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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, 2014 through November 30, 2015
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, 2015
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PEMFX
Class C PCEFX
Class R PEMRX
Class Y PYEFX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 25
Notes to Financial Statements 33
Report of Independent Registered Public Accounting Firm 46
Approval of Investment Advisory Agreement 48
Trustees, Officers and Service Providers 53
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 1
President's Letter
Dear Shareowner,
Over the past several years, many investors experienced positive returns across
most major asset classes. However, 2015 was a tale of two markets, with
favorable market conditions in the first half of the year, followed by an abrupt
slowdown and increased volatility beginning in August. The global markets were
challenged by significant economic cross-currents in different geographic
regions and industrial sectors. While the U.S. economy gradually improved,
growth slowed in China. Emerging markets struggled following a decline in
commodity prices, especially oil. While lower energy prices are good for the
consumer, there were ripple effects throughout the global economy.
Against this backdrop, the Standard & Poor's 500 Index rose by just 1.4% in
2015, international equity markets were essentially flat, and emerging market
equities fell sharply. Across U.S. fixed-income sectors, U.S. government and
investment-grade corporate bonds were fairly flat for the year, while high-yield
bonds, as measured by the Bank of America Merrill Lynch Master II High Yield
Index, posted a -4.9% total return.
Entering 2016, we see the possibility of a cyclical upswing, against an overall
economic backdrop that remains fragile and points towards structurally lower
growth. As always in a Presidential election year, political rhetoric has the
potential to impact U.S. sectors such as health care in 2016. Economies around
the world in both developed and emerging markets are experiencing deep
structural change. Geopolitical instability on many fronts, the rising risk of
policy mistakes, and market liquidity issues all increase the possibility of
sharp swings in asset values. In this environment, financial markets remain
vulnerable to unusual levels of volatility. While divergences among regions and
industries is an important theme, we are generally optimistic about the outlook
for the U.S. economy, which we expect will see modest growth.
Throughout Pioneer's history, we have believed in the importance of active
management. In periods of market volatility, we believe that the value of active
management is even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using proprietary research,
careful risk management, and a long-term perspective. Our ongoing goal is to
produce compelling returns consistent with the stated objectives of our
investment products, and with our shareowners' expectations. We believe our
shareowners can benefit from the experience and tenure of our investment teams
as well as the insights generated from our extensive research process.
2 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
December 31, 2015
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. Past performance is no
guarantee of future results.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 3
Portfolio Management Discussion | 11/30/15
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, 2015. Mr. Ratto, Head of Emerging Markets Investment Management at Pioneer,
Mr. Mencini, Head of Equities, Emerging Markets, and a senior vice president at
Pioneer, and Mr. Salvatori, Head of Global Emerging Markets & Latin American
Equities, a senior vice president and a senior portfolio manager at Pioneer, are
responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the 12-month period ended November 30,
2015?
A Pioneer Emerging Markets Fund's Class A shares returned -21.14% at net
asset value during the 12-month period ended November 30, 2015, while the
Fund's benchmark, the Morgan Stanley Capital International (MSCI) Emerging
Markets ND Index (the MSCI Index)1, returned -16.99%. During the same
period, the average return of the 781 mutual funds in Lipper's Emerging
Markets Funds category was -16.32%, and the average return of the 828
mutual funds in Morningstar's Diversified Emerging Markets Funds category
was -15.87.
Q Could you please review the performance of emerging markets stocks during
the 12-month period ended November 30, 2015?
A As the return of the MSCI Index benchmark indicates, emerging markets
stocks dealt with substantial headwinds over the past 12 months. In
addition to finishing with a negative return, the asset class significantly
underperformed the -0.72% return of the MSCI World Index, which
(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 | 11/30/15
measures the performance of equities in developed markets. The slowdown of
China's economy was one of the most important factors contributing to the
shortfall of emerging markets equities during the period. China has been a
critical source of incremental demand for commodities in recent years, and
so the Chinese economy's slowing growth had a significant impact on the
price of oil and industrial metals. The pricing issues, in turn, weighed
heavily on the many export-dependent emerging markets economies and
contributed to a general decline in investor sentiment. Developments in
Brazil also proved to be a source of concern for emerging markets
investors, as the combination of slowing economic growth, rising interest
rates and political instability led to meaningful underperformance by the
country's stock market. In addition, the prospect of higher interest rates
in the United States fueled an increase in risk-aversion among investors
and depressed the value of many emerging markets currencies. Together,
these factors contributed to heavy outflows from the emerging equity
markets and resulted in a sizeable degree of underperformance for the asset
class.
Q The Fund underperformed the MSCI Index during the 12-month period ended
November 30, 2015. What were the primary reasons for the Fund's lagging
benchmark-relative returns?
A Stock selection was the primary factor in the Fund's underperformance of
its benchmark over the past 12 months. We held a handful of stocks in the
portfolio that lagged the return of the broader market, offsetting gains
elsewhere in the portfolio.
The Fund position that detracted the most from benchmark-relative
performance was the Egyptian company Global Telecom Holding. In addition to
being affected by broader weakness in Egypt's market, the stock's
performance was hurt by the perceived complexity of the company's assets.
We maintained the position in the Fund's portfolio, however, based on our
belief that the stock continues to trade well below its intrinsic value.
The Fund's shares of Brazilian food-processing company Marfrig Global Foods
also detracted from relative returns during the period, due largely to a
decline in beef prices and a drop in local demand. We chose to exit the
Fund's Marfrig position at a loss. Other investments that were key
detractors from the Fund's benchmark-relative performance during the period
included Philippine National Bank, the cloud-computing company ChinaCache
International, and the toll-road operator OHL Mexico.
With regard to asset allocation, our decision to maintain a portfolio
underweight in Korea hurt the Fund's relative returns during the 12-month
period. We have been tilting the Fund's investments away from Korea for
some time, as we do not see value in the market and we believe the country
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 5
is home to a high number of inefficiently run companies. Korean stocks
outperformed over the past year, however, due to the country's exposure to
the global technology sector and investors' gravitation to the types of
larger, seemingly more stable companies found in the Korean market. We
modestly increased the Fund's position in Korea during the latter half of
the 12-month period as part of our broader effort to minimize the impact of
country allocations on the Fund's performance. Despite the increase,
however, the Fund remained underweight in Korean versus the MSCI Index as
of period end.
Q Which investment decisions or individual positions contributed to the
Fund's benchmark-relative performance during the 12-month period ended
November 30, 2015?
A The Fund's overweight in China compared with the benchmark, as well as
stock selection results among the portfolio's Chinese positions,
contributed to relative returns during the 12-month period. Although
China's market declined sharply from May through the end of the period, its
relative strength in the early part of 2015 enabled it to outperform during
the Fund's full fiscal year, and so the portfolio's overweight aided
benchmark-relative results. In addition, shares of Chinese companies
accounted for a large number of the Fund's leading individual performance
contributors over the fiscal year ended November 30, 2015. Those included
positions in Goodbaby International, Haitong International Securities
Group, Huaneng Renewables, and China Conch Venture Holdings. Even though
China's market has been volatile in recent months, we continue to believe
it offers an attractive longer-term opportunity due to the combination of
the country's growing consumer base and urbanizing economy.
Russia was an additional source of strength during the period, as the
portfolio's overweight position enabled the Fund to capitalize on the
country's relative outperformance. Notably, Russia's stock market finished
the Fund's fiscal year with a return more than 30 percentage points higher
than that of the MSCI Index benchmark. Stock selection results in the
country added further value to the Fund's benchmark-relative performance;
specifically, the portfolio's positions in Russian agricultural chemicals
producer PhosAgro and oil services firm TMK OAO made solid contributions to
relative returns.
6 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
Q Did you invest in any derivatives while managing the Fund during the
12-month period ended November 30, 2015? If so, did the derivative
positions have any effect on the Fund's performance?
A The Fund used derivatives in the form of futures and currency forward
contracts during the 12-month period. Our goal in using derivatives is not
to add to the Fund's total return. Rather, we use derivatives in an attempt
to "hedge" (or mitigate) the currency risks of certain portfolio positions.
The use of currency forward contracts contributed modestly to the Fund's
performance during the 12-month period, as emerging markets currencies (as
a group) lost ground relative to the U.S. dollar.
Q How was the Fund's portfolio positioned with respect to specific regions or
countries as of November 30, 2015?
A Keeping in mind that the Fund's country and sector weightings are largely a
residual effect of our individual stock selection process, we have
continued to favor owning stocks of companies located in countries where we
see catalysts for outperformance, such as Russia, China, and the
Philippines. We have also been increasing the Fund's positions in certain
frontier markets, which has led us to overweight the portfolio in countries
such as the United Arab Emirates, Nigeria, Kenya, and Egypt.
Conversely, the Fund is underweight in many of the larger, more developed
markets in the emerging markets asset class, such as Taiwan, Korea and
South Africa, and we have been tilting the portfolio away from Latin
America due to the economic challenges in the region. The Fund is also
underweight in India, where we have found valuations to be unattractive
amid investors' enthusiasm surrounding the country's reform-minded
government.
Q Do you have any closing thoughts for investors?
