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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, 2015 through November 30, 2016
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, 2016
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PEMFX
Class C PCEFX
Class R PEMRX
Class Y PYEFX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 24
Notes to Financial Statements 32
Report of Independent Registered Public Accounting Firm 45
Approval of Investment Advisory Agreement 47
Trustees, Officers and Service Providers 52
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 1
President's Letter
Dear Shareowner,
While investors were greeted with a challenging market environment for the first
several weeks of 2016, the U.S. market generated modest single-digit returns for
both stocks and bonds through September 30, 2016 (the Bloomberg Barclays
Aggregate Bond Index was up by 5.8% through September 30, 2016, and the Standard
& Poor's 500 Index was up by 7.8%). Yet, it is becoming increasingly clear that
the investment landscape is undergoing significant change. For the past eight
years, global central banks have been the dominant force in the markets by
maintaining government bond yields at close to zero in an effort to stimulate
economic growth. With little room to lower rates further, however, central banks
may be losing their effectiveness. Many economies around the world are
experiencing slow growth as they face a variety of challenges, including the
shifting geopolitics driving "Brexit" - the United Kingdom's pending exit from
the European Union - as well as related movements in Europe, limited
productivity gains, aging populations, and transitioning economic models in
China and other emerging markets. In the United States, gross domestic product
(GDP) grew at a rate of approximately 1.2% in the first half of 2016, but GDP
growth registered a strong uptick in the third quarter of the year, driven
primarily by U.S. consumers.
Investors currently face a difficult environment. Government bond yields, as
noted earlier, had been near zero for most of the year and offered minimal
opportunity to produce income. However, recent developments such as the Federal
Reserve's decision to increase the Federal funds rate before the end of 2016
have driven yields slightly higher. The central bank-driven bull market in
riskier assets has pushed up valuations towards historic highs in the equity and
investment-grade and high-yield corporate bond markets. Central banks have
pledged to move gradually to normalize interest-rate policies as the global
economy recovers, but it may take many years for this historic credit cycle to
unwind. Politics may also influence markets or investor sentiment given the
current global political landscape. Donald Trump's victory in the November U.S.
presidential election seems to have sparked a late-year market rally, given the
pro-growth proposals he promoted on the campaign trail, but it is unclear just
how many of his policy initiatives will be implemented. In addition, continued
challenges with Brexit and other geopolitical issues have the potential to
increase market volatility going forward. Against this backdrop, investors are
likely to face ongoing challenges when it comes to finding opportunities for
both income and capital appreciation, and while much has been made of passive
investing, we believe all investment decisions are active choices.
2 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
Throughout Pioneer's history, we have believed in the importance of active
management. During challenging market conditions, we view the value of active
management as 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. 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.
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 19, 2016
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 | 11/30/16 3
Portfolio Management Discussion | 11/30/16
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, 2016. 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,
2016?
A Pioneer Emerging Markets Fund's Class A shares returned 6.13% at net asset
value during the 12-month period ended November 30, 2016, while the Fund's
benchmark, the Morgan Stanley Capital International (MSCI)Emerging Markets
ND Index (the MSCI Index1), returned 8.47%. During the same period, the
average return of the 840 mutual funds in Lipper's Emerging Markets Funds
category was 5.56%, and the average return of the 810 mutual funds in
Morningstar's Diversified Emerging Markets Funds category was 5.63%.
Q Could you please review the performance of emerging markets stocks during
the 12-month period ended November 30, 2016?
A After experiencing weakness in the initial months of the reporting period,
emerging markets stocks recovered nicely and finished the Fund's fiscal
year with a healthy gain. The early downturn marked a continuation of the
poor performance of emerging markets stocks that characterized the second
half
1 The MSCI information may only be used for your internal use, may not be
reproduced or re-disseminated in any form and may not be used as a basis
for or a component of any financial instruments or products or indices.
