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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, 2011 through November 30, 2012
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
--------------------------------------------------------------------------------
Annual Report | November 30, 2012
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PEMFX
Class B PBEFX
Class C PCEFX
Class R PEMRX
Class Y PYEFX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 27
Notes to Financial Statements 36
Report of Independent Registered Public Accounting Firm 47
Approval of Investment Advisory Agreement 49
Trustees, Officers and Service Providers 53
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 1
President's Letter
Dear Shareowner,
The U.S. stock market rallied sharply through the third quarter of 2012 amid a
sluggish, but nonetheless growing, U.S. economy. We have been cautiously
optimistic about the U.S. from the start of the year, and the economic data
continue to be encouraging. The housing and auto sectors are benefitting from
record-low interest rates. The climate for consumer and business credit has
improved, and inflation appears to be subdued. While corporate profits slowed in
the third quarter, many U.S. companies continue to have strong balance sheets
and to pay attractive dividends* compared to fixed-income securities.
All of these factors contributed to gains for investors who owned riskier
assets, including equities and higher-yielding corporate bonds. Year to date
through the end of the third quarter, the Standard & Poor's 500 Index returned
16.35%. In fixed income, the Bank of America Merrill Lynch High Yield Master II
Index was up by 12.02% during the same period, while the Barclays Capital
Aggregate Bond Index gained 3.99%. Treasury bonds, by contrast, generated a
comparatively sluggish return of 1.70%, as measured by the Barclays Capital
Intermediate Treasuries Index.
Despite this generally positive picture during the first three quarters of 2012,
investors face powerful macroeconomic challenges in the months ahead. These
include the threat of a so-called "fiscal cliff" in the U.S. budget process
after the November elections, the European sovereign-debt crisis, and slowing
growth in both Europe and China. Investors can continue to count on market
volatility tied to these factors, although we remain optimistic that the
underlying economic trends are moving in the right direction.
At Pioneer, we have long advocated the benefits of staying diversified** and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe in actively
seeking out opportunities in undervalued securities and sectors around the
globe. 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.
* Dividends are not guaranteed.
** Diversification does not assure a profit or protect against loss in a
declining market.
2 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
Pioneer's investment professionals focus on finding good opportunities in both
equity and bond markets using the same disciplined investment approach we have
used since 1928. Our strategy is to identify undervalued individual securities
with the greatest potential for success, carefully weighing risk against reward.
Our teams of investment professionals continually monitor and analyze the
relative valuations of different sectors and securities globally to help build
portfolios that we believe can help you achieve your investment goals.
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
us.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 opinion 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 | Annual Report | 11/30/12 3
Portfolio Management Discussion | 11/30/12
In the following interview, Sean Taylor, head of the global emerging markets
equity team and senior vice president at Pioneer, discusses the investment
environment for emerging market equities and the performance of Pioneer Emerging
Markets Fund during the 12 months ended November 30, 2012. Mr. Taylor assumed
responsibility for the daily management of the Fund on December 15, 2011.
Q How would you describe the investment environment for emerging market stocks
during the 12 months ended November 30, 2012?
A Equities in the emerging markets delivered a healthy, double-digit gain
during the 12 months ended November 30, 2012, as measured by the Fund's
benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets
Index1, which returned 11.73% during the period. The asset class gained
ground during the 12-month period as the aggressive monetary stimulus of the
world's major central banks led to a substantial improvement in investor
sentiment. In addition, the emerging markets continued to feature a wealth
of companies generating rapid earnings growth at a time of very sluggish
performance for the overall global economy.
While strong on an absolute basis, the return of the emerging markets during
the 12-month period lagged that of the world's developed markets, as
measured by the MSCI World Index, which returned 14.31%, and U.S. large-cap
stocks, as measured by the Standard & Poor's 500 Index, which returned
16.11%. The primary cause of the emerging markets' underperformance during
the 12-month period was slowing growth across the region in general, and in
China in particular. Although China's gross domestic product (GDP) growth
has remained high (at 7% to 8% per year), current GDP levels represent a
substantial decline from the 9% to 14% GDP growth the country's economy
experienced from 2003 to 2010. Slower growth in China has had an effect on
emerging market stocks worldwide,
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.
4 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
since the resulting reduction in demand for raw materials in the country has
weighed on commodity-related companies that are heavily represented in
markets such as Brazil, Chile, South Africa, and many others.
Q How did the Fund perform during the 12 months ended November 30, 2012?
A Pioneer Emerging Markets Fund's Class A shares returned 1.06% during the 12
months ended November 30, 2012, while the Fund's benchmark, the MSCI
Emerging Markets Index (the MSCI Index), returned 11.73%. During the same
period, the average return of the 521 mutual funds in Lipper's Emerging
Markets Funds category was 8.34%.
Q What were the main reasons for the Fund's underperformance of the MSCI Index
during the 12 months ended November 30, 2012?
A While emerging market equities performed well during the 12-month period,
the Fund did not participate in the rally.
A key factor in the Fund's underperformance of the broader market during the
period was our use of valuation as one of the most important investment
criteria for the portfolio, during a time when investors demonstrated a
heavy bias in favor of growth stocks. During the period, the gap between the
two styles was so large, in fact, that the premium between growth stocks and
value stocks moved to its widest level in several years. We believe,
however, that the wide gap between growth and value presents an opportunity
for a potential mean reversion (return to average price levels) among the
many value stocks owned by the Fund.
From an attribution standpoint, the primary cause of the Fund's shortfall
relative to the MSCI Index during the period was stock selection,
particularly among the portfolio's investments in Korea, Taiwan, and China.
In Korea, the Fund's relative performance was hurt by positions in three
industrial stocks: GS Engineering & Construction, Doosan Heavy Industries &
Construction, and Hyundai Heavy Industries. The companies saw slowing
business trends due to the weak global economy in general, and in China and
Japan in particular. In Taiwan, the Fund's stock picks lagged the MSCI Index
in the information technology/telecom services areas, where notable
detractors in the portfolio were E Ink, Catcher Technology, and Chunghwa
Telecom. The Fund's largest detractor holding in China was Baidu, operator
of the country's largest Internet search engine. Although the company
continues to report stellar growth, it was pressured by slowing economic
growth in the country as well as the general weakness of Chinese stocks
during the 12-month period.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 5
Outside of holdings in the three Asian markets previously discussed, the
Fund's most significant detractor holdings during the period were IAMGOLD, a
Canada-based gold miner whose operations were interrupted by labor disputes
in South Africa, and the Brazilian energy giant Petrobras, which saw its
profits come under pressure due to government price controls.
Sector allocation decisions also hurt the Fund's performance relative to the
MSCI Index during the period. Specifically, benchmark-relative returns were
hurt by portfolio underweights (below-benchmark weightings) in the
financials and telecom services sectors, and overweights to information
technology and consumer staples.
Q Which investment decisions benefited the Fund's performance the most during
the 12 months ended November 30, 2012?
A The Fund added value relative to the benchmark through an underweight
position in the underperforming materials sector, as well as stock selection
results in the consumer staples and consumer discretionary sectors. From a
geographical standpoint, the Fund registered its strongest performance in
South Africa and Mexico. The Fund's holdings that contributed the most to
performance during the period were the Latin American beverage companies
Companhia de Bebidas das Americas ("Ambev") and Fomento Economico Mexicano,
the Russian energy giant Gazprom, and the South African retail distributor
Mr Price. The Fund's position in Taiwan Semiconductor also performed well
during the period. The company is one of the largest suppliers to Apple and,
therefore, was a beneficiary of the iPhone 5 launch.
Q From a country or regional perspective, how was the Fund positioned as of
November 30, 2012, and what are your views on those regions?
A In Asia, the Fund was overweight in China and Korea as of November 30, 2012.
Developments in China have remained equity friendly, with inflation running
at 2% and earnings growth improving. In addition, the arrival of a new
political leadership team suggests that policy priorities could change for
the better, and while GDP growth may stabilize at lower levels than those
recorded through 2010, growth in China is still quite strong on an absolute
basis. We believe it is possible that the Chinese government may accelerate
infrastructure investment as part of its current policy direction, and that
would play to our existing investment strategy for the Fund in China. In
Korea, we have maintained the portfolio's "smartphone" theme, with holdings
in SK Hynix and Samsung Electronics.
We also see Russia as a source of potential opportunity. In our view,
investors have not paid attention to Russia's strengthening fundamental
trends, such as positive credit growth, reform of the energy sector and the
decline of the country's balance of payments. Russia represented the fourth-
largest geographical allocation in the Fund as of November 30, 2012.
6 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
We think investors who look closely at Russia will find a country with the
lowest price-to-earnings (P/E) ratio among all nations represented in the
MSCI Emerging Markets Index. One reason for the country's low P/E ratio is
investors' persistent pessimism about the Russian government's reform
efforts, which seems based on the belief that higher oil revenues will
enable the government to "go slow" on implementing reforms. We think that
presents an opportunity, given that many Russian companies have been
demonstrating rising free cash flows. The energy giant Gazprom is the Fund's
largest holding in the country.