A The past year has been difficult for the emerging markets, and we believe
there is potential for above-average market volatility through the early
parts of 2016. On the plus side, valuations have fallen to what we believe
are near-compelling levels -- albeit not so low as to signal a broad-based
investment opportunity. Instead, we believe investors will be rewarded by
an active approach to individual stock selection that seeks to avoid
potential "value traps" in many of the troubled countries within the
emerging markets asset class. With that in mind, we intend to maintain our
emphasis on holdings shares of companies that feature strong fundamentals,
intelligent capital-allocation strategies and sustainable paths to
earnings growth.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 7
Please refer to the Schedule of Investments on pages 17-24 for a full listing of
Fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
To the extent the Fund invests in issuers located within specific countries or
regions, the Fund may be particularly affected by adverse markets, rates, and
events, which may occur in those countries and regions.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
Portfolio Summary | 11/30/15
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 29.2%
Information Technology 17.9%
Industrials 13.2%
Telecommunication Services 10.4%
Consumer Discretionary 10.4%
Energy 9.9%
Materials 3.9%
Utilities 2.2%
Health Care 2.2%
Consumer Staples 0.7%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
China 24.0%
South Korea 9.5%
Brazil 8.8%
United Arab Emirates 6.1%
Nigeria 5.7%
Russia 5.6%
Republic of Georgia 5.3%
Greece 5.2%
Philippines 4.4%
Egypt 3.7%
India 3.3%
Kenya 3.1%
Taiwan 2.9%
South Africa 2.7%
Hong Kong 2.5%
Saudi Arabia 2.3%
Mexico 1.3%
Italy 1.1%
Jordan 1.0%
Indonesia 1.0%
Other (individually less than 1.0%) 0.5%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. Goodbaby International Holdings, Ltd. 5.63%
--------------------------------------------------------------------------------
2. TMK PAO (G.D.R.) 5.62
--------------------------------------------------------------------------------
3. Tupy SA 5.61
--------------------------------------------------------------------------------
4. TBC Bank JSC (G.D.R.) 5.33
--------------------------------------------------------------------------------
5. Samsung Electronics Co., Ltd. 5.07
--------------------------------------------------------------------------------
6. China ITS Holdings Co., Ltd. 4.56
--------------------------------------------------------------------------------
7. Philippine National Bank 4.44
--------------------------------------------------------------------------------
8. United Bank for Africa Plc 3.99
--------------------------------------------------------------------------------
9. MMG, Ltd. 3.93
--------------------------------------------------------------------------------
10. Air Arabia PJSC 3.90
--------------------------------------------------------------------------------
* 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 | 11/30/15 9
Prices and Distributions | 11/30/15
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 11/30/15 11/30/14
--------------------------------------------------------------------------------
A $15.85 $20.92
--------------------------------------------------------------------------------
C $13.04 $17.35
--------------------------------------------------------------------------------
R $15.13 $20.02
--------------------------------------------------------------------------------
Y $17.47 $23.06
--------------------------------------------------------------------------------
Distributions per Share: 12/1/14-11/30/15
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3804 $-- $0.3282
--------------------------------------------------------------------------------
C $0.2303 $-- $0.3282
--------------------------------------------------------------------------------
R $0.3442 $-- $0.3282
--------------------------------------------------------------------------------
Y $0.5088 $-- $0.3282
--------------------------------------------------------------------------------
The MSCI Emerging Markets ND Index is an unmanaged index that measures the
performance of emerging market stocks. Index returns are calculated monthly,
assume reinvestment of dividends and, unlike Fund returns, do not reflect any
sales charges, fees or expenses. It is not possible to invest directly in an
index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-14.
10 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
Performance Update | 11/30/15 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, 2015)
--------------------------------------------------------------------------------
Net Public MSCI
Asset Offering Emerging
Value Price Markets
Period (NAV) (POP) ND Index
--------------------------------------------------------------------------------
10 Years 0.25% -0.34% 4.45%
5 Years -8.62 -9.69 -3.05
1 Year -21.14 -25.69 -16.99
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.04% 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
11/05 $ 9,425 $ 10,000
11/06 $ 12,899 $ 13,395
11/07 $ 18,965 $ 19,444
11/08 $ 7,225 $ 8,447
11/09 $ 13,447 $ 15,637
11/10 $ 15,175 $ 18,036
11/11 $ 12,528 $ 15,955
11/12 $ 12,662 $ 17,767
11/13 $ 13,166 $ 18,417
11/14 $ 12,260 $ 18,611
11/15 $ 9,668 $ 15,449
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 the contractual expense limitation currently in
effect through April 1, 2016, for Class A shares. There can be no assurance that
Pioneer will extend the expense limitation 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 | 11/30/15 11
Performance Update | 11/30/15 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, 2015)
--------------------------------------------------------------------------------
MSCI
Emerging
If If Markets
Period Held Redeemed ND Index
--------------------------------------------------------------------------------
10 Years -0.57% -0.57% 4.45%
5 Years -9.38 -9.38 -3.05
1 Year -21.87 -21.87 -16.99
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.80%
--------------------------------------------------------------------------------
[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
11/05 $ 10,000 $ 10,000
11/06 $ 13,575 $ 13,395
11/07 $ 19,811 $ 19,444
11/08 $ 7,487 $ 8,447
11/09 $ 13,813 $ 15,637
11/10 $ 15,458 $ 18,036
11/11 $ 12,670 $ 15,955
11/12 $ 12,699 $ 17,767
11/13 $ 13,099 $ 18,417
11/14 $ 12,091 $ 18,611
11/15 $ 9,447 $ 15,449
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
Performance Update | 11/30/15 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, 2015)
--------------------------------------------------------------------------------
Net MSCI
Asset Emerging
Value Markets
Period (NAV) ND Index
--------------------------------------------------------------------------------
10 Years 0.02% 4.45%
5 Years -8.83 -3.05
1 Year -21.36 -16.99
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.18%
--------------------------------------------------------------------------------
[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
11/05 $ 10,000 $ 10,000
11/06 $ 13,630 $ 13,395
11/07 $ 20,001 $ 19,444
11/08 $ 7,603 $ 8,447
11/09 $ 14,119 $ 15,637
11/10 $ 15,910 $ 18,036
11/11 $ 13,106 $ 15,955
11/12 $ 13,210 $ 17,767
11/13 $ 13,719 $ 18,417
11/14 $ 12,745 $ 18,611
11/15 $ 10,023 $ 15,449
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class R shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 13
Performance Update | 11/30/15 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, 2015)
--------------------------------------------------------------------------------
Net MSCI
Asset Emerging
Value Markets
Period (NAV) ND Index
--------------------------------------------------------------------------------
10 Years 0.76% 4.45%
5 Years -8.17 -3.05
1 Year -20.96 -16.99
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.40%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
11/05 $ 5,000,000 $ 5,000,000
11/06 $ 6,880,088 $ 6,697,639
11/07 $ 10,165,362 $ 9,721,798
11/08 $ 3,892,096 $ 4,223,516
11/09 $ 7,285,024 $ 7,818,447
11/10 $ 8,260,525 $ 9,017,826
11/11 $ 6,859,829 $ 7,977,512
11/12 $ 6,970,407 $ 8,883,258
11/13 $ 7,292,835 $ 9,208,304
11/14 $ 6,825,376 $ 9,305,511
11/15 $ 5,395,116 $ 7,724,645
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
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, 2015 through November 30, 2015.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 6/1/15
--------------------------------------------------------------------------------
Ending Account Value $ 802.48 $ 798.55 $ 801.30 $ 802.68
(after expenses)
on 11/30/15
--------------------------------------------------------------------------------
Expenses Paid $ 8.81 $ 12.85 $ 9.93 $ 7.00
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.95%,
2.85%, 2.20% and 1.55% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads), that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from June 1, 2015 through November 30, 2015.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 6/1/15
--------------------------------------------------------------------------------
Ending Account Value $1,015.29 $1,010.78 $1,014.14 $1,017.30
(after expenses)
on 11/30/15
--------------------------------------------------------------------------------
Expenses Paid $ 9.85 $ 14.37 $ 11.11 $ 7.84
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.95%,
2.85%, 2.20% and 1.55% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
16 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
Schedule of Investments | 11/30/15
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
PREFERRED STOCKS - 6.1%
ENERGY -- 0.0%+
Integrated Oil & Gas -- 0.0%+
2,301 Petroleo Brasileiro SA $ 4,561
--------------
Total Energy $ 4,561
--------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.5%
Automobile Manufacturers -- 0.5%
5,653 Hyundai Motor Co. $ 541,244
--------------
Total Automobiles & Components $ 541,244
--------------------------------------------------------------------------------
BANKS -- 0.6%
Diversified Banks -- 0.6%
94,022 Itau Unibanco Holding SA $ 675,283
--------------
Total Banks $ 675,283
--------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 5.0%
Computer Hardware Storage &
Perhipherals -- 5.0%
5,774 Samsung Electronics Co., Ltd. $ 5,450,717
--------------
Total Technology Hardware & Equipment $ 5,450,717
--------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $7,384,457) $ 6,671,805
--------------------------------------------------------------------------------
COMMON STOCKS -- 89.6%
ENERGY -- 9.7%
Oil & Gas Equipment & Services -- 5.5%
1,776,992 TMK PAO (G.D.R.) $ 6,034,166
--------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.2%
2,114,000 China Petroleum & Chemical Corp. $ 1,310,295
--------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 3.0%
42,339,318 KenolKobil, Ltd. Group $ 3,314,063
--------------
Total Energy $ 10,658,524
--------------------------------------------------------------------------------
MATERIALS -- 3.9%
Diversified Metals & Mining -- 3.9%
20,252,000 MMG, Ltd.* $ 4,220,461
--------------
Total Materials $ 4,220,461
--------------------------------------------------------------------------------
CAPITAL GOODS -- 3.1%
Construction & Engineering -- 3.1%
205,272 Astaldi S.p.A. $ 1,232,281
3,540,000 Beijing Urban Construction Design &
Development Group Co., Ltd. 2,215,159
--------------
$ 3,447,440
--------------
Total Capital Goods $ 3,447,440
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 17
Schedule of Investments | 11/30/15 (continued)
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
TRANSPORTATION -- 3.8%
Airlines -- 3.8%
12,777,259 Air Arabia PJSC $ 4,190,903
--------------
Total Transportation $ 4,190,903
--------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 5.5%
Auto Parts & Equipment -- 5.5%
1,167,826 Tupy SA $ 6,033,350
--------------
Total Automobiles & Components $ 6,033,350
--------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 5.5%
Leisure Products -- 5.5%
15,523,000 Goodbaby International Holdings, Ltd. $ 6,047,027
--------------
Total Consumer Durables & Apparel $ 6,047,027
--------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.0%+
Casinos & Gaming -- 0.0%+
393 NagaCorp, Ltd. $ 256
--------------
Total Consumer Services $ 256
--------------------------------------------------------------------------------
MEDIA -- 2.4%
Cable & Satellite -- 2.4%
17,887 Naspers, Ltd. $ 2,662,222
--------------
Total Media $ 2,662,222
--------------------------------------------------------------------------------
RETAILING -- 1.6%
Specialty Stores -- 1.6%
90,613 FF Group* $ 1,771,639
--------------
Total Retailing $ 1,771,639
--------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.6%
Packaged Foods & Meats -- 0.0%+
95,298 Flour Mills of Nigeria Plc $ 9,574
--------------------------------------------------------------------------------
Tobacco -- 0.6%
122,174 ITC, Ltd. $ 635,127
--------------
Total Food, Beverage & Tobacco $ 644,701
--------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.6%
Pharmaceuticals -- 0.6%
18,524 Hikma Pharmaceuticals Plc $ 603,584
--------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 603,584
--------------------------------------------------------------------------------
BANKS -- 24.0%
Diversified Banks -- 23.5%
150,284 Abu Dhabi Commercial Bank PJSC $ 255,648
880,500 Bank Rakyat Indonesia Persero Tbk PT 683,922
1,569,000 China CITIC Bank Corp., Ltd. 989,856
1,543,000 China Construction Bank Corp. 1,058,258
The accompanying notes are an integral part of these financial statements.
