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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)
Dorothy E. Bourassa, 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, 2008 through May 31, 2009
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Emerging
Markets Fund
- --------------------------------------------------------------------------------
Semiannual Report | May 31, 2009
- --------------------------------------------------------------------------------
Ticker Symbols:
Class A PEMFX
Class B PBEFX
Class C PCEFX
Class R PEMRX
Class Y PYEFX
[LOGO] PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 26
Notes to Financial Statements 35
Trustees, Officers and Service Providers 44
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe have been experiencing one of their
most tumultuous periods in history. Investors have witnessed volatility of a
magnitude that many have never before seen. Distance often provides the best
vantage point for perspective. Still, we believe that the benefits of basic
investment principles that have stood the test of time -- even in the midst of
market turmoil -- cannot be underestimated.
First, invest for the long term. The founder of Pioneer Investments, Philip L.
Carret, began his investment career during the 1920s. One lesson he learned is
that while great prosperity affords an advantageous time for selling stocks,
extreme economic slumps can create opportunities for purchase. Indeed, many of
our portfolio managers, who follow the value-conscious investing approach of
our founder, are looking at recent market conditions as an opportunity to buy
companies whose shares we believe have been unjustifiably beaten down by
indiscriminate selling, but that we have identified as having strong prospects
over time. While investors may be facing a sustained market downturn, we
continue to believe that patience, along with staying invested in the market,
are important considerations for long-term investors.
A second principle is to stay diversified across different types of
investments. The global scope of the current market weakness poses challenges
for this basic investment axiom. But the turbulence makes now a good time to
reassess your portfolio and make sure that your investments continue to meet
your needs. We believe you should work closely with your financial advisor to
find the mix of stocks, bonds and money market assets that is best aligned to
your particular risk tolerance and investment objective.
As the investment markets sort through the continuing crisis in the financial
industry, we are staying focused on the fundamentals and risk management. With
more than 80 years of experience behind us, we have learned how to navigate
turbulent markets. At Pioneer Investments, risk management has always been a
critical part of our culture -- not just during periods of extraordinary
volatility. Our investment process is based on fundamental research,
quantitative analysis and active portfolio management. This three-pillared
process, which we apply to each of our portfolios, is supported by an
integrated team approach and is designed to carefully balance risk and reward.
While we see potential chances for making money in many corners of the market,
it takes
2 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
research and experience to separate solid investment opportunities from
speculation.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. Thank you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA Inc.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 3
Portfolio Management Discussion | 5/31/09
The Pioneer Emerging Markets Fund outperformed both its benchmark and its peer
group during the six-month period ended May 31, 2009. The Class A shares of the
Fund produced a total return of 49.78% at net asset value for the period,
outpacing the 48.86% return of the Morgan Stanley Capital International (MSCI)
Emerging Markets Index and the 45.41% average return of the 371 funds in the
Fund's Lipper peer group, Emerging Markets Funds.
In the following interview, Christopher Smart, Pioneer Emerging Markets Fund's
Portfolio Manager, discusses the factors that influenced performance during the
six months ended May 31, 2009.
Q How did emerging markets stocks perform during the Fund's six-month reporting
period ended May 31, 2009?
A After generating an exceptionally poor performance in 2008, emerging markets
stocks staged a dramatic rebound during the past six months. All of the gain
occurred in the final three months of the period, from March 1 through May
31, 2009, during which massive stimulus efforts by the world's governments
and central banks contributed to a surge in investors' risk appetites. The
interval from March 1 through May 31 brought a gain of 56.1% for the MSCI
Emerging Markets Index, led by Russia (up 93.7%), Hungary (up 83.9%) and
India (up 83.6%).
The emerging markets continued to outperform the developed markets, with
the MSCI Emerging Markets Index outpacing the 10.72% return of the MSCI
World Index by more than 38 percentage points during the six months ended
May 31, 2009. As a result, the already substantial performance gap that has
developed between the emerging markets and their developed- market peers in
recent years widened considerably. (During the five years ended May 31,
2009, the MSCI Emerging Markets Index has produced an average annual return
of 15.35%, well above the 1.09% return of the MSCI World Index. For the
ten-year period ended May 31, 2009, the two indices have returned 10.34%
and 0.13%, respectively.)
Q What do you see as the reasons for the emerging markets' outperformance?
A We believe the vast long-term outperformance of the emerging markets reflects
the important fundamental improvements that have taken place in the asset
class during the past decade. The emerging markets have stronger growth
drivers in terms of both investment and domestic consumer spending, along
with lower levels of debt for both individuals and corporations. The
healthier condition of emerging market economies has meant that their
4 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
banks and financial systems have weathered the global crisis with only
limited damage: at the same time, as large banks have been failing in
larger markets such as the United States and the United Kingdom, that has
not been the case in countries such as Brazil and China. Additionally, the
better fiscal health of emerging market nations has provided governments
with greater flexibility to fight the effects of slower economic growth,
via both interest rate cuts and increased spending.
It is true that liquidity -- or the flow of investment funds into the
emerging markets investment universe -- has played a part in the recent
rally. However, we believe the emerging markets' compelling fundamentals
are the key reason why the asset class has attracted such substantial
inflows in recent months.
Q What were the key factors helping the Fund's performance over the six months
ended May 31, 2009?
A We believe an important element of the Fund's outperformance was the fact
that we stuck to our investment strategy throughout the down market of 2008.
Our approach incorporates both top-down analysis, where we look for markets
that can perform well because of their superior growth, as well as bottom-up
research that seeks to determine which companies can generate the best
performance within those markets. That has led us to focus on investing the
Fund's assets in stocks with healthier balance sheets and exposure to strong
domestic consumption and investment -- a positive for performance at a time
of heightened market volatility. At the same time, we avoided investing the
Fund in markets and companies that are more dependent on global consumer
demand, exports or the performance of the broader financial markets.
An example of the process at work was our positioning of the Fund in China.
Although the country's growth has slowed from the incredible pace of a few
years ago, it is still one of the fastest-growing markets in the world due
to its strong domestic growth drivers and its limited exposure to the
global banking crisis. Further, the Chinese government reacted early and
aggressively to the financial crisis with a massive stimulus program. In
this environment, the Fund's focus on stocks levered to domestic growth
paid off: while the broader Chinese market rose 46% during the six months
ended May 31, 2009, the Fund's holdings in China gained 59%. Among the
Fund's notable outperformers in China was ZTE, a telecommunications
hardware company that manufactures handsets, cell towers, and switches for
the wireless industry. The company's shares doubled during the six-month
period, behind the government's investment program and the growing demand
for wireless service in China. We also added value to the Fund through
positions in Chinese industrial stocks such as China Shipping
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 5
Development, an oil and coal shipping company whose shares gained 86% on
the prospects of rising industrial activity.
Indonesia was another source of outperformance for the Fund. The Indonesian
government, by virtue of its improved fiscal balance, has been in a
position to cut interest rates and increase its spending on infrastructure.
This provided a boost to domestic demand, which helped the performance of
the Fund's position in Astra International, a manufacturer of cars and
motorcycles, which saw its shares gain 138% on the expectation of rising
consumer demand. The stability of Indonesia's economy also was a positive
for banking stocks, thus helping the performance of the Fund's investment
in Bank Rakyat Indonesia.
Also adding value to the Fund during the period was an underweight position
in Mexico, where the economy is tied to industrial activity in the United
States, through both remittances (the money sent home by Mexicans working
in America) and outsourced U.S. industrial production. Both factors, which
were compounded by the collapse in tourism following the outbreak of swine
flu, contributed to the Mexican market's underperformance.
Q What elements of your positioning hurt the Fund's performance during the six
months ended May 31, 2009?
A Our caution with regard to export-dependent countries led us to underweight
the Fund in South Korea, where the large electronics and capital goods sector
means the country's economic growth is heavily dependent on global demand.
While we expected this to hamper South Korea's economy, the stock market in
fact held up relatively well during the period, due to the stimulus provided
by the country's government and central bank. As a result, South Korea was up
by 51% during the six months ended May 31, 2009, a return that was slightly
ahead of the MSCI Emerging Markets benchmark.
Similarly, the Fund was hurt by being underweight in India early in the
period. Although we began to add to the Fund's weighting in India as 2009
progressed, we did not implement the shift quickly enough. The result was
that while the Indian stocks in the benchmark gained 76%, the Fund's
holdings in the country lagged, with a return of 51%. We continue to like
the prospects for investment returns in India due to the combination of
attractive valuations, powerful domestic growth trends, and a new
government that is likely to favor privatization and structural economic
reforms.
In terms of individual detractors, stocks that hurt the Fund's relative
performance were largely those that generated large dividends but offered
more subdued growth prospects. At a time of elevated investor risk
appetites, the laggards, generally, were more defensive stocks, such as
Philippine Long
6 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
Distance Telephone Company and the Indian consumer products company,
Hindustan Unilever.
Q Do you have any closing thoughts for investors?
