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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, 2013 through November 30, 2014
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 STOCKHOLDERS.
Pioneer Emerging
Markets Fund
--------------------------------------------------------------------------------
Annual Report | November 30, 2014
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PEMFX
Class C PCEFX
Class R PEMRX
Class Y PYEFX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 24
Notes to Financial Statements 32
Report of Independent Registered Public Accounting Firm 45
Approval of Investment Advisory Agreement 46
Trustees, Officers and Service Providers 51
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 1
President's Letter
Dear Shareowner,
Today's market environment presents numerous opportunities as well as challenges
for investors. A disparate global economic landscape has formed, with the U.S.
facing prospects for continued growth, while questions abound regarding the
outlook for other regions. Employment, household income, and corporate profits
have been rising in the U.S. and inflation pressures remain low. However, many
countries across Europe as well as Japan face muted growth. In addition, a
variety of factors have clouded the outlook for countries such as Russia and
Brazil and China's investment-driven economy continues to slow.
Monetary policies of major central banks are diverging, reflecting different
economic conditions. With the U.S. economy no longer in need of extraordinary
stimulus, the Federal Reserve Board may be closer to raising short-term interest
rates. Conversely, the European Central Bank and the Bank of Japan are likely to
be adding, not removing, stimulus.
While we anticipate continued growth for the U.S., the outlook is far from
certain, nor is the outlook for other regions necessarily dire. It remains to
be seen how weakness outside the U.S. will affect global growth and whether
easing monetary policies in other regions will spur an economic recovery.
While these economic conditions may lead to increasing volatility in 2015, we
believe the opportunity for investors to earn attractive returns will persist.
However, in an environment where interest rates remain low and equity valuations
have been buoyed by an extended bull market, we believe it is imperative
investors adhere to a disciplined investment approach that is consistent with
one's goals and objectives, being mindful of the tradeoff between risk and
return.
Since 1928 Pioneer's investment professionals have been focused on identifying
and capitalizing on investment opportunities that present themselves in a
variety of ever changing market conditions, including those we face today. We
seek returns consistent with our strategies' stated style and
2 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
objectives and consistent with our shareholders' expectations,
regardless of market conditions. We believe our shareowners benefit from the
experience and tenure of our investment teams, the insights generated from
extensive research resources and a commitment to prudent risk management
designed to mitigate downside and preserve returns over time.
We encourage you to work with your financial advisor to develop an overall
investment plan that addresses both your short- and long-term goals, and to
implement such a plan in a disciplined manner, as we do when deploying
strategies on behalf of our shareowners.
We greatly appreciate your trust in us in the past and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
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 | 11/30/14 3
Portfolio Management Discussion | 11/30/14
In the following interview, Mauro Ratto, Marco Mencini, and Andrea Salvatori,
portfolio managers of Pioneer Emerging Markets Fund, discuss the investment
environment and the Fund's performance during the 12-month period ended November
30, 2014. Mr. Ratto, Head of Emerging Markets Investment Management at Pioneer,
Mr. Mencini, Head of Equities, Emerging Markets, and a portfolio manager at
Pioneer, and Mr. Salvatori, Head of Global Emerging Markets & Latin American
Equities, Head of Emerging Market Equity Research, and a senior portfolio
manager at Pioneer, are responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the 12-month period ended November 30, 2014?
A The Fund's Class A shares returned -6.88% at net asset value during the
12-month period ended November 30, 2014, while the Fund's benchmark, the
Morgan Stanley Capital International (MSCI) Emerging Markets ND Index (the
MSCI Index)(1), returned 1.06%. During the same period, the average return
of the 695 mutual funds in Lipper's Emerging Markets Funds category was
1.26%, and the average return of the 699 mutual funds in Morningstar's
Diversified Emerging Markets Funds category was 1.41%.
Q Could you please review the performance of emerging markets stocks during
the 12-month period ended November 30, 2014?
A Emerging markets stocks, as measured by the Fund's benchmark, the MSCI
Index, finished the 12-month reporting period with a total return of 1.06%,
but the modest gain belies the high levels of market volatility that
characterized the period. When the Fund's fiscal year began in December
2013, the emerging markets were in the early stages of a downturn stemming
from concerns about slowing economic growth in China and
(1) The MSCI information may only be used for your internal use, may not be
reproduced or redisseminated 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 | 11/30/14
the emerging conflict between Russia and the Ukraine. Additionally,
speculation that the U.S. Federal Reserve System (the "Fed") might raise
short-term interest rates sooner than expected sparked heavy outflows of
investor cash from the emerging markets, leading to a sharp sell-off in the
currencies of emerging nations.
The concerns abated at the beginning of February, touching off a rally that
continued through the end of September. During that time frame, investors
displayed a hearty appetite for risk amid signs of stronger global economic
growth and evidence of stabilization in China's economy. Further, the
markets responded favorably to the improving outlook for reforms in key
emerging nations such as Mexico, India, and China. The rally stalled late in
the period, however, as emerging markets stocks were hit by sharply
declining commodity prices and slower economic growth in Japan and
continental Europe. The resulting downturn erased a large portion of the
gains realized during the earlier February-through-September rally, causing
the emerging markets to finish the 12-month period with a return well short
of the nearly 9% gain generated by developed global markets (as measured by
the MSCI World ND Index).
Q Which of your investment strategies or individual security selections had
the greatest effect on the Fund's performance during the 12-month period
ended November 30, 2014, either from a positive or negative standpoint?
A After outperforming the MSCI Index through the first six months of the
period, weaker performance through the summer and autumn of 2014 caused the
Fund to underperform its benchmark for the full 12-month period.
The Fund's underperformance was partially the result of our country
allocation decisions, with portfolio overweights in China and Russia playing
a part. Individual stock selection results, however, were the primary driver
of the Fund's performance shortfall relative to the MSCI Index during the
period.
From an individual security standpoint, the leading detractor from the
Fund's relative performance was a position in Astaldi, an Italian
construction firm that does significant business in the emerging markets.
The Fund's position in TMK OAO, a Russian firm that supplies the oil & gas
industry with steel and other infrastructure-related products, also lost
ground during the period due to weakness in both oil prices and the Russian
market as a whole. Other individual portfolio positions which detracted from
the Fund's results during the period included China ITS, a leading
technology solution and service provider in China's transport industry,
Goodbaby International, a consumer discretionary company based in Hong Kong,
and construction firm OHL Mexico.
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 5
Other detractors from benchmark-relative performance included the
portfolio's allocation to mid-cap stocks, which underperformed the types of
very large-cap stocks found in the MSCI Index amid the challenging
investment environment that prevailed in the latter part of the period. As
we saw during the period, mid- and smaller-cap companies tend to be more
exposed to shifts in investor sentiment, but we also think they have
above-average potential for longer-term outperformance, since they aren't as
heavily followed by the global investment community.
On the plus side, the Fund's underweight position in Korea was a positive
for relative performance. Among individual holdings, the largest contributor
to the Fund's performance during the period was a position in Tata Motors
(India), which benefited from robust sales growth and the strong performance
of the Indian market. Positions in the Brazilian consumer goods firm,
Hypermarcas, and the Korean semiconductor equipment firm, WONIK IPS, also
made strong contributions to the Fund's benchmark-relative results during
the 12-month period.
Q Did you invest in any derivatives while managing the Fund during the
12-month period ended November 30, 2014? If so, did the derivative positions
have any effect on the Fund's performance?
A A notable aspect of our investment strategy for the Fund is the use of
derivatives in the form of currency forward contracts. Our goal in using
derivatives isn't to add to the Fund's total return, but to attempt to
"hedge" (or mitigate) the currency risks of certain portfolio positions. The
use of currency forward contracts added modestly to the Fund's performance
during the 12-month period, a time which featured above-average currency
volatility in the emerging markets.
Q What is your outlook for the emerging markets heading into 2015, and how is
the Fund's portfolio positioned in accordance with that outlook?
A We believe the emerging markets may represent a compelling investment
opportunity going forward in the wake of their weak performance of the past
12 months. The asset class has underperformed the developed markets by a
wide margin this year, which has depressed valuations and created the
potential for a positive surprise if global economic growth comes in above
expectations. At the same time, however, we also think that emerging markets
investors will be better served by targeting company-specific opportunities
- focusing on corporations with strong fundamentals, sustainable paths to
growth, and intelligent allocation of capital - rather than taking a
broad-based approach to the asset class.
6 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
Our view is reflected in the Fund's current positioning, which varies
considerably from that of the MSCI Index benchmark. For example, the Fund
held a significant overweight in China relative to the benchmark at the
close of the 12-month period. We believe China's stock market should benefit
as the reform process in the country gains momentum, and headline economic
growth holds near the current level of about 7%. At the close of the period,
Huaneng Renewables and China Conch Venture Holdings were the Fund's two
largest positions in China. We are also optimistic on the outlook for India,
where the prospects for meaningful reforms could lead to stronger economic
growth in the years ahead. We see potential opportunities in both Indonesia
and Turkey as well.