None of the MSCI information is intended to constitute investment advice or
a recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such. Historical data and analysis
should not be taken as an indication or guarantee of any future performance
analysis, forecast or prediction. The MSCI information is provided on an
"as is" basis and the user of this information assumes the entire risk of
any use made of this information. MSCI, each of its affiliates and each
other person involved in or related to compiling, computing or creating any
MSCI information (collectively, the "MSCI Parties") expressly disclaims all
warranties (including, without limitation, any warranties of originality,
accuracy, completeness, timeliness, non-infringement, merchantability and
fitness for a particular purpose) with respect to this information. Without
limiting any of the foregoing, in no event shall any MSCI Party have any
liability for any direct, indirect, special, incidental, punitive,
consequential (including, without limitation, lost profits) or any other
damages.
4 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
of 2015, during which the combination of falling commodity prices and
slowing global economic growth weighed heavily on higher-risk asset
classes. The backdrop changed for the better in mid-February 2016, however,
when the Bank of Japan and the European Central Bank both cut short-term
interest rates to below zero. In addition, investors became encouraged that
the U.S. Federal Reserve (the Fed) would maintain its low-rate policy for
an extended period in the wake of its small interest-rate hike in December
2015, its first in several years. The actions taken by central banks
improved investor sentiment considerably and helped spark rebounds in both
commodity prices and global equities.
Emerging markets stocks performed particularly well in the subsequent
rally, reflecting the many positive developments specific to the asset
class. For example, Russia and China both began to experience improving
economic growth, while the impeachment of Brazil's President Dilma Rousseff
fueled hopes for market-oriented reforms in that country. In addition, an
improvement in corporate profits provided a new pillar of support for
equity returns, following the subpar earnings results of recent years.
Together, these factors helped emerging markets stocks finish the 12-month
period with a strong total return of 8.47%, as measured by the MSCI Index.
Q Which of your investment decisions had the greatest effect on the Fund's
benchmark-relative performance during the 12-month period ended November
30, 2016?
A In managing the Fund, we use a bottom-up approach that seeks to identify
the most compelling stock ideas anywhere within the emerging markets
investment universe. Rather than constructing the portfolio in a manner
that strives to mimic the composition of the MSCI Index benchmark, we focus
on finding what we believe to be undervalued companies with unappreciated
catalysts for improved performance. As part of the process, we try to find
companies with effective corporate governance as well as a strong
shareholder focus, traits that are often demonstrated through above-average
dividend* payments and stock buybacks. We believe this approach is more
prudent than buying stocks of poorly managed or overvalued companies simply
because they might be components of the Fund's benchmark.
Our investment strategy served the Fund well from a total-return
perspective over the last 12 months, as falling bond yields prompted
investors to rotate toward stocks with higher dividends. In turn, the
markets began to reward companies with robust corporate governance
practices.
* Dividends are not guaranteed.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 5
Relative to the benchmark, however, the Fund underperformed, as the
portfolio's investments lost some ground through stock selection results in
both information technology and industrials.
With regard to individual holdings, shares of ChinaCache, which provides
technology that allows cities to manage traffic via "congestion charges" on
drivers, detracted the most from the Fund's benchmark-relative performance
during the period. The company missed earnings, causing the stock to lag in
the strong market for emerging markets equities. The Fund's
benchmark-relative returns also lost ground due to an investment in the
Brazilian auto parts manufacturer Tupy, whose position in the supply chain
of large U.S. auto producers made it vulnerable to possible shifts in U.S.
trade policy. We view the situation as a short-term concern, though, as the
process of U.S. companies bringing outsourced functions back onshore is a
more difficult proposition than Tupy's market performance would indicate.
We therefore continued to hold the stock in the portfolio as of period end.