A We continue to believe that the emerging markets are a source of excellent
long-term investment opportunities. It is true that the asset class has
gained 50% in just a few months, but it is also important to remember that it
is still down by approximately 40% from its previous highs. While the
recovery is unlikely to continue in a straight line, we believe emerging
markets contain some of the most attractive stocks in the global markets due
to the combination of stronger fundamentals, better economic management and
healthier banking systems. Despite the positive factors, emerging markets
continue to trade at a valuation discount to their developed-market peers. As
of the close of the period on May 31, 2009, the price-to-earnings (P/E) ratio
of the MSCI Emerging Markets Index stood at 13.7 times trailing earnings,
compared with 15.5 for the MSCI World Index.
We believe the positive factors, taken together, should continue to provide
a firm underpinning for emerging market equities, even if the global
economy remains sluggish in the months ahead. In this environment, we
believe our synthesis of top-down country analysis combined with bottom-up
company research will help us to identify the most compelling investment
opportunities in the asset class.
Please refer to the Schedule of Investments on pages 17-25 for a full listing
of Fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of the Fund management as of the date of this report.
These statements should not be relied upon for any other purposes.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 7
Portfolio Summary | 5/31/09
Sector Distribution
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(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 20.3%
Materials 15.5%
Energy 15.4%
Telecommunication Services 11.5%
Information Technology 10.2%
Consumer Discretionary 9.6%
Industrials 8.9%
Consumer Staples 6.8%
Health Care 1.8%
Geographical Distribution
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
People's Republic of China 17.4%
Brazil 16.5%
Taiwan 10.9%
South Africa 10.3%
India 8.8%
South Korea 7.4%
Russia 6.8%
Israel 3.7%
Hong Kong 3.0%
Indonesia 3.0%
Turkey 2.9%
Mexico 1.9%
Peru 1.5%
Argentina 1.0%
Canada 1.0%
United States 1.0%
Philippines 1.0%
Singapore 1.0%
Malaysia 0.9%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)*
- --------------------------------------------------------------------------------
1. Petrobras Brasileiro SA (A.D.R.) 4.17%
- --------------------------------------------------------------------------------
2. Vale SA (A.D.R.) 2.92
- --------------------------------------------------------------------------------
3. China Mobile (Hong Kong), Ltd. (A.D.R.) 2.81
- --------------------------------------------------------------------------------
4. Gazprom (A.D.R.) 2.52
- --------------------------------------------------------------------------------
5. Samsung Electronics Co., Ltd. 2.31
- --------------------------------------------------------------------------------
6. Taiwan Semiconductor Manufacturing Co. (A.D.R.) 1.95
- --------------------------------------------------------------------------------
7. America Movil (A.D.R.) 1.87
- --------------------------------------------------------------------------------
8. Teva Pharmaceutical Industries, Ltd. 1.82
- --------------------------------------------------------------------------------
9. Reliance Industries, Ltd. (G.D.R.) (144A) 1.78
- --------------------------------------------------------------------------------
10. Chinatrust Financial Holding Co., Ltd. 1.71
- --------------------------------------------------------------------------------
* This list excludes temporary cash and derivative instruments. The portfolio
is actively managed, and current holdings may be different. The holdings
listed should not be considered recommendations to buy or sell any security
listed.
8 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
Prices and Distributions | 5/31/09
Net Asset Value per Share
- --------------------------------------------------------------------------------
Class 5/31/09 11/30/08
A $ 21.01 $ 14.20
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B $ 18.48 $ 12.39
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C $ 18.46 $ 12.38
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R $ 20.35 $ 13.80
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Y $ 22.56 $ 15.35
- --------------------------------------------------------------------------------
Distributions per Share: 12/1/08-5/31/09
- --------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- --------------------------------------------------------------------------------
A $ 0.1871 $ -- $ --
- --------------------------------------------------------------------------------
B $ -- $ -- $ --
- --------------------------------------------------------------------------------
C $ -- $ -- $ --
- --------------------------------------------------------------------------------
R $ 0.2146 $ -- $ --
- --------------------------------------------------------------------------------
Y $ 0.3548 $ -- $ --
- --------------------------------------------------------------------------------
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 9
Performance Update | 5/31/09 Class A Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in at public offering price, compared to that of the Morgan
Stanley Capital International (MSCI) Emerging Markets Index.
Average Annual Total Returns
(As of May 31, 2009)
- --------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
- --------------------------------------------------------------------------------
10 Years 9.87% 9.23%
5 Years 13.29 11.94
1 Year -42.34 -45.65
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.86% 1.86%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer MSCI
Emerging Emerging
Markets Fund Markets Index
----------- ------------
5/99 9,425 10,000
13,123 11,775
5/01 9,265 9,231
10,009 9,903
5/03 9,680 9,269
12,954 13,107
5/05 16,570 17,056
24,567 24,031
5/07 35,233 33,304
41,926 40,631
5/09 24,174 26,762
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
The MSCI Emerging Markets Index measures the performance of emerging market
stocks. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any sales charges, fees or expenses.
You cannot invest directly in an Index.
10 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
Performance Update | 5/31/09 Class B Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in , compared to that of the Morgan Stanley Capital
International (MSCI) Emerging Markets Index.
Average Annual Total Returns
(As of May 31, 2009)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years 8.99% 8.99%
5 Years 12.33 12.33
1 Year -42.84 -45.06
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
2.75% 2.75%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer MSCI
Emerging Emerging
Markets Fund Markets Index
----------- ------------
5/99 10,000 10,000
13,804 11,775
5/01 9,657 9,231
10,362 9,903
5/03 9,943 9,269
13,222 13,107
5/05 16,778 17,056
24,655 24,031
5/07 35,065 33,304
41,374 40,631
5/09 23,648 26,762
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). Effective December 1, 2004, the period during which a CDSC is applied
to withdrawals was shortened to 5 years. The maximum CDSC for Class B shares
continues to be 4%. For more complete information, please see the prospectus
for details. Note: Shares purchased prior to December 1, 2004 remain subject to
the CDSC in effect at the time you purchased those shares. For performance
information for shares purchased prior to December 1, 2004, please visit
www.pioneerinvestments.com.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The MSCI Emerging Markets Index measures the performance of emerging market
stocks. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any sales charges, fees or expenses.
You cannot invest directly in an Index.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 11
Performance Update | 5/31/09 Class C Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in , compared to that of the Morgan Stanley Capital
International (MSCI) Emerging Markets Index.
Average Annual Total Returns
(As of May 31, 2009)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years 9.06% 9.06%
5 Years 12.45 12.45
1 Year -42.83 -42.83
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
2.65% 2.65%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer MSCI
Emerging Emerging
Markets Fund Markets Index
----------- ------------
5/99 10,000 10,000
13,772 11,775
5/01 9,664 9,231
10,374 9,903
5/03 9,971 9,269
13,244 13,107
5/05 16,833 17,056
24,783 24,031
5/07 35,274 33,304
41,656 40,631
5/09 23,813 26,762
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not
reflect the 1% front-end sales charge in effect prior to February 1, 2004. If
you paid a 1% sales charge, your returns would be lower than those shown above.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The MSCI Emerging Markets Index measures the performance of emerging market
stocks. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any sales charges, fees or expenses.
You cannot invest directly in an Index.
12 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
Performance Update | 5/31/09 Class R Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in , compared to that of the Morgan Stanley Capital
International (MSCI) Emerging Markets Index.
Average Annual Total Returns
(As of May 31, 2009)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years 9.53% 9.53%
5 Years 12.93 12.93
1 Year -42.44 -42.44
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
2.13% 2.13%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer MSCI
Emerging Emerging
Markets Fund Markets Index
----------- ------------
5/99 10,000 10,000
13,848 11,775
5/01 9,727 9,231
10,455 9,903
5/03 10,069 9,269
13,526 13,107
5/05 17,201 17,056
25,423 24,031
5/07 36,382 33,304
43,165 40,631
5/09 24,848 26,762
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance of Class R shares shown for the period prior to the
commencement of operations of Class R shares on April 1, 2003 is based on the
performance of the Fund's Class A shares, reduced to reflect the higher
distribution and service fees of Class R shares. For the period after April 1,
2003, the actual performance of Class R shares is reflected. The performance of
Class R shares does not reflect the 1% CDSC that was in effect prior to July 1,
2004. Class R shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The MSCI Emerging Markets Index measures the performance of emerging market
stocks. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any sales charges, fees or expenses.
You cannot invest directly in an Index.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 13
Performance Update | 5/31/09 Class Y Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in , compared to that of the Morgan Stanley Capital
International (MSCI) Emerging Markets Index.
Average Annual Total Returns
(As of May 31, 2009)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years 10.67% 10.67%
5 Years 13.95 13.95
1 Year -42.03 -42.03
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.38% 1.38%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer MSCI
Emerging Emerging
Markets Fund Markets Index
----------- ------------
5/99 10,000 10,000
14,005 11,775
5/01 9,946 9,231
10,863 9,903
5/03 10,618 9,269
14,346 13,107
5/05 18,486 17,056
27,582 24,031
5/07 39,768 33,304
47,536 40,631
5/09 27,559 26,762
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends, and capital gains.
Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The MSCI Emerging Markets Index measures the performance of emerging market
stocks. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any sales charges, fees or expenses.