On the other side of the ledger, we have established portfolio underweights
in some of the major benchmark components that we think could be vulnerable
to continued headwinds: Russia (moved from overweight to underweight by the
end of the period), Brazil, South Africa and South Korea. With regard to
Russia, we believe the combination of falling oil prices and economic
sanctions from the West as a result of the aggression in the Ukraine
represent enormous pressures on both the ruble and the Russian economy as a
whole. The country's stock market features exceptionally low valuations, but
we still don't think the potential rewards outweigh the risks. We are also
skeptical on Brazil, which appears headed for a recession. While we aren't
as concerned as many other investors about the populist policies of
President Dilma Rousseff, we do believe the country is burdened by falling
oil prices and the need for massive infrastructure investment. Lastly, the
portfolio is also underweight in South Africa, where growth has stagnated,
and in South Korea, which is vulnerable to the weakness of the Japanese yen.
While the portfolio continues to have weightings in those countries, our
investments are focused on individual companies whose stock prices may
benefit from specific growth drivers.
We continue to hold a portfolio weighting in smaller "frontier" markets that
aren't represented in the benchmark. These include allocations to Egypt,
Qatar, United Arab Emirates, Kenya and Nigeria. The weighting in the
frontier markets does not represent a "top-down" call on those markets;
instead, it reflects our favorable bottom-up view of the portfolio's
individual investments, such as the Egyptian company Global Telecom Holding.
While we continue to look for opportunities in that segment of the emerging
markets asset class, we haven't added significantly to the Fund's positions
in recent months since the frontier markets, as a group, tend to have
above-average sensitivity to oil prices.
In terms of sector weights, the Fund's largest underweight relative to the
MSCI Index is in consumer staples. We continue to like select opportunities
in the group - including the Brazilian meat producer Mafrig Global
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 7
Foods, a company that we believe stands to benefit from increasing global
demand for protein - but we also think the sector as a whole is too richly
valued in relation to its modest growth. The Fund is also underweight in
financials, information technology, and energy. Conversely, the Fund is
overweight in the industrials, consumer discretionary, and materials
sectors. Within the industrials sector, we are finding what we believe are
some of the most compelling stock-specific opportunities in both airline and
infrastructure-related companies.
Overall, we believe our bottom-up approach, highlighted by our emphasis on
fundamentals and valuations, has helped us to construct a portfolio of
higher-quality companies that are positioned for potentially solid
performance.
Please refer to the Schedule of Investments on pages 17-23 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.
The portfolio may invest a substantial amount of its assets in issuers located
within a specific region, and is, therefore, more susceptible to adverse
developments affecting those regions.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
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. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
8 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
Portfolio Summary | 11/30/14
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Industrials 20.1%
Financials 15.6%
Information Technology 14.5%
Materials 12.1%
Consumer Staples 11.7%
Consumer Discretionary 6.9%
Utilities 5.8%
Telecommunication Services 5.5%
Energy 5.2%
Health Care 2.6%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
China 27.0%
Brazil 10.4%
Russia 9.7%
South Korea 6.7%
Mexico 6.2%
Egypt 5.5%
Italy 5.1%
Australia 4.7%
Philippines 3.9%
United Arab Emirates 3.6%
Republic of Georgia 3.1%
India 2.9%
Austria 2.8%
Kenya 1.8%
Saudi Arabia 1.5%
Nigeria 1.1%
Hong Kong 1.0%
Taiwan 1.0%
Other (individually less than 1.0%) 2.0%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. PhosAgro OAO (G.D.R.) 6.56%
--------------------------------------------------------------------------------
2. Huaneng Renewables Corp., Ltd. 5.84
--------------------------------------------------------------------------------
3. Tupy SA 5.74
--------------------------------------------------------------------------------
4. Wonik IPS Co., Ltd. 5.73
--------------------------------------------------------------------------------
5. China Conch Venture Holdings, Ltd. 5.68
--------------------------------------------------------------------------------
6. Goodbaby International Holdings, Ltd. 5.68
--------------------------------------------------------------------------------
7. China ITS Holdings Co., Ltd. 5.37
--------------------------------------------------------------------------------
8. Astaldi S.p.A. 5.07
--------------------------------------------------------------------------------
9. Global Telecom Holding SAE (G.D.R.) 4.99
--------------------------------------------------------------------------------
10. MMG, Ltd. 4.73
--------------------------------------------------------------------------------
* 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 | 11/30/14 9
Prices and Distributions | 11/30/14
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 11/30/14 11/30/13
--------------------------------------------------------------------------------
A $20.92 $24.06
--------------------------------------------------------------------------------
C $17.35 $20.32
--------------------------------------------------------------------------------
R $20.02 $23.11
--------------------------------------------------------------------------------
Y $23.06 $26.38
--------------------------------------------------------------------------------
Distributions per Share: 12/1/13-11/30/14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0830 $0.0685 $1.3463
--------------------------------------------------------------------------------
C $ -- $0.0685 $1.3463
--------------------------------------------------------------------------------
R $0.0447 $0.0685 $1.3463
--------------------------------------------------------------------------------
Y $0.2344 $0.0685 $1.3463
--------------------------------------------------------------------------------
The MSCI Emerging Markets ND Index is an unmanaged index that 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 11-14.
10 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
Performance Update | 11/30/14 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Emerging Markets Fund at public
offering price during the periods shown, compared to that of the Morgan Stanley
Capital International (MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of November 30, 2014)
--------------------------------------------------------------------------------
Net Public MSCI
Asset Offering Emerging
Value Price Markets
Period (NAV) (POP) ND Index
--------------------------------------------------------------------------------
10 Years 5.86% 5.23% 9.45%
5 Years -1.83 -2.99 3.54
1 Year -6.88 -12.24 1.06
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.91%
--------------------------------------------------------------------------------
[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 ND Index
11/30/2004 $ 9,425 $ 10,000
11/30/2005 $ 12,802 $ 13,260
11/30/2006 $ 17,519 $ 17,762
11/30/2007 $ 25,758 $ 25,782
11/30/2008 $ 9,812 $ 11,201
11/30/2009 $ 18,264 $ 20,734
11/30/2010 $ 20,610 $ 23,915
11/30/2011 $ 17,016 $ 21,156
11/30/2012 $ 17,197 $ 23,558
11/30/2013 $ 17,882 $ 24,420
11/30/2014 $ 16,652 $ 24,678
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 | 11/30/14 11
Performance Update | 11/30/14 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of November 30, 2014)
--------------------------------------------------------------------------------
MSCI
Emerging
If If Markets
Period Held Redeemed ND Index
--------------------------------------------------------------------------------
10 Years 5.02% 5.02% 9.45%
5 Years -2.63 -2.63 3.54
1 Year -7.69 -7.69 1.06
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2014)
--------------------------------------------------------------------------------
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 ND Index
11/30/2004 $ 10,000 $ 10,000
11/30/2005 $ 13,495 $ 13,260
11/30/2006 $ 18,319 $ 17,762
11/30/2007 $ 26,734 $ 25,782
11/30/2008 $ 10,103 $ 11,201
11/30/2009 $ 18,640 $ 20,734
11/30/2010 $ 20,860 $ 23,915
11/30/2011 $ 17,097 $ 21,156
11/30/2012 $ 17,137 $ 23,558
11/30/2013 $ 17,676 $ 24,420
11/30/2014 $ 16,317 $ 24,678
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). "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.
12 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
Performance Update | 11/30/14 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of November 30, 2014)
--------------------------------------------------------------------------------
MSCI
Emerging
If If Markets
Period Held Redeemed ND Index
--------------------------------------------------------------------------------
10 Years 5.62% 5.62% 9.45%
5 Years -2.03 -2.03 3.54
1 Year -7.10 -7.10 1.06
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.08%
--------------------------------------------------------------------------------
[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 ND Index
11/30/2004 $ 10,000 $ 10,000
11/30/2005 $ 13,553 $ 13,260
11/30/2006 $ 18,472 $ 17,762
11/30/2007 $ 27,107 $ 25,782
11/30/2008 $ 10,304 $ 11,201
11/30/2009 $ 19,135 $ 20,734
11/30/2010 $ 21,562 $ 23,915
11/30/2011 $ 17,762 $ 21,156
11/30/2012 $ 17,903 $ 23,558
11/30/2013 $ 18,594 $ 24,420
11/30/2014 $ 17,273 $ 24,678
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 R shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 13
Performance Update | 11/30/14 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of November 30, 2014)
--------------------------------------------------------------------------------
MSCI
Emerging
If If Markets
Period Held Redeemed ND Index
--------------------------------------------------------------------------------
10 Years 6.44% 6.44% 9.45%
5 Years -1.30 -1.30 3.54
1 Year -6.41 -6.41 1.06
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.33%
--------------------------------------------------------------------------------
[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 ND Index
11/30/2004 $ 5,000,000 $ 5,000,000
11/30/2005 $ 6,838,525 $ 6,629,857
11/30/2006 $ 9,409,931 $ 8,880,877
11/30/2007 $ 13,903,216 $ 12,890,824
11/30/2008 $ 5,323,239 $ 5,600,261
11/30/2009 $ 9,963,763 $ 10,367,038
11/30/2010 $ 11,297,961 $ 11,957,377
11/30/2011 $ 9,382,223 $ 10,577,948
11/30/2012 $ 9,533,460 $ 11,778,941
11/30/2013 $ 9,974,447 $ 12,209,944
11/30/2014 $ 9,335,100 $ 12,338,837
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.
