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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08448
Pioneer Emerging Markets Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: December 1, 2012 through November 30, 2013
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Emerging
Markets Fund
--------------------------------------------------------------------------------
Annual Report | November 30, 2013
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Ticker Symbols:
Class A PEMFX
Class B PBEFX
Class C PCEFX
Class R PEMRX
Class Y PYEFX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 28
Notes to Financial Statements 37
Report of Independent Registered Public Accounting Firm 48
Approval of Investment Advisory Agreement 49
Trustees, Officers and Service Providers 54
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 1
President's Letter
Dear Shareowner,
When we look at the U.S. economy heading into 2014, we continue to see slow, but
steady, growth. Employment has also been rising steadily, but only modestly.
Consumer incomes, savings, wealth, and debt-servicing capacity have been solid
buttresses for the recovering housing and auto industries. Industrial activity
is growing only modestly, but current corporate profits are generally solid and
balance sheets appear able to support needed capital spending and dividend*
payouts. The scaled-back "fiscal cliff" tax increases and spending cuts have
meaningfully cut the budget deficit without driving the economy into recession.
In addition, we feel that continuing slack in labor markets and capacity
utilization offers the potential for continuing growth without bottlenecks and
rising inflation.
After observing the strengthening economic trends, the Federal Reserve (the Fed)
hinted that it might begin scaling back its "QE" quantitative easing program
later in 2013 and could terminate its bond purchases altogether sometime in
2014. In September, however, the Fed surprised many market participants by
deciding not to start scaling back QE yet, but announced later in the year that
it would, in fact, begin tapering QE. The Fed has also said that short-term
interest rates are likely to remain near zero for some time to come, given that
inflation remains subdued and unemployment remains too high.
The U.S. government's partial shutdown in October rattled the markets to a
degree, but did not immediately have a significant negative impact on the
economy or capital markets. As the year drew to a close, leaders in Washington
reached a bipartisan budget agreement that establishes top-line government
spending levels for the next two fiscal years, a move which should help to
diffuse the threat of another shutdown. That certainly was welcome news for
investors who had grown weary of the uncertainty caused by the constant,
politically motived bickering over the nation's fiscal policies.
There are certainly risks and uncertainties that continue to plague the global
economy as we head into the new year. The European economy remains weak, though
it is beginning to show signs of stabilization, and a number of countries in the
emerging markets have experienced difficulties. Still, a potential ending of the
European recession, continuing economic improvement in Japan in response to the
new government's easing policies, and a "soft landing" of 7% growth in China
could very well result in an improving global outlook in 2014.
* Dividends are not guaranteed.
2 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
There are also geopolitical worries abroad and the aforementioned political
fights at home, and while most of the widely recognized risks we've outlined may
already be "priced into" the market, we believe investors should continue to
expect market volatility.
The Fed's aggressive monetary policies and fears about economic growth had
helped drive long-term Treasury yields to unsustainably low levels; the return
to more normal levels has resulted in disappointing returns for bond investors
during much of 2013, but the stock market has delivered double-digit returns to
equity investors who were willing to brave the "wall of worry".
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which seek to balance potential risks and reward in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 3
Portfolio Management Discussion | 11/30/13
In the following interview, Mauro Ratto, Marco Mencini, and Andrea Salvatori,
portfolio managers of Pioneer Emerging Markets Fund, discuss the investment
environment and the Fund's performance during the 12-month period ended November
30, 2013. Mr. Ratto, Head of Emerging Markets and a portfolio manager at
Pioneer, Mr. Mencini, Head of Equities, Emerging Markets, and a portfolio
manager at Pioneer, and Mr. Salvatori, Head of Global Emerging Markets & Latin
American Equities and a portfolio manager at Pioneer, assumed responsibility for
the day-to-day management of the Fund on March 1, 2013, replacing Sean Taylor.
Q Could you please review the performance of emerging markets stocks during
the 12-month period ended November 30, 2013?
A Stocks in the emerging markets experienced weak relative performance during
the Fund's annual reporting period. The Fund's benchmark, the Morgan Stanley
Capital International (MSCI) Emerging Markets ND Index(1), returned 3.66%
for the period, well below the 26.38% return of the MSCI World ND Index,
which tracks the performance of stocks in the developed markets.
The primary reason for the substantial performance shortfall of emerging
markets equities was the direction of economic growth in several emerging
nations. While economies in the developed markets showed improvement during
the 12-month period, growth in the emerging economies continued to slow.
Slower growth, in turn, led to a decline in earnings rates of companies in
the emerging markets to levels that were below longer-term trends. A
decoupling of monetary policies of the world's central banks also played a
role in the emerging markets' underperformance during the period. While
central banks in the developed markets, such as the U.S. Federal Reserve
(the Fed), continued to pursue "easy money" policies, higher inflation
forced many central banks in the emerging markets to
(1) The MSCI information may only be used for your internal use, may not be
reproduced or redisseminated in any form and may not be used as a basis for
or a component of any financial instruments or products or indices. None of
the MSCI information is intended to constitute investment advice or a
recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such. Historical data and analysis
should not be taken as an indication or guarantee of any future performance
analysis, forecast or prediction. The MSCI information is provided on an "as
is" basis and the user of this information assumes the entire risk of any
use made of this information. MSCI, each of its affiliates and each other
person involved in or related to compiling, computing or creating any MSCI
information (collectively, the "MSCI Parties") expressly disclaims all
warranties (including, without limitation, any warranties of originality,
accuracy, completeness, timeliness, non-infringement, merchantability and
fitness for a particular purpose) with respect to this information. Without
limiting any of the foregoing, in no event shall any MSCI Party have any
liability for any direct, indirect, special, incidental, punitive,
consequential (including, without limitation, lost profits) or any other
damages.
4 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
tighten policy by raising interest rates. Finally, the emergence of worries
that the Fed would begin to "taper" the pace of its quantitative easing (QE)
program fueled an exodus of capital from the emerging markets during the
spring and summer. The Fed eventually opted to delay the tapering of QE
until late in the calendar year, but the effects of last summer's
speculation had already taken their toll on the emerging markets. Taken
together, all of the factors led to a substantial divergence in returns
between the developed and emerging equity markets.
Q How did the Fund perform in that environment during the 12-month period
ended November 30, 2013?
A Pioneer Emerging Markets Fund's Class A shares returned 3.98% at net asset
value during the 12-month period ended November 30, 2013, while the Fund's
benchmark, the MSCI Emerging Markets ND Index (the MSCI Index), returned
3.66%. During the same period, the average return of the 587 mutual funds in
Lipper's Emerging Markets Funds category was 5.40%, and the average return
of the 598 mutual funds in Morningstar's Diversified Emerging Markets Funds
category was 5.33%.
Q Which of your investment decisions aided the Fund's performance during the
12-month period ended November 30, 2013, and which investment strategies
detracted from the Fund's performance?
A After the new portfolio management team took over the Fund in March 2013,
four months into the annual reporting period, we repositioned the Fund's
portfolio to match our investment style. In the time following the
repositioning of the portfolio, one of the key positive factors in the
Fund's benchmark-relative performance was our decision to overweight the
strong consumer discretionary sector. Stock selection within the consumer
discretionary group also contributed to the Fund's relative returns. Within
consumer discretionary, the Fund's position in ANTA Sports Products, a
Chinese sportswear producer that benefitted from an improving competitive
environment and better inventory management, was a leading contributor to
relative performance during the period. A position in Copa Holdings, a
Panamanian airline with a competitive business model that we believed was
being overlooked by investors, also contributed to the Fund's performance.
Copa has delivered strong results, putting it on investors' radar screens
and allowing the stock's market price to move closer to what we see as its
fair value.
Other positive contributors to the Fund's performance during the period
included a position in Astaldi, an Italian construction and engineering firm
that generates more than half of its revenues in Turkey and other emerging
markets. The stock gained ground as investors became less concerned about
the financial risk in the company's Italian business and grew to appreciate
the value of its operations within the emerging markets. The Fund's relative
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 5
performance was further aided by a position in Minsheng Bank, which we
bought when the company's shares were depressed in the early summer of 2013.
Concerns about a scare in China's short-term funding market led to a sharp
sell-off in the country's banking sector, and we were able to pick up shares
of this well-run bank at a discount. The stock subsequently rebounded before
period end.
On the negative side, the portfolio's overweight positions in China and
Russia detracted from the Fund's relative performance during the 12-month
period. We are optimistic, however, about the longer-term outlook for both
countries, and we are maintaining the Fund's above-benchmark weightings.
In terms of individual stocks, one of the Fund's largest performance
detractors was a position in Korean cosmetics maker Able C&C. The company
lost market share during the period due to heavy promotion and aggressive
pricing by its competitors, which weighed on Able's profit margins. We have
since reduced the Fund's position. A holding of another Korean company,
Samsung Engineering, also hurt the Fund's return due to a decline in company
revenues and weaker-than-expected profit margins. Hon Hai Precision
Industry, the largest technology assembler in the world as well as Apple's
top supplier, was another Fund position that detracted from performance
during the period. Hon Hai became caught up in the broader decline of
Apple's stock as well as stocks of other companies within its "ecosystem."
Still, we believe Hon Hai's scale advantages will translate into higher cash
flows over time, and so we have maintained the Fund's position.
Q What is your outlook for equity investing within the emerging markets?
