------
Shareholder Communications:
- ----------------------------------------------
Class A $ 299,011
Class B 15,615
Class C 44,370
Class R 65.538
Class Y 129,224
- ----------------------------------------------
Total $ 553,758
==============================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $258,788 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at May 31, 2010.
4. Distribution and Service Plans
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B, Class C and
Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average
daily net assets attributable to Class A shares as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of
the average daily net assets attributable to Class B and Class C shares. The fee
for Class B and Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class C
shares. Pursuant to the Plan, the Fund further pays PFD 0.50% of the average
daily net assets attributable to Class R shares for distribution services.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $21,643 in distribution fees payable to PFD at May 31, 2010.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holdings shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R and Class Y
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 18 months of purchase (within 12 months for purchases made
on or after April 1, 2009). Class B shares that are redeemed within five years
of purchase are subject to a CDSC at declining rates beginning at 4.00%, based
on the lower of cost or market value of shares being redeemed. Redemptions of
Class C shares within one year of purchase are subject to a CDSC of 1.00%, based
on the lower of cost or market value of shares being redeemed. Shares purchased
as part of an exchange remain subject to any
40 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
CDSC that applied to the original purchase of those shares. There is no CDSC for
Class R or Class Y shares. Proceeds from the CDSCs are paid to PFD. For the six
months ended May 31, 2010, CDSCs in the amount of $21,014 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS
resulting in a reduction in the Fund's total expenses, due to interest earned on
cash held by PIMSS. For the six months ended May 31, 2010, the Fund's expenses
were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At May 31, 2010, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting hedge contract. At May 31, 2010, the Fund had no
outstanding portfolio hedges. At May 31, 2010, the Fund's gross forward currency
settlement contracts receivable and payable were $659,747 and $631,426,
respectively, resulting in a net payable of $28,320. The average number of
contracts open during the six months ended May 31, 2010 was 5,168,261,842.
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a $165 million committed, unsecured revolving line of
credit facility. Borrowings are used solely for temporary or emergency purposes.
The Fund may borrow up to the lesser of the amount available under the facility
or the limits set for borrowing by the Fund's prospectus and the 1940 Act.
Interest on borrowings is payable at the higher of the London Interbank Offered
Rate (LIBOR) on the borrowing date plus 1.25% on an annualized basis or the
Federal Funds Rate on the borrowing date plus 1.25% on an annualized basis. The
Funds pay an annual commitment fee for this facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement.
For the six months ended May 31, 2010, the average daily amount of borrowings
outstanding during the period was $472,984. The related weighted average
annualized interest rate for the period was 1.50%, and the total interest
expense on such borrowings was $4,319.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 41
8. Additional Disclosures about Derivative Instruments and Hedging Activities
Fair values of derivative instruments as of May 31, 2010:
Derivatives Not
Accounted for as
Hedging Instruments
under Accounting Asset Derivatives 2009 Liabilities Derivatives 2009
Standards Codification ------------------------------ ------------------------------
(ASC) 815 (formerly Balance Sheet Balance Sheet
FASB Statement 133) Location Fair Value Location Fair Value
- ---------------------------------------------------------------------------------------------------
Foreign Exchange Contracts Receivables $-- Payables* $ 28,320
- ---------------------------------------------------------------------------------------------------
Total $-- $ 28,320
===================================================================================================
* Foreign exchange contracts are shown as a net payable on the Statement of
Assets and Liabilities
The effect of derivative instruments on the Statement of Operations for the six
months ended May 31, 2010 was as follows:
Derivatives Not
Accounted for as Change in
Hedging Instruments Realized Unrealized
Under Accounting Loss on Loss on
Standards Codification Location of Gain or (Loss) Derivatives Derivatives
(ASC) 815 (formerly On Derivatives Recognized Recognized in Recognized in
FASB Statement 133) in Income Income Income
- -------------------------------------------------------------------------------------------------
Foreign Exchange Net realized loss on forward $(1,185,112)
Contracts foreign currency contracts and
other assets and liabilities
denominated in foreign
currencies
Foreign Exchange Change in unrealized loss $ (35,928)
Contracts on forward foreign currency
contracts and other assets and
liabilities denominated in foreign
currencies
9. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
42 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
Trustees, Officers and Service Providers
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Daniel K. Kingsbury, Executive
Mary K. Bush Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer
Margaret B.W. Graham
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at pioneerinvestments.com. This information is also available on the Securities
and Exchange Commission's web site at http://www.sec.gov.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10 43
This page for your notes.
44 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/10
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
- --------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: www.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete statement of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
- ---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
- ---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
- ---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
- ---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
- ----------------------- --------------------------- -----------------------------------------------
- ------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- -------------------------
- ------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
- ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
- ----------------------- --------------------------- -----------------------------------------------
- --------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
- ------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
- ----------------------- ------------------------- -----------------------------------------------
- ------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
- ------------------------------------------- ------------------------------
- --------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
- --------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Emerging Markets Fund
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date July 30, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date July 30, 2010
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date July 30, 2010
* Print the name and title of each signing officer under his or her signature.