In Latin America, we remain positive on the outlook for both Mexico and
Brazil. In the case of the former, we hold a favorable view on the economy,
but bargains in the Mexican stock market have been hard to find. In Brazil,
we would like to see increased political clarity, particularly with regard
to energy prices, which could be a positive for near-term equity returns.
The Fund's largest country-specific underweight is in South Africa, a nation
that offers a complex sociopolitical outlook and where equities have been
trading at the high end of their historic valuation ranges. In addition,
South Africa recently has experienced elevated levels of labor unrest and
has been showing signs of an increasingly unfavorable political environment.
We believe valuations near historic highs indicate that South African stocks
aren't adequately compensating investors for the potential risks involved
with putting their money into the country.
Q What is your broader view on the emerging markets as we head into 2013?
A We continue to take heart from the accommodative monetary policies of some
of the world's major central banks. While the central banks' offerings of
cheap credit are designed to aid economic growth in the developed world,
emerging markets also have benefited from the policies. That can be a
double-edged sword, however, since any threat to cheap credit conditions
often causes investors to worry about the sustainability of such a catalyst,
and that can lead to short-term profit taking. Therefore, we would caution
investors that even though we hold a positive long-term view on the emerging
markets equity asset class, market volatility may continue.
Another potential positive for emerging market stocks is the divergence in
available return between fixed-income securities and equities. The massive
flow of monies into bonds in recent years has led to a sharp decline in the
future return potential of fixed-income securities, and that makes stocks -
which offer the combination of earnings growth and dividend yield - more
attractive on a relative basis. We expect to see money drawn out of bonds
and put into equities as asset allocators turn more positive in their
outlook for global economic growth.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 7
From a longer-term standpoint, we believe the underlying fundamentals of the
emerging markets remain strong, highlighted by low interest rates, improving
corporate governance, and sound fiscal management at the government level.
We believe those factors, together with emerging market stocks' robust
growth and reasonable valuations, should continue to drive favorable
long-term returns, despite periodic short-term volatility.
Please refer to the Schedule of Investments on pages 18-26 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.
These risks may increase share price volatility.
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 opinion as of the date of this report. These statements should not
be relied upon for any other purposes.
8 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
Portfolio Summary | 11/30/12
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 31.4%
Information Technology 13.5%
Energy 11.7%
Materials 11.2%
Consumer Staples 9.4%
Telecommunication Services 7.6%
Consumer Discretionary 7.2%
Industrials 6.3%
Health Care 1.1%
Utilities 0.6%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
South Korea 16.0%
People's Republic of China 12.6%
Brazil 10.7%
Russia 9.2%
Taiwan 8.6%
India 7.5%
Mexico 5.5%
Hong Kong 5.5%
South Africa 4.9%
Indonesia 2.7%
Turkey 2.7%
Luxembourg 2.1%
United Kingdom 2.0%
Cayman Islands 1.9%
Malaysia 1.8%
Thailand 1.7%
Panama 1.4%
Israel 1.1%
Other (individually less than 1.0%) 2.1%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. Samsung Electronics Co., Ltd. 4.45%
--------------------------------------------------------------------------------
2. Itau Unibanco Holding SA (A.D.R.) 2.97
--------------------------------------------------------------------------------
3. Hon Hai Precision Industry Co., Ltd. 2.49
--------------------------------------------------------------------------------
4. Taiwan Semiconductor Manufacturing Co., Ltd. (A.D.R.) 2.38
--------------------------------------------------------------------------------
5. Industrial & Commercial Bank of China, Ltd. 2.31
--------------------------------------------------------------------------------
6. China Construction Bank Corp. 2.24
--------------------------------------------------------------------------------
7. Gazprom OAO (A.D.R.) 2.06
--------------------------------------------------------------------------------
8. iShares FTSE A50 China Index ETF 2.03
--------------------------------------------------------------------------------
9. Rio Tinto Plc 2.03
--------------------------------------------------------------------------------
10. China Mobile, Ltd. 1.96
--------------------------------------------------------------------------------
* This list excludes temporary cash investments 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.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 9
Prices and Distributions | 11/30/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 11/30/12 11/30/11
--------------------------------------------------------------------------------
A $23.24 $23.10
--------------------------------------------------------------------------------
B $19.66 $19.74
--------------------------------------------------------------------------------
C $19.70 $19.76
--------------------------------------------------------------------------------
R $22.30 $22.23
--------------------------------------------------------------------------------
Y $25.46 $25.16
--------------------------------------------------------------------------------
Distributions per Share: 12/1/11-11/30/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ -- $ -- $0.1042
--------------------------------------------------------------------------------
B $ -- $ -- $0.1042
--------------------------------------------------------------------------------
C $ -- $ -- $0.1042
--------------------------------------------------------------------------------
R $ -- $ -- $0.1042
--------------------------------------------------------------------------------
Y $ -- $ -- $0.1042
--------------------------------------------------------------------------------
Index Definition
--------------------------------------------------------------------------------
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. It
is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-15.
10 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
Performance Update | 11/30/12 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 November 30, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 12.45% 11.79%
5 Years -7.76 -8.85
1 Year 1.06 -4.75
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.95%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets Index
11/30/2002 $ 9,425 $ 10,000
11/30/2003 $ 13,486 $ 14,046
11/30/2004 $ 16,703 $ 18,046
11/30/2005 $ 22,686 $ 23,928
11/30/2006 $ 31,045 $ 32,052
11/30/2007 $ 45,646 $ 46,525
11/30/2008 $ 17,388 $ 20,212
11/30/2009 $ 32,365 $ 37,416
11/30/2010 $ 36,523 $ 43,156
11/30/2011 $ 30,154 $ 38,178
11/30/2012 $ 30,474 $ 42,512
Call 1-800-225-6292 or visit us.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 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.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 11
Performance Update | 11/30/12 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 November 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 11.50% 11.50%
5 Years -8.58 -8.58
1 Year 0.13 -3.85
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
3.06% 2.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets Index
11/30/2002 $ 10,000 $ 10,000
11/30/2003 $ 14,213 $ 14,046
11/30/2004 $ 17,445 $ 18,046
11/30/2005 $ 23,512 $ 23,928
11/30/2006 $ 31,909 $ 32,052
11/30/2007 $ 46,517 $ 46,525
11/30/2008 $ 17,562 $ 20,212
11/30/2009 $ 32,403 $ 37,416
11/30/2010 $ 36,245 $ 43,156
11/30/2011 $ 29,667 $ 38,178
11/30/2012 $ 29,705 $ 42,512
Call 1-800-225-6292 or visit us.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). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
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, 2014, 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 taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
12 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
Performance Update | 11/30/12 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 November 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 11.60% 11.60%
5 Years -8.51 -8.51
1 Year 0.23 0.23
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.73%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets Index
11/30/2002 $ 10,000 $ 10,000
11/30/2003 $ 14,214 $ 14,046
11/30/2004 $ 17,484 $ 18,046
11/30/2005 $ 23,594 $ 23,928
11/30/2006 $ 32,029 $ 32,052
11/30/2007 $ 46,742 $ 46,525
11/30/2008 $ 17,665 $ 20,212
11/30/2009 $ 32,590 $ 37,416
11/30/2010 $ 36,471 $ 43,156
11/30/2011 $ 29,893 $ 38,178
11/30/2012 $ 29,962 $ 42,512
Call 1-800-225-6292 or visit us.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 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.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 13
Performance Update | 11/30/12 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 November 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 12.22% 12.22%
5 Years -7.96 -7.96
1 Year 0.79 0.79
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.28% 2.20%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets Index
11/30/2002 $ 10,000 $ 10,000
11/30/2003 $ 14,339 $ 14,046
11/30/2004 $ 17,688 $ 18,046
11/30/2005 $ 23,972 $ 23,928
11/30/2006 $ 32,673 $ 32,052
11/30/2007 $ 47,946 $ 46,525
11/30/2008 $ 18,225 $ 20,212
11/30/2009 $ 33,846 $ 37,416
11/30/2010 $ 38,138 $ 43,156
11/30/2011 $ 31,417 $ 38,178
11/30/2012 $ 31,665 $ 42,512
Call 1-800-225-6292 or visit us.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 shown for Class R shares 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 beginning 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 net expense ratio reflects contractual expense limitations currently in
effect through April 1, 2014, for Class R 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.