A We hold a cautious outlook for the asset class as we move into 2014. In
order to make the emerging markets an attractive destination for investors,
we believe that structural reforms are badly needed in many countries, given
that most economies in the region suffer from excessive credit growth and an
overhang of leverage. Emerging countries as a group have experienced a
deteriorating macroeconomic outlook during the past five years, which, in
our view, highlights the need for reforms. Despite the obvious sense of
urgency in the "fragile" emerging countries, any reform efforts will have to
wait many more months due to forthcoming elections in several nations; and,
currently, only China and Mexico seem to be moving in the right direction in
our opinion. Having said this, both performance expectations and company
valuations have declined considerably throughout the region, suggesting the
possibility of upside potential if global growth picks up and the reform
process gathers steam.
6 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
When investing the Fund's assets, we continue to seek countries with positive
trade balances, lower vulnerability to global asset flows, exposure to the
global economy, and a credible plan for structural reform. Among the countries
included in that group are China, Mexico, and the Philippines. We have tilted
the Fund's portfolio toward more cyclical (economically sensitive) sectors such
as industrials, consumer discretionary, and information technology, while
reducing exposure to the defensive sectors, like consumer staples, as stocks in
those sectors appear likely to underperform due to their elevated valuations.
From a valuation perspective, we believe the emerging markets look attractive
both on an absolute basis and relative to the developed markets. This is
particularly evident in Russia, where we maintain an overweight portfolio
position. We are mindful of the fact that some Russian stocks are cheap for a
good reason. However, we do see some growth catalysts that we feel could improve
the situation in the Russian market, including a strong new central bank
governor, government policies aimed at improving corporate governance at
state-owned companies, and financial reforms designed to open up the market to
new investors.
While growth has slowed in China from previous highs, we remain optimistic that
the Chinese government has both the ability and political will to implement
certain structural reforms and to slowly guide the nation towards a more
sustainable growth rate as well as a consumer-driven economy. We believe the
Fund, with its emphasis on consumer discretionary stocks in China, is positioned
to benefit if that nation's trajectory towards a consumer-driven economy
materializes.
The Fund also holds a weighting in the frontier economies (also known as
"pre-emerging" economies). Frontier economies are expected to be the new engines
of growth in the emerging markets, and we have continued to build the Fund's
positions in countries such as Saudi Arabia, Qatar, and Dubai. We also have
continued our play on the Asian urbanization theme within the portfolio, and
have added a basket of small- and mid-cap holdings in the region. Lastly, the
Fund has allocations to certain developed market-listed stocks, such as
Astaldi's, whose performance is driven largely by the companies' exposures to
emerging markets penetration and growth.
In an environment characterized by both risk and opportunity, we continue to
emphasize individual research to identify companies that we believe have the
optimal combination of growth potential and attractive valuation. We believe
this steady approach will enable the Fund to navigate the inevitable shifts in
short-term market conditions and to deliver solid performance over the longer
term.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 7
Please refer to the Schedule of Investments on pages 18-27 for a full listing of
Fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The portfolio may invest a substantial amount of its assets in issuers located
within a specific region, and is, therefore, more susceptible to adverse
developments affecting those regions.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes.
8 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
Portfolio Summary | 11/30/13
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
Financials 28.5%
Information Technology 15.0%
Industrials 13.9%
Energy 9.6%
Consumer Discretionary 9.4%
Materials 9.1%
Telecommunication Services 7.5%
Consumer Staples 3.9%
Utilities 2.9%
Health Care 0.2%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
South Korea 14.1%
People's Republic of China 13.7%
Brazil 9.3%
Russia 9.1%
Cayman Islands 6.4%
Taiwan 5.8%
India 5.3%
Egypt 4.6%
Italy 3.8%
Luxembourg 3.4%
Bermuda 2.9%
South Africa 2.6%
Mexico 2.3%
Panama 1.8%
Japan 1.8%
Thailand 1.8%
Malaysia 1.7%
Hong Kong 1.5%
United Kingdom 1.2%
Turkey 1.1%
Other (individually less than 1.0%) 5.8%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. Global Telecom Holding (G.D.R.) 4.60%
--------------------------------------------------------------------------------
2. Samsung Electronics Co., Ltd. 3.48
--------------------------------------------------------------------------------
3. Astaldi S.p.A. 3.25
--------------------------------------------------------------------------------
4. Millicom International Cellular SA 2.90
--------------------------------------------------------------------------------
5. Tata Motors, Ltd. 2.61
--------------------------------------------------------------------------------
6. Bradespar SA 2.53
--------------------------------------------------------------------------------
7. Sberbank of Russia (A.D.R.) 2.49
--------------------------------------------------------------------------------
8. China Construction Bank Corp. 2.47
--------------------------------------------------------------------------------
9. SK Hynix, Inc. 2.46
--------------------------------------------------------------------------------
10. Industrial & Commercial Bank of China, Ltd. 2.38
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 9
Prices and Distributions | 11/30/13
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 11/30/13 11/30/12
--------------------------------------------------------------------------------
A $24.06 $23.24
--------------------------------------------------------------------------------
B $20.26 $19.66
--------------------------------------------------------------------------------
C $20.32 $19.70
--------------------------------------------------------------------------------
R $23.11 $22.30
--------------------------------------------------------------------------------
Y $26.38 $25.46
--------------------------------------------------------------------------------
Distributions per Share: 12/1/12-11/30/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1058 $ -- $ --
--------------------------------------------------------------------------------
B $ -- $ -- $ --
--------------------------------------------------------------------------------
C $ -- $ -- $ --
--------------------------------------------------------------------------------
R $0.0510 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2576 $ -- $ --
--------------------------------------------------------------------------------
The MSCI Emerging Markets ND Index is an unmanaged index that measures the
performance of emerging market stocks. Index returns are calculated monthly,
assume reinvestment of dividends and, unlike Fund returns, do not reflect any
sales charges, fees or expenses. It is not possible to invest directly in an
index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-15.
10 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
Performance Update | 11/30/13 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Emerging Markets Fund at public
offering price during the periods shown, compared to that of the Morgan Stanley
Capital International (MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of November 30, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 8.92% 8.28%
5 Years 12.75 11.42
1 Year 3.98 -2.01
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.03% 1.95%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
11/30/2003 $ 9,425 $ 10,000
11/30/2004 $ 11,675 $ 12,847
11/30/2005 $ 15,858 $ 17,035
11/30/2006 $ 21,701 $ 22,819
11/30/2007 $ 31,907 $ 33,123
11/30/2008 $ 12,155 $ 14,390
11/30/2009 $ 22,624 $ 26,638
11/30/2010 $ 25,530 $ 30,724
11/30/2011 $ 21,078 $ 27,180
11/30/2012 $ 21,302 $ 30,266
11/30/2013 $ 22,150 $ 31,373
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through April 1, 2015, for Class A shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 11
Performance Update | 11/30/13 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class B shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of November 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 7.97% 7.97%
5 Years 11.75 11.75
1 Year 3.05 -0.95
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
3.27% 2.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
11/30/2003 $ 10,000 $ 10,000
11/30/2004 $ 12,273 $ 12,847
11/30/2005 $ 16,542 $ 17,035
11/30/2006 $ 22,450 $ 22,819
11/30/2007 $ 32,728 $ 33,123
11/30/2008 $ 12,356 $ 14,390
11/30/2009 $ 22,798 $ 26,638
11/30/2010 $ 25,501 $ 30,724
11/30/2011 $ 20,873 $ 27,180
11/30/2012 $ 20,900 $ 30,266
11/30/2013 $ 21,538 $ 31,373
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through April 1, 2015, for Class B shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
12 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
Performance Update | 11/30/13 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of November 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 8.08% 8.08%
5 Years 11.84 11.84
1 Year 3.15 3.15
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.75%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
11/30/2003 $ 10,000 $ 10,000
11/30/2004 $ 12,300 $ 12,847
11/30/2005 $ 16,599 $ 17,035
11/30/2006 $ 22,533 $ 22,819
11/30/2007 $ 32,884 $ 33,123
11/30/2008 $ 12,427 $ 14,390
11/30/2009 $ 22,928 $ 26,638
11/30/2010 $ 25,658 $ 30,724
11/30/2011 $ 21,030 $ 27,180
11/30/2012 $ 21,078 $ 30,266
11/30/2013 $ 21,742 $ 31,373
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not reflect
the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a
1% sales charge, your returns would be lower than those shown above. "If Held"
results represent the percent change in net asset value per share. Returns would
have been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 13
Performance Update | 11/30/13 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of November 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 8.66% 8.66%
5 Years 12.53 12.53
1 Year 3.86 3.86
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.13%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
11/30/2003 $ 10,000 $ 10,000
11/30/2004 $ 12,335 $ 12,847
11/30/2005 $ 16,718 $ 17,035
11/30/2006 $ 22,786 $ 22,819
11/30/2007 $ 33,438 $ 33,123
11/30/2008 $ 12,710 $ 14,390
11/30/2009 $ 23,604 $ 26,638
11/30/2010 $ 26,597 $ 30,724
11/30/2011 $ 21,910 $ 27,180
11/30/2012 $ 22,083 $ 30,266
11/30/2013 $ 22,936 $ 31,373
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class R shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
Performance Update | 11/30/13 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of November 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 9.55% 9.55%
5 Years 13.38 13.38
1 Year 4.63 4.63
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.39%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
11/30/2003 $ 5,000,000 $ 5,000,000
11/30/2004 $ 6,242,698 $ 6,423,692
11/30/2005 $ 8,538,169 $ 8,517,632
11/30/2006 $ 11,748,671 $ 11,409,605
11/30/2007 $ 17,358,716 $ 16,561,340
11/30/2008 $ 6,646,275 $ 7,194,872
11/30/2009 $ 12,440,153 $ 13,318,932
11/30/2010 $ 14,105,952 $ 15,362,106
11/30/2011 $ 11,714,076 $ 13,589,903
11/30/2012 $ 11,902,902 $ 15,132,865
11/30/2013 $ 12,453,492 $ 15,686,592
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Fund
Based on actual returns from June 1, 2013 through November 30, 2013.