14 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
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, 2014 through November 30, 2014.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 6/1/14
--------------------------------------------------------------------------------
Ending Account Value $ 908.31 $ 904.38 $ 907.58 $ 910.59
(after expenses)
on 11/30/14
--------------------------------------------------------------------------------
Expenses Paid $ 9.38 $ 13.37 $ 10.42 $ 6.71
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.96%,
2.80%, 2.18% and 1.40% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads), that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from June 1, 2014 through November 30, 2014.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 6/1/14
--------------------------------------------------------------------------------
Ending Account Value $1,015.24 $1,011.03 $1,014.14 $1,018.05
(after expenses)
on 11/30/14
--------------------------------------------------------------------------------
Expenses Paid $ 9.90 $ 14.12 $ 11.01 $ 7.08
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.96%,
2.80%, 2.18% and 1.40% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
16 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
Schedule of Investments | 11/30/14
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
PREFERRED STOCK -- 0.0%+
ENERGY -- 0.0%+
Integrated Oil & Gas -- 0.0%+
2,301 Petroleo Brasileiro SA $ 11,793
--------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $15,997) $ 11,793
--------------------------------------------------------------------------------
COMMON STOCKS -- 96.5%
ENERGY -- 5.1%
Oil & Gas Equipment & Services -- 3.3%
1,395,000 Hilong Holding, Ltd. $ 421,065
1,175,947 TMK OAO (G.D.R.) 5,934,779
------------
$ 6,355,844
--------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.8%
33,237,504 KenolKobil, Ltd. Group $ 3,448,500
------------
Total Energy $ 9,804,344
--------------------------------------------------------------------------------
MATERIALS -- 11.9%
Fertilizers & Agricultural Chemicals -- 6.5%
1,119,333 PhosAgro OAO (G.D.R.) $ 12,417,871
--------------------------------------------------------------------------------
Metal & Glass Containers -- 0.8%
368,424 Nampak, Ltd. $ 1,484,868
--------------------------------------------------------------------------------
Diversified Metals & Mining -- 4.6%
25,912,000 MMG, Ltd.* $ 8,947,994
------------
Total Materials $ 22,850,733
--------------------------------------------------------------------------------
CAPITAL GOODS -- 12.1%
Construction & Engineering -- 5.5%
1,436,050 Astaldi S.p.A. $ 9,591,721
726,831 Empresas ICA SAB de CV* 1,070,975
------------
$ 10,662,696
--------------------------------------------------------------------------------
Industrial Machinery -- 5.6%
5,156,500 China Conch Venture Holdings, Ltd.* $ 10,737,229
--------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.0%
2,062,000 Noble Group, Ltd. $ 1,932,934
------------
Total Capital Goods $ 23,332,859
--------------------------------------------------------------------------------
TRANSPORTATION -- 6.9%
Air Freight & Logistics -- 0.3%
699,686 Aramex PJSC $ 592,507
--------------------------------------------------------------------------------
Airlines -- 2.1%
9,950,663 Air Arabia PJSC $ 4,002,694
--------------------------------------------------------------------------------
Highways & Railtracks -- 4.5%
3,830,127 OHL Mexico SAB de CV* $ 8,769,811
------------
Total Transportation $ 13,365,012
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 17
Schedule of Investments | 11/30/14 (continued)
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 7.7%
Auto Parts & Equipment -- 5.7%
1,571,458 Tupy SA $ 10,864,885
--------------------------------------------------------------------------------
Automobile Manufacturers -- 2.0%
721,907 Tata Motors, Ltd. $ 3,927,705
------------
Total Automobiles & Components $ 14,792,590
--------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 5.6%
Leisure Products -- 5.6%
27,580,000 Goodbaby International Holdings, Ltd. $ 10,736,732
------------
Total Consumer Durables & Apparel $ 10,736,732
--------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.0%+
Casinos & Gaming -- 0.0%+
393 NagaCorp, Ltd. $ 315
------------
Total Consumer Services $ 315
--------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 4.5%
Packaged Foods & Meats -- 4.5%
1,048,287 Flour Mills of Nigeria Plc $ 295,904
3,341,232 Marfrig Global Foods SA* 8,477,277
------------
$ 8,773,181
------------
Total Food, Beverage & Tobacco $ 8,773,181
--------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.6%
Pharmaceuticals -- 0.6%
35,343 Hikma Pharmaceuticals Plc $ 1,082,011
------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 1,082,011
--------------------------------------------------------------------------------
BANKS -- 13.6%
Diversified Banks -- 13.6%
2,186,000 China Construction Bank Corp. $ 1,653,846
6,909 Credicorp, Ltd. 1,144,545
193,288 Erste Group Bank AG 5,220,319
54,303 ICICI Bank, Ltd. 1,533,150
2,093,000 Industrial & Commercial Bank of China, Ltd. 1,413,191
415 Mega Financial Holding Co., Ltd. 337
4,099,959 Philippine National Bank* 7,411,287
423,220 TBC Bank JSC (G.D.R.)* 5,920,778
63,961,987 United Bank for Africa Plc 1,837,720
------------
$ 26,135,173
------------
Total Banks $ 26,135,173
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.7%
Consumer Finance -- 0.6%
452,685 Credito Real SAB de CV $ 1,171,282
--------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.1%
980,800 Haitong Securities Co., Ltd. $ 2,083,743
------------
Total Diversified Financials $ 3,255,025
--------------------------------------------------------------------------------
REAL ESTATE -- 1.5%
Diversified REIT -- 0.4%
446,040 Mexico Real Estate Management SA de CV $ 792,273
--------------------------------------------------------------------------------
Real Estate Development -- 1.1%
715,124 Emaar Properties PJSC $ 2,126,639
------------
Total Real Estate $ 2,918,912
--------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 6.7%
Internet Software & Services -- 1.4%
272,368 ChinaCache International Holdings, Ltd. (A.D.R.)* $ 2,761,812
--------------------------------------------------------------------------------
IT Consulting & Other Services -- 5.3%
68,546,000 China ITS Holdings Co., Ltd. $ 10,166,717
------------
Total Software & Services $ 12,928,529
--------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.0%
Electronic Manufacturing Services -- 1.0%
608,681 Hon Hai Precision Industry Co., Ltd. $ 1,901,060
------------
Total Technology Hardware & Equipment $ 1,901,060
--------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 6.5%
Semiconductor Equipment -- 5.6%
861,186 Wonik IPS Co., Ltd.* $ 10,844,714
--------------------------------------------------------------------------------
Semiconductors -- 0.9%
41,064 SK Hynix, Inc. $ 1,774,543
------------
Total Semiconductors &
Semiconductor Equipment $ 12,619,257
--------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 5.4%
Wireless Telecommunication Services -- 5.4%
3,233,881 Global Telecom Holding SAE (G.D.R.)* $ 9,431,232
1,647,260 Global Telecom Holding SAE* 979,134
------------
$ 10,410,366
------------
Total Telecommunication Services $ 10,410,366
--------------------------------------------------------------------------------
UTILITIES -- 5.7%
Renewable Electricity -- 5.7%
30,426,000 Huaneng Renewables Corp., Ltd.* $ 11,051,828
------------
Total Utilities $ 11,051,828
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $202,381,341) $185,957,927
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 19
Schedule of Investments | 11/30/14 (continued)
--------------------------------------------------------------------------------
Principal
Amount($) Value
--------------------------------------------------------------------------------
CORPORATE BONDS -- 0.2%
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Personal Products -- 0.2%
BRL 562,000 Hypermarcas SA, 11.3%, 10/15/18 (c) $ 110,109
BRL 562,000 Hypermarcas SA, 3.0%, 10/15/15 (c) 280,401
------------
$ 390,510
------------
Total Household & Personal Products $ 390,510
--------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $569,729) $ 390,510
--------------------------------------------------------------------------------
Equity Linked Notes - 1.5%
Retailing - 0.5%
Apparel Retail - 0.5%
36,809 Fawaz Abdulaziz Alhokair & Co. $ 963,676
------------
Total Retailing $ 963,676
--------------------------------------------------------------------------------
Health Care Equipment & Services - 1.0%
Health Care Facilities - 1.0%
55,829 Al Mouwasat Medical Services $ 1,852,140
------------
Total Health Care Equipment & Services $ 1,852,140
--------------------------------------------------------------------------------
TOTAL EQUITY LINKED NOTES
(Cost $1,952,402) $ 2,815,816
--------------------------------------------------------------------------------
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 -- 98.2%
(Cost $204,919,469) (a)(b) $189,176,046
--------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.8% $ 3,453,486
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $192,629,532
================================================================================
+ Amount rounds to less than 0.1%.
* Non-income producing security.
(A.D.R.) American Depositary Receipts.
(G.D.R.) Global Depositary Receipts.