14 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
Performance Update | 11/30/12 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
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 November 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 13.16% 13.16%
5 Years -7.27 -7.27
1 Year 1.61 1.61
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.40%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets Index
11/30/2002 $ 5,000,000 $ 5,000,000
11/30/2003 $ 7,231,595 $ 7,023,138
11/30/2004 $ 9,028,933 $ 9,022,894
11/30/2005 $ 12,348,917 $ 11,964,100
11/30/2006 $ 16,992,327 $ 16,026,244
11/30/2007 $ 25,106,241 $ 23,262,512
11/30/2008 $ 9,612,634 $ 10,106,113
11/30/2009 $ 17,992,430 $ 18,708,138
11/30/2010 $ 20,401,707 $ 21,578,036
11/30/2011 $ 16,942,292 $ 19,088,746
11/30/2012 $ 17,215,394 $ 21,256,032
Call 1-800-225-6292 or visit us.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.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 15
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 June 1, 2012 through November 30, 2012.
----------------------------------------------------------------------------------------------
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 6/1/12
----------------------------------------------------------------------------------------------
Ending Account Value $1,086.32 $1,081.90 $1,082.28 $1,085.51 $1,089.30
(after expenses)
on 11/30/12
----------------------------------------------------------------------------------------------
Expenses Paid $ 10.28 $ 14.94 $ 14.42 $ 11.21 $ 7.36
During Period*
----------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of underlying funds. These combined totals were 1.97%, 2.87%,
2.77%, 2.15% and 1.41% for Class A, Class B, Class C, Class R and Class Y
shares, respectively. These combined ratios were multiplied by the average
account value over the period, and then multiplied by 183/366 (to reflect
the one-half year period) to calculate the "Expenses Paid During Period" in
the table above.
16 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
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 June 1, 2012 through November 30, 2012.
-------------------------------------------------------------------------------------------
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 6/1/12
-------------------------------------------------------------------------------------------
Ending Account Value $1,015.15 $1,010.65 $1,011.15 $1,014.25 $1,017.95
(after expenses)
on 11/30/12
-------------------------------------------------------------------------------------------
Expenses Paid $ 9.92 $ 14.43 $ 13.93 $ 10.83 $ 7.11
During Period*
-------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of underlying funds. These combined totals were 1.97%, 2.87%,
2.77%, 2.15% and 1.41% for Class A, Class B, Class C, Class R and Class Y
shares, respectively. These combined ratios were multiplied by the average
account value over the period, and then multiplied by 183/366 (to reflect
the one-half year period) to calculate the "Expenses Paid During Period" in
the table above.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 17
Schedule of Investments | 11/30/12
---------------------------------------------------------------------------------------------
S&P/Moody's
Ratings
Shares (unaudited) Value
---------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 2.9%
ENERGY -- 0.6%
Integrated Oil & Gas -- 0.6%
194,060 Petroleo Brasileiro SA $ 1,695,260
-------------
Total Energy $ 1,695,260
---------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.6%
Hypermarkets & Super Centers -- 0.6%
39,766 Cia Brasileira de Distribuicao Grupo
Pao de Acucar $ 1,694,111
-------------
Total Food & Staples Retailing $ 1,694,111
---------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.1%
Brewers -- 1.1%
83,487 Cia de Bebidas das Americas $ 3,459,001
-------------
Total Food, Beverage & Tobacco $ 3,459,001
---------------------------------------------------------------------------------------------
BANKS -- 0.6%
Diversified Banks -- 0.6%
106,216 Banco Bradesco SA $ 1,764,755
-------------
Total Banks $ 1,764,755
---------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $7,475,802) $ 8,613,127
---------------------------------------------------------------------------------------------
COMMON STOCKS -- 95.1%
ENERGY -- 11.1%
Oil & Gas Equipment & Services -- 0.4%
1,210,700 Sapurakencana Petroleum Bhd* $ 1,126,678
---------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 7.8%
24,792 Ecopetrol SA (A.D.R.) $ 1,441,407
702,371 Gazprom OAO (A.D.R.) 6,251,102
58,397 Lukoil OAO (A.D.R.) 3,674,923
2,384,000 PetroChina Co., Ltd. 3,182,388
318,052 Petroleo Brasileiro SA 2,843,938
81,496 Petroleo Brasileiro SA (A.D.R.) 1,464,483
151,000 PTT PCL 1,573,429
402,547 Rosneft OAO (G.D.R.) 3,140,978
-------------
$ 23,572,648
---------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.1%
797,000 CNOOC, Ltd. $ 1,702,000
70,121 Pacific Rubiales Energy Corp. 1,530,234
-------------
$ 3,232,234
---------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.0%
133,074 Reliance Industries, Ltd. $ 1,942,915
12,621 S-Oil Corp. 1,140,941
-------------
$ 3,083,856
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
---------------------------------------------------------------------------------------------
S&P/Moody's
Ratings
Shares (unaudited) Value
---------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.8%
1,727,000 China Coal Energy Co., Ltd. $ 1,739,721
202,500 China Shenhua Energy Co., Ltd. 828,533
-------------
$ 2,568,254
-------------
Total Energy $ 33,583,670
---------------------------------------------------------------------------------------------
MATERIALS -- 11.3%
Commodity Chemicals -- 0.7%
7,027 LG Chem, Ltd. $ 2,024,443
---------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 2.2%
32,314 Sociedad Quimica y Minera de Chile SA (A.D.R.) $ 1,828,972
715,000 Taiwan Fertilizer Co., Ltd. 1,858,097
80,151 Uralkali OJSC (G.D.R.) 2,969,624
-------------
$ 6,656,693
---------------------------------------------------------------------------------------------
Construction Materials -- 1.2%
1,515,700 Indocement Tunggal Prakarsa Tbk PT $ 3,665,561
---------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 3.5%
423,000 Jiangxi Copper Co., Ltd. $ 1,085,347
129,797 MMC Norilsk Nickel OJSC (A.D.R.) (d) 2,059,245
7,836 MMC Norilsk Nickel OJSC (A.D.R.) (e) 123,966
63,632 MMC Norilsk Nickel OJSC (A.D.R.) (f) 1,009,204
123,478 Rio Tinto Plc 6,148,439
-------------
$ 10,426,201
---------------------------------------------------------------------------------------------
Gold -- 0.7%
67,712 AngloGold Ashanti, Ltd. $ 2,095,905
---------------------------------------------------------------------------------------------
Steel -- 3.0%
101,492 Gerdau SA (A.D.R.) $ 861,667
11,608 POSCO 3,457,149
81,882 Ternium SA (A.D.R.) 1,869,366
171,827 Vale SA (A.D.R.) 2,994,945
-------------
$ 9,183,127
-------------
Total Materials $ 34,051,930
---------------------------------------------------------------------------------------------
CAPITAL GOODS -- 4.9%
Aerospace & Defense -- 0.3%
34,700 Embraer SA (A.D.R.) $ 865,071
---------------------------------------------------------------------------------------------
Construction & Engineering -- 3.0%
1,987,000 China Communications Construction Co., Ltd. $ 1,807,623
1,770,000 China Railway Construction Corp., Ltd. 1,974,625
28,739 Doosan Heavy Industries & Construction Co., Ltd. 1,078,824
50,487 Larsen & Toubro, Ltd. 1,546,777
17,553 Samsung Engineering Co., Ltd. 2,625,748
-------------
$ 9,033,597
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 19
Schedule of Investments | 11/30/12 (continued)
---------------------------------------------------------------------------------------------
S&P/Moody's
Ratings
Shares (unaudited) Value
---------------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 0.6%
421,268 Bharat Heavy Electricals, Ltd. $ 1,815,014
---------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 1.0%
11,156 Hyundai Heavy Industries Co., Ltd. $ 2,173,516
766,800 Zoomlion Heavy Industry Science and
Technology Co., Ltd. 985,019
-------------
$ 3,158,535
-------------
Total Capital Goods $ 14,872,217
---------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.4%
Airlines -- 1.4%
44,205 Copa Holdings SA $ 4,192,402
-------------
Total Transportation $ 4,192,402
---------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 3.7%
Auto Parts & Equipment -- 0.7%
7,379 Hyundai Mobis $ 1,954,057
---------------------------------------------------------------------------------------------
Automobile Manufacturers -- 3.0%
453,000 Great Wall Motor Co., Ltd. $ 1,480,807
27,461 Hyundai Motor Co. 5,718,008
395,822 Tata Motors, Ltd. 1,994,299
-------------
$ 9,193,114
-------------
Total Automobiles & Components $ 11,147,171
---------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Homebuilding -- 0.2%
528,951 PDG Realty SA Empreendimentos e Participacoes $ 745,368
-------------
Total Consumer Durables & Apparel $ 745,368
---------------------------------------------------------------------------------------------