----------------------------------------------------------------------------------------
Share Class A B C R Y
----------------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 6/1/13
----------------------------------------------------------------------------------------
Ending Account Value $1,051.58 $1,047.04 $1,047.42 $1,050.90 $1,054.84
(after expenses)
on 11/30/13
----------------------------------------------------------------------------------------
Expenses Paid $ 10.03 $ 14.63 $ 14.27 $ 10.95 $ 7.11
During Period*
----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.95%, 2.85%,
2.78%, 2.13% and 1.38% 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 183/365 (to reflect the one-half year period).
16 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads), that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from June 1, 2013 through November 30, 2013.
--------------------------------------------------------------------------------------------
Share Class A B C R Y
--------------------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 6/1/13
--------------------------------------------------------------------------------------------
Ending Account Value $1,015.29 $1,010.78 $1,011.13 $1,014.39 $1,018.15
(after expenses)
on 11/30/13
--------------------------------------------------------------------------------------------
Expenses Paid $ 9.85 $ 14.37 $ 14.02 $ 10.76 $ 6.98
During Period*
--------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.95%, 2.85%,
2.78%, 2.13% and 1.38% 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 183/365 (to reflect the one-half year period).
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 17
Schedule of Investments | 11/30/13
------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 6.1%
ENERGY -- 0.9%
Integrated Oil & Gas -- 0.9%
293,775 Petroleo Brasileiro SA $ 2,404,734
-------------
Total Energy $ 2,404,734
------------------------------------------------------------------------------------------------------
MATERIALS -- 2.5%
Steel -- 2.5%
598,636 Bradespar SA $ 6,512,262
-------------
Total Materials $ 6,512,262
------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.6%
Automobile Manufacturers -- 1.6%
36,232 Hyundai Motor Co. $ 4,214,667
-------------
Total Automobiles & Components $ 4,214,667
------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.1%
Hypermarkets & Super Centers -- 1.1%
57,537 Cia Brasileira de Distribuicao Grupo
Pao de Acucar $ 2,675,108
-------------
Total Food & Staples Retailing $ 2,675,108
------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $16,655,020) $ 15,806,771
------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 91.9%
ENERGY -- 8.6%
Oil & Gas Equipment & Services -- 0.5%
59,218 Saipem S.p.A. $ 1,328,648
------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 5.9%
5,153,200 China Petroleum & Chemical Corp. $ 4,452,295
454,817 Gazprom OAO (A.D.R.) 3,943,263
62,131 Lukoil OAO (A.D.R.) 3,865,791
1,366,000 PetroChina Co., Ltd. 1,622,844
164,000 PTT PCL 1,509,281
-------------
$ 15,393,474
------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.6%
1,372,000 Kunlun Energy Co., Ltd. $ 2,544,841
89,415 Pacific Rubiales Energy Corp. 1,664,025
-------------
$ 4,208,866
------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.6%
103,354 Reliance Industries, Ltd. $ 1,409,519
-------------
Total Energy $ 22,340,507
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------
MATERIALS -- 6.5%
Fertilizers & Agricultural Chemicals -- 0.5%
129,894 Phosagro OAO (G.D.R.) $ 1,276,029
------------------------------------------------------------------------------------------------------
Construction Materials -- 1.1%
381,500 Anhui Conch Cement Co., Ltd. $ 1,497,913
1,221,804 Cemex SAB de CV* 1,346,276
-------------
$ 2,844,189
------------------------------------------------------------------------------------------------------
Aluminum -- 0.7%
3,033,500 China Hongqiao Group, Ltd. $ 1,878,882
------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 2.1%
82,564 Glencore Xstrata Plc (d) $ 416,397
86,522 Glencore Xstrata Plc (e) 440,245
659,922 Grupo Mexico SAB de CV 1,958,530
184,343 MMC Norilsk Nickel OJSC (A.D.R.) 2,768,094
-------------
$ 5,583,266
------------------------------------------------------------------------------------------------------
Steel -- 2.1%
9,483 POSCO $ 2,940,553
122,595 Severstal OAO (G.D.R.) 1,115,331
48,915 Ternium SA (A.D.R.) 1,306,520
-------------
$ 5,362,404
-------------
Total Materials $ 16,944,770
------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 9.6%
Aerospace & Defense -- 0.4%
34,700 Embraer SA (A.D.R.) $ 1,076,047
------------------------------------------------------------------------------------------------------
Construction & Engineering -- 5.1%
789,105 Astaldi S.p.A. $ 8,385,492
3,402,000 China Communications Construction Co., Ltd. 2,882,685
1,770,000 China Railway Construction Corp., Ltd. 1,980,300
-------------
$ 13,248,477
------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.5%
78,300 Sumitomo Electric Industries, Ltd. $ 1,218,327
------------------------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 0.1%
128,158 Bharat Heavy Electricals, Ltd. $ 322,140
------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 1.2%
77,913 Bidvest Group, Ltd. $ 1,955,307
27,706 Industries Qatar QSC 1,279,991
-------------
$ 3,235,298
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 19
Schedule of Investments | 11/30/13 (continued)
------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 1.9%
2,325,000 CSR Corp., Ltd.* $ 2,167,978
11,156 Hyundai Heavy Industries Co., Ltd. 2,858,316
-------------
$ 5,026,294
------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.4%
1,038,000 Noble Group, Ltd. $ 915,022
-------------
Total Capital Goods $ 25,041,605
------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 4.2%
Airlines -- 2.0%
1,349,975 Air Arabia PJSC $ 520,542
30,935 Copa Holdings SA 4,684,178
-------------
$ 5,204,720
------------------------------------------------------------------------------------------------------
Marine -- 0.4%
3,438,000 China Shipping Container Lines Co., Ltd.* $ 929,972
------------------------------------------------------------------------------------------------------
Railroads -- 0.4%
12,000 East Japan Railway Co. $ 981,726
------------------------------------------------------------------------------------------------------
Trucking -- 0.1%
325,209 Aramex PJSC $ 238,934
------------------------------------------------------------------------------------------------------
Highways & Railtracks -- 1.3%
187,650 Arteris SA $ 1,574,595
747,150 OHL Mexico SAB de CV* 1,922,854
-------------
$ 3,497,449
-------------
Total Transportation $ 10,852,801
------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 4.3%
Auto Parts & Equipment -- 1.3%
5,608 Hyundai Mobis $ 1,627,509
202,300 Tupy SA 1,840,429
-------------
$ 3,467,938
------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 3.0%
510,000 Geely Automobile Holdings, Ltd. $ 262,650
45,789 Mahindra & Mahindra, Ltd. 692,545
2,046,150 Tata Motors, Ltd. 6,726,899
-------------
$ 7,682,094
-------------
Total Automobiles & Components $ 11,150,032
------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.3%
Leisure Products -- 0.3%
1,335,000 Goodbaby International Holdings, Ltd. $ 710,157
-------------
Total Consumer Durables & Apparel $ 710,157
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.4%
Casinos & Gaming -- 0.6%
481,000 SJM Holdings, Ltd. $ 1,550,818
------------------------------------------------------------------------------------------------------
Restaurants -- 0.8%
26,237 Yum! Brands, Inc. $ 2,038,090
-------------
Total Consumer Services $ 3,588,908
------------------------------------------------------------------------------------------------------
RETAILING -- 1.7%
Department Stores -- 1.3%
826,000 Matahari Department Store Tbk PT* $ 796,788
344,141 Woolworths Holdings, Ltd. 2,497,284
-------------
$ 3,294,072
------------------------------------------------------------------------------------------------------
General Merchandise Stores -- 0.4%
11,200 Ryohin Keikaku Co., Ltd. $ 1,165,355
-------------
Total Retailing $ 4,459,427
------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.6%
Food Retail -- 1.6%
15,061 Magnit OJSC $ 4,180,150
-------------
Total Food & Staples Retailing $ 4,180,150
------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.9%
Agricultural Products -- 0.2%
1,446,000 Golden Agri-Resources, Ltd. $ 662,746
------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
500,453 Flour Mills of Nigeria Plc $ 281,821
------------------------------------------------------------------------------------------------------
Tobacco -- 0.6%
20,362 KT&G Corp. $ 1,510,870
-------------
Total Food, Beverage & Tobacco $ 2,455,437
------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Personal Products -- 0.2%
14,529 Able C&C Co., Ltd. $ 479,126
-------------
Total Household & Personal Products $ 479,126
------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.2%
Pharmaceuticals -- 0.2%
30,548 Hikma Pharmaceuticals Plc $ 602,593
-------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 602,593
------------------------------------------------------------------------------------------------------
BANKS -- 19.2%
Diversified Banks -- 19.2%
307,000 Aozora Bank, Ltd. $ 883,626
326,816 Banco Santander Brasil SA (A.D.R.) 2,111,231
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 21
Schedule of Investments | 11/30/13 (continued)
------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
1,575,500 Bank Rakyat Indonesia Persero Tbk PT $ 978,816
7,828,000 China Construction Bank Corp. 6,375,840
10,210 Credicorp, Ltd. 1,311,985
113,743 ICICI Bank, Ltd. 1,955,027
8,514,000 Industrial & Commercial Bank of China, Ltd. 6,148,631
386,583 Itau Unibanco Holding SA (A.D.R.) 5,439,223
290,100 Kasikornbank PCL (G.D.R.) 1,529,260
142,130 KB Financial Group, Inc. 5,326,694