REIT Real Estate Investment Trust.
The accompanying notes are an integral part of these financial statements.
20 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
(a) At November 30, 2014, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $206,454,269 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 7,662,014
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (24,940,237)
------------
Net unrealized depreciation $(17,278,223)
============
(b) Distributions of investments by country of issue (excluding temporary
cash investments) as a percentage of total investment in securities,
is as follows:
China 27.0%
Brazil 10.4
Russia 9.7
South Korea 6.7
Mexico 6.2
Egypt 5.5
Italy 5.1
Australia 4.7
Philippines 3.9
United Arab Emirates 3.6
Republic of Georgia 3.1
India 2.9
Austria 2.8
Kenya 1.8
Saudi Arabia 1.5
Nigeria 1.1
Hong Kong 1.0
Taiwan 1.0
Other (individually less than 1.0%) 2.0
-----
100.0%
=====
(c) Security is valued using fair value methods (other than prices
supplied by independent pricing services or broker-dealers). See Notes
to Financial Statements -- Note 1A.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended November 30, 2014 aggregated $326,388,260 and $378,789,555,
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.
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 or broker-dealers)
as Level 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 21
Schedule of Investments | 11/30/14 (continued)
The following is a summary of the inputs used as of November 30, 2014, in
valuing the Funds's investments:
---------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------
Preferred Stocks $ 11,793 $ -- $ -- $ 11,793
Common Stocks (U.S.) -- -- -- --
Common Stocks (Foreign)*
Capital Goods
Construction & Engineering 1,070,975 9,591,721 -- 10,662,696
Transportation
Highways & Railtracks 8,769,811 -- -- 8,769,811
Automobiles & Components
Auto Parts & Equipment 10,864,885 -- -- 10,864,885
Food, Beverage & Tobacco
Packaged Foods & Meats 8,773,181 -- -- 8,773,181
Banks
Diversified Banks 2,982,265 23,152,908 -- 26,135,173
Diversified Financials
Consumer Finance 1,171,282 -- -- 1,171,282
Real Estate
Diversified REIT 792,273 -- -- 792,273
Software & Services
Internet Software
& Services 2,761,812 -- -- 2,761,812
All Other Common
Stocks (Foreign)* -- 116,026,814 -- 116,026,814
Corporate Bonds -- -- 390,510 390,510
Equity Linked Notes -- 2,815,816 -- 2,815,816
Rights/Warrants -- -- --** --
---------------------------------------------------------------------------------------------
Total $ 37,198,277 $ 151,587,259 $ 390,510 $189,176,046
=============================================================================================
Other Financial Instruments
Net unrealized appreciation
Forward Foreign
Currency Contracts $ -- $ 2,974,284 $ -- $ 2,974,284
Net unrealized depreciation
Forward Foreign
Currency Contracts -- (1,115,976) -- (1,115,976)
---------------------------------------------------------------------------------------------
Total $ -- $ 1,858,308 $ -- $ 1,858,308
=============================================================================================
* Level 2 securities are valued using inputs/data furnished by independent
pricing services using fair value factors.
** Security is valued at $0.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of November 30, 2014.
---------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------
Assets:
Foreign currencies at value $ -- $ 1,127,565 $ -- $ 1,127,565
Cash with broker -- 450,000 -- 450,000
---------------------------------------------------------------------------------------------
Total $ -- $ 1,577,565 $ -- $ 1,577,565
=============================================================================================
-------------------------------------------------------------------------------------
Corporate Rights/
Bonds Warrants Total
-------------------------------------------------------------------------------------
Balance as of 11/30/13 $390,659 $ --*** $390,659
Realized gain (loss)(1) -- -- --
Change in unrealized appreciation (depreciation)(2) (149) -- (149)
Purchases -- -- --
Sales -- -- --
Transfers in and out of Level 3** -- -- --
-------------------------------------------------------------------------------------
Balance as of 11/30/14 $390,510 $ --*** $390,510
=====================================================================================
(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 appreciation (depreciation) on investments in the
Statement of Operations.
** Transfers are calculated on the beginning of period values. During the year
ended November 30, 2014, there were no transfers between Levels 1, 2 and 3.
*** Security is valued at $0.
Net change in unrealized depreciation of Level 3 investments
still held and considered Level 3 as of 11/30/14 $(149)
------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 23
Statement of Assets and Liabilities | 11/30/14
ASSETS:
Investment in securities, at value (cost $204,919,469) $189,176,046
Foreign currencies, at value (cost $1,254,236) 1,127,565
Cash with broker 450,000
Receivables --
Investment securities sold 2,895,806
Fund shares sold 119,541
Dividends 69,492
Interest 90,135
Due to Pioneer Investment Management, Inc. 16,094
Net unrealized appreciation on forward foreign currency contracts 2,974,284
Prepaid expenses 14,142
--------------------------------------------------------------------------------------
Total assets $196,933,105
--------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 1,904,953
Fund shares repurchased 215,551
Trustee fees 1,151
Net unrealized depreciation on forward foreign currency contracts 1,115,976
Due to custodian 757,074
Due to affiliates 156,790
Accrued expenses 152,078
--------------------------------------------------------------------------------------
Total liabilities $ 4,303,573
======================================================================================
NET ASSETS:
Paid-in capital $204,216,870
Undistributed net investment income 1,685,091
Accumulated net realized gain on investments and foreign
currency transactions 760,241
Net unrealized depreciation on investments (15,743,423)
Net unrealized appreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 1,710,753
--------------------------------------------------------------------------------------
Total net assets $192,629,532
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $104,251,216/4,982,267 shares) $ 20.92
Class C (based on $18,801,005/1,083,352 shares) $ 17.35
Class R (based on $33,742,313/1,685,050 shares) $ 20.02
Class Y (based on $35,834,998/1,553,687 shares) $ 23.06
MAXIMUM OFFERING PRICE:
Class A ($20.92 (divided by) 94.25%) $ 22.20
======================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
Statement of Operations
For the Year Ended 11/30/14
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $509,099) $ 4,180,680
Interest (net of foreign taxes withheld of $4,156) 20,492
-------------------------------------------------------------------------------------------
Total investment income $ 4,201,172
-------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 2,613,270
Transfer agent fees
Class A 253,242
Class B* 32,858
Class C 41,732
Class R 13,773
Class Y 1,763
Distribution fees
Class A 293,101
Class B* 33,345
Class C 215,835
Class R 186,506
Shareholder communications expense 393,211
Administrative reimbursements 94,779
Custodian fees 315,252
Registration fees 86,457
Professional fees 72,414
Printing expense 50,383
Fees and expenses of nonaffiliated Trustees 7,547
Miscellaneous 35,868
-------------------------------------------------------------------------------------------
Total operating expenses $ 4,741,336
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (127,216)
-------------------------------------------------------------------------------------------
Net operating expenses $ 4,614,120
-------------------------------------------------------------------------------------------
Interest expense $ 13,780
-------------------------------------------------------------------------------------------
Net operating expenses and interest expense $ 4,627,900
-------------------------------------------------------------------------------------------
Net investment loss $ (426,728)
-------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 16,495,729
Futures contracts (897,646)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 2,375,279 $ 17,973,362
-------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (34,701,238)
Futures contracts (136,305)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 1,425,259 $ (33,412,284)
-------------------------------------------------------------------------------------------
Net loss on investments and foreign currency transactions $ (15,438,922)
-------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (15,865,650)
===========================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 25
Statement of Changes in Net Assets
----------------------------------------------------------------------------------------
Year Ended Year Ended
11/30/14 11/30/13
----------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ (426,728) $ 1,504,415
Net realized gain on investments, futures and
foreign currency transactions 17,973,362 11,265,739
Change in net unrealized appreciation (depreciation) on
investments, futures and foreign currency transactions (33,412,284) (2,243,234)
----------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ (15,865,650) $ 10,526,920
----------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.08 and $0.11 per share, respectively) $ (431,205) $ (685,408)
Class B ($0.00 and $0.00 per share, respectively) -- --
Class C ($0.00 and $0.00 per share, respectively) -- --
Class R ($0.04 and $0.05 per share, respectively) (75,638) (108,507)
Class Y ($0.23 and $0.26 per share, respectively) (625,797) (633,179)
Net realized gain:
Class A ($1.41 and $0.00 per share, respectively) $ (6,634,747) $ --
Class C ($1.41 and $0.00 per share, respectively) (1,428,685) --
Class R ($1.41 and $0.00 per share, respectively) (2,225,299) --
Class Y ($1.41 and $0.00 per share, respectively) (2,182,355) --
----------------------------------------------------------------------------------------
Total distributions to shareowners $ (13,603,726) $ (1,427,094)
----------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 43,024,350 $ 35,849,596
Reinvestment of distributions 10,779,347 903,040
Cost of shares repurchased (91,794,508) (88,353,595)
----------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (37,990,811) $ (51,600,959)