18 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
Diversified Banks -- (continued)
2,098 Credicorp, Ltd. $ 221,570
259,761 Grupo Financiero Banorte SAB de CV 1,393,102
196 HDFC Bank, Ltd. 3,176
20,498 HDFC Bank, Ltd. (A.D.R.) 1,191,344
271,515 ICICI Bank, Ltd. 1,113,565
1,689,000 Industrial & Commercial Bank of China, Ltd. 1,019,658
39,890 KB Financial Group, Inc. 1,213,353
415 Mega Financial Holding Co., Ltd. 286
4,408,189 Philippine National Bank* 4,766,034
631,477 TBC Bank JSC (G.D.R.)* 5,729,347
227,029,779 United Bank for Africa Plc 4,288,275
22,969,504 Zenith Bank Plc 1,805,765
--------------
$ 25,733,159
--------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.5%
33,827 Housing Development Finance Corp., Ltd. $ 618,698
--------------
Total Banks $ 26,351,857
--------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Other Diversified Financial Services -- 0.3%
94,515 FirstRand, Ltd. $ 307,042
--------------------------------------------------------------------------------
Consumer Finance -- 0.0%+
2,753 Credito Real SAB de CV SOFOM ER $ 6,311
--------------
Total Diversified Financials $ 313,353
--------------------------------------------------------------------------------
INSURANCE -- 1.1%
Life & Health Insurance -- 1.1%
13,512 Samsung Life Insurance Co., Ltd. $ 1,204,029
--------------
Total Insurance $ 1,204,029
--------------------------------------------------------------------------------
REAL ESTATE -- 2.6%
Real Estate Development -- 2.6%
202,000 China Overseas Land & Investment, Ltd. $ 667,615
1,375,706 Emaar Properties PJSC 2,156,306
--------------
$ 2,823,921
--------------------------------------------------------------------------------
Real Estate Services -- 0.0%+
67,333 China Overseas Property Holdings, Ltd. $ 12,940
--------------
Total Real Estate $ 2,836,861
--------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 8.2%
Internet Software & Services -- 3.7%
554,726 ChinaCache International Holdings,
Ltd. (A.D.R.)* $ 4,093,878
--------------------------------------------------------------------------------
IT Consulting & Other Services -- 4.5%
43,788,000 China ITS Holdings Co., Ltd. $ 4,902,794
--------------
Total Software & Services $ 8,996,672
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 19
Schedule of Investments | 11/30/15 (continued)
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 1.5%
Electronic Equipment Manufacturers -- 1.5%
1,310,000 PAX Global Technology, Ltd.* $ 1,616,974
--------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.0%+
715 Hon Hai Precision Industry Co., Ltd. $ 1,837
--------------
Total Technology Hardware & Equipment $ 1,618,811
--------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 2.9%
Semiconductors -- 2.9%
746,000 Taiwan Semiconductor Manufacturing Co., Ltd. $ 3,204,305
--------------
Total Semiconductors & Semiconductor
Equipment $ 3,204,305
--------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 10.2%
Integrated Telecommunication
Services -- 3.6%
404,323 Hellenic Telecommunications Organization SA $ 3,913,605
--------------------------------------------------------------------------------
Wireless Telecommunication Services -- 6.6%
3,616,722 Global Telecom Holding SAE (G.D.R.)* $ 4,066,114
1,382,193 Tim Participacoes SA 2,732,736
127,100 VimpelCom, Ltd. (A.D.R.) 457,560
--------------
$ 7,256,410
--------------
Total Telecommunication Services $ 11,170,015
--------------------------------------------------------------------------------
UTILITIES -- 2.1%
Electric Utilities -- 1.7%
43,565 Korea Electric Power Corp.* $ 1,840,586
--------------------------------------------------------------------------------
Water Utilities -- 0.4%
586,000 Beijing Enterprises Water Group, Ltd. $ 458,161
--------------
Total Utilities $ 2,298,747
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $131,284,046) $ 98,274,757
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Principal
Amount ($)
--------------------------------------------------------------------------------
CORPORATE BOND -- 0.1%
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
BRL 562,000 Hypermarcas SA, 11.3%, 10/15/18 (c) $ 53,295
--------------------------------------------------------------------------------
TOTAL CORPORATE BOND
(Cost $207,417) $ 53,295
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
--------------------------------------------------------------------------------
Principal
Amount ($) Value
--------------------------------------------------------------------------------
EQUITY LINKED NOTES -- 2.2%
RETAILING -- 0.7%
Apparel Retail -- 0.7%
36,809 Fawaz Abdulaziz Alhokair & Co., 3/20/17 $ 762,726
--------------
Total Retailing $ 762,726
--------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 1.5%
Health Care Facilities -- 1.5%
55,829 Mouwasat Medical Services Co., 3/5/18 $ 1,699,926
--------------
Total Health Care Equipment & Services $ 1,699,926
--------------------------------------------------------------------------------
TOTAL EQUITY LINKED NOTES
(Cost $2,952,973) $ 2,462,652
--------------------------------------------------------------------------------
RIGHT/WARRANT -- 0.0%+
RETAILING -- 0.7%
Packaged Foods & Meats -- 0.0%+
39,707 Flour Mills of Nigeria (c) $ --
--------------------------------------------------------------------------------
TOTAL RIGHT/WARRANT
(Cost $--) $ --
--------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 98.0%
(Cost $141,828,893) (a) (b) $ 107,462,509
--------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 2.0% $ 2,177,274
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 109,639,783
================================================================================
+ Amount rounds to less than 0.1%.
* Non-income producing security.
(A.D.R.) American Depositary Receipts.
(G.D.R.) Global Depositary Receipts.
(a) At November 30, 2015, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $147,789,113 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 479,171
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (40,805,775)
------------
Net unrealized depreciation $(40,326,604)
============
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 21
Schedule of Investments | 11/30/15 (continued)
(b) Distributions of investments by country of issue (excluding temporary
cash investments) as a percentage of total investment in securities,
is as follows:
China 24.0%
South Korea 9.5
Brazil 8.8
United Arab Emirates 6.1
Nigeria 5.7
Russia 5.6
Republic of Georgia 5.3
Greece 5.2
Philippines 4.4
Egypt 3.7
India 3.3
Kenya 3.1
Taiwan 2.9
South Africa 2.7
Hong Kong 2.5
Saudi Arabia 2.3
Mexico 1.3
Italy 1.1
Jordan 1.0
Indonesia 1.0
Other (individually less than 1.0%) 0.5
-----
100.0%
=====
(c) Security is valued using fair value methods (other than prices
supplied by independent pricing services or broker-dealers). See Notes
to Financial Statements -- Note 1A.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended November 30, 2015 aggregated $118,620,366 and $163,807,884,
respectively.