1,009,000 Malayan Banking Bhd 3,058,070
1,990,415 Mega Financial Holding Co., Ltd. 1,670,006
798,210 Philippine National Bank* 1,528,078
11,091 Qatar National Bank SAQ 523,995
518,991 Sberbank of Russia (A.D.R.) 6,432,141
314,800 The Siam Commercial Bank PCL 1,541,837
359,119 Turkiye Halk Bankasi AS 2,733,382
5,464,814 United Bank for Africa Plc 258,751
-------------
$ 49,806,593
-------------
Total Banks $ 49,806,593
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.7%
Other Diversified Financial Services -- 0.8%
679,754 FirstRand, Ltd. $ 2,249,407
------------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 1.1%
2,452,000 First Pacific Co., Ltd. $ 2,829,533
------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 2.8%
570,500 CITIC Securities Co., Ltd. $ 1,457,676
993,600 Haitong Securities Co., Ltd. 1,733,555
7,420,000 Yuanta Financial Holding Co., Ltd. 4,028,102
-------------
$ 7,219,333
-------------
Total Diversified Financials $ 12,298,273
------------------------------------------------------------------------------------------------------
INSURANCE -- 1.2%
Life & Health Insurance -- 1.2%
932,000 China Life Insurance Co., Ltd. $ 3,003,349
-------------
Total Insurance $ 3,003,349
------------------------------------------------------------------------------------------------------
REAL ESTATE -- 2.2%
Diversified REIT -- 0.3%
455,886 Mexico Real Estate Management SA de CV $ 795,732
------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.2%
113,700 Takara Leben Co, Ltd. $ 431,555
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------
Real Estate Development -- 1.7%
708,000 China Overseas Land & Investment, Ltd. $ 2,211,643
1,626,000 Country Garden Holdings Co., Ltd. 1,067,380
762,709 Emaar Properties PJSC 1,306,137
-------------
$ 4,585,160
-------------
Total Real Estate $ 5,812,447
------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 4.4%
Internet Software & Services -- 2.2%
100,600 Tencent Holdings, Ltd. $ 5,853,923
------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 2.2%
18,778,000 China ITS Holdings Co., Ltd. $ 4,643,892
29,914 Tata Consultancy Services, Ltd. 961,312
-------------
$ 5,605,204
-------------
Total Software & Services $ 11,459,127
------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.2%
Electronic Equipment Manufacturers -- 0.3%
127,000 TPK Holding Co., Ltd. $ 709,305
------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 1.9%
1,878,930 Hon Hai Precision Industry Co., Ltd. $ 4,944,822
-------------
Total Technology Hardware & Equipment $ 5,654,127
------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 8.3%
Semiconductor Equipment -- 0.8%
166,400 ASM Pacific Technology, Ltd. $ 1,376,824
65,409 Wonik IPS Co, Ltd.* 540,047
-------------
$ 1,916,871
------------------------------------------------------------------------------------------------------
Semiconductors -- 7.5%
6,360 Samsung Electronics Co., Ltd. $ 8,971,504
189,560 SK Hynix, Inc. 6,345,996
238,876 Taiwan Semiconductor Manufacturing Co.,
Ltd. (A.D.R.) 4,235,271
-------------
$ 19,552,771
-------------
Total Semiconductors &
Semiconductor Equipment $ 21,469,642
------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 7.4%
Wireless Telecommunication Services -- 7.4%
3,585,014 Global Telecom Holding (G.D.R.)* $ 11,861,317
83,481 Millicom International Cellular SA 7,477,920
-------------
$ 19,339,237
-------------
Total Telecommunication Services $ 19,339,237
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 23
Schedule of Investments | 11/30/13 (continued)
------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------
UTILITIES -- 2.8%
Electric Utilities -- 1.9%
133,992 Enersis SA (A.D.R.) $ 2,095,635
48,490 Korea Electric Power Corp.* 1,466,730
434,300 Tenaga Nasional Bhd 1,326,974
-------------
$ 4,889,339
------------------------------------------------------------------------------------------------------
Independent Power Producers
& Energy Traders -- 0.9%
1,008,000 Huaneng Power International, Inc. $ 964,716
637,129 NTPC, Ltd. 1,508,890
-------------
$ 2,473,606
-------------
Total Utilities $ 7,362,945
------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $218,902,351) $ 239,011,253
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
S&P/Moody's
Principal Ratings
Amount($) (unaudited)
------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 0.1%
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
BRL 562,000 NR/NR Hypermarcas SA, 11.3%, 10/15/18 (c) $ 148,779
BRL 562,000 NR/NR Hypermarcas SA, 3.0%, 10/15/15 (c) 241,880
-------------
$ 390,659
-------------
Total Household & Personal Products $ 390,659
------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $614,623) $ 390,659
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
S&P/Moody's
Ratings
Shares (unaudited)
------------------------------------------------------------------------------------------------------
RIGHTS / WARRANTS -- 1.0%
BANKS -- 1.0%
Diversified Banks -- 1.0%
39,562 NR/NR HSBC Bank Plc, 2/10/15 $ 520,082
21,922 NR/NR HSBC Bank Plc, 2/23/15 714,620
55,829 NR/NR HSBC Bank Plc, 4/13/15 1,354,713
-------------
$ 2,589,415
-------------
Total Banks $ 2,589,415
------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.0%
Personal Products -- 0.0%
562 Hypermarcas SA, 10/15/15 (c) $ --
-------------
Total Household & Personal Products $ --
------------------------------------------------------------------------------------------------------
TOTAL RIGHTS / WARRANTS
(Cost $2,606,515) $ 2,589,415
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------
PURCHASED OPTIONS -- 0.0%+
4,385 Petroleo Brasileiro SA $ 24,118
------------------------------------------------------------------------------------------------------
TOTAL PURCHASED OPTIONS
(Premiums Paid $85,892) $ 24,118
------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.1%
(Cost $238,864,401) (a) (b) $ 257,822,216
------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.9% $ 2,267,503
------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 260,089,719
------------------------------------------------------------------------------------------------------
* Non-income producing security.
+ Amount rounds to less than 0.1%.
NR Not rated by either S&P or Moody's.
(A.D.R.) American Depositary Receipts.
(G.D.R.) Global Depositary Receipts.
REIT Real Estate Investment Trust.
(a) At November 30, 2013, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $239,584,938 was as
follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 30,209,054
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value $(11,971,776)
-------------
Net unrealized appreciation $ 18,237,278
=============
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 25
Schedule of Investments | 11/30/13 (continued)
(b) Distributions of investments by country of issue (excluding temporary cash
investments) as a percentage of total investment in securities, is as
follows:
South Korea 14.1%
People's Republic of China 13.7%
Brazil 9.3%
Russia 9.1%
Cayman Islands 6.4%
Taiwan 5.8%
India 5.3%
Egypt 4.6%
Italy 3.8%
Luxembourg 3.4%
Bermuda 2.9%
South Africa 2.6%
Mexico 2.3%
Panama 1.8%
Japan 1.8%
Thailand 1.8%
Malaysia 1.7%
Hong Kong 1.5%
United Kingdom 1.2%
Turkey 1.1%
Other (individually less than 1.0%) 5.8%
-----
100.0%
-----
(c) Security is valued using fair value methods (other than prices supplied by
independent pricing services). See Notes to Financial Statements -- Note
1A.
(d) Security traded in XLON exchange.
(e) Security traded in XHKG exchange.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended November 30, 2013 aggregated $206,637,858 and $262,420,509,
respectively.
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise noted:
BRL Brazilian Real.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes to
Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3.
The accompanying notes are an integral part of these financial statements.
26 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
The following is a summary of the inputs used as of November 30, 2013, in
valuing the Funds's investments:
----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------
Preferred Stocks $11,592,104 $ 4,214,667 $ -- $ 15,806,771
Common Stocks (U.S.) 34,311,830 -- -- 34,311,830
Common Stocks (Foreign)* 5,337,879 199,361,544 -- 204,699,423
Corporate Bonds -- -- 390,659 390,659
Rights/Warrants 2,589,415 -- --** 2,589,415
Purchased Options 24,118 -- -- 24,118
----------------------------------------------------------------------------------------
Total $53,855,346 $ 203,576,211 $ 390,659 $257,822,216
=========================================================================================
Other Financial Instruments
Futures contracts $ 136,305 $ -- $ -- $ 136,305
Forward Foreign
Currency Contracts -- 310,564 -- 310,564
----------------------------------------------------------------------------------------
Total $ 136,305 $ 310,564 $ -- $ 446,869
========================================================================================
* Level 2 securities are valued using inputs/data furnished by independent
pricing services using fair value factors.
** Security is valued at $0.
--------------------------------------------------------------------------------
Corporate Rights/
Bonds Warrants
--------------------------------------------------------------------------------
Balance as of 11/30/12 $381,499 $ --***
Realized gain (loss)(1) -- --
Change in unrealized appreciation (depreciation)(2) 9,160 --
Purchases -- --
Sales -- --
Transfers in and out of Level 3** -- --
--------------------------------------------------------------------------------
Balance as of 11/30/13 $390,659 $ --***
================================================================================
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) on investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
** Transfers are calculated on the beginning of period values. During the year
ended November 30, 2013, there were no transfers between Levels 1, 2 and 3.