Our stock selection process produced the most positive benchmark-relative
results for the Fund in the banking, materials, and consumer sectors. The
portfolio holding that made the largest contribution to the Fund's
benchmark-relative performance during the period was Eurobank Ergasias, a
Greek bank that benefited from structural improvements in that country's
financial system. Management provided investors with positive guidance,
highlighting the bank's declining cost of capital and potentially improving
net interest margins. Another positive contributor to the Fund's
benchmark-relative performance was a position in Global Telecom Holding, an
Egyptian provider of information technology and mobile telecommunications
services. The company cut costs, shored up its balance sheet, and continued
to address certain governance issues, which led to a recovery in investor
sentiment toward the stock. In China, the Fund's position in Goodbaby
International, which manufactures strollers, car seats, and other child
safety products, was another notable contributor to benchmark-relative
results. We originally purchased the shares on the belief that the company
was uniquely positioned to capitalize on growing middle-class wealth in
China. This has indeed proven to be the case. Meanwhile, Goodbaby's stock
price has received a further boost because the
6 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
company has demonstrated an increased shareholder focus through better
management, clearer controls, and stronger progress on governance as
compared with its peers.
Q Did you invest in any derivatives while managing the Fund during the
12-month period ended November 30, 2016? If so, did the derivative
positions have any effect on the Fund's performance?
A We used derivatives in the form of foreign forward currency contracts in
order to help manage the Fund's overall risk and volatility profile. Our
strategy sought to provide the portfolio with exposure to currencies on
which we had a positive outlook, such as Brazil's, and to hedge existing
equity positions in the Fund, as was the case with the currencies of Korea
and Taiwan. We also used derivatives to hedge currency risk in Nigeria.
While we saw an opportunity in Nigerian banks, we sought to hedge the
Fund's exposure to the country's currency (the naira) given the weakness in
oil prices over the early months of the period. Overall, the hedging
strategy on the Nigerian currency contributed to the Fund's
benchmark-relative performance, as the Nigerian government elected to
devalue the nation's currency in June. The other derivative positions we
employed did not have a material effect on the Fund's performance.
Q Do you have any closing thoughts for investors?
A Our investment approach in managing the Fund can lead to swings in
short-term performance relative to the benchmark MSCI Index, and that
indeed proved to be the case over the past 12 months. However, we see
significant value in our preference for owning shares of undervalued
companies that we believe can generate sustainable results through
effective execution, strong management, and return of capital to
shareholders. While macroeconomic developments and news headlines will
always play a role in the quarter-to-quarter performance of emerging
markets equities, we believe the company-specific factors on which we focus
can help form the foundation for longer-term returns at the individual
security level.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 7
Please refer to the Schedule of Investments on pages 17-23 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
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 | 11/30/16
Portfolio Summary | 11/30/16
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 24.4%
Information Technology 20.0%
Consumer Discretionary 13.9%
Energy 12.1%
Telecommunication Services 10.2%
Consumer Staples 7.8%
Materials 6.0%
Industrials 4.6%
Utilities 1.0%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
China 18.2%
Brazil 16.1%
Hong Kong 10.7%
Russia 9.7%
India 7.0%
Taiwan 6.0%
South Korea 5.6%
Nigeria 5.3%
Egypt 5.0%
Philippines 4.4%
Greece 3.7%
South Africa 2.6%
Belgium 2.3%
United Arab Emirates 1.8%
Other (individually less than 1%) 1.6%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. TMK PJSC (G.D.R.) 6.17%
--------------------------------------------------------------------------------
2. Marfrig Global Foods SA 5.50
--------------------------------------------------------------------------------
3. MMG, Ltd. 5.30
--------------------------------------------------------------------------------
4. TIM Participacoes SA 5.25
--------------------------------------------------------------------------------
5. Global Telecom Holding SAE (G.D.R.) 4.99
--------------------------------------------------------------------------------
6. Philippine National Bank 4.44
--------------------------------------------------------------------------------
7. Taiwan Semiconductor Manufacturing Co., Ltd. 4.40
--------------------------------------------------------------------------------
8. Tupy SA 3.97
--------------------------------------------------------------------------------
9. United Bank for Africa Plc 3.94
--------------------------------------------------------------------------------
10. Samsung Electronics Co, Ltd. 3.85
--------------------------------------------------------------------------------
* 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 securities listed.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 9
Prices and Distributions | 11/30/16
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 11/30/16 11/30/15