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
BRL Brazilian Real
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes to
Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
The following is a summary of the inputs used as of November 30, 2015, in
valuing the Fund's investments:
------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------------------
Preferred Stocks
Energy
Integrated Oil & Gas $ 4,561 $ -- $ -- $ 4,561
Banks
Diversified Banks 675,283 -- -- 675,283
All Other Preferred Stocks -- 5,991,961 -- 5,991,961
Common Stocks (Foreign)*
Automobiles & Components
Auto Parts & Equipment 6,033,350 -- -- 6,033,350
Banks
Diversified Banks 2,806,016 22,927,143 -- 25,733,159
Diversified Financials
Consumer Finance 6,311 -- -- 6,311
Software & Services
Internet Software & Services 4,093,878 -- -- 4,093,878
Telecommunication Services
Wireless Telecommunication
Services 3,190,296 4,066,114 -- 7,256,410
All Other Common
Stock (Foreign) -- 55,151,649 -- 55,151,649
Corporate Bonds -- 53,295 53,295
Equity Linked Notes -- 2,462,652 -- 2,462,652
Right/Warrant -- --** -- --**
------------------------------------------------------------------------------------------------------
Total $ 16,809,695 $ 90,599,519 $ 53,295 $107,462,509
------------------------------------------------------------------------------------------------------
Other Financial Instruments
Unrealized appreciation on
Forward Foreign
Currency Contracts $ -- 105,894 $ -- $ 105,894
Unrealized depreciation on
Forward Foreign
Currency Contracts -- (64,245) -- (64,245)
Unrealized depreciation
on Futures Contracts (199,143) -- -- (199,143)
------------------------------------------------------------------------------------------------------
Total Other Financial
Instruments $ (199,143) $ 41,649 $ -- $ (157,494)
------------------------------------------------------------------------------------------------------
* Level 2 securities are valued using inputs/data furnished by independent
pricing services using fair value factors.
** Security is valued at $0.
During the year ending November 30, 2015, investments having a value of
$4,297,849 were transferred from Level 1 to Level 2. The change in the level
designation within the fair value hierarchy was due to the Fund's ability to use
a fair value model developed by an independent pricing service. There were no
other transfers between levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 23
Schedule of Investments | 11/30/15 (continued)
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of November 30, 2015.
-----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------
Assets:
Foreign currencies, at value $ -- $1,753,649 $ -- $1,753,649
Cash with broker -- 624,735 -- 624,735
Liabilities:
Variation margin for futures contracts (16,565) -- -- (16,565)
-----------------------------------------------------------------------------------------
Total $ (16,565) $2,378,384 $ -- $2,361,819
=========================================================================================
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
-----------------------------------------------------------------------------------------
Corporate Rights/
Bonds Warrants Totals
-----------------------------------------------------------------------------------------
Balance as of 11/30/14 $ 390,510 --*** $ 390,510
Realized gain (loss)(1) (180,640) -- (180,640)
Change in unrealized appreciation (depreciation)(2) (9,954) -- (9,954)
Purchases -- -- --
Sales (146,621) -- (146,621)
Expired -- --*** --
Transfers in and out of Level 3** -- -- --
-----------------------------------------------------------------------------------------
Balance as of 11/30/15 $ 53,295 -- $ 53,295
=========================================================================================
(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.
*** Security is valued at $0.
Net change in unrealized depreciation of Level 3 investments
still held and considered Level 3 as of 11/30/15 $(56,814)
--------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
Statement of Assets and Liabilities | 11/30/15
ASSETS:
Investment in securities, at value (cost $141,828,893) $107,462,509
Cash 497,677
Foreign currencies, at value (cost $1,750,036) 1,753,649
Cash with broker 624,735
Receivables --
Fund shares sold 65,621
Dividends 100,565
Interest 1,791
Due from Pioneer Investment Management, Inc. 21,848
Unrealized appreciation on forward foreign currency contracts 105,894
Prepaid expenses 24,863
-----------------------------------------------------------------------------------------
Total assets $110,659,152
=========================================================================================
LIABILITIES:
Payables --
Fund shares repurchased $ 101,824
Trustee fees 1,267
Variation margin for futures contracts 16,565
Unrealized depreciation on forward foreign currency contracts 64,245
Unrealized depreciation on futures contracts 199,143
Futures collateral 442,093
Due to affiliates 64,797
Accrued expenses 129,435
-----------------------------------------------------------------------------------------
Total liabilities $ 1,019,369
=========================================================================================
NET ASSETS:
Paid-in capital $161,134,731
Undistributed net investment income 3,543,396
Accumulated net realized loss on investments, futures contracts and
foreign currency transactions (20,459,567)
Net unrealized depreciation on investments (34,366,384)
Net unrealized depreciation on futures contracts (199,143)
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (13,250)
-----------------------------------------------------------------------------------------
Total net assets $109,639,783
=========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $70,350,853/4,439,829 shares) $ 15.85
Class C (based on $12,522,770/960,358 shares) $ 13.04
Class R (based on $22,509,799/1,487,799 shares) $ 15.13
Class Y (based on $4,256,361/243,599 shares) $ 17.47
MAXIMUM OFFERING PRICE:
Class A ($15.85 (divided by) 94.25%) $ 16.82
=========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 25
Statement of Operations
For the Year Ended 11/30/15
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $254,138) $ 2,628,489
Interest (net of foreign taxes withheld of $3,015) 61,413
------------------------------------------------------------------------------------------
Total investment income $ 2,689,902
------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,569,581
Transfer agent fees
Class A 216,911
Class C 34,271
Class R 12,986
Class Y 858
Distribution fees
Class A 217,686
Class C 154,241
Class R 140,851
Shareholder communications expense 274,858
Administrative expense 62,370
Custodian fees 233,285
Registration fees 80,853
Professional fees 83,165
Printing expense 40,053
Fees and expenses of nonaffiliated Trustees 7,419
Miscellaneous 66,818
------------------------------------------------------------------------------------------
Total expenses $ 3,196,206
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (250,678)
------------------------------------------------------------------------------------------
Net expenses $ 2,945,528
------------------------------------------------------------------------------------------
Net investment loss $ (255,626)
------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (18,800,648)
Futures contracts (304,759)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 5,778,921 $ (13,326,486)
------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (18,622,961)
Futures contracts (199,143)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (1,724,003) $ (20,546,107)
------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments, futures
contracts and foreign currency transactions $ (33,872,593)
------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (34,128,219)
==========================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
Statement of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
11/30/15 11/30/14
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment loss $ (255,626) $ (426,728)
Net realized gain (loss) on investments, futures and
foreign currency transactions (13,326,486) 17,973,362
Change in net unrealized appreciation (depreciation) on
investments, futures contracts and foreign currency transactions (20,546,107) (33,412,284)
--------------------------------------------------------------------------------------------------
Net decrease in net assets resulting
from operations $ (34,128,219) $ (15,865,650)
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.38 and $0.08 per share, respectively) $ (1,870,713) $ (431,205)
Class C ($0.23 and $0.00 per share, respectively) (244,372) --
Class R ($0.34 and $0.04 per share, respectively) (586,112) (75,638)
Class Y ($0.51 and $0.23 per share, respectively) (782,548) (625,797)
Net realized gain:
Class A ($0.33 and $1.41 per share, respectively) $ (1,429,772) $ (6,634,747)
Class C ($0.33 and $1.41 per share, respectively) (308,711) (1,428,685)
Class R ($0.33 and $1.41 per share, respectively) (477,533) (2,225,299)
Class Y ($0.33 and $1.41 per share, respectively) (79,630) (2,182,355)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (5,779,391) $ (13,603,726)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 21,329,295 $ 43,024,350
Reinvestment of distributions 4,931,888 10,779,347
Cost of shares repurchased (69,343,322) (91,794,508)
--------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (43,082,139) $ (37,990,811)
--------------------------------------------------------------------------------------------------
Net decrease in net assets $ (82,989,749) $ (67,460,187)
NET ASSETS:
Beginning of year 192,629,532 260,089,719
--------------------------------------------------------------------------------------------------
End of year $ 109,639,783 $ 192,629,532
--------------------------------------------------------------------------------------------------
Undistributed net investment income $ 3,543,396 $ 1,685,091
==================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 27
Statement of Changes in Net Assets (continued)
--------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
11/30/15 11/30/15 11/30/14 11/30/14
Shares Amount Shares Amount
--------------------------------------------------------------------------------------------
Class A
Shares sold 676,826 $ 12,954,007 858,627 $ 20,595,749
Reinvestment of distributions 181,868 3,204,785 323,034 6,840,755
Less shares repurchased (1,401,132) (26,489,435) (1,476,763) (34,932,370)
--------------------------------------------------------------------------------------------
Net decrease (542,438) $ (10,330,643) (295,102) $ (7,495,866)
============================================================================================
Class B*
Shares sold or exchanged -- $ -- 1,362 $ 26,579
Reinvestment of distributions -- -- -- 4
Less shares repurchased -- -- (221,522) (4,293,299)
--------------------------------------------------------------------------------------------
Net decrease -- $ -- (220,160) $ (4,266,716)