*** Security is valued at $0.
Net change in unrealized depreciation of Level 3 investments still held and
considered Level 3 as of 11/30/13 $9,160
------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 27
Statement of Assets and Liabilities | 11/30/13
ASSETS:
Investment in securities, at value (cost $238,864,401) $257,822,216
Cash 663,568
Futures collateral 341,077
Foreign currencies, at value (cost $419,320) 417,194
Receivables --
Investment securities sold 511,964
Fund shares sold 1,938,301
Dividends 159,032
Interest 3,782
Net unrealized appreciation on futures contracts 136,305
Net unrealized appreciation on forward foreign currency contracts 310,564
Other 45,370
--------------------------------------------------------------------------------------
Total assets $262,349,373
======================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 1,618,397
Fund shares repurchased 303,150
Due to Pioneer Investment Management, Inc. 53,902
Due to affiliates 154,804
Accrued expenses 129,401
--------------------------------------------------------------------------------------
Total liabilities $ 2,259,654
======================================================================================
NET ASSETS:
Paid-in capital $242,207,681
Undistributed net investment income 821,412
Accumulated net realized loss on investments and foreign
currency transactions (2,318,988)
Net unrealized appreciation on investments 18,957,815
Net unrealized appreciation on futures contracts 136,305
Net unrealized appreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 285,494
--------------------------------------------------------------------------------------
Total net assets $260,089,719
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $126,981,103/5,277,369 shares) $ 24.06
Class B (based on $4,460,513/220,160 shares) $ 20.26
Class C (based on $23,810,162/1,172,040 shares) $ 20.32
Class R (based on $39,182,537/1,695,698 shares) $ 23.11
Class Y (based on $65,655,404/2,489,304 shares) $ 26.38
MAXIMUM OFFERING PRICE:
Class A ($24.06 (divided by) 94.25%) $ 25.53
======================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
Statement of Operations
For the Year Ended 11/30/13
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $964,383) $ 6,767,320
Interest (net of foreign taxes withheld of $4,537) 16,122
-----------------------------------------------------------------------------------------
Total investment income $ 6,783,442
-----------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 3,118,725
Transfer agent fees
Class A 299,557
Class B 40,980
Class C 52,634
Class R 15,961
Class Y 2,821
Distribution fees
Class A 339,279
Class B 54,438
Class C 262,275
Class R 211,776
Shareholder communications expense 417,163
Administrative reimbursements 96,407
Custodian fees 206,876
Registration fees 79,492
Professional fees 77,315
Printing expense 23,035
Fees and expenses of nonaffiliated Trustees 7,457
Miscellaneous 27,568
-----------------------------------------------------------------------------------------
Total expenses $ 5,333,759
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (54,732)
-----------------------------------------------------------------------------------------
Net expenses $ 5,279,027
-----------------------------------------------------------------------------------------
Net investment income $ 1,504,415
-----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 12,235,419
Futures contracts (20,301)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (949,379) $ 11,265,739
-----------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (2,667,302)
Futures contracts 136,305
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 287,763 $ (2,243,234)
-----------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 9,022,505
-----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 10,526,920
=========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 29
Statement of Changes in Net Assets
------------------------------------------------------------------------------------------
Year Ended Year Ended
11/30/13 11/30/12
------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,504,415 $ 1,766,184
Net realized gain (loss) on investments, futures and
foreign currency transactions 11,265,739 (9,303,722)
Change in net unrealized appreciation (depreciation) on
investments, futures and foreign currency transactions (2,243,234) 11,468,560
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 10,526,920 $ 3,931,022
------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.11 and $0.00 per share, respectively) $ (685,408) $ --
Class B ($0.00 and $0.00 per share, respectively) -- --
Class C ($0.00 and $0.00 per share, respectively) -- --
Class R ($0.05 and $0.00 per share, respectively) (108,507) --
Class Y ($0.26 and $0.00 per share, respectively) (633,179) --
Net realized gain:
Class A ($0.00 and $0.10 per share, respectively) -- (688,777)
Class B ($0.00 and $0.10 per share, respectively) -- (36,166)
Class C ($0.00 and $0.10 per share, respectively) -- (157,055)
Class R ($0.00 and $0.10 per share, respectively) -- (228,592)
Class Y ($0.00 and $0.10 per share, respectively) -- (255,847)
------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1,427,094) $ (1,366,437)
------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 35,849,596 $ 42,308,970
Reinvestment of distributions 903,040 1,108,840
Cost of shares repurchased (88,353,595) (137,947,426)
------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (51,600,959) $ (94,529,616)
------------------------------------------------------------------------------------------
Net decrease in net assets $ (42,501,133) $ (91,965,031)
NET ASSETS:
Beginning of year 302,590,852 394,555,883
------------------------------------------------------------------------------------------
End of year $ 260,089,719 $ 302,590,852
------------------------------------------------------------------------------------------
Undistributed net investment income $ 821,412 $ 1,008,839
==========================================================================================
The accompanying notes are an integral part of these financial statements.
30 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
-----------------------------------------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
-----------------------------------------------------------------------------------------
Class A
Shares sold 657,279 $ 15,350,399 1,009,935 $ 23,718,474
Reinvestment of distributions 27,021 653,631 28,717 658,757
Less shares repurchased (2,034,816) (47,599,413) (3,411,575) (80,072,602)
-----------------------------------------------------------------------------------------
Net decrease (1,350,516) $ (31,595,383) (2,372,923) $ (55,695,371)
=========================================================================================
Class B
Shares sold or exchanged 8,477 $ 164,076 10,474 $ 210,235
Reinvestment of distributions -- -- 1,808 35,102
Less shares repurchased (136,642) (2,690,404) (188,563) (3,958,186)
-----------------------------------------------------------------------------------------
Net decrease (128,165) $ (2,526,328) (176,281) $ (3,712,849)
=========================================================================================
Class C
Shares sold 154,061 $ 3,043,237 165,891 $ 3,307,821
Reinvestment of distributions -- -- 6,863 133,490
Less shares repurchased (493,580) (9,702,234) (550,181) (11,384,917)
-----------------------------------------------------------------------------------------
Net decrease (339,519) $ (6,658,997) (377,427) $ (7,943,606)
=========================================================================================
Class R
Shares sold 327,655 $ 7,254,740 346,935 $ 7,755,706
Reinvestment of distributions 4,517 105,117 10,056 221,432
Less shares repurchased (834,006) (18,736,506) (1,459,379) (32,849,470)
-----------------------------------------------------------------------------------------
Net decrease (501,834) $ (11,376,649) (1,102,388) $ (24,872,332)
=========================================================================================
Class Y
Shares sold 395,295 $ 10,037,144 247,156 $ 7,316,734
Reinvestment of distributions 5,472 144,292 2,390 60,059
Less shares repurchased (382,191) (9,625,038) (386,098) (9,682,251)
-----------------------------------------------------------------------------------------
Net increase (decrease) 18,576 $ 556,398 (136,552) $ (2,305,458)
=========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 31
Financial Highlights
---------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/13 11/30/12 11/30/11 11/30/10 11/30/09
---------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 23.24 $ 23.10 $ 29.42 $ 26.11 $ 14.20
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.14 $ 0.13 $ 0.18 $ 0.03 $ 0.09
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.79 0.11 (5.35) 3.32 12.00
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.93 $ 0.24 $ (5.17) $ 3.35 $ 12.10
---------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.11) $ -- $ -- $ (0.04) $ (0.19)
Net realized gain -- (0.10) (1.15) -- --
---------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.11) $ (0.10) $ (1.15) $ (0.04) $ (0.19)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.82 $ 0.14 $ (6.32) $ 3.31 $ 11.91
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 24.06 $ 23.24 $ 23.10 $ 29.42 $ 26.11
=====================================================================================================================
Total return* 3.98% 1.06% (17.44)% 12.85% 86.13%
Ratio of net expenses to average net assets 1.95% 1.95% 1.95% 1.94% 1.95%
Ratio of net investment income to average net assets 0.55% 0.53% 0.58% 0.09% 0.49%
Portfolio turnover rate 77% 160% 191% 91% 68%
Net assets, end of period (in thousands) $126,981 $ 154,064 $ 207,935 $339,834 $407,113
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.96% 2.03% 1.95% 1.94% 1.99%
Net investment income 0.54% 0.45% 0.58% 0.09% 0.45%
=====================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
-----------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/13 11/30/12 11/30/11 11/30/10 11/30/09
-----------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 19.66 $ 19.74 $ 25.57 $ 22.86 $ 12.39
-----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.05) $ (0.10) $ (0.10) $ (0.20) $ (0.03)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.65 0.12 (4.58) 2.91 10.50#
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.60 $ 0.02 $ (4.68) $ 2.71 $ 10.47
-----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ -- $ -- $ --
Net realized gain -- (0.10) (1.15) -- --
-----------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (0.10) $ (1.15) $ -- $ --
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.60 $ (0.08) $ (5.83) $ 2.71 $ 10.47
-----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.26 $ 19.66 $ 19.74 $ 25.57 $ 22.86
=======================================================================================================================
Total return* 3.05% 0.13% (18.15)% 11.86% 84.50%
Ratio of net expenses to average net assets 2.85% 2.85% 2.85% 2.85% 2.85%
Ratio of net investment income (loss) to average net assets (0.35)% (0.36)% (0.35)% (0.79)% (0.37)%
Portfolio turnover rate 77% 160% 191% 91% 68%
Net assets, end of period (in thousands) $ 4,461 $ 6,847 $ 10,354 $ 20,254 $ 25,130
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 3.52% 3.27% 3.06% 2.96% 3.13%
Net investment income (loss) (1.02)% (0.78)% (0.56)% (0.91)% (0.65)%
=======================================================================================================================
* 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.