You cannot invest directly in an Index.
14 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
- --------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Fund
Based on actual returns from December 1, 2008 through May 31, 2009.
- -------------------------------------------------------------------------------------------------------------
Share Class A B C R Y
- -------------------------------------------------------------------------------------------------------------
Beginning Account Value $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
on 12/1/08
- -------------------------------------------------------------------------------------------------------------
Ending Account Value $ 1,497.80 $ 1,491.50 $ 1,491.10 $ 1,496.10 $ 1,501.70
on 5/31/09
- -------------------------------------------------------------------------------------------------------------
Expenses Paid $ 12.14 $ 17.70 $ 17.70 $ 13.44 $ 8.73
During Period*
- -------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.95%, 2.85%,
2.85%, 2.16%, and 1.40% for Class A, Class B, Class C, Class R and Class Y
shares, respectively, multiplied by the average account value over the
period, multiplied by 182/365 (to reflect the one-half year period).
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads), that are charged at the time of the transaction. Therefore,
the table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from December 1, 2008 through May 31, 2009.
- -------------------------------------------------------------------------------------------------------------
Share Class A B C R Y
- -------------------------------------------------------------------------------------------------------------
Beginning Account Value $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
on 12/1/08
- -------------------------------------------------------------------------------------------------------------
Ending Account Value $ 1,015.21 $ 1,010.72 $ 1,010.72 $ 1,014.16 $ 1,017.95
on 5/31/09
- -------------------------------------------------------------------------------------------------------------
Expenses Paid $ 9.80 $ 14.29 $ 14.29 $ 10.85 $ 7.04
During Period*
- -------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.95%, 2.85%,
2.85%, 2.16%, and 1.40% for Class A, Class B, Class C, Class R and Class Y
shares, respectively, multiplied by the average account value over the
period, multiplied by 182/365 (to reflect the one-half year period).
16 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
Schedule of Investments | 5/31/09 (unaudited)
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.0%
MEDIA -- 1.0%
Cable & Satellite -- 1.0%
504,326 Net Servicos de Comunicacao SA* $ 4,966,972
------------
Total Media $ 4,966,972
- --------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $5,744,232) $ 4,966,972
- --------------------------------------------------------------------------------
COMMON STOCKS -- 96.3%
ENERGY -- 15.3%
Coal & Consumable Fuels -- 1.1%
4,076,900 Yanzhou Coal Mining Co., Ltd.* $ 5,143,668
- --------------------------------------------------------------------------------
Integrated Oil & Gas -- 9.9%
5,800,400 China Petroleum & Chemical Corp. $ 4,650,506
526,500 Gazprom (A.D.R.)* 12,240,178
124,150 Lukoil Holdings, Ltd. (A.D.R.)* 6,548,913
579,700 Petrobras Brasileiro SA (A.D.R.)*(b) 20,272,109
126,200 Sasol Ltd. (A.D.R.) (b) 4,769,098
------------
$ 48,480,804
- --------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.0%
166,900 Tenaris SA (A.D.R.) (b) $ 5,102,133
- --------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.5%
5,696,700 Cnooc, Ltd. $ 7,533,320
- --------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.8%
88,900 Reliance Industries, Ltd. (G.D.R.) (144A)* $ 8,638,900
------------
Total Energy $ 74,898,825
- --------------------------------------------------------------------------------
MATERIALS -- 15.4%
Construction Materials -- 1.9%
1,141,913 Pretoria Portland Cement Co. $ 4,401,691
7,752,300 PT Indocement Tunggal Prakarsa Tbk 5,021,653
------------
$ 9,423,344
- --------------------------------------------------------------------------------
Diversified Metals & Mining -- 3.9%
92,700 Freeport-McMoRan Copper & Gold, Inc. (Class B) $ 5,045,661
874,092 Vale SA (A.D.R.) (b) 14,186,513
------------
$ 19,232,174
- --------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 1.0%
434,200 Israel Chemicals, Ltd. $ 4,821,416
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 17
Schedule of Investments | 5/31/09 (unaudited) (continued)
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
Gold -- 5.0%
116,000 Anglogold Ashanti Ltd. (A.D.R.) (b) $ 4,910,280
347,200 Gold Fields, Ltd.* 4,745,333
397,400 Harmony Gold Mining Co., Ltd.* 4,807,271
451,712 IAMGOLD Corp. 5,090,794
5,244,675 Zijin Mining Group Co., Ltd.* 4,731,128
------------
$ 24,284,806
- --------------------------------------------------------------------------------
Precious Metals & Minerals -- 2.6%
249,300 Compania de Minas Buenaventura SAA* $ 7,062,669
229,800 Impala Platinum Holdings, Ltd. 5,570,147
------------
$ 12,632,816
- --------------------------------------------------------------------------------
Steel -- 1.0%
205,200 Kumba Iron Ore, Ltd. $ 5,020,100
------------
Total Materials $ 75,414,656
- --------------------------------------------------------------------------------
CAPITAL GOODS -- 7.8%
Aerospace & Defense -- 0.8%
69,200 Elbit Systems, Ltd. $ 4,205,824
- --------------------------------------------------------------------------------
Construction & Engineering -- 5.0%
3,488,200 China Communications Construction Co., Ltd.* $ 4,847,111
5,663,400 China Railway Group, Ltd.*(b) 4,635,756
3,379,800 China Railways Construction Corp.* 4,861,809
95,000 Hyundai Engineering & Construction Co., Ltd.* 4,887,673
823,200 Murray & Roberts Holdings, Ltd. 5,148,181
------------
$ 24,380,530
- --------------------------------------------------------------------------------
Heavy Electrical Equipment -- 1.0%
107,312 Bharat Heavy Electricals, Ltd. $ 4,963,125
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 1.0%
941,000 Keppel Corp. $ 4,721,724
------------
Total Capital Goods $ 38,271,203
- --------------------------------------------------------------------------------
TRANSPORTATION -- 1.0%
Marine -- 1.0%
3,481,200 China Shipping Development Co., Ltd. (b) $ 5,175,420
------------
Total Transportation $ 5,175,420
- --------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.9%
Automobile Manufacturers -- 1.0%
2,393,300 PT Astra International Tbk $ 4,855,301
- --------------------------------------------------------------------------------
Motorcycle Manufacturers -- 0.9%
163,300 Hero Honda Motors, Ltd.* $ 4,648,690
------------
Total Automobiles & Components $ 9,503,991
- --------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 3.0%
Apparel, Accessories & Luxury Goods -- 1.0%
4,532,200 Anta Sports Products, Ltd. $ 4,931,299
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
Homebuilding -- 1.0%
638,460 Cyrela Brazil Realty SA $ 4,811,143
- --------------------------------------------------------------------------------
Household Appliances -- 1.0%
216,070 Woongjin Coway Co., Ltd.* $ 4,904,191
------------
Total Consumer Durables & Apparel $ 14,646,633
- --------------------------------------------------------------------------------
MEDIA -- 0.6%
Advertising -- 0.6%
350,500 Focus Media Holding, Ltd.*(b) $ 3,014,300
------------
Total Media $ 3,014,300
- --------------------------------------------------------------------------------
RETAILING -- 2.9%
Department Stores -- 2.9%
435,600 Lojas Renner SA* $ 4,620,117
6,862,300 New World Department Store China, Ltd. 5,053,292
2,986,300 Parkson Retail Group, Ltd. 4,663,238
------------
$ 14,336,647
------------
Total Retailing $ 14,336,647
- --------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 1.9%
Food Retail -- 0.9%
290,800 X-5 Retail Group NV (G.D.R.)*(b) $ 4,676,204
- --------------------------------------------------------------------------------
Hypermarkets & Supercenters -- 1.0%
128,400 Brasil Distr Pao Acu (A.D.R.) (b) $ 4,807,296
------------
Total Food & Drug Retailing $ 9,483,500
- --------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.0%
Packaged Foods & Meats -- 1.0%
89,200 Wimm-Bill-Dann*(b) $ 4,804,312
------------
Total Food, Beverage & Tobacco $ 4,804,312
- --------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 3.8%
Household Products -- 1.9%
967,800 Hindustan Unilever, Ltd.* $ 4,752,531
31,600 LG Household & Health Care, Ltd.* 4,863,621
------------
$ 9,616,152
- --------------------------------------------------------------------------------
Personal Products -- 1.9%
10,002 Amorepacific Corp.* $ 4,948,214
328,400 Natura Cosmeticos SA 4,206,280
------------
$ 9,154,494
------------
Total Household & Personal Products $ 18,770,646
- --------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 1.8%
Pharmaceuticals -- 1.8%
190,700 Teva Pharmaceutical Industries, Ltd. $ 8,840,853
------------
Total Pharmaceuticals & Biotechnology $ 8,840,853
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 19
Schedule of Investments | 5/31/09 (unaudited) (continued)
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
BANKS -- 12.3%
Diversified Banks -- 11.3%
346,112 Banco Bradesco SA (b) $ 5,285,130
456,800 Banco do Brasil SA 4,907,263