MEDIA -- 1.8%
Broadcasting -- 1.1%
131,770 Grupo Televisa SAB (A.D.R.) $ 3,118,996
---------------------------------------------------------------------------------------------
Cable & Satellite -- 0.7%
35,322 Naspers, Ltd. $ 2,176,369
-------------
Total Media $ 5,295,365
---------------------------------------------------------------------------------------------
RETAILING -- 1.5%
Apparel Retail -- 1.5%
313,532 Mr Price Group, Ltd. $ 4,681,085
-------------
Total Retailing $ 4,681,085
---------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 2.9%
Food Retail -- 1.3%
52,777 Magnit OJSC (G.D.R.) $ 1,863,213
96,120 Shoprite Holdings, Ltd. 2,071,544
-------------
$ 3,934,757
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
---------------------------------------------------------------------------------------------
S&P/Moody's
Ratings
Shares (unaudited) Value
---------------------------------------------------------------------------------------------
Hypermarkets & Super Centers -- 1.6%
1,533,872 Wal-Mart de Mexico SAB de CV $ 4,806,802
-------------
Total Food & Staples Retailing $ 8,741,559
---------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 4.7%
Soft Drinks -- 1.8%
54,432 Fomento Economico Mexicano SAB de CV (A.D.R.) $ 5,338,691
---------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.3%
120,569 BRF-Brasil Foods SA $ 2,190,060
1,216,000 Want Want China Holdings, Ltd. 1,775,362
-------------
$ 3,965,422
---------------------------------------------------------------------------------------------
Tobacco -- 1.6%
474,283 ITC, Ltd. $ 2,600,453
28,590 KT&G Corp. 2,262,602
-------------
$ 4,863,055
-------------
Total Food, Beverage & Tobacco $ 14,167,168
---------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 1.1%
Pharmaceuticals -- 1.1%
80,497 Teva Pharmaceutical Industries, Ltd. (A.D.R.) $ 3,248,054
-------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 3,248,054
---------------------------------------------------------------------------------------------
BANKS -- 22.5%
Diversified Banks -- 22.5%
8,566,000 Agricultural Bank of China, Ltd. $ 3,753,961
73,441 Axis Bank, Ltd. 1,789,539
1,434,000 Bank Mandiri Persero Tbk PT 1,232,090
8,864,000 Bank of China, Ltd. 3,736,639
2,390,500 Bank Rakyat Indonesia Persero Tbk PT 1,760,889
8,859,000 China Construction Bank Corp. 6,783,718
787,141 Commerzbank AG* 1,413,054
234,675 Grupo Financiero Santander Mexico
SAB de CV (A.D.R.)* 3,428,602
269,022 HDFC Bank, Ltd. 3,484,952
236,720 ICICI Bank, Ltd. 4,809,128
10,371,000 Industrial & Commercial Bank of China, Ltd. 6,991,031
593,095 Itau Unibanco Holding SA (A.D.R.) 8,985,389
290,100 Kasikornbank PCL 1,767,944
1,170,100 Malayan Banking Bhd 3,483,553
1,990,415 Mega Financial Holding Co., Ltd. 1,557,691
248,984 Sberbank of Russia (A.D.R.) 2,946,400
76,948 Sberbank of Russia (G.D.R.)* 907,313
314,800 Siam Commercial Bank PCL 1,665,744
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 21
Schedule of Investments | 11/30/12 (continued)
---------------------------------------------------------------------------------------------
S&P/Moody's
Ratings
Shares (unaudited) Value
---------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
69,973 State Bank of India 2,800,341
501,161 Turkiye Halk Bankasi AS 4,845,930
-------------
$ 68,143,908
-------------
Total Banks $ 68,143,908
---------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.0%
Other Diversified Financial Services -- 2.8%
679,754 FirstRand, Ltd. $ 2,216,401
105,590 Grupo BTG Pactual* 1,482,971
142,130 KB Financial Group, Inc. 4,663,639
-------------
$ 8,363,011
---------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.2%
7,420,000 Yuanta Financial Holding Co., Ltd. $ 3,750,919
-------------
Total Diversified Financials $ 12,113,930
---------------------------------------------------------------------------------------------
INSURANCE -- 0.8%
Life & Health Insurance -- 0.8%
316,000 Ping An Insurance Group Co. of China, Ltd. $ 2,389,335
-------------
Total Insurance $ 2,389,335
---------------------------------------------------------------------------------------------
REAL ESTATE -- 1.5%
Real Estate Operating Companies -- 0.3%
84,463 BR Malls Participacoes SA $ 1,085,419
---------------------------------------------------------------------------------------------
Real Estate Development -- 1.2%
1,004,000 China Overseas Land & Investment, Ltd. $ 2,970,233
1,310,000 Country Garden Holdings Co., Ltd. 627,876
-------------
$ 3,598,109
-------------
Total Real Estate $ 4,683,528
---------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.6%
Internet Software & Services -- 1.0%
98,200 Tencent Holdings, Ltd. $ 3,205,336
---------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.6%
11,707 NCSoft Corp. $ 1,745,887
-------------
Total Software & Services $ 4,951,223
---------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 3.4%
Computer Hardware -- 0.3%
828,000 Wistron Corp. $ 907,879
---------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.6%
348,000 Catcher Technology Co., Ltd. $ 1,783,136
---------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 2.5%
2,357,300 Hon Hai Precision Industry Co., Ltd. $ 7,555,350
-------------
Total Technology Hardware & Equipment $ 10,246,365
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
---------------------------------------------------------------------------------------------
S&P/Moody's
Ratings
Shares (unaudited) Value
---------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 8.5%
Semiconductors -- 8.5%
10,380 Samsung Electronics Co., Ltd. $ 13,476,621
163,480 SK Hynix, Inc. 3,683,327
416,576 Taiwan Semiconductor Manufacturing
Co., Ltd. (A.D.R.) 7,194,268
683,300 United Microelectronics Corp. (A.D.R.) 1,305,103
-------------
$ 25,659,319
-------------
Total Semiconductors &
Semiconductor Equipment $ 25,659,319
---------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 7.6%
Integrated Telecommunication Services -- 1.6%
2,772,000 China Telecom Corp., Ltd. $ 1,507,694
50,880 KT Corp. 1,771,528
1,651,000 Telekomunikasi Indonesia Persero Tbk PT 1,562,864
-------------
$ 4,842,086
---------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 6.0%
521,000 China Mobile, Ltd. $ 5,941,826
50,749 Millicom International Cellular SA 4,354,303
162,395 Mobile Telesystems OJSC (A.D.R.) 2,830,545
228,491 Turkcell Iletisim Hizmetleri AS (A.D.R.)* 3,461,639
127,982 Vodacom Group, Ltd. 1,709,465
-------------
$ 18,297,778
-------------
Total Telecommunication Services $ 23,139,864
---------------------------------------------------------------------------------------------
UTILITIES -- 0.6%
Electric Utilities -- 0.6%
28,480 Korea Electric Power Corp.* $ 703,500
434,300 Tenaga Nasional Bhd 991,565
-------------
$ 1,695,065
-------------
Total Utilities $ 1,695,065
---------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $266,605,888) $ 287,748,526
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 23
Schedule of Investments | 11/30/12 (continued)
---------------------------------------------------------------------------------------------
S&P/Moody's
Principal Ratings
Amount (unaudited) Value
---------------------------------------------------------------------------------------------
CORPORATE BONDS -- 0.1%
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
BRL 562,000 NR/NR Hypermarcas SA, 11.3%, 10/15/18 (c) $ 184,172
BRL 562,000 NR/NR Hypermarcas SA, 3.0%, 10/15/15 (c) 197,327
-------------
$ 381,499
-------------
Total Household & Personal Products $ 381,499
---------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $660,405) $ 381,499
---------------------------------------------------------------------------------------------
Shares
---------------------------------------------------------------------------------------------
EXCHANGE TRADED FUNDS -- 2.0%
DIVERSIFIED FINANCIALS -- 2.0%
Other Diversified Financial Services -- 2.0%
4,993,700 iShares FTSE A50 China Index ETF $ 6,148,661
-------------
Total Diversified Financials $ 6,148,661
---------------------------------------------------------------------------------------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $6,524,601) $ 6,148,661
---------------------------------------------------------------------------------------------
RIGHTS/WARRANTS -- 0.0%
HOUSEHOLD & PERSONAL PRODUCTS -- 0.0%
Personal Products -- 0.0%
562 Hypermarcas SA, 10/15/15 (c) $ --
-------------
Total Household & Personal Products $ --
---------------------------------------------------------------------------------------------
TOTAL RIGHTS/WARRANTS
(Cost $--) $ --
---------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 100.1%
(Cost $281,266,696) (a) (b) $302,891,813
---------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (0.1)% $ (300,961)
---------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $302,590,852
---------------------------------------------------------------------------------------------
* Non-income producing security.
NR Not rated by either S&P or Moody's.
(A.D.R.) American Depositary Receipts.
(G.D.R.) Global Depositary Receipts.