# The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 33
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/13 11/30/12 11/30/11 11/30/10 11/30/09
-----------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 19.70 $ 19.76 $ 25.56 $ 22.84 $ 12.38
-----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.04) $ (0.06) $ (0.05) $ (0.17) $ (0.06)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.66 0.10 (4.60) 2.89 10.52#
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.62 $ 0.04 $ (4.65) $ 2.72 $ 10.46
-----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ -- $ -- $ --
Net realized gain -- (0.10) (1.15) -- --
-----------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (0.10) $ (1.15) $ -- $ --
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.62 $ (0.06) $ (5.80) $ 2.72 $ 10.46
-----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.32 $ 19.70 $ 19.76 $ 25.56 $ 22.84
=======================================================================================================================
Total return* 3.15% 0.23% (18.04)% 11.91% 84.49%
Ratio of net expenses to average net assets 2.78% 2.75% 2.73% 2.76% 2.85%
Ratio of net investment income (loss) to average net assets (0.27)% (0.25)% (0.20)% (0.70)% (0.39)%
Portfolio turnover rate 77% 160% 191% 91% 68%
Net assets, end of period (in thousands) $ 23,810 $ 29,771 $ 37,324 $ 60,809 $ 60,066
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 2.78% 2.75% 2.73% 2.76% 2.89%
Net investment income (loss) (0.27)% (0.25)% (0.20)% (0.70)% (0.43)%
=======================================================================================================================
* 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.
# The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/13 11/30/12 11/30/11 11/30/10 11/30/09
------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 22.30 $ 22.23 $ 28.43 $ 25.26 $ 13.80
------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10 $ 0.10 $ 0.10 $ (0.01) $ 0.12
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.76 0.07 (5.15) 3.21 11.56
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.86 $ 0.17 $ (5.05) $ 3.20 $ 11.68
------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.05) $ -- $ -- $ (0.03) $ (0.21)
Net realized gain -- (0.10) (1.15) -- --
------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.05) $ (0.10) $ (1.15) $ (0.03) $ (0.21)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.81 $ 0.07 $ (6.20) $ 3.17 $ 11.46
------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 23.11 $ 22.30 $ 22.23 $ 28.43 $ 25.26
==================================================================================================================
Total return* 3.86% 0.79% (17.62)% 12.68% 85.71%
Ratio of net expenses to average net assets 2.13% 2.13% 2.20% 2.10% 2.17%
Ratio of net investment income (loss) to average net assets 0.37% 0.39% 0.33% (0.02)% 0.19%
Portfolio turnover rate 77% 160% 191% 91% 68%
Net assets, end of period (in thousands) $39,183 $ 49,013 $ 73,347 $119,358 $84,064
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 2.13% 2.13% 2.28% 2.10% 2.17%
Net investment income (loss) 0.37% 0.39% 0.25% (0.02)% 0.19%
==================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 35
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/13 11/30/12 11/30/11 11/30/10 11/30/09
----------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 25.46 $ 25.16 $ 31.73 $ 28.12 $ 15.35
----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.28 $ 0.28 $ 0.38 $ 0.17 $ 0.22
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.90 0.12 (5.80) 3.57 12.90
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.18 $ 0.40 $ (5.42) $ 3.74 $ 13.12
----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.26) $ -- $ -- $ (0.13) $ (0.35)
Net realized gain -- (0.10) (1.15) -- --
----------------------------------------------------------------------------------------------------------------
Total distributions $ (0.26) $ (0.10) $ (1.15) $ (0.13) $ (0.35)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.92 $ 0.30 $ (6.57) $ 3.61 $ 12.77
----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 26.38 $ 25.46 $ 25.16 $ 31.73 $ 28.12
================================================================================================================
Total return* 4.63% 1.61% (16.96)% 13.39% 87.18%
Ratio of net expenses to average net assets 1.38% 1.39% 1.40% 1.44% 1.42%
Ratio of net investment income to average net assets 1.12% 1.10% 1.13% 0.60% 1.03%
Portfolio turnover rate 77% 160% 191% 91% 68%
Net assets, end of period (in thousands) $65,655 $ 62,897 $ 65,597 $99,627 $77,721
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.38% 1.39% 1.40% 1.44% 1.42%
Net investment income 1.12% 1.10% 1.13% 0.06% 1.03%
================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
The accompanying notes are an integral part of these financial statements.
36 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
Notes to Financial Statements | 11/30/13
1. Organization and Significant Accounting Policies
Pioneer Emerging Markets Fund (the Fund) is a Delaware statutory trust. The Fund
is registered under the Investment Company Act of 1940 as a diversified,
open-end management investment company. The investment objective of the Fund is
long-term growth of capital.
The Fund offers five classes of shares designated as Class A, Class B, Class C,
Class R, and Class Y shares. Effective as of the close of business on December
31, 2009, Class B shares are no longer offered to new or existing shareholders,
except that dividends and/or capital gain distributions may continue to be
reinvested in Class B shares, and shareholders may exchange their Class B shares
for Class B shares of other Pioneer funds, as permitted by existing exchange
privileges. Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board the flexibility to
specify either per-share voting or dollar-weighted voting when submitting
matters for shareholder approval. Under per-share voting, each share of a class
of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares. Class B shares convert to Class A shares
approximately eight years after the date of purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 37
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities that have traded on an exchange are valued
using the last sale price on the principal exchange where they are traded.
Securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices. Short-term fixed income securities
with remaining maturities of sixty days or less generally are valued at
amortized cost. Shares of money market mutual funds are valued at such
funds' net asset value.
The Fund invests primarily in securities of non-U.S. issuers. The principal
exchanges and markets for such securities have closing times prior to the
close of the NYSE. However, the value of these securities may be influenced
by changes in global markets occurring after the closing times of the local
exchanges and markets up to the time the Fund determines its net asset
value. Consequently, the Board of Trustees of the Fund has determined that
daily adjustments to the valuation of securities of non-U.S. issuers by
utilizing an independent pricing service that supplies an appropriate fair
value factor is appropriate for the Fund.
Securities for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued by a fair valuation
team comprised of certain personnel of Pioneer Investment Management, Inc.
(PIM), the Fund's investment adviser, pursuant to procedures adopted by the
Fund's Board of Trustees. PIM's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. Inputs used
when applying fair value methods to value a security may include credit
ratings, the financial condition of the company, current market conditions
and comparable securities. The Fund may use fair value methods if it is
determined that a significant event has occurred after the close of the
exchange or market on which the security trades and prior to the
determination of the Fund's net asset value. Examples of a significant event
might include political or economic news, corporate restructurings, natural
disasters, terrorist activity or trading halts. Thus, the valuation of the
Fund's securities may differ significantly from exchange prices and such
differences could be material. PIM's fair valuation team is responsible for
monitoring developments that
38 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
may impact fair valued securities and for discussing and assessing fair
values on an ongoing basis, and at least quarterly, with the Valuation
Committee of the Board of Trustees.
At November 30, 2013, there were three securities valued using fair value
methods (in addition to securities that were valued using prices supplied by
independent pricing services) representing 0.15% of net assets.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income, including interest on
income-bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the Statement of Operations from the
effects of changes in the market prices of those securities but are included
with the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation is
recorded in the Fund's financial statements. The Fund records realized gains
and losses at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 6).
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 39
D. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. Subsequent payments for futures contracts ("variation margin") are
paid or received by the Fund, depending on the daily fluctuation in the
value of the contracts, and are recorded by the Fund as unrealized gains or
losses. When the contract is closed, the Fund realizes a gain or loss equal
to the difference between the opening and closing value of the contract as
well as any fluctuation in foreign currency exchange rates where applicable.
The use of futures contracts involves, to varying degrees, elements of
market, interest rate, currency exchange rate and counterparty risks, which
may exceed the amounts recognized by the Fund. Changes in value of the
contracts may not directly correlate to the changes in value of the
underlying securities. The value of contracts open for the year during the
one month ended November 30, 2013 was $8,067,375.
At November 30, 2013, open futures contracts were as follows:
----------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Long/(Short) Month Value Appreciation
----------------------------------------------------------------------------
FTSE China A50 1,065 12/13 8,067,375 $136,305
============================================================================
E. Purchased Options
The Fund may purchase call and put option in order to attempt to hedge
against changes in the value of portfolio securities or to seek to increase
total return. Purchased call and put options entitle the Fund to buy and
sell a specified number of shares or units of a particular security,
currency or index at a specified price at a specific date or within a
specific period of time. Upon the purchase of a call or put option, the
premium paid by the Fund is included in the Statement of Assets and
Liabilities as an investment. All premiums are marked-to-market daily, and
any unrealized gains or losses are recorded in the Fund's financial
statements. As the purchaser of an index option, the Fund has the right to
receive a cash payment equal to any depreciation in the value of the index
below the strike price of the option (in the case of a put) or equal to any
appreciation in the value of the index over the strike price of the option
(in the case of a call) as of the valuation date of the option. Premiums
paid for purchased calls and put options which have
40 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
expired are treated as realized losses on investments in the Statement of
Operations. Upon the exercise or closing of a purchased put option, the
premium is offset against the proceeds on the sale of the underlying
security or financial instrument in order to determine the realized gain or
loss on investments. Upon the exercise or closing of a purchased call
option, the premium is added to the cost of the security or financial
instrument. The risk associated with purchasing options is limited to the
premium originally paid. The value of contracts open for the year during the
one month ended November 30, 2013 was $24,118. Purchased options contracts
outstanding at year end are listed at the end of the Fund's schedule of
investments.
F. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of November 30, 2013, the Fund did not accrue any interest and penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years are subject to examination by
Federal and State tax authorities.
In addition to the requirements of the Internal Revenue Code, the Fund may
also be required to pay local taxes on the recognition of capital gains
and/or the repatriation of foreign currencies in certain countries. During
the year ended November 30, 2013, the Fund paid no such taxes.