============================================================================================
Class C
Shares sold 150,354 $ 2,353,406 164,488 $ 3,285,936
Reinvestment of distributions 34,354 491,257 70,644 1,232,034
Less shares repurchased (307,702) (4,802,492) (323,820) (6,429,162)
--------------------------------------------------------------------------------------------
Net decrease (122,994) $ (1,957,829) (88,688) $ (1,911,192)
============================================================================================
Class R
Shares sold 284,464 $ 5,073,813 217,792 $ 4,938,472
Reinvestment of distributions 61,440 1,032,998 109,966 2,222,268
Less shares repurchased (543,155) (9,741,102) (338,406) (7,674,471)
--------------------------------------------------------------------------------------------
Net decrease (197,251) $ (3,634,291) (10,648) $ (513,731)
============================================================================================
Class Y
Shares sold 46,082 $ 948,069 550,327 $ 14,177,614
Reinvestment of distributions 10,266 202,848 20,516 484,286
Less shares repurchased (1,366,436) (28,310,293) (1,506,460) (38,465,206)
--------------------------------------------------------------------------------------------
Net decrease (1,310,088) $ (27,159,376) (935,617) $ (23,803,306)
============================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
Financial Highlights
------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/15 11/30/14 11/30/13 11/30/12 11/30/11
------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 20.92 $ 24.06 $ 23.24 $ 23.10 $ 29.42
------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.01)(a) $ (0.04) $ 0.14 $ 0.13 $ 0.18
Net realized and unrealized gain (loss) on investments (4.35) (1.61) 0.79 0.11 (5.35)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (4.36) $ (1.65) $ 0.93 $ 0.24 $ (5.17)
------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.38) $ (0.08) $ (0.11) $ -- $ --
Net realized gain (0.33) (1.41) -- (0.10) (1.15)
------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.71) $ (1.49) $ (0.11) $ (0.10) $ (1.15)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (5.07) $ (3.14) $ 0.82 $ 0.14 $ (6.32)
------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 15.85 $ 20.92 $ 24.06 $ 23.24 $ 23.10
========================================================================================================================
Total return* (21.14)% (6.88)% 3.98% 1.06% (17.44)%
Ratio of net expenses to average net assets (b) 1.95% 1.96% 1.95% 1.95% 1.95%
Ratio of net investment income (loss) to average net assets (0.04)% (0.19)% 0.55% 0.53% 0.58%
Portfolio turnover rate 85% 141% 77% 160% 191%
Net assets, end of period (in thousands) $70,351 $104,251 $126,981 $ 154,064 $ 207,935
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (b) 2.18% 2.04% 1.96% 2.03% 1.95%
Net investment income (loss) to average net assets (0.27)% (0.26)% 0.54% 0.45% 0.58%
========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) Includes interest expense of 0.00%, 0.01%, 0.00%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 29
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/15 11/30/14 11/30/13 11/30/12 11/30/11
------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 17.35 $ 20.32 $ 19.70 $ 19.76 $ 25.56
------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.14)(a) $ (0.22) $ (0.04) $ (0.06) $ (0.05)
Net realized and unrealized gain (loss) on investments (3.61) (1.34) 0.66 0.10 (4.60)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (3.75) $ (1.56) $ 0.62 $ 0.04 $ (4.65)
------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.23) $ -- $ -- $ -- $ --
Net realized gain (0.33) (1.41) -- (0.10) (1.15)
------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.56) $ (1.41) $ -- $ (0.10) $ (1.15)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (4.31) $ (2.97) $ 0.62 $ (0.06) $ (5.80)
------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.04 $ 17.35 $ 20.32 $ 19.70 $ 19.76
========================================================================================================================
Total return* (21.87)% (7.69)% 3.15% 0.23% (18.04)%
Ratio of net expenses to average net assets (b) 2.85% 2.80% 2.78% 2.75% 2.73%
Ratio of net investment income (loss) to average net assets (0.93)% (1.02)% (0.27)% (0.25)% (0.20)%
Portfolio turnover rate 85% 141% 77% 160% 191%
Net assets, end of period (in thousands) $12,523 $ 18,801 $ 23,810 $ 29,771 $ 37,324
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (b) 2.95% 2.80% 2.78% 2.75% 2.73%
Net investment income (loss) to average net assets (1.03)% (1.02)% (0.27)% (0.25)% (0.20)%
========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) Includes interest expense of 0.00%, 0.01%, 0.00%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/15 11/30/14 11/30/13 11/30/12 11/30/11
------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 20.02 $ 23.11 $ 22.30 $ 22.23 $ 28.43
------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.05)(a) $ (0.09) $ 0.10 $ 0.10 $ 0.10
Net realized and unrealized gain (loss) on investments (4.17) (1.55) 0.76 0.07 (5.15)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (4.22) $ (1.64) $ 0.86 $ 0.17 $ (5.05)
------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.34) $ (0.04) $ (0.05) $ -- $ --
Net realized gain (0.33) (1.41) -- (0.10) (1.15)
------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.67) $ (1.45) $ (0.05) $ (0.10) $ (1.15)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (4.89) $ (3.09) $ 0.81 $ 0.07 $ (6.20)
------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 15.13 $ 20.02 $ 23.11 $ 22.30 $ 22.23
========================================================================================================================
Total return* (21.36)% (7.10)% 3.86% 0.79% (17.62)%
Ratio of net expenses to average net assets (b) 2.20% 2.18% 2.13% 2.13% 2.20%
Ratio of net investment income (loss) to average net assets (0.29)% (0.40)% 0.37% 0.39% 0.33%
Portfolio turnover rate 85% 141% 77% 160% 191%
Net assets, end of period (in thousands) $22,510 $33,742 $39,183 $ 49,013 $ 73,347
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (b) 2.33% 2.18% 2.13% 2.13% 2.28%
Net investment income (loss) to average net assets (0.42)% (0.40)% 0.37% 0.39% 0.25%
========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) Includes interest expense of 0.00%, 0.01%, 0.00%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 31
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/15 11/30/14 11/30/13 11/30/12 11/30/11
------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 23.06 $ 26.38 $ 25.46 $ 25.16 $ 31.73
------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.00(a)(b) $ 0.09 $ 0.28 $ 0.28 $ 0.38
Net realized and unrealized gain (loss) on investments (4.75) (1.77) 0.90 0.12 (5.80)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (4.75) $ (1.68) $ 1.18 $ 0.40 $ (5.42)
------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.51) $ (0.23) $ (0.26) $ -- $ --
Net realized gain (0.33) (1.41) -- (0.10) (1.15)
------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.84) $ (1.64) $ (0.26) $ (0.10) $ (1.15)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (5.59) $ (3.32) $ 0.92 $ 0.30 $ (6.57)
------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 17.47 $ 23.06 $ 26.38 $ 25.46 $ 25.16
========================================================================================================================
Total return* (20.96)% (6.41)% 4.63% 1.61% (16.96)%
Ratio of net expenses to average net assets (c) 1.55% 1.40% 1.38% 1.39% 1.40%
Ratio of net investment income (loss) to average net assets 0.01% 0.34% 1.12% 1.10% 1.13%
Portfolio turnover rate 85% 141% 77% 160% 191%
Net assets, end of period (in thousands) $ 4,256 $35,835 $65,655 $ 62,897 $ 65,597
========================================================================================================================
* 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.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 or $(0.01) per share.
(c) Includes interest expense of 0.00%, 0.01%, 0.00%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
Notes to Financial Statements | 11/30/15
1. Organization and Significant Accounting Policies
Pioneer Emerging Markets Fund (the Fund) is a Delaware statutory trust. The Fund
is registered under the Investment Company Act of 1940 as a diversified,
open-end management investment company. The investment objective of the Fund is
long-term growth of capital.
The Fund offers four classes of shares designated as Class A, Class C, Class R,
and Class Y shares. Class B shares were converted to Class A shares as of the
close of business on November 10, 2014. Each class of shares represents an
interest in the same portfolio of investments of the Fund and has identical
rights (based on relative net asset values) to assets and liquidation proceeds.
Share classes can bear different rates of class-specific fees and expenses such
as transfer agent and distribution fees. Differences in class-specific fees and
expenses will result in differences in net investment income and, therefore, the
payment of different dividends from net investment income earned by each class.
The Amended and Restated Declaration of Trust of the Fund gives the Board of
Trustees the flexibility to specify either per-share voting or dollar-weighted
voting when submitting matters for shareholder approval. Under per-share voting,
each share of a class of the Fund is entitled to one vote. Under dollar-weighted
voting, a shareholder's voting power is determined not by the number of shares
owned, but by the dollar value of the shares on the record date. Each share
class has exclusive voting rights with respect to matters affecting only that
class, including with respect to the distribution plan for that class. There is
no distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
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.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for
which sale
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 33
prices are not available, generally are valued using the mean between the
last bid and asked prices or, if both last bid and asked prices are not
available, at the last quoted bid price. Last sale and bid and asked prices
are provided by independent third party pricing services. In the case of
equity securities not traded on an exchange, prices are typically
determined by independent third party pricing services using a variety of
techniques and methods.
The principal exchanges and markets for non-U.S. equity 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 Fund uses a fair
value model developed by an independent pricing service to value non-U.S.
equity securities. On a daily basis, the pricing service recommends
changes, based on a proprietary model, to the closing market prices of each
non-U.S. security held by the Fund to reflect the security's fair value at
the time the Fund determines its net asset value. The Fund applies these
recommendations in accordance with procedures approved by the Board of
Trustees.