--------------------------------------------------------------------------------
A $16.25 $15.85
--------------------------------------------------------------------------------
C $13.30 $13.04
--------------------------------------------------------------------------------
R $15.51 $15.13
--------------------------------------------------------------------------------
Y $17.97 $17.47
--------------------------------------------------------------------------------
Distributions per Share: 12/1/15-11/30/16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.5340 $ -- $ --
--------------------------------------------------------------------------------
C $0.4028 $ -- $ --
--------------------------------------------------------------------------------
R $0.4868 $ -- $ --
--------------------------------------------------------------------------------
Y $0.5824 $ -- $ --
--------------------------------------------------------------------------------
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 | 11/30/16
Performance Update | 11/30/16 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, 2016)
--------------------------------------------------------------------------------
Net Public MSCI
Asset Offering Emerging
Value Price Markets
Period (NAV) (POP) ND Index
--------------------------------------------------------------------------------
10 Years -2.26% -2.84% 2.26%
5 Years -3.91 -5.05 0.99
1 Year 6.13 0.01 8.47
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.18% 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
11/06 $ 9,425 $10,000
11/07 $13,859 $14,515
11/08 $ 5,280 $ 6,306
11/09 $ 9,827 $11,673
11/10 $11,089 $13,464
11/11 $ 9,155 $11,911
11/12 $ 9,253 $13,263
11/13 $ 9,621 $13,749
11/14 $ 8,959 $13,894
11/15 $ 7,065 $11,533
11/16 $ 7,503 $12,510
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, 2017, 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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 11
Performance Update | 11/30/16 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, 2016)
--------------------------------------------------------------------------------
MSCI
Emerging
If If Markets
Period Held Redeemed ND Index
--------------------------------------------------------------------------------
10 Years -3.06% -3.06% 2.26%
5 Years -4.73 -4.73 0.99
1 Year 5.27 5.27 8.47
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.95% 2.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
11/06 $10,000 $10,000
11/07 $14,594 $14,515
11/08 $ 5,515 $ 6,306
11/09 $10,175 $11,673
11/10 $11,387 $13,464
11/11 $ 9,333 $11,911
11/12 $ 9,354 $13,263
11/13 $ 9,649 $13,749
11/14 $ 8,907 $13,894
11/15 $ 6,959 $11,533
11/16 $ 7,326 $12,510
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 net expense ratio reflects the contractual expense limitation currently in
effect through April 1, 2017, for Class C 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.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
Performance Update | 11/30/16 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, 2016)
--------------------------------------------------------------------------------
Net MSCI
Asset Emerging
Value Markets
Period (NAV) ND Index
--------------------------------------------------------------------------------
10 Years -2.46% 2.26%
5 Years -4.12 0.99
1 Year 5.95 8.47
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.33% 2.20%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
11/06 $10,000 $10,000
11/07 $14,675 $14,515
11/08 $ 5,578 $ 6,306
11/09 $10,359 $11,673
11/10 $11,673 $13,464
11/11 $ 9,616 $11,911
11/12 $ 9,692 $13,263
11/13 $10,066 $13,749
11/14 $ 9,351 $13,894
11/15 $ 7,354 $11,533
11/16 $ 7,792 $12,510
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 net expense ratio reflects the contractual expense limitation currently in
effect through April 1, 2017, for Class R 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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 13
Performance Update | 11/30/16 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, 2016)
--------------------------------------------------------------------------------
Net MSCI
Asset Emerging
Value Markets
Period (NAV) ND Index
--------------------------------------------------------------------------------
10 Years -1.79% 2.26%
5 Years -3.49 0.99
1 Year 6.44 8.47
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.55%
--------------------------------------------------------------------------------
[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
11/06 $5,000,000 $5,000,000
11/07 $7,387,523 $7,257,631
11/08 $2,828,522 $3,152,989
11/09 $5,294,281 $5,836,719
11/10 $6,003,212 $6,732,092
11/11 $4,985,277 $5,955,463
11/12 $5,065,638 $6,631,631
11/13 $5,299,958 $6,874,289
11/14 $4,960,239 $6,946,858
11/15 $3,920,819 $5,766,691
11/16 $4,173,264 $6,255,061
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.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
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, 2016 through November 30, 2016.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 6/1/16
--------------------------------------------------------------------------------
Ending Account Value $1,000.66 $ 996.97 $1,000.00 $1,002.26
(after expenses)
on 11/30/16
--------------------------------------------------------------------------------
Expenses Paid $ 9.75 $ 14.23 $ 11.00 $ 8.81
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.95%,
2.85%, 2.20% and 1.76% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/366 (to reflect the one-half year period).