In determining the daily net asset value, the Fund estimates the reserve for
such taxes, if any, associated with investments in certain countries. The
estimated reserve for the capital gains is based on the net unrealized
appreciation on certain portfolio securities, the holding period of such
securities and the related tax rates, tax loss carryforward (if applicable)
and other such factors. As of November 30, 2013, the Fund had no reserve
related to capital gains.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 41
character, but are not adjusted for temporary differences. At November 30,
2013 the Fund reclassified $264,748 to decrease undistributed net investment
income and $264,748 to decrease accumulated net realized loss on investments
to reflect permanent book/tax differences. These adjustments have no impact
on net assets or the results of operations.
At November 30, 2013, the Fund was permitted to carryforward indefinitely
$1,598,451 of short-term losses under the Regulated Investment Company
Modernization Act of 2010 without limitation.
During the year ended November 30, 2013, capital loss carryforward of
$9,832,951 was utilized to offset net realized gains by the Fund.
The tax character of distributions paid during the year ended November 30,
2013 and November 30, 2012 was as follows:
----------------------------------------------------------------------------
2013 2012
----------------------------------------------------------------------------
Distribution paid from:
Ordinary income $1,427,094 $ --
Long-term capital gain -- 1,366,437
----------------------------------------------------------------------------
Total $1,427,094 $ 1,366,437
============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2013:
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,131,971
Capital loss carryforward (1,598,451)
Net unrealized appreciation 18,348,518
----------------------------------------------------------------------------
Total $17,882,038
============================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales and the mark to
market of forward currency contracts.
G. 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 $17,369 in underwriting commissions on the sale of Class A shares
during the year ended November 30, 2013.
H. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
42 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, Class C and Class R shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class B, Class C, Class R and Class
Y shares can reflect different transfer agent and distribution expense
rates.
I. Risks
The Fund's investments in emerging markets or countries with limited or
developing markets may subject the Fund to a greater degree of risk than
investments in a developed market. Risks associated with these developing
markets include political, social and economic factors and may affect the
price of the Fund's investments and income generated by these investments,
as well as the Fund's ability to repatriate such amounts. At times, the
Fund's investments may represent industries or industry sectors that are
interrelated or have common risks, making the Fund more susceptible to any
economic, political or regulatory developments or other risks affecting
those industries and sectors. The Fund's prospectus contains unaudited
information regarding the Fund's principal risks. Please refer to that
document when considering the Fund's principal risks.
J. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. PIM is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Prior to December 1, 2013, management fees were calculated daily at
an annual rate equal to 1.15% of the Fund's average daily net assets up to $1
billion and 1.10% on assets over $1 billion. For the year ended November 30,
2013, the effective management fee (excluding waivers and/or assumption of
expenses) was 1.15% of the Fund's average daily net assets.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 43
Effective December 1, 2013, management fees are calculated daily at an annual
rate equal to 1.10% of the Fund's average daily net assets up to $1 billion and
1.05% on assets over $1 billion.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.95%, 2.85%, 2.85% and 2.20% of the average
daily net assets attributable to Class A, Class B, Class C and Class R shares,
respectively. Fees waived and expenses reimbursed during the year ended November
30, 2013 are reflected on the Statement of Operations. Class Y shares do not
have an expense limitation. These expense limitations are in effect through
April 1, 2015. There can be no assurance that PIM will extend the expense
limitation agreement for a class of shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$36,570 in management fees, administrative costs and certain other
reimbursements payable to PIM at November 30, 2013.
3. Transfer Agent
PIMSS, a wholly-owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended November 30, 2013, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $206,497
Class B 23,358
Class C 63,124
Class R 106,340
Class Y 17,844
--------------------------------------------------------------------------------
Total $417,163
--------------------------------------------------------------------------------
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $109,578 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at November 30, 2013.
44 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
4. Distribution and Service Plans
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B, Class C and
Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average
daily net assets attributable to Class A shares as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of
the average daily net assets attributable to Class B and Class C shares. The fee
for Class B and Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class C
shares. Pursuant to the Plan, the Fund further pays PFD 0.50% of the average
daily net assets attributable to Class R shares for distribution services.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $8,656 in distribution fees payable to PFD at November 30, 2013.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R and Class Y
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 12 months of purchase. 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 12 months of purchase are subject to a CDSC
of 1.00%, based on the lower of cost or market value of shares being redeemed.
Shares purchased as part of an exchange remain subject to any CDSC that applied
to the original purchase of those shares. There is no CDSC for Class R or Class
Y shares. Proceeds from the CDSCs are paid to PFD. For the year ended November
30, 2013, CDSCs in the amount of $8,998 were paid to PFD.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 45
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses, due to interest earned
on cash held by PIMSS. For the year ended November 30, 2013, the Fund's expenses
were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At November 30, 2013, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of forward foreign
currency contracts open during the year ended November 30, 2013 was $5,958,620.
Open forward foreign currency contracts at November 30, 2013 were as follows:
-----------------------------------------------------------------------------------------------------
Net In Net Unrealized
Contracts Exchange Settlement Appreciation
Currency to Deliver For Date Value (Depreciation)
-----------------------------------------------------------------------------------------------------
JPY (Japanese Yen) 924,816 9,029 12/3/13 9,031 $ 2
SGD (Singapore Dollar) 8,459 6,742 12/3/13 6,745 3
JPY (Japanese Yen) (457,000,000) 4,463,993 2/13/14 4,657,918 193,925
MXN (Mexican Peso) 85,000,000 6,394,824 2/13/14 6,445,947 51,123
ZAR (South African Rand) 79,000,000 7,596,373 2/13/14 7,661,884 65,511
-----------------------------------------------------------------------------------------------------
Total $ 310,564
=====================================================================================================
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect is in the amount of $215 million. Under such facility,
depending on the type of loan, interest on borrowings is payable at the London
Interbank Offered Rate (LIBOR) plus 0.90% on an annualized basis, or the
Alternate Base Rate, which is the greater of (a) the facility's administrative
agent's daily announced prime rate on the borrowing date, (b) 2% plus the
Federal Funds Rate on the borrowing date and (c) 2% plus the overnight Euro
dollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in the credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the year ended November 30, 2013, the Fund had no borrowings
under the credit facility.
46 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
8. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of November 30, 2013 were as follows:
------------------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2013 Liabilities Derivatives 2013
Hedging Instruments ------------------------ -----------------------------
Under Accounting Statement of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
------------------------------------------------------------------------------------------------------
Forward foreign currency Net unrealized Net unrealized
contracts appreciation depreciation
on forward on forward
foreign currency foreign currency
contracts $310,564 contracts $ --
Futures contracts Net unrealized Net unrealized
appreciation on depreciation
future on future
contracts $136,305 contacts $ --
------------------------------------------------------------------------------------------------------
Total $446,869 $ --
======================================================================================================
The effect of derivative instruments on the Statement of Operations for the year
ended November 30, 2013 was as follows:
------------------------------------------------------------------------------------------------------
Change in
Derivatives Not Realized Unrealized
Accounted for as Gain appreciation
Hedging Instruments (Loss) on (depreciation)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
------------------------------------------------------------------------------------------------------
Forward Foreign Net realized gain (loss) on forward
Currency Contracts foreign currency contracts and
other assets and liabilities
denominated in foreign currencies $(506,897)
Forward Foreign Change in net unrealized appreciation
Currency (depreciation) on forward foreign
Contracts currency contracts and other assets
and liabilities denominated in
foreign currencies $289,889
Futures Contracts Net realized gain (loss) on future
contracts $ (20,301)
Futures Contracts Change in net unrealized appreciation
(depreciation) on future contracts $136,305
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 47
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareowners of
Pioneer Emerging Markets Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Emerging Markets Fund (the "Fund"), including the schedule of investments, as of
November 30, 2013, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of November 30, 2013, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Emerging Markets Fund at November 30, 2013, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the five years in the period then ended, in conformity with U.S. generally
accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
January 24, 2014
48 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Emerging Markets Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in March 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2013 and September 2013. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, and November, 2013 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at each regularly scheduled meeting.
At a meeting held on November 12, 2013, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. In all quintile rankings referred to throughout this
disclosure, first quintile is most favorable to the Fund's shareowners. Thus,
highest relative performance would be first quintile and lowest relative
expenses would also be first quintile. The Trustees did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment management services to the Fund.
They also reviewed the amount of non- Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 49
PIM's services to the Fund, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
the Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fifth quintile of its Morningstar
category for the one, three, five and ten year periods ended June 30, 2013. The
Trustees noted the discussions held throughout the year regarding the Fund's
performance and confirmed that those discussions were factored into the
Trustees' deliberations concerning the renewal of the advisory agreement. The
Trustees considered reasons for the underperformance of the Fund relative to its
peer group and the steps recently taken in an effort to improve the performance
of the Fund. The Trustees agreed that they would continue to closely monitor the
Fund's performance.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Fund Research
and Consulting, LLC (Strategic Insight), an independent third party.
50 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2013 was in the fourth quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rate above a certain asset level. The Trustees noted that the Fund's
management fee was approximately six basis points higher than the median
management fee of its Morningstar peer group. The Trustees also considered that,
effective December 1, 2013, the Fund's management fee would be reduced by five
basis points.