286,578 Banco Itau SA (b) 4,599,577
7,606,600 Bank Rakyat Indonesia* 4,641,754
1,785,000 Bumiputra-Commerce Holdings Berhad 4,388,233
11,017,200 China Construction Bank Corp. (b) 7,191,433
12,558,382 Chinatrust Financial Holding Co., Ltd. 8,305,943
305,700 ICICI Bank, Ltd.* 4,830,704
10,754,900 Industrial & Commercial Bank of China, Ltd.* 6,798,370
1,883,000 Turkiye Garanti Bankasi AS* 4,730,619
------------
$ 55,679,026
- --------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.0%
108,400 Housing Development Finance Corp., Ltd.* $ 5,046,812
------------
Total Banks $ 60,725,838
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.9%
Diversified Financial Services -- 0.8%
1,234,200 African Bank Investments, Ltd. $ 4,047,377
- --------------------------------------------------------------------------------
Multi-Sector Holding -- 1.1%
1,661,000 Haci Omer Sabanci Holding AS $ 5,084,467
------------
Total Diversified Financials $ 9,131,844
- --------------------------------------------------------------------------------
INSURANCE -- 4.2%
Life & Health Insurance -- 3.2%
512,698 Cathay Financial Holding Co., Ltd. (G.D.R.)* $ 8,131,390
134,000 China Life Insurance Co. (A.D.R.) (b) 7,428,960
------------
$ 15,560,350
- --------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.0%
33,800 Samsung Fire & Marine Insurance Co., Ltd.* $ 4,938,592
------------
Total Insurance $ 20,498,942
- --------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.0%
Data Processing & Outsourced Services -- 1.0%
345,100 Redecard SA* $ 4,950,044
- --------------------------------------------------------------------------------
IT Consulting & Other Services -- 1.0%
135,900 Infosys Technologies, Ltd. (A.D.R.)*(b) $ 4,699,422
------------
Total Software & Services $ 9,649,466
- --------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 3.0%
Communications Equipment -- 1.0%
1,471,340 ZTE Corp.*(b) $ 4,935,083
- --------------------------------------------------------------------------------
Computer Hardware -- 0.9%
5,035,800 Compal Electronics, Inc.* $ 4,270,230
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
- ------------------------------------------------------------------------------------
Shares Value
- ------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 1.1%
1,427,432 Hon Hai Precision Industry Co., Ltd. $ 5,412,489
------------
Total Technology Hardware & Equipment $ 14,617,802
- ------------------------------------------------------------------------------------
SEMICONDUCTORS -- 5.2%
Semiconductors -- 5.2%
375,000 MediaTek, Inc.* $ 4,624,919
25,200 Samsung Electronics Co., Ltd.* 11,206,198
867,440 Taiwan Semiconductor Manufacturing Co. (A.D.R.) (b) 9,489,794
------------
$ 25,320,911
------------
Total Semiconductors $ 25,320,911
- ------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 11.3%
Integrated Telecommunication Services -- 1.3%
136,900 Tele Norte Leste Participacoes SA (A.D.R.)* $ 2,425,868
1,524,600 Turk Telekomunikasyon AS* 4,245,356
------------
$ 6,671,224
- ------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 10.0%
237,600 America Movil (A.D.R.)*(b) $ 9,107,208
287,600 Bharti Tele-Ventures, Ltd.* 5,020,677
277,900 China Mobile (Hong Kong), Ltd. (A.D.R.) (b) 13,675,458
118,900 Mobile Telesystems, Inc. (A.D.R.)* 4,933,161
474,400 MTN Group, Ltd. 6,900,545
100,100 Philippine Long Distance Telephone Co. 4,740,343
2,576,000 Taiwan Mobile Co., Ltd.* 4,571,413
------------
$ 48,948,805
------------
Total Telecommunication Services $ 55,620,029
- ------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $423,419,592) $472,725,818
- ------------------------------------------------------------------------------------
EXCHANGE TRADED FUND -- 1.7%
Financials -- 1.7%
Diversified Financial Services -- 1.7%
733,200 iShares MSCI Taiwan Exchange Traded Fund $ 8,263,164
- ------------------------------------------------------------------------------------
TOTAL EXCHANGE TRADED FUND
(Cost $7,491,961) $ 8,263,164
- ------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 21
Schedule of Investments | 5/31/09 (unaudited) (continued)
- -----------------------------------------------------------------------------------------
Principal
Amount Value
- -----------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 13.4%
Repurchase Agreement -- 0.8%
$ 4,125,000 BNP Paribas, 0.19%, dated 5/31/09, repurchase price of
$4,125,000 plus accrued interest on 6/1/09 collateralized
by the following:
$31,080 Freddie Mac Giant, 5.5%, 8/1/35
$21,774 Federal Home Loan Mortgage Corp., 5.705%, 4/1/37
$23,234 Federal National Mortgage Association (ARM),
4.96%, 5/1/19
$4,007,372 Federal National Mortgage Association,
4.0 - 8.5%, 2/1/19 - 5/1/49
$155,973 Government National Mortgage Association,
5.0 - 6.5%, 7/20/37 - 5/15/39 $ 4,125,000
- -----------------------------------------------------------------------------------------
Securities Lending Collateral -- 12.6% (c)
Certificates of Deposit:
1,502,509 Abbey National Plc, 1.27%, 8/13/09 $ 1,502,509
2,403,902 Bank of Scotland NY, 1.24%, 6/5/09 2,403,902
2,704,516 DnB NOR Bank ASA NY, 1.5%, 6/8/09 2,704,516
2,253,763 Royal Bank of Canada NY, 1.19%, 8/7/09 2,253,763
2,704,516 Svenska Bank NY, 1.48%, 7/8/09 2,704,516
3,005,017 CBA, 1.35%, 7/16/09 3,005,017
3,005,017 Societe Generale, 1.75%, 9/4/09 3,005,017
3,005,017 U.S. Bank NA, 0.76%, 8/24/09 3,005,017
-----------
$20,584,257
- -----------------------------------------------------------------------------------------
Commercial Paper:
3,005,017 Monumental Global Funding, Ltd., 1.28%, 8/17/09 3,005,017
1,502,509 CME Group, Inc., 1.21%, 8/6/09 1,502,509
2,950,927 American Honda Finance Corp., 1.27%, 7/14/09 2,950,927
3,005,017 HSBC Bank, Inc., 1.31%, 8/14/09 3,005,017
751,254 IBM, 0.88%, 9/25/09 751,254
2,704,516 MetLife Global Funding, 1.71%, 6/12/09 2,704,516
2,704,516 New York Life Global, 1.37%, 9/4/09 2,704,516
2,554,265 Westpac Banking Corp., 0.95%, 6/1/09 2,554,264
-----------
$19,178,020
- -----------------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
10,517,561 Deutsche Bank, 0.17%, 6/1/09 $10,517,561
8,601,381 Barclays Capital Markets, 0.16%, 6/1/09 8,601,381
-----------
$19,118,942
- -----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
- -----------------------------------------------------------------------------------------
Shares Value
- -----------------------------------------------------------------------------------------
Money Market Mutual Fund:
3,005,017 JPMorgan U.S. Government Money Market Fund $ 3,005,017
------------
Total Securities Lending Collateral $ 61,886,237
- -----------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $66,011,237) $ 66,011,237
- -----------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 112.4%
(Cost $502,667,022) (a) (d) $551,967,191
- -----------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (12.4)% $(60,988,970)
- -----------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $490,978,221
- -----------------------------------------------------------------------------------------
* Non-income producing security.
(A.D.R.) American Depositary Receipt.
(G.D.R.) Global Depositary Receipt.
(144A) Security is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At May
31, 2009, the value of these securities amounted to $8,638,900 or 1.8%
of total net assets.
(a) At May 31, 2009, the net unrealized gain on investments based on cost
for federal income tax purposes of $508,703,121 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 83,474,883
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (40,210,813)
------------
Net unrealized gain $ 43,264,070
------------
(b) At May 31, 2009, the following securities were out on loan:
- --------------------------------------------------------------------------------
Shares Description Value
- --------------------------------------------------------------------------------
78,000 America Movil (A.D.R.) * $2,989,740
70,900 Anglogold Ashanti, Ltd. (A.D.R.) 3,001,197
130,000 Banco Bradesco SA 1,985,100
25 Banco Itau SA 401
108,500 Brasil Distr Pao Acu (A.D.R.) 4,062,240
4,874,000 China Construction Bank Corp. 3,181,260
112,300 China Life Insurance Co. (A.D.R.) 6,225,912
27,500 China Mobile (Hong Kong), Ltd. (A.D.R.) 1,353,275
2,700,000 China Railway Group, Ltd. * 2,209,950
440,000 China Shipping Development Co., Ltd. 654,148
326,000 Focus Media Holding, Ltd. * 2,803,600
29,400 Infosys Technologies, Ltd. (A.D.R.) * 1,016,652
281,900 Petrobras Brasileiro SA (A.D.R.) * 9,858,043
1,300 Sasol, Ltd. (A.D.R.) 49,127
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 23
Schedule of Investments | 5/31/09 (unaudited) (continued)
- --------------------------------------------------------------------------------
Shares Description Value
- --------------------------------------------------------------------------------
704,900 Taiwan Semiconductor Manufacturing Co. (A.D.R.) $ 7,711,606
72,200 Tenaris SA (A.D.R.) 2,207,154
257,400 Vale SA (A.D.R.) 4,177,602
41,700 Wimm-Bill-Dann * 2,245,962
215,000 X-5 Retail Group NV (G.D.R.) * 3,457,308
457,500 ZTE Corp. * (b) 1,534,501
- --------------------------------------------------------------------------------
Total $60,724,778
- --------------------------------------------------------------------------------
(c) Security lending collateral is managed by Credit Suisse, New York
Branch.