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 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, 2016 through November 30, 2016.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $ 1,000.00
on 6/1/16
--------------------------------------------------------------------------------
Ending Account Value $1,015.25 $1,010.75 $1,014.00 $ 1,016.20
(after expenses)
on 11/30/16
--------------------------------------------------------------------------------
Expenses Paid $ 9.82 $ 14.33 $ 11.08 $ 8.87
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.95%,
2.85%, 2.20% and 1.76% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/366 (to reflect the one-half year period).
16 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
Schedule of Investments | 11/30/16
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
PREFERRED STOCKS -- 5.1%
ENERGY -- 1.3%
Integrated Oil & Gas -- 1.3%
274,653 Petroleo Brasileiro SA $ 1,297,426
-------------
Total Energy $ 1,297,426
--------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 3.8%
Technology Hardware, Storage & Peripherals -- 3.8%
3,378 Samsung Electronics Co, Ltd. $ 3,845,933
-------------
Total Technology Hardware & Equipment $ 3,845,933
--------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $4,424,425) $ 5,143,359
--------------------------------------------------------------------------------
COMMON STOCKS -- 93.1%
ENERGY -- 10.8%
Oil & Gas Equipment & Services -- 6.1%
1,352,633 TMK PJSC (G.D.R.) $ 6,162,389
--------------------------------------------------------------------------------
Integrated Oil & Gas -- 3.8%
442,000 China Petroleum & Chemical Corp. $ 318,245
762,410 Gazprom PJSC (A.D.R.) 3,505,894
-------------
$ 3,824,139
--------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.9%
5,776,774 KenolKobil, Ltd. Group $ 846,594
-------------
Total Energy $ 10,833,122
--------------------------------------------------------------------------------
MATERIALS -- 5.2%
Diversified Metals & Mining -- 5.3%
18,872,000 MMG, Ltd.* $ 5,295,085
-------------
Total Materials $ 5,295,085
--------------------------------------------------------------------------------
CAPITAL GOODS -- 3.0%
Construction & Engineering -- 2.0%
3,239,000 Beijing Urban Construction Design & Development
Group Co, Ltd. $ 2,035,592
--------------------------------------------------------------------------------
Industrial Machinery -- 1.0%
548,500 China Conch Venture Holdings, Ltd.* $ 1,010,606
-------------
Total Capital Goods $ 3,046,198
--------------------------------------------------------------------------------
TRANSPORTATION -- 1.6%
Airlines -- 1.6%
4,487,216 Air Arabia PJSC $ 1,554,849
-------------
Total Transportation $ 1,554,849
--------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 7.5%
Auto Parts & Equipment -- 3.9%
1,158,471 Tupy SA $ 3,967,542
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 17
Schedule of Investments | 11/30/16 (continued)
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
Automobile Manufacturers -- 3.6%
827,620 Tata Motors, Ltd. $ 3,585,874
-------------
Total Automobiles & Components $ 7,553,416
--------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 2.9%
Leisure Products -- 2.9%
6,606,000 Goodbaby International Holdings, Ltd. $ 2,977,011
-------------
Total Consumer Durables & Apparel $ 2,977,011
--------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.7%
Casinos & Gaming -- 0.7%
150,000 Galaxy Entertainment Group, Ltd.* $ 742,437
393 NagaCorp, Ltd. 242
-------------
$ 742,679
-------------
Total Consumer Services $ 742,679
--------------------------------------------------------------------------------
MEDIA -- 2.6%
Cable & Satellite -- 2.6%
18,074 Naspers, Ltd. $ 2,623,958
-------------
Total Media $ 2,623,958
--------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 7.7%
Brewers -- 2.2%
21,716 Anheuser-Busch InBev SA/NV $ 2,268,433
--------------------------------------------------------------------------------
Packaged Foods & Meats -- 5.5%
2,859,716 Marfrig Global Foods SA* $ 5,496,450
-------------
Total Food, Beverage & Tobacco $ 7,764,883
--------------------------------------------------------------------------------
BANKS -- 20.9%
Diversified Banks -- 20.9%
150,284 Abu Dhabi Commercial Bank PJSC $ 253,324