The Trustees considered that the Fund's expense ratio for the twelve months
ended June 30, 2013 was in the fifth quintile relative to both its Morningstar
peer group and its Strategic Insight peer group, in each case for the comparable
period. The Trustees considered the impact of transfer agency, sub-transfer
agency, and other non-management fee expenses on the expense ratios of the Fund,
and noted the impact of expenses relating to small accounts and omnibus accounts
on transfer and sub-transfer agency expenses generally. The Trustees noted that
they separately review the Fund's transfer agency, sub-transfer agency and
intermediary arrangements.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that, in some instances, the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the different
entrepreneurial risks associated with PIM's management of the Fund and Pioneer's
management of the other client accounts. The Trustees concluded that the
management fee payable by the Fund to PIM was reasonable in relation to the
nature and quality of the services provided by PIM.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 51
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, rarely identifiable
on a fund-by-fund basis, and that, among other factors that may be relevant, are
the following: fee levels, expense subsidization, investment by PIM in research
and analytical capabilities and PIM's commitment and resource allocation to the
Fund. The Trustees noted that profitability also may be an indicator of the
availability of any economies of scale, although profitability may vary for
other reasons particularly, for example during the recent difficult periods for
financial markets, as the level of services was maintained notwithstanding a
significant decline in PIM's fee revenues from the Fund. Accordingly, the
Trustees concluded that economies of scale, if any, were being appropriately
shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with the
Fund and the other Pioneer funds. The Trustees concluded that the receipt of
these benefits was reasonable in the context of the overall relationship between
PIM and the Fund.
52 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 53
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy voting policies and procedures of the Funds are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Funds voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to share-
owners at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees, except
Mr. West, serves as a trustee of each of the 54 U.S. registered investment
portfolios for which Pioneer serves as investment adviser (the "Pioneer Funds").
Mr. West serves as a Trustee of 49 Pioneer funds. The address for all Trustees
and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
54 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (63) Trustee since 2006. Chairman (2008-present) and Chief Executive Director, Broadridge
Chairman of the Board and Serves until a Officer (2008-2012), Quadriserv, Inc. Financial Solutions, Inc.
Trustee successor trustee (technology products for securities lending (investor communications and
is elected or industry) (2008 - present); private investor securities processing
earlier retirement (2004 - 2008); and Senior Executive Vice provider for financial
or removal. President, The Bank of New York (financial and services industry) (2009 -
securities services) (1986 - 2004) present); Director,
Quadriserv, Inc. (2005 -
present); and Commissioner,
New Jersey State Civil
Service Commission (2011 -
present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (69) Trustee since 2005. Managing Partner, Federal City Capital Director of Enterprise
Trustee Serves until a Advisors (corporate advisory services Community Investment, Inc.
successor trustee company) (1997 - 2004 and 2008 - present); (privately-held affordable
is elected or Interim Chief Executive Officer, Oxford housing finance company)
earlier retirement Analytica, Inc. (privately held research and (1985 - 2010); Director of
or removal. consulting company) (2010); Executive Vice Oxford Analytica, Inc. (2008
President and Chief Financial Officer, I-trax, - present); Director of The
Inc. (publicly traded health care services Swiss Helvetia Fund, Inc.
company) (2004 - 2007); and Executive Vice (closed-end fund) (2010 -
President and Chief Financial Officer, present); and Director of
Pedestal Inc. (internet-based mortgage New York Mortgage Trust
trading company) (2000 - 2002) (publicly traded mortgage
REIT) (2004 - 2009, 2012 -
present)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (69) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon
Trustee Serves until a Economy, Harvard University (1972 - present) Institutional Funds
successor trustee Investment Trust and Mellon
is elected or Institutional Funds Master
earlier retirement Portfolio (oversaw 17
or removal. portfolios in fund complex)
(1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 55
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (66) Trustee since Founding Director, Vice President and None
Trustee 1994. Serves until Corporate Secretary, The Winthrop Group, Inc.
a successor (consulting firm) (1982-present); Desautels
trustee is elected Faculty of Management, McGill University
or earlier (1999 - present); and Manager of Research
retirement or Operations and Organizational Learning, Xerox
removal. PARC, Xerox's advance research center
(1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (65) Trustee since President and Chief Executive Officer, Director of New America High
Trustee 1994. Serves until Newbury, Piret & Company, Inc. (investment Income Fund, Inc.
a successor trustee banking firm) (1981 - present) (closed-end investment
is elected or company) (2004 - present);
earlier retirement and member, Board of
or removal. Governors, Investment
Company Institute (2000 -
2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (85) Trustee since Senior Counsel, Sullivan & Cromwell LLP (law Director, The Swiss Helvetia
Trustee 1994. Serves until firm) (1998 - present); and Partner, Sullivan Fund, Inc. (closed-end
a successor & Cromwell LLP (prior to 1998) investment company) (1995-
trustee is elected 2012); and Director,
or earlier Invesco, Ltd. (formerly
retirement or AMVESCAP, PLC) (investment
removal. manager) (1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
56 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (55)* Trustee since 2007. Director, CEO and President of PIM-USA (since None
Trustee and Executive Serves until a February 2007); Director and President of Pioneer
Vice President+ successor trustee is and Pioneer Institutional Asset Management, Inc.
elected or earlier (since February 2007); Executive Vice President of
retirement or all of the Pioneer Funds (since March 2007);
removal. Director of PGAM (2007 - 2010); Head of New Europe
Division, PGAM (2000 - 2005); Head of New Markets
Division, PGAM (2005 - 2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Kingsbury is an Interested Trustee because he is an officer or director
of the Fund's investment adviser and certain of its affiliates.
+ Mr. Kingsbury became President and Chief Executive Officer of the Fund
effective January 1, 2014.
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 57
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (87)** Since 1994. Serves at President of all the Pioneer Funds; Non-Executive None
President and Chief Executive the discretion of the Chairman and a director of Pioneer Investment
Officer of the Fund*** Board. Management USA Inc. ("PIM-USA") (until November
2013); Chairman and a director of Pioneer;
Chairman and Director of Pioneer Institutional
Asset Management, Inc. (until November 2013);
Director of Pioneer Alternative Investment
Management Limited (Dublin) (until October 2011);
President and a director of Pioneer Alternative
Investment Management (Bermuda) Limited and
affiliated funds (until November 2013); Deputy
Chairman and a director of Pioneer Global Asset
Management S.p.A. ("PGAM") (until April 2010);
Director of Nano-C, Inc. (since 2003); Director of
Cole Management Inc. (2004 - 2011); Director of
Fiduciary Counseling, Inc. (until December 2011);
Trustee of all of the Pioneer Funds (until
November 2013); and Retired Partner, Wilmer Cutler
Pickering Hale and Dorr LLP
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (48) Since 2003. Serves at Vice President and Associate General Counsel of None
Secretary the discretion of the Pioneer since January 2008 and Secretary of all of
Board. the Pioneer Funds since June 2010; Assistant
Secretary of the Pioneer Funds from September 2003
to May 2010; and Vice President and Senior Counsel
of Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (52) Since 2010. Serves at Fund Governance Director of Pioneer since December None
Assistant Secretary the discretion of the 2006 and Assistant Secretary of all the Pioneer
Board. Funds since June 2010; Manager - Fund Governance
of Pioneer from December 2003 to November 2006;
and Senior Paralegal of Pioneer from January 2000
to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (50) Since 2010. Serves at Counsel of Pioneer since June 2007 and Assistant None
Assistant Secretary the discretion of the Secretary of all the Pioneer Funds since June
Board. 2010; and Vice President and Counsel at State
Street Bank from October 2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------------
** Mr. Cogan resigned as a Trustee of the Pioneer Funds effective November 12,
2013.
*** Mr. Cogan resigned as President and Chief Executive Officer of the Fund
effective January 1, 2014.
58 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2008. Serves at Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief the discretion of the Treasurer of all of the Pioneer Funds since March
Financial and Board. 2008; Deputy Treasurer of Pioneer from March 2004
Accounting Officer of to February 2008; and Assistant Treasurer of all
the Fund of the Pioneer Funds from March 2004 to February
2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (48) Since 2000. Serves at Assistant Vice President - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of all of the
Board. Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (55) Since 2002. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of all of the
Board. Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2009. Serves at Fund Administration Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer since November 2008; Assistant Treasurer
Board. of all of the Pioneer Funds since January 2009;
and Client Service Manager - Institutional
Investor Services at State Street Bank from March
2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (61) Since 2010. Serves at Chief Compliance Officer of Pioneer and of all the None
Chief Compliance Officer the discretion of the Pioneer Funds since March 2010; Director of
Board. Adviser and Portfolio Compliance at Pioneer since
October 2005; and Senior Compliance Officer for
Columbia Management Advisers, Inc. from October
2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (42) Since 2006. Serves at Director--Transfer Agency Compliance of Pioneer and None
Anti-Money Laundering the discretion of the Anti-Money Laundering Officer of all the Pioneer
Officer Board. Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Emerging Markets Fund | Annual Report | 11/30/13 59
This page for your notes.
60 Pioneer Emerging Markets Fund | Annual Report | 11/30/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston,Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2014 Pioneer Investments 19445-07-0114
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Pioneer Emerging Markets Fund:
Fees for audit services provided to the Fund, including
fees associated with the filings of its Form N-1A,
totaled approximately $35,606 in 2013 and
approximately $38,832 in 2012.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
Pioneer Emerging Markets Fund:
Audit-Related Fees
There were no fees for audit-related or other services
provided to the Fund during the fiscal years ended
November 30, 2013 and 2012.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
Pioneer Emerging Markets Fund:
Fees for tax compliance services, primarily for tax
returns, totaled $8,131 in 2013 and $8,290 in 2012.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
Pioneer Emerging Markets Fund:
Other Fees
There were no fees for audit-related or other services
provided to the Fund during the fiscal years ended
November 30, 2013 and 2012.
(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
----------------------- ------------------------- -----------------------------------------------
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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.
------------------------------------------- ------------------------------
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GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Fund. For the
years ended November 30, 2013 and 2012, there were
no services provided to an affiliate that required the
Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund and
affiliates, as previously defined, totaled approximately
$8,131 in 2013 and $8,290 in 2012.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Emerging Markets Fund
By (Signature and Title)* /s/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date January 29, 2014
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/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date January 29, 2014
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date January 29, 2014
* Print the name and title of each signing officer under his or her signature.