----------------------------------------------------------------------------------------
Net decrease in net assets $ (67,460,187) $ (42,501,133)
NET ASSETS:
Beginning of year 260,089,719 302,590,852
----------------------------------------------------------------------------------------
End of year $ 192,629,532 $ 260,089,719
----------------------------------------------------------------------------------------
Undistributed net investment income $ 1,685,091 $ 821,412
========================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
-----------------------------------------------------------------------------------------
'14 Shares '14 Amount '13 Shares '13 Amount
-----------------------------------------------------------------------------------------
Class A
Shares sold 858,627 $ 20,595,749 657,279 $ 15,350,399
Reinvestment of distributions 323,034 6,840,755 27,021 653,631
Less shares repurchased (1,476,763) (34,932,370) (2,034,816) (47,599,413)
-----------------------------------------------------------------------------------------
Net decrease (295,102) $ (7,495,866) (1,350,516) $ (31,595,383)
=========================================================================================
Class B*
Shares sold or exchanged 1,362 $ 26,579 8,477 $ 164,076
Reinvestment of distributions -- 4 -- --
Less shares repurchased (221,522) (4,293,299) (136,642) (2,690,404)
-----------------------------------------------------------------------------------------
Net decrease (220,160) $ (4,266,716) (128,165) $ (2,526,328)
=========================================================================================
Class C
Shares sold 164,488 $ 3,285,936 154,061 $ 3,043,237
Reinvestment of distributions 70,644 1,232,034 -- --
Less shares repurchased (323,820) (6,429,162) (493,580) (9,702,234)
-----------------------------------------------------------------------------------------
Net decrease (88,688) $ (1,911,192) (339,519) $ (6,658,997)
=========================================================================================
Class R
Shares sold 217,792 $ 4,938,472 327,655 $ 7,254,740
Reinvestment of distributions 109,966 2,222,268 4,517 105,117
Less shares repurchased (338,406) (7,674,471) (834,006) (18,736,506)
-----------------------------------------------------------------------------------------
Net decrease (10,648) $ (513,731) (501,834) $ (11,376,649)
=========================================================================================
Class Y
Shares sold 550,327 $ 14,177,614 395,295 $ 10,037,144
Reinvestment of distributions 20,516 484,286 5,472 144,292
Less shares repurchased (1,506,460) (38,465,206) (382,191) (9,625,038)
-----------------------------------------------------------------------------------------
Net increase (decrease) (935,617) $ (23,803,306) 18,576 $ 556,398
=========================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 27
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/14 11/30/13 11/30/12 11/30/11 11/30/10
----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 24.06 $ 23.24 $ 23.10 $ 29.42 $ 26.11
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.04) $ 0.14 $ 0.13 $ 0.18 $ 0.03
Net realized and unrealized gain (loss) on investments (1.61) 0.79 0.11 (5.35) 3.32
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.65) $ 0.93 $ 0.24 $ (5.17) $ 3.35
----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.08) $ (0.11) $ -- $ -- $ (0.04)
Net realized gain (1.41) -- (0.10) (1.15) --
----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.49) $ (0.11) $ (0.10) $ (1.15) $ (0.04)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (3.14) $ 0.82 $ 0.14 $ (6.32) $ 3.31
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.92 $ 24.06 $ 23.24 $ 23.10 $ 29.42
============================================================================================================================
Total return* (6.88)% 3.98% 1.06% (17.44)% 12.85%
Ratio of net expenses plus interest expense to average net assets 1.96% 1.95% 1.95% 1.95% 1.94%
Ratio of net investment income (loss) to average net assets (a) (0.19)% 0.55% 0.53% 0.58% 0.09%
Portfolio turnover rate 141% 77% 160% 191% 91%
Net assets, end of period (in thousands) $104,251 $126,981 $ 154,064 $ 207,935 $339,834
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses plus interest expense to average net assets (a) 2.04% 1.96% 2.03% 1.95% 1.94%
Net investment income (loss) to average net assets (0.26)% 0.54% 0.45% 0.58% 0.09%
============================================================================================================================
* 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.
(a) Includes interest expense of 0.01%, 0.00%, 0.00%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/14 11/30/13 11/30/12 11/30/11 11/30/10
-----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 20.32 $ 19.70 $ 19.76 $ 25.56 $ 22.84
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.22) $ (0.04) $ (0.06) $ (0.05) $ (0.17)
Net realized and unrealized gain (loss) on investments (1.34) 0.66 0.10 (4.60) 2.89
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.56) $ 0.62 $ 0.04 $ (4.65) $ 2.72
-----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ -- $ -- $ -- $ --
Net realized gain (1.41) -- (0.10) (1.15) --
-----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.41) $ -- $ (0.10) $ (1.15) $ --
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.97) $ 0.62 $ (0.06) $ (5.80) $ 2.72
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 17.35 $ 20.32 $ 19.70 $ 19.76 $ 25.56
=============================================================================================================================
Total return* (7.69)% 3.15% 0.23% (18.04)% 11.91%
Ratio of net expenses plus interest expense to average net assets 2.80% 2.78% 2.75% 2.73% 2.76%
Ratio of net investment income (loss) to average net assets (a) (1.02)% (0.27)% (0.25)% (0.20)% (0.70)%
Portfolio turnover rate 141% 77% 160% 191% 91%
Net assets, end of period (in thousands) $ 18,801 $ 23,810 $ 29,771 $ 37,324 $ 60,809
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses plus interest expense to average net assets (a) 2.80% 2.78% 2.75% 2.73% 2.76%
Net investment income (loss) to average net assets (1.02)% (0.27)% (0.25)% (0.20)% (0.70)%
=============================================================================================================================
* 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.
(a) Includes interest expense of 0.01%, 0.00%, 0.00%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 29
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/14 11/30/13 11/30/12 11/30/11 11/30/10
-------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 23.11 $ 22.30 $ 22.23 $ 28.43 $ 25.26
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.09) $ 0.10 $ 0.10 $ 0.10 $ (0.01)
Net realized and unrealized gain (loss) on investments (1.55) 0.76 0.07 (5.15) 3.21
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.64) $ 0.86 $ 0.17 $ (5.05) $ 3.20
-------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.04) $ (0.05) $ -- $ -- $ (0.03)
Net realized gain (1.41) -- (0.10) (1.15) --
-------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.45) $ (0.05) $ (0.10) $ (1.15) $ (0.03)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (3.09) $ 0.81 $ 0.07 $ (6.20) $ 3.17
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.02 $ 23.11 $ 22.30 $ 22.23 $ 28.43
=========================================================================================================================
Total return* (7.10)% 3.86% 0.79% (17.62)% 12.68%
Ratio of net expenses plus interest expense to average net assets 2.18% 2.13% 2.13% 2.20% 2.10%
Ratio of net investment income (loss) to average net assets (a) (0.40)% 0.37% 0.39% 0.33% (0.02)%
Portfolio turnover rate 141% 77% 160% 191% 91%
Net assets, end of period (in thousands) $33,742 $39,183 $ 49,013 $ 73,347 $119,358
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses plus interest expense to average net assets (a) 2.18% 2.13% 2.13% 2.28% 2.10%
Net investment income (loss) to average net assets (0.40)% 0.37% 0.39% 0.25% (0.02)%
=========================================================================================================================
* 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.
(a) Includes interest expense of 0.01%, 0.00%, 0.00%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
-----------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/14 11/30/13 11/30/12 11/30/11 11/30/10
-----------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 26.38 $ 25.46 $ 25.16 $ 31.73 $ 28.12
-----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.09 $ 0.28 $ 0.28 $ 0.38 $ 0.17
Net realized and unrealized gain (loss) on investments (1.77) 0.90 0.12 (5.80) 3.57
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.68) $ 1.18 $ 0.40 $ (5.42) $ 3.74
-----------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.23) $ (0.26) $ -- $ -- $ (0.13)
Net realized gain (1.41) -- (0.10) (1.15) --
-----------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.64) $ (0.26) $ (0.10) $ (1.15) $ (0.13)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (3.32) $ 0.92 $ 0.30 $ (6.57) $ 3.61
-----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 23.06 $ 26.38 $ 25.46 $ 25.16 $ 31.73
=======================================================================================================================
Total return* (6.41)% 4.63% 1.61% (16.96)% 13.39%
Ratio of net expenses plus interest expense to average net assets 1.40% 1.38% 1.39% 1.40% 1.44%
Ratio of net investment income (loss) to average net assets (a) 0.34% 1.12% 1.10% 1.13% 0.60%
Portfolio turnover rate 141% 77% 160% 191% 91%
Net assets, end of period (in thousands) $35,835 $65,655 $ 62,897 $ 65,597 $99,627
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses plus interest expense to average net assets (a) 1.40% 1.38% 1.39% 1.40% 1.44%
Net investment income (loss) to average net assets 0.34% 1.12% 1.10% 1.13% 0.06%
=======================================================================================================================
* 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.
(a) Includes interest expense of 0.01%, 0.00%, 0.00%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 31
Notes to Financial Statements | 11/30/14
1. Organization and Significant Accounting Policies
Pioneer Emerging Markets Fund (the Fund) is a Delaware statutory trust. The Fund
is registered under the Investment Company Act of 1940 as a diversified,
open-end management investment company. The investment objective of the Fund is
long-term growth of capital.