Fixed income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Valuations may be supplemented by dealers and other sources, as
required. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Forward foreign currency exchange contracts are valued daily using the
foreign exchange rate or, for longer term forward contract positions, the
spot currency rate, in each case provided by a third party pricing service.
Contracts whose forward settlement date falls between two quoted days are
valued by interpolation.
Securities for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued by a fair valuation
team comprised of certain personnel of Pioneer Investment Management, Inc.
(PIM), the Fund's investment adviser, pursuant to procedures adopted by the
Fund's Board of Trustees. PIM's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. PIM's fair
valuation team is
34 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
responsible for monitoring developments that may impact fair valued
securities and for discussing and assessing fair values on an ongoing
basis, and at least quarterly, with the Valuation Committee of the Board of
Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
At November 30, 2015, two securities were valued using fair value methods
(in addition to securities valued using prices supplied by independent
pricing services and broker-dealers) representing 0.1% of net assets.
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income, including
interest on income-bearing cash accounts, is recorded on the accrual basis.
Dividend and interest income are reported net of unrecoverable foreign
taxes withheld at the applicable country rates.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the Statement of Operations from
the effects of changes in the market price of those securities but are
included with the net realized and unrealized gain or loss on investments.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 35
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
is recorded in the Fund's financial statements. The Fund records realized
gains and losses at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 6).
E. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash due to the broker as collateral at November
30, 2015 was $442,093. Subsequent payments for futures contracts
("variation margin") are paid or received by the Fund, depending on the
daily fluctuation in the value of the contracts, and are recorded by the
Fund as unrealized gains or losses. When the contract is closed, the Fund
realizes a gain or loss equal to the difference between the opening and
closing value of the contract as well as any fluctuation in foreign
currency exchange rates where applicable. The use of futures contracts
involves, to varying degrees, elements of market, interest rate, currency
exchange rate and counterparty risks, which may exceed the amounts
recognized by the Fund. Changes in value of the contracts may not directly
correlate to the changes in value of the underlying securities. The average
value of contracts open for the year ended November 30, 2015 was
$2,108,380.
At November 30, 2015, open futures contracts were as follows:
---------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Counterparty Long/(Short) Month Value Depreciation
---------------------------------------------------------------------------
H-Shares
Index UBS AG 36 12/15 $2,275,204 $(102,384)
Mini MSCI
Emerging
Markets UBS AG 98 12/15 4,018,000 (96,759)
---------------------------------------------------------------------------
Total $6,293,204 $(199,143)
---------------------------------------------------------------------------
36 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
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 net 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, 2015, the Fund did not accrue any interest or
penalties with respect to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax returns filed within the prior three years are subject to examination
by Federal and State tax authorities.
In addition to meeting the requirements of the Internal Revenue Code, the
Fund may 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, 2015, 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 carryforwards (if
applicable) and other such factors. As of November 30, 2015, the Fund had
no reserve related to capital gains.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences. At
November 30, 2015, the Fund reclassified $5,597,676 to increase
undistributed net investment income and $5,597,676 to increase 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, 2015, the Fund was permitted to carry forward indefinitely
$13,359,026 of short-term losses and $1,237,079 of long-term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 37
The tax character of distributions paid during the years ended November 30,
2015 and November 30, 2014 were as follows:
---------------------------------------------------------------------------
2015 2014
---------------------------------------------------------------------------
Distribution paid from:
Ordinary income $3,483,745 $ 1,736,449
Long-term capital gain 2,295,646 11,867,277
---------------------------------------------------------------------------
Total $5,779,391 $13,603,726
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2015:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 3,567,844
Capital loss carryforward (14,596,105)
Net unrealized depreciation (40,466,687)
---------------------------------------------------------------------------
Total $(51,494,948)
===========================================================================
The difference between book-basis and tax-basis net unrealized depreciation
is attributable to the tax deferral of losses on wash sales and the mark to
market of forward currency contracts.
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 $10,017 in underwriting commissions on the sale of
Class A shares during the year ended November 30, 2015.
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.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C and Class R shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees paid to the Fund's transfer agent, 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 C, Class R and Class Y shares
can reflect different transfer agent and distribution expense rates.
38 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
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
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The Fund's investment adviser, PIM is responsible for determining
that the value of the collateral remains at least equal to the repurchase
price. In the event of a default by the counterparty, the Fund is entitled
to sell the securities, but the Fund may not be able to sell them for the
price at which they were purchased, thus causing a loss to the Fund.
Additionally, if the counterparty becomes insolvent, there is some risk
that the Fund will not have a right to the securities, or the immediate
right to sell the securities. As of and for the year ended November 30,
2015, the Fund had no open repurchase agreements.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at an annual rate equal to 1.10%
of the Fund's average daily net assets up to $1 billion and 1.05% on assets over
$1 billion. For the year ended November 30, 2015, the effective management fee
(excluding waivers and/or assumption of expenses) was 1.10% of the Fund's
average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.95%, 2.85% and 2.20% of the average daily
net assets attributable to Class A, Class C and Class R shares, respectively.
These expense limitations are in effect through April 1, 2017.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 39
There can be no assurance that PIM will extend the expense limitation agreement
for a class of shares beyond the date referred to above. Fees waived and
expenses reimbursed during the year ended November 30, 2015 are reflected on the
Statement of Operations. Class Y shares do not have an expense limitation.
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
$17,144 in management fees, administrative costs and certain other
reimbursements payable to PIM at November 30, 2015.
3. Transfer Agent
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc. (PIMSS), a wholly-owned indirect subsidiary of UniCredit, provided
substantially all transfer agent and shareowner services to the Fund at
negotiated rates.
Effective November 2, 2015, Boston Financial Data Services serves as the
transfer agent to the Fund at negotiated rates.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings, outgoing phone calls and omnibus
relationship contracts. For the year ended November 30, 2015, such out-of-
pocket expenses by class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $153,612
Class C 34,419
Class R 78,237
Class Y 8,590
--------------------------------------------------------------------------------
Total $274,858
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $41,894 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at November 30, 2015.
4. Distribution and Service Plans
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class C and Class R
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class C shares. The fee for Class C
shares consists of a 0.25% service fee and a 0.75% distribution fee paid as
40 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Pursuant to the Plan, the
Fund further pays PFD 0.50% of the average daily net assets attributable to
Class R shares for distribution services. Included in "Due to affiliates"
reflected on the Statement of Assets and Liabilities is $5,759 in distribution
fees payable to PFD at November 30, 2015.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R and Class Y
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 12 months of purchase. Redemptions of Class C shares
within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower
of cost or market value of shares being redeemed. Shares purchased as part of an
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class R or Class Y shares. Proceeds from the
CDSCs are paid to PFD. For the year ended November 30, 2015, CDSCs in the amount
of $3,952 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS. For
the year ended November 30, 2015, the Fund's expenses were not reduced under
such arrangements.
6. Forward Foreign Currency Contracts
At November 30, 2015, 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
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 41
forward foreign currency contracts open during the year ended November 30,
2015 was $(15,276,009). Open forward foreign currency contracts at
November 30, 2015 were as follows:
-----------------------------------------------------------------------------------------------------
In Net
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Appreciation
-----------------------------------------------------------------------------------------------------
USD (1,189,205) TRY (Turkish 3,580,407 Deutsche Bank AG 1/14/16 $ 23,670
Lira)
USD (2,999,953) IDR 43,079,322,917 Goldman Sachs 1/14/16 81,434
(Indonesian & Co.
Rupiah)
EUR (Euro) (9,698) USD 11,056 Deutsche Bank AG 1/14/16 790
-----------------------------------------------------------------------------------------------------
Total $ 105,894
=====================================================================================================
-----------------------------------------------------------------------------------------------------
In Net
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Depreciation
-----------------------------------------------------------------------------------------------------
NGN (300,000,000) USD 1,435,407 Goldman Sachs 1/14/16 $ (64,232)
(Nigerian & Co.
Naira)
MXN
(Mexican
Peso) (66,610) USD 3,993 Deutsche Bank AG 1/14/16 (13)
-----------------------------------------------------------------------------------------------------
Total $ (64,245)
=====================================================================================================
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until June 9, 2015 was in the amount of $215 million.
As of June 9, 2015, the facility is in the amount of $240 million. Under such
facility, depending on the type of loan, interest on borrowings is payable at
the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized basis, or
the alternate base rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the federal funds rate on the borrowing date and (c) 2% plus the overnight
eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in 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, 2015, the Fund had no borrowings
under the credit facility.
8. Assets and Liabilities Offsetting
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all its derivative counterparties. An ISDA Master Agreement is a
42 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
bilateral agreement between the Fund and a counterparty that governs the
trading of certain OTC derivatives and typically contains, among other things,
close-out and set-off provisions which apply upon the occurrence of event of a
default and/or termination event as defined under the relevant ISDA Master
Agreement. The ISDA Master Agreement may also give a party the right to
terminate all transactions traded under such agreement if, among other things,
there is deterioration in the credit quality of the other party. Upon an event
of default or a termination of the ISDA Master Agreement, the non-defaulting
party has the right to close out all transactions under such agreement and to
net amounts owed under each transaction to determine one net amount payable by
one party to the other. The right to close out and net payments across all
transactions under the ISDA Master Agreement could result in a reduction of the
Fund's credit risk to its counterparty equal to any amounts payable by the Fund
under the applicable transactions, if any. However, the Fund's right to setoff
may be restricted or prohibited by the bankruptcy or insolvency laws of the
particular jurisdiction to which a specific ISDA counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master
Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each
day and are typically based on changes in market values for each transaction
under an ISDA Master Agreement and netted into one amount for such agreement.