(d) Distributions of investment by country of issue, as a percentage of
total investment in securities (excluding temporary cash investments),
is as follows:
People's Republic of China 17.4%
Brazil 16.5
Taiwan 10.9
South Africa 10.3
India 8.8
South Korea 7.4
Russia 6.8
Israel 3.7
Hong Kong 3.0
Indonesia 3.0
Turkey 2.9
Mexico 1.9
Peru 1.5
Argentina 1.0
Canada 1.0
United States 1.0
Philippines 1.0
Singapore 1.0
Malaysia 0.9
-----
100.0%
=====
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended May 31, 2009 aggregated $176,522,764 and $128,441,729,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The accompanying notes are an integral part of these financial statements.
24 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
The following is a summary of the inputs used as of May 31, 2009, in valuing
the Fund's assets:
- -------------------------------------------------------------------------------------
Investments Other Financial
Valuation Inputs in Securities Instruments
- -------------------------------------------------------------------------------------
Level 1 -- Quoted Prices $195,829,508 $ --
Level 2 -- Other Significant Observable Inputs 356,137,683 (7,306)
Level 3 -- Significant Unobservable Inputs -- --
- -------------------------------------------------------------------------------------
Total $551,967,191 $ (7,306)
=====================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 25
Statement of Assets and Liabilities | 5/31/09 (unaudited)
ASSETS:
Investment in securities, at value (including securities loaned of
$60,724,778) ($502,667,022) $551,967,191
Cash 1,890,276
Foreign currencies, at value (cost $3,801,089) 3,833,757
Receivables --
Investment securities sold 6,677,856
Fund shares sold 1,544,551
Dividends and interest 1,965,042
Other 76,743
- -----------------------------------------------------------------------------------------------------
Total assets $567,955,416
- -----------------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 13,939,593
Fund shares repurchased 423,124
Forward foreign currency settlement contracts, net 7,306
Upon return of securities loaned 61,886,237
Due to affiliates 187,693
Accrued expenses 247,309
Reserve for repatration taxes 285,933
- -----------------------------------------------------------------------------------------------------
Total liabilities $ 76,977,195
- -----------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $572,362,135
Undistributed net investment income 1,901,737
Accumulated net realized loss on investments and foreign currency
transactions (132,336,300)
Net unrealized gain on investments 49,014,236
Net unrealized gain on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies 36,413
- -----------------------------------------------------------------------------------------------------
Total net assets $490,978,221
- -----------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $313,371,476/14,918,454 shares) $ 21.01
Class B (based on $20,590,208/1,114,389 shares) $ 18.48
Class C (based on $47,126,083/2,552,915 shares) $ 18.46
Class R (based on $51,909,588/2,551,266 shares) $ 20.35
Class Y (based on $57,980,866/2,569,738 shares) $ 22.56
MAXIMUM OFFERING PRICE:
Class A ($21.01 [divided by] 94.25%) $ 22.29
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
Statement of Operations (unaudited)
For the Six Months Ended 5/31/09
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $426,333) $ 5,162,395
Interest 33,971
Income from securities loaned, net 412,451
- -----------------------------------------------------------------------------------------------------------
Total investment income $ 5,608,817
- -----------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,968,875
Transfer agent fees and expenses
Class A 377,619
Class B 64,077
Class C 85,521
Class R 6,448
Class Y 2,072
Distribution fees
Class A 265,749
Class B 82,579
Class C 180,949
Class R 85,716
Shareholder communications expense 236,500
Administrative reimbursements 97,051
Custodian fees 134,425
Registration fees 39,863
Professional fees 41,171
Printing expense 37,293
Fees and expenses of nonaffiliated trustees 6,051
Miscellaneous 22,989
- -----------------------------------------------------------------------------------------------------------
Total expenses $ 3,734,948
Less management fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (239,397)
Less fees paid indirectly (760)
- -----------------------------------------------------------------------------------------------------------
Net expenses $ 3,494,791
- -----------------------------------------------------------------------------------------------------------
Net investment income $ 2,114,026
- -----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized loss on:
Investments (net of foreign capital gain tax refund of $71,962) $ (96,847,289)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (271,537) $ (97,118,826)
- -----------------------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments (net of reserve for capital gain taxes of $285,933) $ 249,319,147
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies 64,971 $ 249,384,118
- -----------------------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 152,265,292
- -----------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 154,379,318
===========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 27
Statement of Changes in Net Assets
For the Six Months Ended 5/31/09 and the Year Ended 11/30/08, respectively
- ---------------------------------------------------------------------------------------------------
Six Months
Ended
5/31/09 Year Ended
(unaudited) 11/30/08
- ---------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 2,114,026 $ 5,636,481
Net realized loss on investments and foreign currency
transactions (97,118,826) (37,083,948)
Change in net unrealized gain (loss) on investments and foreign
currency transactions 249,384,118 (470,054,283)
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $154,379,318 $(501,501,750)
- ---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.19 and $0.00 per share, respectively) $ (2,381,182) $ --
Class R ($0.21 and $0.00 per share, respectively) (420,439) --
Class Y ($0.35 and $0.00 per share, respectively) (869,455) --
Net realized gain:
Class A ($0.00 and $0.39 per share, respectively) -- (4,829,147)
Class B ($0.00 and $0.39 per share, respectively) -- (495,485)
Class C ($0.00 and $0.39 per share, respectively) -- (1,040,307)
Class R ($0.00 and $0.39 per share, respectively) -- (689,557)
Class Y ($0.00 and $0.39 per share, respectively) -- (924,302)
- ---------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (3,671,076) $ (7,978,798)
- ---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $105,400,492 $ 323,291,675
Reinvestment of distributions 3,142,470 6,773,365
Cost of shares repurchased (62,299,364) (285,279,844)
- ---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund
share transactions $ 46,243,598 $ 44,785,196
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $196,951,840 $(464,695,352)
NET ASSETS:
Beginning of period 294,026,381 758,721,733
- ---------------------------------------------------------------------------------------------------
End of period $490,978,221 $ 294,026,381
- ---------------------------------------------------------------------------------------------------
Undistributed net investment income $ 1,901,737 $ 3,458,787
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
- -----------------------------------------------------------------------------------------------------
'09 Shares '09 Amount '08 Shares `08 Amount
(unaudited) (unaudited)
- -----------------------------------------------------------------------------------------------------
Class A
Shares sold 4,807,627 $78,233,762 6,702,624 $215,927,691
Reinvestment of distributions 134,622 2,050,517 292,518 4,169,663
Less shares repurchased (2,749,095) (42,392,181) (7,249,512) (205,383,498)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) 2,193,154 $37,892,098 (254,370) $ 14,713,856
=====================================================================================================
Class B
Shares sold 111,728 $ 1,627,775 349,741 $ 10,230,892
Reinvestment of distributions 13 189 35,331 435,022
Less shares repurchased (314,854) (4,231,382) (975,259) (25,988,862)
- -----------------------------------------------------------------------------------------------------
Net decrease (203,113) $(2,603,418) (590,187) $(15,322,948)
=====================================================================================================
Class C
Shares sold 330,526 $ 4,799,501 838,571 $ 24,316,377
Reinvestment of distributions 45 683 68,213 847,112
Less shares repurchased (543,422) (7,271,860) (1,100,149) (27,730,712)
- -----------------------------------------------------------------------------------------------------
Net decrease (212,851) $(2,471,676) (193,365) $ (2,567,223)
=====================================================================================================
Class R
Shares sold 989,761 $15,274,162 1,601,677 $ 47,454,452
Reinvestment of distributions 25,854 381,601 45,485 628,597
Less shares repurchased (301,300) (4,550,810) (515,382) (14,604,463)
- -----------------------------------------------------------------------------------------------------
Net increase 714,315 $11,104,953 1,131,780 $ 33,478,586
=====================================================================================================
Class Y
Shares sold 317,027 $ 5,465,292 1,015,446 $ 25,362,263
Reinvestment of distributions 43,473 709,480 45,086 692,971
Less shares repurchased (230,046) (3,853,131) (345,753) (11,572,309)
- -----------------------------------------------------------------------------------------------------
Net increase 130,454 $ 2,321,641 714,779 $ 14,482,925
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 29
Financial Highlights
- ----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year
5/31/09 Ended Ended
(unaudited) 11/30/08 11/30/07
- ----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 14.20 $ 38.29 $ 29.06
- ----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.10 $ 0.33 $ 0.05
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 6.90 (24.03) 13.40
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 7.00 $ (23.70) $ 13.45
Distributions to shareowners:
Net investment income $ (0.19) $ -- $ (0.07)
Net realized gain -- (0.39) (4.15)
- ----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.19) $ (0.39) $ (4.22)
- ----------------------------------------------------------------------------------------------------------------------------
Redemption fee $ -- $ -- $ --
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 6.81 $ (24.09) $ 9.23
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 21.01 $ 14.20 $ 38.29
============================================================================================================================
Total return* 49.78% (61.91)% 47.03%
Ratio of net expenses to average net assets+ 1.95%** 1.86% 1.79%
Ratio of net investment income to average net assets+ 1.34%** 0.99% 0.17%
Portfolio turnover rate 76%** 54% 45%
Net assets, end of period (in thousands) $313,371 $180,675 $497,008
Ratios with no waiver of management fees and assumption of expenses by PIM and
no reduction for fees paid indirectly:
Net expenses 2.11%** 1.86% 1.79%
Net investment income 1.18%** 0.99% 0.17%