The Fund offers four classes of shares designated as Class A, Class C, Class R,
and Class Y shares. The Fund ceased to offer Class B shares on November 10,
2014. Class B shares were converted to Class A shares as of the close of
business on November 10, 2014. 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.
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:
32 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
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. Shares of money market mutual funds
are valued at such funds' 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 a fair valuation
team comprised of certain personnel of Pioneer Investment Management, Inc.
(PIM), the Fund's investment adviser, pursuant to procedures adopted by the
Fund's Board of Trustees. PIM's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. PIM's fair
valuation team 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 of the
Board of Trustees.
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. 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 Emerging Markets Fund | Annual Report | 11/30/14 33
At November 30, 2014, there were three securities valued using fair value
methods (in addition to securities that were valued using prices supplied by
independent pricing services or broker-dealers) representing 0.2% of net
assets.
B. Investment Income and Transactions
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.
C. 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 the market price of those securities but are included
with the net realized and unrealized gain or loss on investments.
D. 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 appreciation or depreciation is
recorded in the Fund's financial statements. The Fund records realized gains
and losses at the time a contract 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).
34 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
E. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. Subsequent payments for futures contracts ("variation margin") are
paid or received by the Fund, depending on the daily fluctuation in the
value of the contracts, and are recorded by the Fund as unrealized gains or
losses. When the contract is closed, the Fund realizes a gain or loss equal
to the difference between the opening and closing value of the contract as
well as any fluctuation in foreign currency exchange rates where applicable.
The use of futures contracts involves, to varying degrees, elements of
market, interest rate, currency exchange rate and counterparty risks, which
may exceed the amounts recognized by the Fund. Changes in value of the
contracts may not directly correlate to the changes in value of the
underlying securities. The average value of contracts open for the year
ended November 30, 2014 was $1,100,265. There were no open futures contracts
at the year ended November 30, 2014.
F. Purchased Options
The Fund may purchase call and put option in order to seek to increase total
return. Purchased call and put options entitle the Fund to buy and sell a
specified number of shares or units of a particular security, currency or
index at a specified price at a specific date or within a specific period of
time. Upon the purchase of a call or put option, the premium paid by the
Fund is included in the Statement of Assets and Liabilities as an
investment. All premiums are marked-to-market daily, and any unrealized
gains or losses are recorded in the Fund's financial statements. As the
purchaser of an index option, the Fund has the right to receive a cash
payment equal to any depreciation in the value of the index below the strike
price of the option (in the case of a put) or equal to any appreciation in
the value of the index over the strike price of the option (in the case of a
call) as of the valuation date of the option. Premiums paid for purchased
calls and put options which have expired are treated as realized losses on
investments in the Statement of Operations. Upon the exercise or closing of
a purchased put option, the premium is offset against the proceeds on the
sale of the underlying security or financial instrument in order to
determine the realized gain or loss on investments. Upon the exercise or
closing of a purchased call option, the premium is added to the cost of the
security or financial instrument. The
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 35
risk associated with purchasing options is limited to the premium originally
paid. The value of purchased options for one month in the year ended
November 30, 2014 was $24,118. There were no purchased options open at the
year end November 30, 2014.
G. 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, 2014, the Fund did not accrue any interest or penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three 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, 2014, 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, 2014, 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, 2014, the Fund reclassified $2,423,047 to increase
undistributed net investment income and $2,423,047 to decrease accumulated
net realized gain on investments and foreign currency transactions to
reflect permanent book/tax differences. These adjustments have no impact on
net assets or the results of operations.
36 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
During the year ended November 30, 2014, a capital loss carryforward of
$1,598,451 was utilized to offset net realized gains by the Fund.
The tax character of distributions paid during the years ended November 30,
2014 and November 30, 2013 were as follows:
----------------------------------------------------------------------------
2014 2013
----------------------------------------------------------------------------
Distribution paid from:
Ordinary income $ 1,736,449 $1,427,094
Long-term capital gain 11,867,277 --
----------------------------------------------------------------------------
Total $13,603,726 $1,427,094
============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2014:
----------------------------------------------------------------------------
2014
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 3,483,271
Undistributed long-term gain 2,295,041
Net unrealized depreciation (17,365,650)
----------------------------------------------------------------------------
Total $ (11,587,338)
============================================================================
The difference between book-basis and tax-basis net unrealized depreciation
is attributable to the tax deferral of losses on wash sales and the mark to
market of forward currency contracts.
H. 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 $13,681 in underwriting commissions on the sale of Class A shares
during the year ended November 30, 2014.
I. 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 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).
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 37
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 C, Class R and Class Y shares
can reflect different transfer agent and distribution expense rates.
J. 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 and 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.
K. 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. Prior to December 1, 2013, management fees were calculated daily at
an annual rate equal to 1.15% of the Fund's average daily net assets up to $1
billion and 1.10% on assets over $1 billion. Effective December 1, 2013,
management fees are calculated daily at an annual rate equal to 1.10% of the
Fund's average daily net assets up to $1 billion and 1.05% on assets over $1
billion. For the year ended November 30, 2014, the effective management fee
(excluding waivers and/or assumption of expenses) was 1.12% 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% and 2.20% of the average daily
net assets attributable to Class A, Class C and Class R shares,
38 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
respectively. Fees waived and expenses reimbursed during the year ended November
30, 2014 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, 2016. 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
$29,585 in management fees, administrative costs and certain other
reimbursements payable to PIM at November 30, 2014.
3. Transfer Agent
PIMSS, a wholly-owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended November 30, 2014, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $218,074
Class B 20,885
Class C 47,342
Class R 95,115
Class Y 11,795
--------------------------------------------------------------------------------
Total $393,211
--------------------------------------------------------------------------------
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $118,773 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at November 30, 2014.
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 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
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 39
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 C shares. The fee
for 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 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 $8,432 in distribution
fees payable to PFD at November 30, 2014.
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.
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. Redemptions of Class C shares
within 12 months 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, 2014, CDSCs in the amount
of $4,841 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, 2014, the Fund's expenses
were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At November 30, 2014, 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
40 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
forward foreign currency contracts open during the year ended November 30, 2014
was $6,558,509. Open forward foreign currency contracts at November 30, 2014
were as follows:
---------------------------------------------------------------------------------------------------------
Quantity/
Shares Net
Currency Purchased/ Book Settlement US $ Value at Unrealized
Description Counterparty (Sold) Value Date 11/30/14 Appreciation
---------------------------------------------------------------------------------------------------------
BRL (Brazilian
Real) Barclays (25,758,735) $ 9,922,471 1/16/15 $ (9,880,509) $ 41,962
BRL (Brazilian Brown Brothers
Real) Harriman & Co. 1,413,885 (550,793) 12/2/14 551,040 247
KRW (South Brown Brothers
Korean Won) Harriman & Co. (494,684,623) 448,192 12/1/14 (444,441) 3,751
MXN (Mexican Brown Brothers
Peso) Harriman & Co. (19,141) 1,395 12/1/14 (1,376) 19
MXN (Mexican Brown Brothers
Peso) Harriman & Co. (92,537) 6,739 12/1/14 (6,655) 84
MXN (Mexican Brown Brothers
Peso) Harriman & Co. (334,315) 24,226 12/2/14 (24,041) 185
MXN (Mexican Brown Brothers
Peso) Harriman & Co. (694,991) 50,606 12/1/14 (49,978) 628
RUB (Russian
Ruble) Deutsche Bank (520,374,099) 12,526,668 1/16/15 (10,258,447) 2,268,221
BRL (Brazilian
Real) Deutsche Bank (33,235,010) 13,301,985 1/16/15 (12,748,251) 553,734
EURO (European
Euro) Deutsche Bank (6,591,942) 8,249,657 1/16/15 (8,199,810) 49,847
NGN (Nigerian
Naira) Goldman Sachs (333,887,425) 1,894,397 1/23/15 (1,838,791) 55,606
---------------------------------------------------------------------------------------------------------
Total $ 2,974,284
=========================================================================================================
---------------------------------------------------------------------------------------------------------
Quantity/
Shares Net
Currency Purchased/ Book Settlement US $ Value at Unrealized
Description Counterparty (Sold) Value Date 11/30/14 Depreciation
---------------------------------------------------------------------------------------------------------
SGD (Singapore Brown Brothers
Dollar) Harriman & Co. (298,315) $ 228,682 12/2/14 $ (228,840) $ (158)
AED (UAE Brown Brothers
Dirham) Harriman & Co. 867,694 (236,300) 12/1/14 236,232 (68)
HKD (Hong Brown Brothers
Kong Dollar) Harriman & Co. (1,405,734) 181,268 12/2/14 (181,273) (5)
BRL (Brazilian
Real) Barclays 58,195,250 (22,647,967) 1/23/15 22,273,537 (374,430)
RUB (Russian
Ruble) Barclays 216,177,666 (5,002,955) 1/16/15 4,261,640 (741,315)
---------------------------------------------------------------------------------------------------------
Total $(1,115,976)
=========================================================================================================
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 41
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 February 12, 2014 was in the amount of $215
million. As of February 12, 2014, the facility is in the amount of $240 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of
February 12, 2014) 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 Euro dollar 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,
2014, the Fund had no outstanding borrowings.