(a) At November 30, 2012, the net unrealized gain on investments based on cost
for federal income tax purposes of $283,684,769 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 34,910,402
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (15,703,358)
-------------
Net unrealized gain $ 19,207,044
-------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
(b) Distributions of investments by country of issue (excluding temporary cash
investments) as a percentage of total investment in securities, is as
follows:
South Korea 16.0%
People's Republic of China 12.6%
Brazil 10.7%
Russia 9.2%
Taiwan 8.6%
India 7.5%
Mexico 5.5%
Hong Kong 5.5%
South Africa 4.9%
Indonesia 2.7%
Turkey 2.7%
Luxembourg 2.1%
United Kingdom 2.0%
Cayman Islands 1.9%
Malaysia 1.8%
Thailand 1.7%
Panama 1.4%
Israel 1.1%
Other (individually less than 1.0%) 2.1%
-------
100.0%
-------
(c) Security is valued using fair value methods (other than prices supplied by
independent pricing services). See Notes to Financial Statements -- Note 1A.
(d) Security traded on the XLIF exchange.
(e) Security traded on the OOTC exchange.
(f) Security traded on the RTSX exchange.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended November 30, 2012 aggregated $524,585,789 and $590,814,214
respectively.
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise noted:
BRL Brazilian Real
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
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.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes to
Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 25
Schedule of Investments | 11/30/12 (continued)
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) are categorized as
Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of November 30, 2012, in
valuing the Fund's investments:
-------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------
Preferred Stocks $ 8,613,127 $ -- $ -- $ 8,613,127
Common Stocks (U.S.) 65,488,795 -- -- 65,488,795
Common Stocks (Foreign)* 14,684,789 207,574,942 -- 222,259,731
Corporate Bonds -- -- 381,499 381,499
Exchange Traded Fund -- 6,148,661 -- 6,148,661
Rights/Warrants -- -- --** --
-------------------------------------------------------------------------------------------
Total $88,786,711 $ 213,723,603 $ 381,499 $302,891,813
===========================================================================================
Other Financial Instruments
Forward Foreign Currency
Settlement Contracts $ -- $ (18) $ -- $ (18)
===========================================================================================
* Level 2 securities are valued using inputs/data furnished by independent
pricing services using fair value factors.
** Security is valued at $0.
The following is a reconciliation of assets valued using significant observable
inputs (Level 3):
--------------------------------------------------------------------------------
Corporate Rights/
Bonds Warrants
--------------------------------------------------------------------------------
Balance as of 11/30/11 $ 597,933 $ --
Realized gain (loss)(1) -- --
Change in unrealized appreciation (depreciation)(2) (216,434) --
Purchases -- --
Sales -- --
Transfers in and out of Level 3** -- --
--------------------------------------------------------------------------------
Balance as of 11/30/12 $ 381,499 $ --
================================================================================
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) on investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized gain (loss) on investments in the Statement of
Operations.
** Transfers are calculated on the beginning of period values. During the year
ended November 30, 2012, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized depreciation
of Level 3 investments still held and
considered Level 3 as of 11/30/12 $ (216,434)
------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
Statement of Assets and Liabilities | 11/30/12
ASSETS:
Investment in securities, at value (cost $281,266,696) $302,891,813
Receivables --
Investment securities sold 2,404,227
Fund shares sold 759,403
Dividends 405,840
Interest 4,253
Other 107,408
---------------------------------------------------------------------------------------------
Total assets $306,572,944
=============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 1,937,570
Fund shares repurchased 471,984
Due to custodian 1,043,311
Due to Pioneer Investment Management, Inc. 70,074
Net unrealized depreciation on forward foreign currency settlement contracts 18
Due to affiliates 161,050
Accrued expenses 298,085
---------------------------------------------------------------------------------------------
Total liabilities $ 3,982,092
=============================================================================================
NET ASSETS:
Paid-in capital $293,808,640
Undistributed net investment income 1,008,839
Accumulated net realized loss on investments and foreign
currency transactions (13,849.475)
Net unrealized gain on investments 21,625,117
Net unrealized loss on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (2,269)
---------------------------------------------------------------------------------------------
Total net assets $302,590,852
=============================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $154,064,221/6,627,885 shares) $ 23.24
Class B (based on $6,846,534/348,325 shares) $ 19.66
Class C (based on $29,770,981/1,511,559 shares) $ 19.70
Class R (based on $49,012,577/2,197,532 shares) $ 22.30
Class Y (based on $62,896,539/2,470,728 shares) $ 25.46
MAXIMUM OFFERING PRICE:
Class A ($23.24 (divided by) 94.25%) $ 24.66
=============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 27
Statement of Operations
For the Year Ended 11/30/12
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $789,280) $ 8,115,375
Interest (net of foreign taxes withheld of $5,666) 427,873
Income from securities loaned, net 4,086
---------------------------------------------------------------------------------------------
Total investment income $ 8,547,334
---------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 3,946,147
Transfer agent fees
Class A 404,194
Class B 57,109
Class C 78,297
Class R 19,125
Class Y 4,979
Distribution fees
Class A 440,203
Class B 83,891
Class C 334,894
Class R 305,330
Shareholder communications expense 599,670
Administrative reimbursements 98,173
Custodian fees 267,319
Registration fees 96,948
Professional fees 74,420
Printing expense 59,912
Fees and expenses of nonaffiliated Trustees 11,454
Miscellaneous 71,331
---------------------------------------------------------------------------------------------
Total expenses $ 6,953,396
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (172,246)
---------------------------------------------------------------------------------------------
Net expenses $ 6,781,150
---------------------------------------------------------------------------------------------
Net investment income $ 1,766,184
---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (8,975,248)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (328,474) $ (9,303,722)
---------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $ 11,459,475
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 9,085 $ 11,468,560
---------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 2,164,838
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 3,931,022
=============================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
Statements of Changes in Net Assets
----------------------------------------------------------------------------------------------
Year Ended Year Ended
11/30/12 11/30/11
----------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,766,184 $ 2,822,002
Net realized gain (loss) on investments and
foreign currency transactions (9,303,722) 72,518,487
Change in net unrealized gain (loss) on investments
and foreign currency transactions 11,468,560 (162,124,535)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 3,931,022 $ (86,784,046)
----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net realized gain:
Class A ($0.10 and $1.15 per share, respectively) $ (688,777) $ (9,879,762)
Class B ($0.10 and $1.15 per share, respectively) (36,166) (569,117)
Class C ($0.10 and $1.15 per share, respectively) (157,055) (2,058,349)
Class R ($0.10 and $1.15 per share, respectively) (228,592) (3,639,324)
Class Y ($0.10 and $1.15 per share, respectively) (255,847) (2,937,555)
----------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1,366,437) $ (19,084,107)
----------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 42,308,970 $ 81,929,355
Reinvestment of distributions 1,108,840 15,219,613
Cost of shares repurchased (137,947,426) (236,606,825)
----------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (94,529,616) $(139,457,857)
----------------------------------------------------------------------------------------------
Net decrease in net assets $ (91,965,031) $(245,326,010)
NET ASSETS:
Beginning of year 394,555,883 639,881,893
----------------------------------------------------------------------------------------------
End of year $ 302,590,852 $ 394,555,883
----------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) investment income $ 1,008,839 $ (428,008)
==============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 29
Statements of Changes in Net Assets (continued)
----------------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
----------------------------------------------------------------------------------------------
Class A
Shares sold 1,009,935 $ 23,718,474 1,638,378 $ 47,421,836
Reinvestment of distributions 28,717 658,757 388,417 8,646,297
Less shares repurchased (3,411,575) (80,072,602) (4,577,821) (133,802,347)
----------------------------------------------------------------------------------------------
Net decrease (2,372,923) $(55,695,371) (2,551,026) $ (77,734,214)
==============================================================================================
Class B
Shares sold or exchanged 10,474 $ 210,235 40,100 $ 1,012,111
Reinvestment of distributions 1,808 35,102 28,670 545,327
Less shares repurchased (188,563) (3,958,186) (336,322) (8,406,115)
----------------------------------------------------------------------------------------------
Net decrease (176,281) $ (3,712,849) (267,552) $ (6,848,677)
==============================================================================================
Class C
Shares sold 165,891 $ 3,307,821 247,875 $ 6,171,885
Reinvestment of distributions 6,863 133,490 88,112 1,677,724
Less shares repurchased (550,181) (11,384,917) (826,385) (20,408,945)
----------------------------------------------------------------------------------------------
Net decrease (377,427) $ (7,943,606) (490,398) $ (12,559,336)
==============================================================================================
Class R
Shares sold 346,935 $ 7,755,706 574,882 $ 15,906,572
Reinvestment of distributions 10,056 221,432 164,656 3,525,277
Less shares repurchased (1,459,379) (32,849,470) (1,637,994) (44,529,740)
----------------------------------------------------------------------------------------------
Net decrease (1,102,388) $(24,872,332) (898,456) $ (25,097,891)
==============================================================================================
Class Y
Shares sold 247,156 $ 7,316,734 370,971 $ 11,416,951
Reinvestment of distributions 2,390 60,059 34,034 824,988
Less shares repurchased (386,098) (9,682,251) (937,678) (29,459,678)
----------------------------------------------------------------------------------------------
Net decrease (136,552) $ (2,305,458) (532,674) $ (17,217,739)
==============================================================================================
The accompanying notes are an integral part of these financial statements.