Ratios with waiver of management fees and assumption of expenses by PIM and
reduction for fees paid indirectly:
Net expenses 1.95%** 1.86% 1.78%
Net investment income 1.34%** 0.99% 0.18%
============================================================================================================================
- ----------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended
11/30/06 11/30/05 11/30/04
- ----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 23.64 $ 17.88 $ 14.47
- ----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.15 $ 0.19 $ 0.10
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 8.45 6.22 3.35
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 8.60 $ 6.41 $ 3.45
Distributions to shareowners:
Net investment income $ (0.11) $ -- $ (0.04)
Net realized gain (3.07) (0.65) --
- ----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.18) $ (0.65) $ (0.04)
- ----------------------------------------------------------------------------------------------------------------------------
Redemption fee $ 0.00(a) $ 0.00(a) $ --
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 5.42 $ 5.76 $ 3.41
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 29.06 $ 23.64 $ 17.88
============================================================================================================================
Total return* 36.84% 35.82% 23.86%
Ratio of net expenses to average net assets+ 1.90% 2.15% 2.17%
Ratio of net investment income to average net assets+ 0.49% 0.87% 0.61%
Portfolio turnover rate 42% 69% 69%
Net assets, end of period (in thousands) $240,097 $154,442 $146,503
Ratios with no waiver of management fees and assumption of expenses by PIM and
no reduction for fees paid indirectly:
Net expenses 1.90% 2.23% 2.24%
Net investment income 0.49% 0.79% 0.54%
Ratios with waiver of management fees and assumption of expenses by PIM and
reduction for fees paid indirectly:
Net expenses 1.89% 2.15% 2.17%
Net investment income 0.50% 0.87% 0.61%
============================================================================================================================
(a) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
- ----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year
5/31/09 Ended Ended
(unaudited) 11/30/08 11/30/07
- ----------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 12.39 $ 33.84 $ 26.19
- ----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.06 $ 0.02 $ (0.19)
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 6.03 (21.08) 11.99
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 6.09 $(21.06) $ 11.80
Distributions to shareowners:
Net investment income $ -- $ -- $ --
Net realized gain -- (0.39) (4.15)
- ----------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (0.39) $ (4.15)
- ----------------------------------------------------------------------------------------------------------------------------
Redemption fee $ -- $ -- $ --
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 6.09 $(21.45) $ 7.65
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.48 $ 12.39 $ 33.84
============================================================================================================================
Total return* 49.15% (62.25)% 45.78%
Ratio of net expenses to average net assets+ 2.85%** 2.75% 2.65%
Ratio of net investment income (loss) to average net assets+ 0.38%** 0.06% (0.67)%
Portfolio turnover rate 76%** 54% 45%
Net assets, end of period (in thousands) $20,590 $16,323 $64,562
Ratios with no waiver of management fees and assumption of expenses by PIM and
no reduction for fees paid indirectly:
Net expenses 3.34%** 2.75% 2.65%
Net investment income (loss) (0.11)%** 0.06% (0.67)%
Ratios with waiver of management fees and assumption of expenses by PIM and
reduction for fees paid indirectly:
Net expenses 2.85%** 2.74% 2.63%
Net investment income (loss) 0.38%** 0.07% (0.65)%
============================================================================================================================
- ----------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended
11/30/06 11/30/05 11/30/04
- ----------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 21.62 $ 16.52 $ 13.46
- ----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.09) $ (0.00)(a) $ (0.01)
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 7.73 5.75 3.07
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 7.64 $ 5.75 $ 3.06
Distributions to shareowners:
Net investment income $ 0.00(a) $ -- $ --
Net realized gain (3.07) (0.65) --
- ----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.07) $ (0.65) $ --
- ----------------------------------------------------------------------------------------------------------------------------
Redemption fee $ 0.00(a) $ 0.00(a) $ --
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 4.57 $ 5.10 $ 3.06
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 26.19 $ 21.62 $ 16.52
============================================================================================================================
Total return* 35.72% 34.78% 22.73%
Ratio of net expenses to average net assets+ 2.74% 2.94% 2.89%
Ratio of net investment income (loss) to average net assets+ (0.34)% 0.04% (0.10)%
Portfolio turnover rate 42% 69% 69%
Net assets, end of period (in thousands) $48,312 $43,085 $36,352
Ratios with no waiver of management fees and assumption of expenses by PIM and
no reduction for fees paid indirectly:
Net expenses 2.74% 2.96% 2.95%
Net investment income (loss) (0.34)% 0.02% (0.16)%
Ratios with waiver of management fees and assumption of expenses by PIM and
reduction for fees paid indirectly:
Net expenses 2.71% 2.94% 2.89%
Net investment income (loss) (0.31)% 0.04% (0.10)%
============================================================================================================================
(a) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 31
Financial Highlights (continued)
- ----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year
5/31/09 Ended Ended
(unaudited) 11/30/08 11/30/07
- ----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 12.38 $ 33.78 $ 26.12
- ----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.04 $ 0.06 $ (0.17)
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 6.04 (21.07) 11.98
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 6.08 $(21.01) $ 11.81
- ----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ --
Net realized gain -- (0.39) (4.15)
- ----------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (0.39) $ (4.15)
- ----------------------------------------------------------------------------------------------------------------------------
Redemption fee $ -- $ -- $ --
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 6.08 $(21.40) $ 7.66
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.46 $ 12.38 $ 33.78
============================================================================================================================
Total return* 49.11% (62.21)% 45.94%
Ratio of net expenses to average net assets+ 2.85%** 2.65% 2.57%
Ratio of net investment income (loss) to average net assets+ 0.38%** 0.20% (0.59)%
Portfolio turnover rate 76%** 54% 45%
Net assets, end of period (in thousands) $47,126 $34,242 $99,966
Ratios with no waiver of management fees and assumption of expenses by PIM and
no reduction for fees paid indirectly:
Net expenses 3.03%** 2.65% 2.57%
Net investment income (loss) 0.20%** 0.20% (0.59)%
Ratios with waiver of management fees by PIM and reduction for fees paid
indirectly:
Net expenses 2.85%** 2.64% 2.56%
Net investment income (loss) 0.38%** 0.21% (0.58)%
============================================================================================================================
- ----------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended
11/30/06 11/30/05 11/30/04
- ----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 21.58 $ 16.47 $ 13.39
- ----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.06) $ 0.02 $ 0.00(a)
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 7.69 5.74 3.08
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 7.63 $ 5.76 $ 3.08
- ----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.02) $ -- $ --
Net realized gain (3.07) (0.65) --
- ----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.09) $ (0.65) $ --
- ----------------------------------------------------------------------------------------------------------------------------
Redemption fee $ -- $ 0.00(a) $ --
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 4.54 $ 5.11 $ 3.08
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 26.12 $ 21.58 $ 16.47
============================================================================================================================
Total return* 35.75% 34.94% 23.00%
Ratio of net expenses to average net assets+ 2.65% 2.80% 2.78%
Ratio of net investment income (loss) to average net assets+ (0.27)% 0.15% (0.01)%
Portfolio turnover rate 42% 69% 69%
Net assets, end of period (in thousands) $60,039 $44,468 $36,579
Ratios with no waiver of management fees and assumption of expenses by PIM and
no reduction for fees paid indirectly:
Net expenses 2.65% 2.82% 2.86%
Net investment income (loss) (0.27)% 0.13% (0.08)%
Ratios with waiver of management fees by PIM and reduction for fees paid
indirectly:
Net expenses 2.64% 2.80% 2.78%
Net investment income (loss) (0.26)% 0.15% (0.01)%
============================================================================================================================
(a) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
- ----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year
5/31/09 Ended Ended
(unaudited) 11/30/08 11/30/07
- ----------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 13.80 $ 37.32 $ 28.52
- ----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.08 $ 0.16 $ 0.09
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 6.68 (23.29) 13.00
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 6.76 $(23.13) $ 13.09
Distributions to shareowners:
Net investment income $ (0.21) $ -- $ (0.14)
Net realized gain -- (0.39) (4.15)
- ----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.21) $ (0.39) $ (4.29)
- ----------------------------------------------------------------------------------------------------------------------------
Redemption fee $ -- $ -- $ --
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 6.55 $(23.52) $ 8.80
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.35 $ 13.80 $ 37.32
============================================================================================================================
Total return* 49.61% (61.99)% 46.75%
Ratio of net expenses to average net assets+ 2.16%** 2.13% 2.06%
Ratio of net investment income (loss) to average net assets+ 1.11%** 0.78% (0.26)%
Portfolio turnover rate 76%** 54% 45%
Net assets, end of period (in thousands) $51,910 $25,341 $26,316
Ratios with no waiver of management fees and assumption of expenses by PIM and
no reduction for fees paid indirectly:
Net expenses 2.16%** 2.13% 2.06%
Net investment income (loss) 1.11%** 0.78% (0.26)%
Ratios with waiver of management fees by PIM and reduction for fees paid
indirectly:
Net expenses 2.16%** 2.13% 2.06%
Net investment income (loss) 1.11%** 0.78% (0.26)%
============================================================================================================================