8. Assets and Liabilities Offsetting
Financial instruments subject to an enforceable master netting agreement have
been offset on the Statement of Assets and Liabilities. The following charts
show gross assets and liabilities of the Fund as of November 30, 2014.
------------------------------------------------------------------------------------------
Assets:
Gross Amounts Not Offset
in the Statement of
Assets and Liabilities
Gross -------------------------
Amounts of Cash
Recognized Financial Collateral Net
Description Assets Instruments Received Amount
------------------------------------------------------------------------------------------
Forward foreign currency contracts $ 2,974,284 $ -- $ -- $ 2,974,284
------------------------------------------------------------------------------------------
$ 2,974,284 $ -- $ -- $ 2,974,284
==========================================================================================
42 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
------------------------------------------------------------------------------------------
Liabilities:
Gross Amounts Not Offset
in the Statement of
Assets and Liabilities
Gross -------------------------
Amounts of Cash
Recognized Financial Collateral Net
Description Liabilities Instruments Received Amount
------------------------------------------------------------------------------------------
Forward foreign currency contracts $ 1,115,976 $ -- $ -- $ 1,115,976
------------------------------------------------------------------------------------------
$ 1,115,976 $ -- $ -- $ 1,115,976
==========================================================================================
9. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of November 30, 2014 were as follows:
--------------------------------------------------------------------------------------
Derivatives not
accounted for as Asset Derivatives 2014 Liabilities Derivatives 2014
Hedging instruments -------------------------------------------------------------
Under Accounting Statement of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
--------------------------------------------------------------------------------------
Forward foreign Net unrealized Net unrealized
currency contracts appreciation on depreciation on
forward foreign forward foreign
currency contracts $2,974,284 currency contracts $1,115,976
--------------------------------------------------------------------------------------
Total $2,974,284 $1,115,976
======================================================================================
The effect of derivative instruments on the Statement of Operations for the year
ended November 30, 2014 was as follows:
------------------------------------------------------------------------------------------
Change in
Derivatives Not Unrealized
Accounted for as Realized appreciation or
Hedging Instruments Location of Gain Gain (Loss) (depreciation)
Under Accounting or (Loss) on on Derivatives on Derivatives
Standards Codification Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
------------------------------------------------------------------------------------------
Forward Foreign Net realized gain (loss) on
Currency Contracts forward foreign currency
contracts $2,510,866
Forward Foreign Change in net unrealized
Currency Contracts appreciation (depreciation)
on forward foreign currency
contracts $1,547,744
Futures Contracts Net realized gain (loss) on
futures contracts $ (897,646)
Futures Contracts Change in net unrealized
appreciation (depreciation) on
futures contracts $ (136,305)
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 43
10. Change in Independent Registered Public Accounting Firm
The Board of Trustees of the Fund, with the approval and recommendation of the
Audit Committee, appointed Deloitte & Touche LLP to serve as the Fund's
independent registered public accounting firm for the fiscal year ending
November 30, 2014. Deloitte & Touche LLP replaces Ernst & Young LLP, which
resigned as the Fund's independent registered public accounting firm, effective
upon completion of the audit of the Fund's financial statements for the fiscal
year ended November 30, 2013.
During the periods that Ernst & Young LLP served as the Fund's independent
registered public accounting firm, including the Fund's fiscal years ending
November 30, 2013 and November 30, 2012, Ernst & Young LLP's reports on the
financial statements of the Fund have not contained an adverse opinion or
disclaimer of opinion and have not been qualified or modified as to uncertainty,
audit scope or accounting principles. Further, there have been no disagreements
with Ernst & Young LLP on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure, which, if not
resolved to the satisfaction of Ernst & Young LLP would have caused Ernst &
Young LLP to make reference to the subject matter of the disagreement in
connection with its report on the financial statements. In addition, there have
been no reportable events of the kind described in Item 304(a)(1)(v) of
Regulation S-K under the Securities Exchange Act of 1934.
11. Conversion of Class B shares
As of the close of business on November 10, 2014, (the "Conversion Date"), all
outstanding Class B shares of the Pioneer funds were converted to Class A
shares.
44 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
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, including
the schedule of investments, of Pioneer Emerging Markets Fund (the "Fund"), as
of November 30, 2014, and the related statements of operations and changes in
net assets, and the financial highlights for year 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 audit. The statement of changes
in net assets of the Fund for the year ended November 30, 2013, and the
financial highlights for the years ended November 30, 2013, 2012, 2011, and 2010
were audited by other auditors. Those auditors expressed an unqualified opinion
on those financial statements and financial highlights in their report dated
January 24, 2014.
We conducted our audit 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. The Fund
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audit 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, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of November 30, 2014, by correspondence with the
custodian and brokers; where replies were not received from brokers, we
performed other auditing procedures. We believe that our audit provides 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 as of November 30, 2014, and the results of its
operations, the changes in its net assets, and the financial highlights for the
year then ended, in conformity with accounting principles generally accepted in
the United States of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
January 26, 2015
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 45
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 January 2014 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
Contract review materials were provided to the Trustees in March 2014 and July
2014. Supplemental contract review materials were provided to the Trustees in
September 2014. In addition, the Trustees reviewed and discussed the Fund's
performance at regularly scheduled meetings throughout the year, and took into
account other information related to the Fund provided to the Trustees at
regularly scheduled meetings, in connection with the review of the Fund's
investment advisory agreement.
In March 2014, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment advisory agreement, and reviewed and
discussed the qualifications of the investment management teams, as well as the
level of investment by the Fund's portfolio managers in the Fund. In July 2014,
the Trustees, among other things, reviewed the Fund's management fee and total
expense ratios, the financial statements of PIM and its parent companies, the
profitability analyses provided by PIM, and possible economies of scale. The
Trustees also reviewed the profitability of the institutional business of PIM
and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with
PIM, "Pioneer"), as compared to that of PIM's fund management business, and
considered the differences between the fees and expenses of the Fund and the
fees and expenses of Pioneer's institutional accounts, as well as the different
services provided by PIM to the Fund and by Pioneer to the institutional
accounts. The Trustees further considered contract review materials in September
2014.
At a meeting held on September 16, 2014, 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. In all quintile rankings referred to throughout this
46 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
disclosure, first quintile is most favorable to the Fund's shareowners. 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 and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment management services to the Fund.
They also reviewed the amount of non- Fund assets managed by the portfolio
managers of 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 noted the substantial
attention and high priority given by PIM's senior management to the Pioneer fund
complex.
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
In considering the Fund's performance, the Trustees regularly review and discuss
analysis and data prepared by PIM and information comparing the Fund's
performance with the performance of its peer group of funds as classified by
each of Morningstar, Inc. (Morningstar) and Lipper, and with the performance of
the Fund's benchmark index. They also discuss the Fund's performance with PIM on
a regular basis. The Trustees confirmed that these regular reviews and
discussions were factored into the Trustees' deliberations concerning the
renewal of the advisory agreement. For purposes of their contract renewal
deliberations, the Trustees considered the discussions held throughout the year
regarding the Fund's performance and the performance
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 47
results of the Fund over various time periods, including the Fund's performance
results for periods ended June 30, 2014. The Trustees indicated that they were
satisfied with PIM's investment discipline and approach in the prevailing market
conditions, notwithstanding relatively poor peer comparisons of total return
over the 3- and 5-year periods.
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 Fund Research
and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2014 was in the fourth quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rate above a certain asset level. The Trustees noted that the Fund's
management fee had been reduced by five basis points. The Trustees considered
that, after taking into account such management fee reduction, the Fund's
management fee would have been in the third quintile relative to the management
fees paid by other funds in its Morningstar peer group for the twelve months
ended June 30, 2014. The Trustees considered that the expense ratio of the
Fund's Class A shares for the twelve months ended June 30, 2014 was in the fifth
quintile relative to its Morningstar peer group and in the fifth quintile
relative its Strategic Insight peer group, in each case for the comparable
period. The Trustees noted that PIM was waiving fees and/or reimbursing expenses
in order to limit the ordinary operating expenses of the Fund. The Trustees
considered the impact of transfer agency, sub-transfer agency, and other
non-management fee expenses on the expense ratios of the Fund, and noted the
impact of expenses relating to small accounts and omnibus accounts on transfer
and sub-transfer agency expenses generally. The Trustees noted that they
separately review the Fund's transfer agency, sub-transfer agency and
intermediary arrangements. The Trustees also noted the effect of the reduction
of the Fund's management fee on the Fund's expense ratio.
The Trustees reviewed management fees charged by Pioneer to institutional and
other clients, including publicly offered European funds sponsored by affiliates
of Pioneer, unaffiliated 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 Pioneer's
costs in providing services to the other clients and
48 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
considered the differences in management fees and profit margins for Fund and
non-Fund services. In evaluating the fees associated with Pioneer'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 Pioneer's management of 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
to the Fund.