2,429,000 Agricultural Bank of China, Ltd. 1,016,067
2,963,000 China Construction Bank Corp. 2,203,579
4,886,544 Eurobank Ergasias SA 3,660,150
152,973 Grupo Financiero Banorte SAB de CV 735,138
196 HDFC Bank, Ltd. 3,922
53,221 HDFC Bank, Ltd. (A.D.R.) 3,433,819
415 Mega Financial Holding Co., Ltd. 295
4,010,379 Philippine National Bank* 4,438,639
278,195,244 United Bank for Africa Plc 3,933,392
30,237,668 Zenith Bank Plc 1,370,807
-------------
$ 21,049,132
-------------
Total Banks $ 21,049,132
--------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Consumer Finance -- 0.0%+
2,753 Credito Real SAB de CV SOFOM ER $ 3,941
-------------
Total Diversified Financials $ 3,941
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
INSURANCE -- 3.3%
Life & Health Insurance -- 3.3%
796,325 China Life Insurance Co., Ltd. $ 2,308,801
193,500 Ping An Insurance Group Co. of China, Ltd. 1,067,804
-------------
$ 3,376,605
-------------
Total Insurance $ 3,376,605
--------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 9.1%
Internet Software & Services -- 6.2%
39,000 Alibaba Group Holding, Ltd. (A.D.R.) $ 3,666,780
547,031 ChinaCache International Holdings, Ltd. (A.D.R.)* 1,810,673
10,253 SINA Corp.* 790,096
-------------
$ 6,267,549
--------------------------------------------------------------------------------
IT Consulting & Other Services -- 2.9%
37,093,000 China ITS Holdings Co., Ltd. $ 2,921,836
-------------
Total Software & Services $ 9,189,385
--------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.6%
Electronic Manufacturing Services -- 1.6%
633,886 Hon Hai Precision Industry Co., Ltd. $ 1,616,670
-------------
Total Technology Hardware & Equipment $ 1,616,670
--------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 5.0%
Semiconductor Equipment -- 0.7%
41,134 Wonik IPS Co., Ltd. $ 737,975
--------------------------------------------------------------------------------
Semiconductors -- 4.3%
768,000 Taiwan Semiconductor Manufacturing Co., Ltd. $ 4,391,201
-------------
Total Semiconductors & Semiconductor
Equipment $ 5,129,176
--------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 10.2%
Wireless Telecommunication Services -- 10.2%
2,890,636 Global Telecom Holding SAE (G.D.R.)* $ 4,985,561
2,140,514 TIM Participacoes SA 5,245,351
-------------
$ 10,230,912
-------------
Total Telecommunication Services $ 10,230,912
--------------------------------------------------------------------------------
UTILITIES -- 1.0%
Electric Utilities -- 1.0%
25,531 Korea Electric Power Corp.* $ 1,004,030
-------------
Total Utilities $ 1,004,030
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 19
Schedule of Investments | 11/30/16 (continued)
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Real Estate Services -- 0.0%+
67,333 China Overseas Property Holdings, Ltd. $ 12,573
-------------
Total Real Estate $ 12,573
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $106,867,663) $ 94,003,625
--------------------------------------------------------------------------------
Principal
Amount ($) (d)
--------------------------------------------------------------------------------
CORPORATE BONDS -- 0.0%+
HOUSEHOLD & PERSONAL PRODUCTS -- 0.0%+
Personal Products -- 0.0%+
BRL 562,000 Hypermarcas SA,, 11.3%, 10/15/18 (c) $ 43,347
-------------
Total Household & Personal Products $ 43,347
--------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $179,342) $ 43,347
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------
RIGHTS / WARRANTS -- 0.7%
MATERIALS -- 0.7%
Diversified Metals & Mining -- 0.7%
8,074,000 MMG, Ltd. $ 676,620
-------------
Total Materials $ 676,620
--------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.0%+
Packaged Foods & Meats -- 0.0%+
39,707 Flour Mills of Nigeria Plc, 12/31/49 (c) $ --
-------------
Total Food, Beverage & Tobacco $ --
--------------------------------------------------------------------------------
TOTAL RIGHTS / WARRANTS
(Cost $--) $ 676,620
--------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 98.9%
(Cost $111,471,430) (a)(b) $ 99,866,951
--------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.1% $ 1,033,872
--------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 100,900,823
================================================================================
+ Amount rounds to less than 0.1%.