Generally, the amount of collateral due from or to a counterparty is subject to
threshold (a "minimum transfer amount") before a transfer is required, which may
vary by counterparty. Collateral pledged for the benefit of the Fund and/or
counterparty is held in segregated accounts by the Fund's custodian and cannot
be sold, re-pledged, assigned or otherwise used while pledged. Cash that has
been segregated to cover the Fund's collateral obligations, if any, will be
reported separately in the Statement of Assets and Liabilities as "Futures
collateral", "Swap Collateral " or "Deposit with broker." Securities pledged by
the Fund as collateral, if any, are identified as such in the Schedule of
Investments.
Financial instruments subject to an enforceable master netting agreement such as
an ISDA Master Agreement have been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of November 30, 2015.
------------------------------------------------------------------------------------------------
Derivative
Assets
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Received (a) Received (a) Assets (b)
------------------------------------------------------------------------------------------------
Deutsche Bank AG $ 24,460 $ (13) $-- $-- $24,447
Goldman Sachs
& Co. 81,434 (64,232) -- -- 17,202
------------------------------------------------------------------------------------------------
Total $105,894 $ (64,245) $-- $-- $41,649
================================================================================================
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 43
------------------------------------------------------------------------------------------------
Derivative
Liabilities
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available for Collateral Collateral of Derivative
Counterparty Agreement Offset Pledged (a) Pledged (a) Liabilities (c)
------------------------------------------------------------------------------------------------
Deutsche Bank AG $ 13 $ (13) $-- $-- $--
Goldman Sachs
& Co. 64,232 (64,232) -- -- --
------------------------------------------------------------------------------------------------
Total $ 64,245 $(64,245) $-- $-- $--
================================================================================================
(a) The amount presented here may be less than the total amount of collateral
received/pledged as the net amount of derivative assets and liabilities
cannot be less than $0.
(b) Represents the net amount due from the counterparty in the event of
default.
(c) Represents the net amount payable to the counterparty in the event of
default.
9. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives subjects it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at November 30,
2015 was as follows:
44 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
---------------------------------------------------------------------------------------
Statement of Assets and Liabilities
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
---------------------------------------------------------------------------------------
Assets
Unrealized appreciation
on forward foreign
currency contracts $-- $-- $ 105,894 $ -- $--
---------------------------------------------------------------------------------------
Total Value $-- $-- $ 105,894 $ -- $--
=======================================================================================
Liabilities
Unrealized depreciation
on forward foreign
currency contracts $-- $-- $ (64,245) $ -- $--
Unrealized
depreciation on
futures contracts -- -- -- (199,143) --
---------------------------------------------------------------------------------------
Total Value $-- $-- $ (64,245) $(199,143) $--
=======================================================================================
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at November 30, 2015 was as follows:
---------------------------------------------------------------------------------------
Statement of Operations
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
---------------------------------------------------------------------------------------
Net realized gain
(loss) on
Futures contracts $-- $-- $ -- $(304,759) $--
Forward foreign
currency contracts* -- -- 5,757,408 -- --
---------------------------------------------------------------------------------------
Total Value $-- $-- $ 5,757,408 $(304,759) $--
=======================================================================================
Change in net
unrealized
appreciation
(depreciation) on
Futures contracts $-- $-- $ -- $(199,143) $--
Forward foreign
currency contracts* -- -- (1,816,659) -- --
---------------------------------------------------------------------------------------
Total Value $-- $-- $(1,816,659) $(199,143) $--
=======================================================================================
* Included in the amount shown on the Statement of Operations as foward
foreign currency contracts and other assets and liabilities denominated in
foreign currencies.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 45
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareowners of
Pioneer Emerging Markets Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Emerging Markets Fund, as of November
30, 2015, and the related statement of operations for the year then ended and
the statements of changes in net assets and the financial highlights for each of
the two 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. The financial highlights for the years ended November 30,
2013, 2012, and 2011 were audited by other auditors. Those auditors expressed an
unqualified opinion on those financial statements and financial highlights in
their report dated January 24, 2014.
We conducted our 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. The Fund
is not required to have, nor were we engaged to perform, an audit of its
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, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of November 30, 2015, by correspondence with the
custodian and brokers; where replies were not received from brokers, we
performed other auditing procedures. 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 as of November 30, 2015, and the results of its
operations for the year then ended and the changes in its net assets and the
financial highlights for each of the two years in the period then ended, in
conformity with accounting principles generally accepted in the United States of
America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
January 21, 2016
46 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
ADDITIONAL INFORMATION (unaudited)
Pioneer Investment Management, Inc. (the "Adviser"), each fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On November 11, 2015, UniCredit announced that it signed a
binding master agreement with Banco Santander and affiliates of Warburg Pincus
and General Atlantic (the "Private Equity Firms") with respect to Pioneer
Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as previously announced by UniCredit, will establish a holding
company, with the name Pioneer Investments, to be owned by UniCredit (50%) and
the Private Equity Firms (50% between them). The holding company will control
Pioneer's U.S. operations, including PIM. The holding company also will own
66.7% of Pioneer's and SAM's combined operations outside the U.S., while Banco
Santander will own directly the remaining 33.3% stake. The closing of the
Transaction is expected to happen in 2016, subject to certain regulatory and
other approvals.
Under the Investment Company Act of 1940, completion of the Transaction will
cause each fund's current investment advisory agreement with PIM to terminate.
Accordingly, each fund's Board of Trustees will be asked to approve a new
investment advisory agreement. If approved by the Board, each fund's new
investment advisory agreement will be submitted to the shareholders of the fund
for their approval.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 47
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Emerging Markets Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in January 2015 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
Contract review materials were provided to the Trustees in March 2015 and July
2015. Supplemental contract review materials were provided to the Trustees in
September 2015. In addition, the Trustees reviewed and discussed the Fund's
performance at regularly scheduled meetings throughout the year and took into
account other information related to the Fund provided to the Trustees at
regularly scheduled meetings in connection with the review of the Fund's
investment advisory agreement.
In March 2015, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment advisory agreement, and reviewed and
discussed the qualifications of the investment management teams, as well as the
level of investment by the Fund's portfolio managers in the Fund. In July 2015,
the Trustees, among other things, reviewed the Fund's management fee and total
expense ratios, the financial statements of PIM and its parent companies, the
profitability analyses provided by PIM, and possible economies of scale. The
Trustees also reviewed the profitability of the institutional business of PIM
and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with
PIM, "Pioneer"), as compared to that of PIM's fund management business, and
considered the differences between the fees and expenses of the Fund and the
fees and expenses of Pioneer's institutional accounts, as well as the different
services provided by PIM to the Fund and by Pioneer to the institutional
accounts. The Trustees further considered contract review materials in September
2015.
At a meeting held on September 15, 2015, 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 approving the
renewal of the investment advisory agreement, the Trustees considered various
factors that they determined were relevant, including the factors described
below. The Trustees did not identify any single factor as the controlling factor
in determining to approve the renewal of the agreement.
48 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
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 also reviewed PIM's investment approach
for the Fund and its research process. The Trustees considered the resources of
PIM and the personnel of PIM who provide investment management services to the
Fund. They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in PIM's services to the Fund, including PIM's
compliance and legal resources and personnel. The Trustees noted the substantial
attention and high priority given by PIM's senior management to the Pioneer fund
complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and discuss
throughout the year data prepared by PIM and information comparing the Fund's
performance with the performance of its peer group of funds as classified by
each of Morningstar, Inc. (Morningstar) and Lipper, and with the performance of
the Fund's benchmark index. They discussed the Fund's performance with PIM on a
more frequent basis in light of the Fund's unfavorable performance compared to
its benchmark index and peers over certain periods. The Trustees noted PIM's
explanation for the Fund's relative performance and the steps taken by PIM to
address the Fund's performance, including enhancing the investment process used
for the Fund and increasing the diversification of the Fund's portfolio. It also
was noted that the Fund's recent performance was improved relative to its peer
group and benchmark index. The Trustees' reviews and discussions, including the
steps taken by PIM to address the Fund's performance, were factored into the
Trustees' deliberations concerning the renewal of the advisory agreement.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 49
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. In all
quintile rankings referred to below, first quintile is most favorable to the
Fund's shareowners.
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the third quintile relative to the management fees paid by
other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rate above a certain asset level. The Trustees considered that the
expense ratio of the Fund's Class A shares for the most recent fiscal year was
in the fifth quintile relative to its Morningstar peer group and in the fifth
quintile relative its Strategic Insight peer group, in each case for the
comparable period. The Trustees noted that PIM was waiving fees and/or
reimbursing expenses in order to limit the ordinary operating expenses of the
Fund. The Trustees considered the impact of transfer agency, sub-transfer
agency, and other non-management fee expenses on the expense ratios of the Fund,
and noted the impact of expenses relating to small accounts and omnibus accounts
on transfer and sub-transfer agency expenses generally. The Trustees noted that
they separately review the Fund's transfer agency, sub-transfer agency and
intermediary arrangements. The Trustees noted the impact of expenses related to
the custody of securities in emerging markets countries on the Fund's expenses.