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 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, 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 Fund. The Trustees noted that
profitability also may be an indicator of the
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 49
availability of any economies of scale, although profitability may vary for
other reasons including reductions in expenses. The Trustees concluded that
economies of scale, if any, were being appropriately shared with the Funds.
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. Pioneer is the
principal U.S. asset management business of Pioneer Global Asset Management, the
worldwide asset management business of UniCredit Group, which manages over $150
billion in assets (including the Funds). Pioneer and the Funds receive
reciprocal intangible benefits from the relationship, including mutual brand
recognition and, for the Funds, direct and indirect access to the resources of a
large global asset manager. The Trustees concluded that any such benefits
received by Pioneer as a result of its relationship with the Funds were
reasonable and their consideration of the advisory agreement between the Fund
and PIM and the fees thereunder were unaffected by Pioneer's possible receipt of
any such intangible benefits.
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.
50 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius 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 below, 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 53 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 | 11/30/14 51
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 (64) Trustee since 2006. Private investor (2004-2008 and Director, Broadridge Financial
Chairman of the Board Serves until a 2013-present); Chairman (2008 - 2013) and Solutions, Inc. (investor
and Trustee successor trustee is Chief Executive Officer (2008 - 2012), communications and securities
elected or earlier Quadriserv, Inc. (technology products for processing provider for financial
retirement or removal. securities lending industry); and Senior services industry) (2009 -
Executive Vice President, The Bank of New present); Director, Quadriserv,
York (financial and securities services) Inc. (2005 - 2013); and
(1986 - 2004) Commissioner, New Jersey State
Civil Service Commission (2011 -
present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (70) Trustee since 2005. Managing Partner, Federal City Capital Director of Enterprise Community
Trustee Serves until a Advisors (corporate advisory services Investment, Inc. (privately-held
successor trustee is company) (1997 - 2004 and 2008 - present); affordable housing finance
elected or earlier Interim Chief Executive Officer, Oxford company) (1985 - 2010); Director
retirement or removal. Analytica, Inc. (privately-held research and of Oxford Analytica, Inc. (2008 -
consulting company) (2010); Executive Vice present); Director of The Swiss
President and Chief Financial Officer, Helvetia Fund, Inc. (closed-end
I-trax, Inc. (publicly traded health care fund) (2010 - present); and
services company) (2004 - 2007); and Director of New York Mortgage
Executive Vice President and Chief Financial Trust (publicly traded mortgage
Officer, Pedestal Inc. (internet-based REIT) (2004 - 2009, 2012 -
mortgage trading company) (2000 - 2002) present)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (70) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and Mellon
successor trustee is Institutional Funds Master
elected or earlier Portfolio (oversaw 17 portfolios
retirement or removal. in fund complex) (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
52 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (67) 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 (66) Trustee since 1994. President and Chief Executive Officer, Director of New America High
Trustee Serves until a successor Newbury, Piret & Company, Inc. (investment Income Fund, Inc. (closed-end
trustee is elected or banking firm) (1981 - present) investment company) (2004 -
earlier retirement or present); and member, Board of
removal. Governors, Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Trustee since 2014. Consultant (investment company services) None
Fred J. Ricciardi (67)** Serves until a successor (2012 - present); Executive Vice President,
Trustee trustee is elected or BNY Mellon (financial and investment company
earlier retirement or services) (1969 - 2012); Director, BNY
removal. International Financing Corp. (financial
services) (2002 - 2012); and Director,
Mellon Overseas Investment Corp. (financial
services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 53
Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (56)* Trustee since 2014. Director and Executive Vice President None
Trustee Serves until a (since 2008) and Chief Investment Officer,
successor trustee is U.S. (since 2010), of PIM-USA; Executive
elected or earlier Vice President of Pioneer (since 2008);
retirement or removal. Executive Vice President of Pioneer
Institutional Asset Management, Inc. (since
2009); Portfolio Manager of Pioneer (since
1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer or director of
the Fund's investment adviser and certain of its affiliates.
54 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine H. Monchak (58)** Advisory Trustee since Chief Investment Officer, 1199 SEIU Funds
(health care workers union pension Funds)
(2001 - present); Vice President -
International Investments Group, American
International Group, Inc. (insurance company)
(1993 - 2001); Vice President, Corporate
Finance and Treasury Group, Citibank, N.A.
(1980 - 1986 and 1990 - 1993); Vice
President - Asset/Liability Management Group,
Federal Farm Funding Corp. (government-
sponsored Issuer of debt securities) (1988 -
1990); Mortgage Strategies Group, Shearson
Lehman Hutton, Inc. (investment bank)
(1987 - 1988); and Mortgage Securities
Group, Drexel Burnham Lambert, Ltd.
(investment bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
** Mr. Ricciardi became a Trustee and Ms. Monchak became a non-voting Advisory
Trustee on November 11, 2014.
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 55
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (52) Since 2014. Serves at Chair, Director, CEO and President of None
President and the discretion of the Pioneer Investment Management USA (since
Chief Executive Officer Board. September 2014); Chair, Director, CEO and
President of Pioneer Investment Management,
Inc. (since September 2014); Chair,
Director, CEO and President of Pioneer Funds
Distributor, Inc. (since September 2014);
Chair, Director, CEO and President of
Pioneer Institutional Asset Management, Inc.
(since September 2014); and Chair, Director,
and CEO of Pioneer Investment Management
Shareholder Services, Inc. (since September
2014); Managing Director, Morgan Stanley
Investment Management (2010 - 2013); and
Director of Institutional Business, CEO of
International, Eaton Vance Management (2005
- 2010)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (49) Since 2003. Serves at Vice President and Associate General Counsel None
Secretary and Chief the discretion of the of Pioneer since January 2008; Secretary and
Legal Officer Board. Chief Legal Officer 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 (53) Since 2010. Serves at Fund Governance Director of Pioneer since None
Assistant Secretary the discretion of the December 2006 and Assistant Secretary of all
Board. 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 (52) Since 2010. Serves at Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary the discretion of the Assistant Secretary of all the Pioneer Funds
Board. since June 2010; Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (55) Since 2008. Serves at Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief Financial the discretion of the Treasurer of all of the Pioneer Funds since
and Accounting Officer Board. March 2008; Deputy Treasurer of Pioneer from
of the Fund March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (49) Since 2000. Serves at Director - Fund Treasury of Pioneer; and None
Assistant Treasurer the discretion of the Assistant Treasurer of all of the Pioneer
Board. Funds
------------------------------------------------------------------------------------------------------------------------------------
56 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (56) Since 2002. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of all of
Board. the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (35) Since 2009. Serves at Fund Administration Manager - Fund Treasury None
Assistant Treasurer the discretion of the of Pioneer since November 2008; Assistant
Board. 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 (62) Since 2010. Serves at Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer the discretion of the all the Pioneer Funds since March 2010;
Board. 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
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (43) Since 2006. Serves at Director - Transfer Agency Compliance of None
Anti-Money Laundering Officer the discretion of the Pioneer and Anti-Money Laundering Officer of
Board. all the Pioneer funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 57
This page for your notes.
58 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
This page for your notes.
Pioneer Emerging Markets Fund | Annual Report | 11/30/14 59
This page for your notes.
60 Pioneer Emerging Markets Fund | Annual Report | 11/30/14
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) 2015 Pioneer Investments 19445-08-0115
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 12(a)(1), 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.
Pioneer Emerging Markets Fund:
The audit services provided to the Fund were totaled
approximately $31,030 payable to Deloitte & Touche
LLP for the year ended November 30, 2014 and $35,606
were paid to the former auditor, Ernst & Young LLP
for the year ended November 30, 2013.
(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.
Pioneer Emerging Markets Fund:
Audit-Related Fees
There were no audit related fees and other fees for
the Fund payable to Deloitte & Touche LLP for
the year ended November 30, 2014 and no audit related
fees and other fees were paid to the former auditor,
Ernst & Young LLP for the year ended November 30, 2013.
(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.
Pioneer Emerging Markets Fund:
Fees for tax compliance services, primarily for tax
returns, totaled approximately $8,750 payable to
Deloitte & Touche LLP for the year ended November 30,
2014 and $8,131 were paid to the former auditor,
Ernst & Young LLP for the year ended November 30, 2013.
(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.
Pioneer Emerging Markets Fund:
Other Fees
There were no audit related fees and other fees for
the Fund payable to Deloitte & Touche LLP for
the year ended November 30, 2014 and no audit related
fees and other fees were paid to the former auditor,
Ernst & Young LLP for the year ended November 30, 2013.
(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, 2014
and 2013, 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 accountants 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 registrants accountant
for services rendered to the registrant, and rendered to the registrants
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 were $8,750
payable to Deloitte & Touche LLP for the year ended
November 30, 2014 and $8,131 were paid to the former
auditor, Ernst & Young LLP for the year ended November 30,
2013.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants 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 registrant's 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 of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
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 registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's 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 registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
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 registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
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 registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R 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 and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
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.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) 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.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
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/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date January 29, 2015
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/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date January 29, 2015
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date January 29, 2015
* Print the name and title of each signing officer under his or her signature.