30 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/12 11/30/11 11/30/10 11/30/09 11/30/08
-----------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 23.10 $ 29.42 $ 26.11 $ 14.20 $ 38.29
-----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.13 $ 0.18 $ 0.03 $ 0.09 $ 0.33
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.11 (5.35) 3.32 12.00 (24.03)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.24 $ (5.17) $ 3.35 $ 12.10 $ (23.70)
-----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ (0.04) $ (0.19) $ --
Net realized gain (0.10) (1.15) -- -- (0.39)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.14 $ (6.32) $ 3.31 $ 11.91 $ (24.09)
-----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 23.24 $ 23.10 $ 29.42 $ 26.11 $ 14.20
=======================================================================================================================
Total return* 1.06% (17.44)% 12.85% 86.13% (61.91)%
Ratio of net expenses to average net assets+ 1.95% 1.95% 1.94% 1.95% 1.86%
Ratio of net investment income to average net assets+ 0.53% 0.58% 0.09% 0.49% 0.99%
Portfolio turnover rate 160% 191% 91% 68% 54%
Net assets, end of period (in thousands) $ 154,064 $ 207,935 $339,834 $407,113 $ 180,675
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 2.03% 1.95% 1.94% 1.99% 1.86%
Net investment income 0.45% 0.58% 0.09% 0.45% 0.99%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.95% 1.95% 1.94% 1.95% 1.86%
Net investment income 0.53% 0.58% 0.09% 0.49% 0.99%
=======================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 31
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/12 11/30/11 11/30/10 11/30/09 11/30/08
---------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 19.74 $ 25.57 $ 22.86 $ 12.39 $ 33.84
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.10) $ (0.10) $ (0.20) $ (0.03)# $ 0.02
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.12 (4.58) 2.91 10.50 (21.08)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.02 $ (4.68) $ 2.71 $ 10.47 $ (21.06)
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ -- $ -- $ --
Net realized gain (0.10) (1.15) -- -- (0.39)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ (5.83) $ 2.71 $ 10.47 $ (21.45)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.66 $ 19.74 $ 25.57 $ 22.86 $ 12.39
===========================================================================================================================
Total return* 0.13% (18.15)% 11.86% 84.50% (61.25)%
Ratio of net expenses to average net assets+ 2.85% 2.85% 2.85% 2.85% 2.75%
Ratio of net investment income (loss) to average net assets+ (0.36)% (0.35)% (0.79)% (0.37)% 0.06%
Portfolio turnover rate 160% 191% 91% 68% 54%
Net assets, end of period (in thousands) $ 6,847 $ 10,354 $ 20,254 $ 25,130 $ 16,323
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 3.27% 3.06% 2.96% 3.13% 2.75%
Net investment income (loss) (0.78)% (0.56)% (0.91)% (0.65)% 0.06%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 2.85% 2.85% 2.85% 2.85% 2.74%
Net investment income (loss) (0.36)% (0.35)% (0.79)% (0.37)% 0.07%
===========================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/12 11/30/11 11/30/10 11/30/09 11/30/08
---------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 19.76 $ 25.56 $ 22.84 $ 12.38 $ 33.78
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.06) $ (0.05) $ (0.17) $ (0.06)# $ 0.06
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.10 (4.60) 2.89 10.52 (21.07)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.04 $ (4.65) $ 2.72 $ 10.46 $ (21.01)
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ -- $ -- $ --
Net realized gain (0.10) (1.15) -- -- (0.39)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.06) $ (5.80) $ 2.72 $ 10.46 $ (21.40)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.70 $ 19.76 $ 25.56 $ 22.84 $ 12.38
===========================================================================================================================
Total return* 0.23% (18.04)% 11.91% 84.49% (62.21)%
Ratio of net expenses to average net assets+ 2.75% 2.73% 2.76% 2.85% 2.65%
Ratio of net investment income (loss) to average net assets+ (0.25)% (0.20)% (0.70)% (0.39)% 0.20%
Portfolio turnover rate 160% 191% 91% 68% 54%
Net assets, end of period (in thousands) $ 29,771 $ 37,324 $ 60,809 $ 60,066 $ 34,242
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 2.75% 2.73% 2.76% 2.89% 2.65%
Net investment income (loss) (0.25)% (0.20)% (0.70)% (0.43)% 0.20%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 2.75% 2.73% 2.76% 2.85% 2.64%
Net investment income (loss) (0.25)% (0.20)% (0.70)% (0.39)% 0.21%
===========================================================================================================================
* 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.
# 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 33
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/12 11/30/11 11/30/10 11/30/09 11/30/08
---------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 22.23 $ 28.43 $ 25.26 $ 13.80 $ 37.32
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10 $ 0.10 $ (0.01) $ 0.12 $ 0.16
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.07 (5.15) 3.21 11.56 (23.29)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.17 $ (5.05) $ 3.20 $ 11.68 $ (23.13)
---------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ (0.03) $ (0.21) $ --
Net realized gain (0.10) (1.15) -- -- (0.39)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.07 $ (6.20) $ 3.17 $ 11.46 $ (23.52)
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 22.30 $ 22.23 $ 28.43 $ 25.26 $ 13.80
=====================================================================================================================
Total return* 0.79% (17.62)% 12.68% 85.71% (61.99)%
Ratio of net expenses to average net assets+ 2.13% 2.20% 2.10% 2.17% 2.13%
Ratio of net investment income (loss) to average net assets+ 0.39% 0.33% (0.02)% 0.19% 0.78%
Portfolio turnover rate 160% 191% 91% 68% 54%
Net assets, end of period (in thousands) $ 49,013 $ 73,347 $119,358 $84,064 $ 25,341
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 2.13% 2.28% 2.10% 2.17% 2.13%
Net investment income (loss) 0.39% 0.25% (0.02)% 0.19% 0.78%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 2.13% 2.20% 2.10% 2.17% 2.13%
Net investment income (loss) 0.39% 0.33% (0.02)% 0.19% 0.78%
=====================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
-------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/12 11/30/11 11/30/10 11/30/09 11/30/08
-------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 25.16 $ 31.73 $ 28.12 $ 15.35 $ 41.10
-------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.28 $ 0.38 $ 0.17 $ 0.22 $ 0.35
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.12 (5.80) 3.57 12.90 (25.71)
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.40 $ (5.42) $ 3.74 $ 13.12 $ (25.36)
-------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ (0.13) $ (0.35) $ --
Net realized gain (0.10) (1.15) -- -- (0.39)
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.30 $ (6.57) $ 3.61 $ 12.77 $ (25.75)
-------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 25.46 $ 25.16 $ 31.73 $ 28.12 $ 15.35
===================================================================================================================
Total return* 1.61% (16.96)% 13.39% 87.18% (61.71)%
Ratio of net expenses to average net assets+ 1.39% 1.40% 1.44% 1.42% 1.38%
Ratio of net investment income to average net assets+ 1.10% 1.13% 0.60% 1.03% 1.45%
Portfolio turnover rate 160% 191% 91% 68% 54%
Net assets, end of period (in thousands) $ 62,897 $ 65,597 $99,627 $77,721 $ 37,445
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.39% 1.40% 1.44% 1.42% 1.38%
Net investment income 1.10% 1.13% 0.06% 1.03% 1.45%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.39% 1.40% 1.44% 1.42% 1.38%
Net investment income 1.10% 1.13% 0.60% 1.03% 1.45%
===================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 35
Notes to Financial Statements | 11/30/12
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 five classes of shares designated as Class A, Class B, 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 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:
36 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
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 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 valued using the mean
between the last bid and asked prices. Short-term fixed income securities
with remaining maturities of sixty days or less generally are valued at
amortized cost. Shares of money market mutual funds are valued at their net
asset value.
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 by
utilizing an independent pricing service that supplies an appropriate fair
value factor is appropriate for the Fund.
Securities for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued by or at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of the Board of
Trustees. The Fund may 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. Examples of a significant event might include political or
economic news, corporate restructurings, natural disasters, terrorist
activity or trading halts. Thus, the valuation of the Fund's securities may
differ significantly from exchange prices and such differences could be
material. Pioneer Investment Management, Inc. (PIM) is responsible for
monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 37
At November 30, 2012, there were three securities valued using fair value
methods (in addition to securities that were valued using prices supplied by
independent pricing services) representing 0.13% of net assets. Inputs used
when applying fair value methods to value a security may include credit
ratings, the financial condition of the company, current market conditions
and comparable securities.
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).
38 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
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
shareowners. Therefore, no provision for federal income taxes is required.
As of November 30, 2012, the Fund did not have any interest and penalties
related to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax years for the
prior three fiscal years are subject to examination by Federal and State tax
authorities.