- ----------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended
11/30/06 11/30/05 11/30/04
- ----------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 23.37 $ 17.72 $ 14.51
- ----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.10 $ 0.12 $ 0.11
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 8.26 6.18 3.25
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 8.36 $ 6.30 $ 3.36
Distributions to shareowners:
Net investment income $ (0.14) $ -- $ (0.15)
Net realized gain (3.07) (0.65) --
- ----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.21) $ (0.65) $ (0.15)
- ----------------------------------------------------------------------------------------------------------------------------
Redemption fee $ 0.00(b) $ -- $ --
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 5.15 $ 6.30 $ 3.21
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 28.52 $ 23.37 $ 17.72
============================================================================================================================
Total return* 36.30% 35.53% 23.35%
Ratio of net expenses to average net assets+ 2.52% 2.37% 2.61%
Ratio of net investment income (loss) to average net assets+ (0.21)% 0.53% 0.13%
Portfolio turnover rate 42% 69% 69%
Net assets, end of period (in thousands) $ 1,142 $ 135 $ 59
Ratios with no waiver of management fees and assumption of expenses by PIM and
no reduction for fees paid indirectly:
Net expenses 2.26% 2.58% 2.70%
Net investment income (loss) (0.06)% 0.32% 0.04%
Ratios with waiver of management fees by PIM and reduction for fees paid
indirectly:
Net expenses 2.51% 2.37% 2.61%
Net investment income (loss) (0.45)% 0.53% 0.13%
============================================================================================================================
(a) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 33
Financial Highlights (continued)
- ----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year
5/31/09 Ended Ended
(unaudited) 11/30/08 11/30/07
- ----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 15.35 $ 41.10 $ 30.95
- ----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.16 $ 0.36 $ 0.25
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 7.40 (25.72) 14.26
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 7.56 $(25.36) $ 14.51
Distributions to shareowners:
Net investment income $ (0.35) $ -- $ (0.21)
Net realized gain -- (0.39) (4.15)
- ----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.35) $ (0.39) $ (4.36)
- ----------------------------------------------------------------------------------------------------------------------------
Redemption fee $ -- $ -- $ --
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 7.21 $(25.75) $ 10.15
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 22.56 $ 15.35 $ 41.10
============================================================================================================================
Total return* 50.17% (61.71)% 47.75%
Ratio of net expenses to average net assets+ 1.40%** 1.38% 1.32%
Ratio of net investment income to average net assets+ 1.86%** 1.45% 0.68%
Portfolio turnover rate 76%** 54% 45%
Net assets, end of period (in thousands) $57,981 $37,445 $70,870
Ratios with no waiver of management fees and assumption of expenses by PIM and
no reduction for fees paid indirectly:
Net expenses 1.40%** 1.38% 1.32%
Net investment income 1.86%** 1.45% 0.68%
Ratios with waiver of management fees by PIM and reduction for fees paid
indirectly:
Net expenses 1.40%** 1.38% 1.32%
Net investment income 1.86%** 1.45% 0.68%
============================================================================================================================
- ----------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended
11/30/06 11/30/05 11/30/04
- ----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 25.04 $ 18.78 $ 15.19
- ----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.34 $ 0.16 $ 0.28
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 8.92 6.75 3.47
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 9.26 $ 6.91 $ 3.75
Distributions to shareowners:
Net investment income $ (0.28) $ -- $ (0.16)
Net realized gain (3.07) (0.65) --
- ----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.35) $ (0.65) $ (0.16)
- ----------------------------------------------------------------------------------------------------------------------------
Redemption fee $ 0.00(a) $ 0.00(a) $ --
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 5.91 $ 6.26 $ 3.59
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 30.95 $ 25.04 $ 18.78
============================================================================================================================
Total return* 37.60% 36.77% 24.86%
Ratio of net expenses to average net assets+ 1.33% 1.40% 1.30%
Ratio of net investment income to average net assets+ 1.02% 1.66% 1.46%
Portfolio turnover rate 42% 69% 69%
Net assets, end of period (in thousands) $47,573 $23,273 $54,440
Ratios with no waiver of management fees and assumption of expenses by PIM and
no reduction for fees paid indirectly:
Net expenses 1.33% 1.40% 1.37%
Net investment income 1.02% 1.66% 1.39%
Ratios with waiver of management fees by PIM and reduction for fees paid
indirectly:
Net expenses 1.33% 1.40% 1.30%
Net investment income 1.02% 1.66% 1.46%
============================================================================================================================
(a) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
Notes to Financial Statements | 5/31/09 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Emerging Markets Fund (the Fund) is a Delaware statutory trust
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is
long-term growth of capital.
The Fund offers five classes of shares -- Class A, Class B, Class C, Class R,
and Class Y shares. 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 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 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. Share classes have exclusive voting rights with
respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class Y
shares. Class B shares convert to Class A shares approximately eight years
after the date of purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gains and losses on investments during the
reporting period. Actual results could differ from those estimates.
The Fund's investments in emerging markets or countries with limited or
developing markets may subject the Fund to a greater degree of risk than in a
developed market. Risks associated with these developing markets include
political, social or economic factors and may affect the price of the Fund's
investments and income generated by these investments, as well as the Fund's
ability to repatriate such amounts. At times, the Fund's investments may
represent industries or industry sectors that are interrelated or have common
risks, making it more susceptible to any economic, political or regulatory
developments or other risks
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 35
affecting those industries and sectors. The Fund's prospectuses contain
unaudited information regarding the Fund's principal risks. Please refer to
those documents when considering the Fund's principal risks.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities 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 generally
reported, are valued using the mean between the last bid and asked prices.
Securities for which market prices and/or quotations are not readily
available are valued using fair value methods pursuant to procedures adopted
by the Board of Trustees ("management appraised"). At May 31, 2009, there
were no securities that were management appraised.
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 the use
of daily fair valuations as provided by a pricing service is appropriate for
the Fund. The Fund may also take into consideration other significant events
in determining the fair value of these securities. Thus, the Fund's
securities valuations may differ from prices reported by the various local
exchanges and markets. Temporary cash investments are valued at cost which
approximates market value.
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 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.
36 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the Statement of Operations from the
effects of changes in market price of those securities but are included with
the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date as a hedge or cross-hedge against either specific investment
transactions (settlement hedges) or portfolio positions (portfolio hedges).
All contracts are marked to market daily at the applicable exchange rates,
and any resulting unrealized gains or losses are recorded in the Fund's
financial statements. The Fund records realized gains and losses at the time
a portfolio hedge is offset by entry into a closing transaction or
extinguished by delivery of the currency. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the
terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (see Note 6).
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years remain subject to examination by 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, 2008, the Fund paid no such taxes.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal income
tax rules. Therefore, the sources of the Fund's distributions may be shown in
the accompanying financial statements as from or in excess of net investment
income or as from net realized gain on investment transactions,
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 37
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
At November 30, 2008, the Fund had a net capital loss carryforward of
$10,298,524, which will expire in 2016 if not utilized.
The Fund has elected to defer approximately $17,961,691 of capital losses
recognized between November 1, 2008 and November 30, 2008 to its fiscal year
ending November 30, 2009.
The tax character of current year distributions paid will be determined at
the end of the current taxable year. The tax character of distributions paid
during the year ended November 30, 2008 was as follows:
-----------------------------------------------
2008
-----------------------------------------------
Distributions paid from:
Ordinary income $--
Long-term capital gain 7,978,798
-----------------------------------------------
Total $7,978,798
===============================================
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2008:
-----------------------------------------------
2008
-----------------------------------------------
Distributable earnings:
Undistributed ordinary income $3,465,571
Capital loss carryforward (11,219,685)
Post October loss deferred (17,961,691)
Unrealized depreciation (206,376,351)
-----------------------------------------------
Total $(232,092,156)
===============================================
The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales and the mark to
market on forward currency contracts.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund
and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $18,890 in underwriting commissions on the sale of Class A shares
during the six months ended May 31, 2009.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on their respective percentage of adjusted net assets at the beginning
of the day.