The Trustees reviewed management fees charged by Pioneer to institutional and
other clients, including publicly offered European funds sponsored by affiliates
of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Fund and Pioneer's
costs in providing services to the other clients and 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
50 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
management fee for the Fund and considered that, under the investment advisory
agreement with the Fund, PIM performs additional services for the Fund that it
does not provide to those other clients or services that are broader in scope,
including oversight of the Fund's other service providers and activities related
to compliance and the extensive regulatory and tax regimes to which the Fund is
subject. The Trustees also considered the different entrepreneurial risks
associated with PIM's management of the Fund and Pioneer's management of the
other client accounts.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by PIM
to the Fund.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, and that, among other
factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Fund. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons including reductions in
expenses. The Trustees concluded that economies of scale, if any, were being
appropriately shared with the Funds.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 51
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. Pioneer is the
principal U.S. asset management business of Pioneer Global Asset Management, the
worldwide asset management business of UniCredit Group, which manages over $150
billion in assets (including the Funds). Pioneer and the Funds receive
reciprocal intangible benefits from the relationship, including mutual brand
recognition and, for the Funds, direct and indirect access to the resources of a
large global asset manager. The Trustees concluded that any such benefits
received by Pioneer as a result of its relationship with the Funds were
reasonable and their consideration of the advisory agreement between the Fund
and PIM and the fees thereunder were unaffected by Pioneer's possible receipt of
any such intangible benefits.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
52 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations during at least the past five years. Trustees who are interested
persons of the Fund within the meaning of the 1940 Act are referred to as
Interested Trustees. Trustees who are not interested persons of the Fund are
referred to as Independent Trustees. Each of the Trustees serves as a trustee of
each of the 50 U.S. registered investment portfolios for which Pioneer serves as
investment adviser (the "Pioneer Funds"). The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 53
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (65) Trustee since 2006. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee successor trustee Executive Officer (2008 - 2012), Quadriserv, communications and securities
is elected or Inc. (technology products for securities lending processing provider for
earlier retirement industry); and Senior Executive Vice President, financial services industry)
or removal. The Bank of New York (financial and securities (2009 - present); Director,
services) (1986 - 2004) Quadriserv, Inc. (2005 -
2013); and Commissioner, New
Jersey State Civil Service
Commission (2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (71) Trustee since 2005. Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee Serves until a (corporate advisory services company) (1997 - Trust (publicly-traded
successor trustee 2004 and 2008 - present); Interim Chief mortgage REIT) (2004 - 2009,
is elected or Executive Officer, Oxford Analytica, Inc. 2012 - present); Director of
earlier retirement (privately-held research and consulting company) The Swiss Helvetia Fund, Inc.
or removal. (2010); Executive Vice President and Chief (closed-end fund) (2010 -
Financial Officer, I-trax, Inc. (publicly traded present); Director of Oxford
health care services company) (2004 - 2007); and Analytica, Inc. (2008 -
Executive Vice President and Chief Financial present); and Director of
Officer, Pedestal Inc. (internet-based mortgage Enterprise Community
trading company) (2000 - 2002); Private Investment, Inc.
consultant (1995-1997), Managing Director, (privately-held affordable
Lehman Brothers (investment banking firm) housing finance company) (1985
(1992-1995); and Executive, The World Bank - 2010)
(1979-1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (71) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee Mellon Institutional Funds
is elected or Master Portfolio (oversaw 17
earlier retirement portfolios in fund complex)
or removal. (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
54 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
------------------------------------------------------------------------------------------------------------------------------------
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 (68) Trustee since 1994. Founding Director, Vice President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee firm) (1982 - present); Desautels Faculty of
is elected or Management, McGill University (1999 - present);
earlier retirement and Manager of Research Operations and
or removal. Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (67) Trustee since 1994. President and Chief Executive Officer, Newbury, Director of New America High
Trustee Serves until a Piret & Company, Inc. (investment banking firm) Income Fund, Inc.
successor trustee (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)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (68) Trustee since 2014. Consultant (investment company services) (2012 - None
Trustee Serves until a present); Executive Vice President, BNY Mellon
successor trustee (financial and investment company services)
is elected or (1969 - 2012); Director, BNY International
earlier retirement Financing Corp. (financial services) (2002 -
or removal. 2012); and Director, Mellon Overseas Investment
Corp. (financial services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 55
Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (57)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since
successor trustee is 2010) of PIM-USA; Executive Vice President of
elected or earlier Pioneer (since 2008); Executive Vice President
retirement or of Pioneer Institutional Asset Management, Inc.
removal. (since 2009); and Portfolio Manager of Pioneer
(since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
56 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine Monchak (59)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer
Advisory Trustee since 2014. (healthcare workers union pension funds) (2001 - closed-end investment
present); Vice President - International companies (5 portfolios)
Investments Group, American International Group, (Sept. 2015 - present)
Inc. (insurance company) (1993 - 2001); Vice
President Corporate Finance and Treasury Group,
Citibank, N.A.(1980 - 1986 and 1990 - 1993);
Vice President - Asset/Liability Management
Group, Federal Farm Funding Corporation
(government-sponsored issuer of debt securities)
(1988 - 1990); Mortgage Strategies Group,
Shearson Lehman Hutton, Inc. (investment bank)
(1987 - 1988); and Mortgage Strategies Group,
Drexel Burnham Lambert, Ltd. (investment bank)
(1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 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
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (53) Since 2014. Serves Chair, Director, CEO and President of Pioneer Trustee of Pioneer closed-end
President and Chief at the discretion of Investment Management-USA (since September investment companies (5
Executive Officer the Board. 2014); Chair, Director, CEO and President of portfolios) (Sept. 2015 -
Pioneer Investment Management, Inc. (since present)
September 2014); Chair, Director, CEO and
President of Pioneer Funds Distributor, Inc.
(since September 2014); Chair, Director, CEO
and President of Pioneer Institutional Asset
Management, Inc. (since September 2014); and
Chair, Director, and CEO of Pioneer Investment
Management Shareholder Services, Inc. (since
September 2014); Managing Director, Morgan
Stanley Investment Management (2010 - 2013);
and Director of Institutional Business, CEO of
International, Eaton Vance Management (2005 -
2010)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (50) Since 2003. Serves Vice President and Associate General Counsel of None
Secretary and Chief at the discretion of Pioneer since January 2008; Secretary and Chief
Legal Officer the Board. Legal Officer of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of the
Pioneer Funds from September 2003 to May 2010;
and Vice President and Senior Counsel of
Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (54) Since 2010. Serves Fund Governance Director of Pioneer since None
Assistant Secretary at the discretion of December 2006 and Assistant Secretary of all
the Board. the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December 2003
to November 2006; and Senior Paralegal of
Pioneer from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (53) Since 2010. Serves Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary at the discretion of Assistant Secretary of all the Pioneer Funds
the Board. since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
58 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
------------------------------------------------------------------------------------------------------------------------------------
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 (56) Since 2008. Serves Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief at the discretion of Treasurer of all of the Pioneer Funds since
Financial the Board. March 2008; Deputy Treasurer of Pioneer from
and Accounting Officer March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (50) Since 2000. Serves Director - Fund Treasury of Pioneer; and None
Assistant Treasurer at the discretion of Assistant Treasurer of all of the Pioneer Funds
the Board.
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (57) Since 2002. Serves Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer at the discretion of Pioneer; and Assistant Treasurer of all of the
the Board. Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (36) Since 2009. Serves Fund Administration Manager - Fund Treasury of None
Assistant Treasurer at the discretion of Pioneer since November 2008; Assistant
the Board. Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State Street
Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (63) Since 2010. Serves Chief Compliance Officer of Pioneer and of all None
Chief Compliance Officer at the discretion of the Pioneer Funds since March 2010; Chief
the Board. Compliance Officer of Pioneer Institutional
Asset Management, Inc. since January 2012;
Chief Compliance Officer of Vanderbilt Capital
Advisors, LLC since July 2012: Director of
Adviser and Portfolio Compliance at Pioneer
since October 2005; and Senior Compliance
Officer for Columbia Management Advisers, Inc.
from October 2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (44) Since 2006. Serves Director - Transfer Agency Compliance of None
Anti-Money Laundering at the discretion of Pioneer and Anti-Money Laundering Officer of
Officer the Board. all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Emerging Markets Fund | Annual Report | 11/30/15 59
This page for your notes.
60 Pioneer Emerging Markets Fund | Annual Report | 11/30/15
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:
--------------------------------------------------------------------------------
Pioneer Funds
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) 2016 Pioneer Investments 19445-09-0116
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Pioneer Emerging Markets Fund:
The audit fees for the Fund were $35,516
payable to Deloitte & Touche LLP for the year ended
November 30, 2015 and $31,030 for the year ended November 30, 2014.
(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.
There were no audit-related services in 2015 or 2014.
(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:
The tax fees for the Fund were $8,750
payable to Deloitte & Touche LLP for the year ended
November 30, 2015 and $8,750 for the year ended November 30, 2014.
(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.
There were no other fees in 2015 or 2014.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Fund. For the
years ended November 30 2015 and 2014, there were no
services provided to an affiliate that required the
Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund were $8,750
payable to Deloitte & Touche LLP for the year ended
November 30, 2015 and $8,750 for the year ended November 30, 2014.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Emerging Markets Fund
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date January 29, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date January 29, 2016
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date January 29, 2016
* Print the name and title of each signing officer under his or her signature.