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 year ended November 30, 2012, 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 November 30, 2012, the Fund had no reserve
related to capital gains.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences. At
November 30, 2012, the Fund reclassified $329,337 to decrease undistributed
net investment income and $329,337 to decrease accumulated net realized loss
on investments to reflect permanent book/tax differences. These adjustments
have no impact on net assets or the results of operations.
At November 30, 2012, the Fund was permitted to carry forward indefinitely
$11,431,402 of short-term losses under the Regulated Investment Company
Modernization Act of 2010 without limitation.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 39
The tax character of distributions paid during the years ended November 30,
2012 and November 30, 2011 was as follows:
----------------------------------------------------------------------------
2012 2011
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ -- $ --
Long-term capital gain 1,366,437 19,084,107
----------------------------------------------------------------------------
Total $1,366,437 $ 19,084,107
============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2012:
----------------------------------------------------------------------------
2012
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,008,839
Capital loss carryforward (11,431,402)
Net unrealized gain 19,204,775
----------------------------------------------------------------------------
Total $ 8,782,212
============================================================================
The difference between book-basis and tax-basis net unrealized gain is
attributable to the tax deferral of losses on wash sales.
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 $21,951 in underwriting commissions on the sale of Class A shares
during the year ended November 30, 2012.
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).
40 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
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. Risks
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
investments 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 the Fund more susceptible to any
economic, political or regulatory developments or other risks affecting
those industries and sectors. The Fund's prospectus contains unaudited
information regarding the Fund's principal risks. Please refer to that
document when considering the Fund's principal risks.
H. Securities Lending
The Fund may lend 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
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 value
of the loaned securities. If the required market value of the collateral is
less than the value of the loaned securities, the borrower is required to
deliver additional collateral for the account of the Fund prior to the close
of business on that 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. As of May 8, 2012, the Fund ended its
involvement in the securities lending program.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 41
I. 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. 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% on assets over $1
billion. For the year ended November 30, 2012, the effective management fee
(excluding waivers and/or assumption of expenses) 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. Fees waived and expenses reimbursed during the year ended November
30, 2012 are reflected on the Statement of Operations. Class Y shares do not
have an expense limitation. These expense limitations are in effect through
April 1, 2014. There can be no assurance that PIM will extend the expense
limitation agreement for a class of shares beyond the date 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
$30,101 in management fees, administrative costs and certain other
reimbursements payable to PIM at November 30, 2012.
Effective March 5, 2012, PIM has retained Brown Brothers Harriman & Co. to
provide certain sub-administration and accounting services to the Fund.
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.
42 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
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 year ended November 30, 2012, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $351,633
Class B 19,818
Class C 54,916
Class R 150,794
Class Y 22,509
--------------------------------------------------------------------------------
Total $591,670
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $125,453 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at November 30, 2012.
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 $5,496 in distribution fees payable to PFD at November 30, 2012.
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 holding 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.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 43
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 12 months of purchase. 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 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 year ended November
30, 2012, CDSCs in the amount of $11,416 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses, due to interest earned
on cash held by PIMSS. For the year ended November 30, 2012, the Fund's expenses
were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At November 30, 2012, 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 contract. The average value of settlement hedge
contracts open during the year ended November 30, 2012 was $5,922,673. The
average value of portfolio hedge contracts open during the year ended November
30, 2012 was $381,284. At November 30, 2012, the Fund had no outstanding
portfolio hedges. At November 30, 2012, the Fund's gross forward currency
settlement contracts receivable and payable were $1,461,741 and $1,461,759,
respectively, resulting in a net payable of $18.
44 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a 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. The
credit facility in effect until January 20, 2012 was in the amount of $165
million. Under such facility, interest on borrowings was 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 credit facility in effect as of February 15, 2012 is
in the amount of $215 million. Under such facility, depending on the type of
loan, interest on borrowings is payable at LIBOR plus 0.90% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the year ended November 30, 2012, the Fund had no borrowings
under a credit facility.
8. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of November 30, 2012 were as follows:
--------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2012 Liabilities Derivatives 2012
Hedging Instruments ----------------------- ----------------------------
Under Accounting Statement of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
--------------------------------------------------------------------------------------
Net Unrealized Depreciation Receivables $-- Payables $18
on Forward Foreign Currency
Settlement Contracts*
--------------------------------------------------------------------------------------
Total $-- $18
======================================================================================
* Forward foreign exchange contracts are shown as a net payable on the
Statement of Assets and Liabilities.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 45
The effect of derivative instruments on the Statement of Operations for the year
ended November 30, 2012 was as follows:
---------------------------------------------------------------------------------------------
Derivatives Not Change in
Accounted for as Realized Unrealized
Hedging Instruments Gain on Gain (Loss)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
---------------------------------------------------------------------------------------------
Forward Foreign Currency Net realized gain (loss) on forward $8,983
Portfolio Hedge Contracts foreign currency contracts and
other assets and liabilities
denominated in foreign currencies
Forward Foreign Currency Net realized gain (loss) on $(8,810)
Settlement Contracts forward foreign currency
contracts and other assets
and liabilities denominated in
foreign currencies
Forward Foreign Currency Change in net unrealized gain $7,840
Settlement Contracts (loss) on forward foreign currency
contracts and other assets and
liabilities denominated in
foreign currencies
46 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareowners of
Pioneer Emerging Markets Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Emerging Markets Fund (the "Fund"), including the schedule of investments, as of
November 30, 2012, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of November 30, 2012, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Emerging Markets Fund at November 30, 2012, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the five years in the period then ended, in conformity with U.S. generally
accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
January 28, 2013
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 47
Additional Information (unaudited)
For the fiscal year ending November 30, 2012, the Fund has elected to pass
through foreign tax credits of $500,132.
48 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Emerging Markets Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in March 2012 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2012, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2012 and September 2012. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, October, and November, 2012 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at each regularly scheduled meeting.
At a meeting held on November 13, 2012, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund, its research process and its process for trade execution. The Trustees
considered the resources of PIM and the personnel of PIM who provide investment
management services to the Fund. The Trustees considered the non-investment
resources and personnel of PIM involved in PIM's services to the Fund, including
PIM's compliance and legal resources and personnel. The Trustees also considered
the substantial attention and high priority given
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 49
by PIM's senior management to the Pioneer fund complex. In addition, the
Trustees considered PIM's plans to increase resources in its investment
management function and other enhancements to PIM's advisory capabilities.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fifth quintile of its Morningstar
category for the one, three and five year periods ended June 30, 2012. (In all
quintile rankings referred to throughout this disclosure, first quintile is most
favorable to the Fund's shareowners. Thus, highest relative performance would be
first quintile and lowest relative expenses would also be first quintile.) The
Trustees considered reasons for the underperformance of the Fund relative to its
peer group and the steps recently taken by PIM in an effort to improve the
performance of the Fund, including changes to the Fund's portfolio management
team. The Trustees agreed that they would continue to closely monitor the Fund's
performance.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Trust Research
and Consulting, LLC (Strategic Insight), an independent third party.
50 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2012 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees noted that the Fund's management fee was only four basis points higher
than the median management fee paid by other funds in its Morningstar category.
The Trustees also noted information that showed that the current management fee
would be nine basis points above the median management fee of the Fund's
Morningstar category at a hypothetical asset level of $1 billion. The Trustees
also considered the breakpoint in the management fee schedule and the reduced
fee rate on assets over $1 billion. The Trustees considered that the Fund's
expense ratio for the twelve months ended June 30, 2012 was in the fifth
quintile relative to its Strategic Insight peer group for the comparable period.
The Trustees considered the impact of the Fund's non-management fee expenses on
the Fund's expense ratio, noting in particular the Fund's shareholder fees and
communications expenses.
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds, U.S.
registered investment companies (in a sub-advisory capacity), and unaffiliated
foreign and domestic separate accounts. The Trustees also considered PIM's costs
in providing services to the Fund and to its other clients and considered the
differences in management fees and profit margins for PIM's Fund and non-Fund
services. In evaluating the fees associated with PIM's client accounts, the
Trustees took into account the respective demands, resources and complexity
associated with the Fund and client accounts. The Trustees noted that in some
instances the fee rates for those clients were lower than the management fee for
the Fund and considered that, under the investment advisory agreement with the
Fund, PIM performs additional services for the Fund that it does not provide to
those other clients or services that are broader in scope, including oversight
of the Fund's other service providers and activities related to compliance and
the extensive regulatory and tax regimes to which the Fund is subject. The
Trustees also considered the different entrepreneurial risks associated with
PIM's management of the Fund and the other client accounts. The Trustees
concluded that the management fee payable by the Fund to PIM was reasonable in
relation to the nature and quality of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 51
further reviewed the financial results realized by PIM and its affiliates from
non-fund businesses. The Trustees considered PIM's profit margins with respect
to the Fund in comparison to the limited industry data available and noted that
the profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, rarely identifiable
on a Fund-by-Fund basis, and that, among other factors that may be relevant, are
the following: fee levels, expense subsidization, investment by PIM in research
and analytical capabilities and PIM's commitment and resource allocation to the
Funds. The Trustees noted that profitability also may be an indicator of the
availability of any economies of scale, although profitability may vary for
other reasons particularly, for example during the recent difficult periods for
financial markets, as the level of services was maintained notwithstanding a
significant decline in PIM's fee revenues from the Funds. Accordingly, the
Trustees concluded that economies of scale, if any, were being appropriately
shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
also considered the benefits to the Fund and to PIM and its affiliates from the
use of "soft" commission dollars generated by the Fund to pay for research and
brokerage services. The Trustees considered the intangible benefits to PIM by
virtue of its relationship with the Fund and the other Pioneer funds. The
Trustees concluded that the receipt of these benefits was reasonable in the
context of the overall relationship between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
52 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
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 us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 56 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 53
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (62) Trustee since 2006. Chairman and Chief Executive Officer, Director, Broadridge
Chairman of the Board Serves until a successor Quadriserv, Inc. (technology products for Financial Solutions, Inc.