38 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, Class C and Class R shares of the Fund,
respectively (see Note 4). Class Y shares are not subject to a distribution
fee plan. Shareowners of each class participate in all expenses and fees paid
to the transfer agent, Pioneer Investment Management Shareholder Services,
Inc. (PIMSS), for its services, which are allocated based on the number of
accounts in each class and the ratable allocation of related out-of-pocket
expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time except that Class A, Class
B, Class C, Class R and Class Y shares can bear different transfer agent and
distribution expense rates.
G. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or other
institutional investors. When entering into a securities loan transaction,
the Fund typically receives cash collateral from the borrower equal to at
least the value of the securities loaned, which is invested in temporary cash
investments. Credit Suisse, New York Branch, as the Fund's security lending
agent, manages the Fund's securities lending collateral. The income earned on
the investment of collateral is shared with the borrower and the lending
agent in payment of any rebate due to the borrower with respect to the
securities loan, and in compensation for the lending agent's services to the
Fund. The Fund also continues to receive payments in lieu of dividends and
interest on the securities loaned. Gain or loss on the value of the loaned
securities that may occur during the term of the loan will be for the account
of the Fund. The amount of the collateral is required to be adjusted daily to
reflect any price fluctuation in the value of the loaned securities. The Fund
has the right, under the lending agreement, to terminate the loan and recover
the securities from the borrower with prior notice. The Fund will be required
to return the cash collateral to the borrower and could suffer a loss if the
value of the collateral, as invested, has declined.
H. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be at least equal to or in excess of the value of the repurchase
agreement. The collateral for all repurchase agreements is held in
safekeeping in the customer-only account of the Fund's custodian or
subcustodians. The Fund's investment adviser, Pioneer Investment Management,
Inc. (PIM), is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 39
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
Portfolio. Management fees are calculated daily at an annual rate of 1.15% of
the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.95%, 2.85%, 2.85% and 2.20% of the
average daily net assets attributable to Class A, Class B, Class C and Class R
shares, respectively. Class Y shares do not have an expense limitation. These
expense limitations are in effect through April 1, 2012 for Class A shares and
through April 1, 2010 for Class B, Class C and Class R shares.
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. Included in "Due to affiliates" reflected on
the Statement of Assets and Liabilities is $47,931 in management fees,
administrative costs and certain other fees payable to PIM at May 31, 2009.
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 reimbursed PIMSS for out-of-pocket expenses related to
shareholder communications activities such as proxy and statement mailings,
outgoing phone calls and omnibus relationship contracts. For the six months
ended May 31, 2009, such out of pocket expenses by class of shares were as
follows:
- ---------------------------------------------
Shareholder Communications:
- ---------------------------------------------
Class A $141,566
Class B 15,045
Class C 33,136
Class R 44,267
Class Y 2,486
- ---------------------------------------------
Total $236,500
=============================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $125,720 in transfer agent fees and shareholder communications
expense payable to PIMSS at May 31, 2009.
4. Distribution and Service Plans
The Fund adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment
Company Act of 1940 with respect to its Class A, Class B, Class C and Class R
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
40 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
Class A shares. Pursuant to the Plan, the Fund pays PFD 1.00% of the average
daily net assets attributable to Class B and Class C shares. The fee for Class
B and Class C shares consists of a 0.25% service fee and a 0.75% distribution
fee paid as compensation for personal services and/or account maintenance
services or distribution services with regard to Class B and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.50% of the average daily net assets
attributable to Class R shares for distribution services. Prior to February 1,
2008, PFD was reimbursed under the Distribution Plan for distribution expenses
in an amount of up to 0.25% of the average daily net assets attributable to
Class A shares. Included in "Due to affiliates" reflected on the Statement of
Assets and Liabilities is $14,042 in distribution fees payable to PFD at May
31, 2009.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holdings shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R and Class Y
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 18 months of purchase (within 12 months for purchases
made on or after April 1, 2009). Class B shares that are redeemed within five
years of purchase are subject to a CDSC at declining rates beginning at 4.00%,
based on the lower of cost or market value of shares being redeemed.
Redemptions of Class C shares within one year of purchase are subject to a CDSC
of 1.00%, based on the lower of cost or market value of shares being redeemed.
There is no CDSCs for class R or Class Y shares. Proceeds from the CDSCs are
paid to PFD. For the six months ended May 31, 2009, CDSCs in the amount of
$30,227 were paid to PFD.
5. Commission Recapture and Expense Offset Arrangements
The Fund has entered into directed brokerage arrangements with brokers with
whom PIM places trades on behalf of the Fund under which the brokers provide
services to the Fund in addition to trade execution. These services may include
payments of certain expenses on behalf of the Fund. However, for the six months
ended May 31, 2009, the Fund's expenses were not reduced under these
arrangements. In addition, the Fund has entered into certain expense offset
arrangements with PIMSS resulting in a reduction in the Fund's total expenses,
due to interest earned on cash held by PIMSS. For the six months ended May 31,
2009, the Fund's expenses were reduced by $760 under such arrangements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 41
6. Forward Foreign Currency Contracts
At May 31, 2009, the Fund had entered into various contracts that obligate the
Fund to deliver currencies at specified future dates. At the maturity of a
contract, the Fund must make or take delivery of the foreign currency.
Alternatively, prior to the settlement date of a portfolio hedge, the Fund may
close out such contracts by entering into an offsetting hedge contract. The
average number of contracts open during the six months ended May 31, 2009 was
314,358,898. At May 31, 2009, the Fund had no outstanding portfolio hedges. The
Fund's gross forward currency settlement contracts receivable and payable were
$3,381,309 and $3,388,615 respectively, resulting in a net payable of $7,306.
7. Line of Credit
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), collectively participate in a $165 million committed, unsecured
revolving line of credit facility. Borrowings are used solely for temporary or
emergency purposes. The Fund may borrow up to the lesser of $165 million or the
limits set for borrowing by the Fund's prospectus and the 1940 Act. Interest on
collective borrowings is payable as follows: if the London Interbank Offered
Rate (LIBOR) on the related borrowing date is greater than or equal to the
Federal Funds Rate on such date, the loan bears interest at the LIBOR rate plus
1.25% on an annualized basis, or if the LIBOR rate on the related borrowing
date is less then the Federal Funds Rate on such date, the loan bears interest
at the Federal Funds Rate plus 1.25% on an annualized basis. The Funds pay an
annual commitment fee for this facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the six months ended March 31, 2009, the Fund had no borrowings
under this agreement.
8. Additional Disclosures about Derivative Instruments and Hedging Activities
Fair values of derivative instruments as of May 31, 2009:
- -------------------------------------------------------------------------------------------
Derivatives not Asset Derivatives 2009 Liabilities Derivatives 2009
accounted for as ------------------------------ --------------------------------
hedging instruments Balance Sheet Balance Sheet
under Statement 133 Location Fair Value Location Fair Value
- -------------------------------------------------------------------------------------------
Foreign Exchange
Contracts Receivables* $156 Payables $7,462
- -------------------------------------------------------------------------------------------
Total $156 $7,462
===========================================================================================
* Foreign Exchange Contracts are shown as a net payable on the Statement of
Assets and Liabilities
42 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
The effect of derivative instruments on the Statement of Operations for the six
months ended May 31, 2009 was as follows:
- -------------------------------------------------------------------------------------------
Derivatives Not Change in
Accounted for Realized Gain Unrealized Gain
as Hedging or (Loss) on or (Loss) on
Instruments Location of Gain or (Loss) Derivatives Derivatives
Under On Derivatives Recognized Recognized in Recognized in
Statement 133 in Income Income Income
- -------------------------------------------------------------------------------------------
Foreign Exchange Net realized loss on forward $(210,105)
Contracts foreign currency contracts and
other assets and liabilities
denominated in foreign
currencies
Foreign Exchange Change in unrealized gain (loss) $(14,090)
Contracts on forward foreign currency
contracts and other assets and
liabilities denominated in foreign
currencies
9. Additional Information
Effective July 27, 2009, John Pollen of Pioneer Investment Management, London,
Inc. became the portfolio manager of the Pioneer Emerging Markets Fund.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09 43
Trustees, Officers and Service Providers
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Daniel K. Kingsbury, Executive
Mary K. Bush Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer
Margaret B.W. Graham Dorothy E. Bourassa, Secretary
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at http://www.sec.gov.
44 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/09
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
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
- --------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: www.pioneerinvestments.com
This report must be accompanied by a prospectus.
The Fund files a complete statement of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
- ---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
- ---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
- ---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
- ---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
- ----------------------- --------------------------- -----------------------------------------------
- ------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- -------------------------
- ------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
- ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
- ----------------------- --------------------------- -----------------------------------------------
- --------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
- ------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
- ----------------------- ------------------------- -----------------------------------------------
- ------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
- ------------------------------------------- ------------------------------
- --------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
- --------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Emerging Markets Fund
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date July 29, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date July 29, 2009
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date July 29, 2009
* Print the name and title of each signing officer under his or her signature.