and Trustee trustee is elected or securities lending industry) (2008 - (investor communications
earlier retirement or present); private investor (2004 - 2008); and securities processing
removal. and Senior Executive Vice President, The provider for financial
Bank of New York (financial and securities services industry) (2009
services) (1986 - 2004) - present); Director,
Quadriserv, Inc. (2005 -
present); and
Commissioner, New Jersey
State Civil Service
Commission (2011 -
present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (68) Trustee since 2005. Managing Partner, Federal City Capital Director of Enterprise
Trustee Serves until a successor Advisors (corporate advisory services Community Investment,
trustee is elected or company) (1997 - 2004 and 2008 - present); Inc. (privately-held
earlier retirement or Interim Chief Executive Officer, Oxford affordable housing finance
removal. Analytica, Inc. (privately held research company) (1985 - 2010);
and consulting company) (2010); Executive Director of Oxford
Vice President and Chief Financial Officer, Analytica, Inc. (2008 -
I-trax, Inc. (publicly traded health care present); Director of The
services company) (2004 - 2007); and Swiss Helvetia Fund, Inc.
Executive Vice President and Chief (closed-end fund) (2010 -
Financial Officer, Pedestal Inc. present); and Director of
(internet-based mortgage trading company) New York Mortgage Trust
(2000 - 2002) (publicly traded mortgage
REIT) (2004 - 2009, 2012
- present)
------------------------------------------------------------------------------------------------------------------------------------
54 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (68) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon
Trustee Serves until a successor Political Economy, Harvard University Institutional Funds
trustee is elected or (1972 - present) Investment Trust and
earlier retirement or Mellon Institutional
removal. Funds Master Portfolio
(oversaw 17 portfolios in
fund complex) (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (65) Trustee since 1994. Founding Director, Vice President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop Group,
trustee is elected or Inc. (consulting firm) (1982-present);
earlier retirement or Desautels Faculty of Management, McGill
removal. University (1999 - present); and Manager
of Research Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (64) Trustee since 1994. President and Chief Executive Officer, Director of New America
Trustee Serves until a successor Newbury, Piret & Company, Inc. (investment High Income Fund, Inc.
trustee is elected or banking firm) (1981 - present) (closed-end investment
earlier retirement or company) (2004 -
removal. present); and member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (84) Trustee since 1994. Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss
Trustee Serves until a successor (law firm) (1998 - present); and Partner, Helvetia Fund, Inc.
trustee is elected or Sullivan & Cromwell LLP (prior to 1998) (closed-end investment
earlier retirement or company); and Director,
removal. Invesco, Ltd. (formerly
AMVESCAP, PLC)
(investment manager)
(1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 55
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (86)* Trustee since 1994. Non-Executive Chairman and a director of None
Trustee, President and Serves until a successor Pioneer Investment Management USA Inc.
Chief Executive Officer of trustee is elected or ("PIM-USA"); Chairman and a director of
the Fund earlier retirement or Pioneer; Chairman and Director of Pioneer
removal. Institutional Asset Management, Inc.
(since 2006); Director of Pioneer
Alternative Investment Management Limited
(Dublin) (until October 2011); President
and a director of Pioneer Alternative
Investment Management (Bermuda) Limited
and affiliated funds; Deputy Chairman and
a director of Pioneer Global Asset
Management S.p.A. ("PGAM") (until April
2010); Director of Nano-C, Inc. (since
2003); Director of Cole Management Inc.
(2004 - 2011); Director of Fiduciary
Counseling, Inc. (until December 2011);
President of all of the Pioneer Funds; and
Retired Partner, Wilmer Cutler Pickering
Hale and Dorr LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (54)* Trustee since 2007. Director, CEO and President of PIM-USA None
Trustee and Executive Serves until a successor (since February 2007); Director and
Vice President trustee is elected or President of Pioneer and Pioneer
earlier retirement or Institutional Asset Management, Inc.
removal. (since February 2007); Executive Vice
President of all of the Pioneer Funds
(since March 2007); Director of PGAM
(2007 - 2010); Head of New Europe Division,
PGAM (2000 - 2005); Head of New Markets
Division, PGAM (2005 - 2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
Officers or directors of the Fund's investment adviser and certain of its
affiliates.
56 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (47) Since 2003. Serves at the Vice President and Associate General None
Secretary discretion of the Board. Counsel of Pioneer since January 2008 and
Secretary of all of the Pioneer Funds
since June 2010; Assistant Secretary of
all of the Pioneer Funds from September
2003 to May 2010; and Vice President and
Senior Counsel of Pioneer from July 2002
to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (51) Since 2010. Serves at the Fund Governance Director of Pioneer since None
Assistant Secretary discretion of the Board. December 2006 and Assistant Secretary of
all the Pioneer Funds since June 2010;
Manager - Fund Governance of Pioneer from
December 2003 to November 2006; and Senior
Paralegal of Pioneer from January 2000 to
November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (50) Since 2010. Serves at the Counsel of Pioneer since June 2007 and None
Assistant Secretary discretion of the Board. Assistant Secretary of all the Pioneer
Funds since June 2010; and Vice President
and Counsel at State Street Bank from
October 2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2008. Serves at the Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief discretion of the Board. Treasurer of all of the Pioneer Funds
Financial and Accounting since March 2008; Deputy Treasurer of
Officer of the Fund Pioneer from March 2004 to February 2008;
and Assistant Treasurer of all of the
Pioneer Funds from March 2004 to February
2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (47) Since 2000. Serves at the Assistant Vice President - Fund Treasury None
Assistant Treasurer discretion of the Board. of Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (54) Since 2002. Serves at the Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer discretion of the Board. Pioneer; and Assistant Treasurer of all of
the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 57
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2009. Serves at the Fund Administration Manager - Fund None
Assistant Treasurer discretion of the Board. Treasury of Pioneer since November 2008;
Assistant Treasurer of all of the Pioneer
Funds since January 2009; and Client
Service Manager - Institutional Investor
Services at State Street Bank from March
2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (60) Since 2010. Serves at the Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer discretion of the Board. all the Pioneer Funds since March 2010;
Director of Adviser and Portfolio
Compliance at Pioneer since October 2005;
and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October
2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (41) Since 2006. Serves at the Director--Transfer Agency Compliance of None
Anti-Money Laundering discretion of the Board. Pioneer and Anti-Money Laundering Officer
Officer of all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
58 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
This page for your notes.
Pioneer Emerging Markets Fund | Annual Report | 11/30/12 59
This page for your notes.
60 Pioneer Emerging Markets Fund | Annual Report | 11/30/12
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: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule 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.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(c) 2013 Pioneer Investments 19445-06-0113
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 (see attachment);
(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.
Audit Fees
Fees for audit services provided to the Fund, including fees
associated with the filings of its Form N-1A, totaled
approximately $38,832 in 2012 and approximately $40,886
in 2011.
(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.
Audit-Related Fees
There were no fees for audit-related services
provided to the Fund during the fiscal years ended
November 30, 2012 and 2011.
(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.
Tax Fees
Fees for tax compliance services, primarily for tax returns,
totaled $8,290 in 2012 and $8,290 in 2011.
(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.
Other Fees
There were no fees for other services
provided to the Fund during the fiscal years ended
November 30, 2012 and 2011.
(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.
Non-Audit Services
Beginning with non-audit service contracts entered into on
or after May 6, 2003, the effective date of the new SEC pre-
approval rules, the Fund's audit committee is required to
pre-approve services to affiliates defined by SEC rules to
the extent that the services are determined to have a direct
impact on the operations or financial reporting of the Fund.
For the years ended November 30, 2012 and 2011, there
were no services provided to an affiliate that required the
Fund's audit committee pre-approval.
(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.
The aggregate non-audit fees for the Fund and affiliates, as
previously defined, totaled approximately $8,290 in 2012
and $8,290 in 2011.
(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 January 29, 2013
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 January 29, 2013
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date January 29, 2013
* Print the name and title of each signing officer under his or her signature.