* Non-income producing security.
(A.D.R.) American Depositary Receipts.
(G.D.R.) Global Depositary Receipts.
The accompanying notes are an integral part of these financial statements.
20 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
(a) At November 30, 2016, the net unrealized depreciation on
investments based on cost for federal income tax purposes of
$117,214,957 was as follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 5,245,439
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (22,593,445)
-------------
Net unrealized depreciation $ (17,348,006)
=============
(b) Distributions of investments by country of domicile (excluding
temporary cash investments) as a percentage of total investment
in securities, is as follows:
China 18.2%
Brazil 16.1
Hong Kong 10.7
Russia 9.7
India 7.0
Taiwan 6.0
South Korea 5.6
Nigeria 5.3
Egypt 5.0
Philippines 4.4
Greece 3.7
South Africa 2.6
Belgium 2.3
United Arab Emirates 1.8
Other (individually less than 1%) 1.6
------
100.0%
======
(c) Security is valued using fair value methods (other than prices
supplied by independent pricing services). See Notes to
Financial Statements -- Note 1A.
(d) Principal amounts are denominated in U.S. Dollars unless otherwise
noted: BRL Brazilian Real
Purchases and sales of securities (excluding temporary cash investments) for the
year ended November 30, 2016, aggregated $93,328,478 and $109,657,166,
respectively.
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Pioneer Investment
Management, Inc. (PIM), serves as the Fund's investment adviser, as set forth in
Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures
adopted by the Board of Trustees. Under these procedures, cross trades are
effected at current market prices. During the year ended November 30, 2016, the
Fund did not engage in cross trade activity.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (Including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (Including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 21
Schedule of Investments | 11/30/16 (continued)
The following is a summary of the inputs used as of November 30, 2016, in
valuing the Fund's investments:
----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------
Preferred Stocks
Energy
Integrated Oil & Gas $ 1,297,426 $ -- $ -- $ 1,297,426
Technology Hardware &
Equipment
Technology Hardware
Storage & Peripherals -- 3,845,933 -- 3,845,933
Common Stocks*
Automobiles & Components
Auto Parts & Equipment 3,967,542 -- -- 3,967,542
Food, Beverage & Tobacco
Packaged Foods & Meats 5,496,450 -- -- 5,496,450
Banks
Diversified Banks 4,168,957 16,880,175 -- 21,049,132
Diversified Financials
Consumer Finance 3,941 -- -- 3,941
Software & Services
Internet Software &
Services 6,267,549 -- -- 6,267,549
Telecommunication Services
Wireless Telecommunication
Services 5,245,351 4,985,561 -- 10,230,912
All Other Common Stocks -- 46,988,099 -- 46,988,099
Corporate Bond -- -- 43,347 43,347
Right/Warrant 676,620 --** -- 676,620
----------------------------------------------------------------------------------------------
Total $ 27,123,836 $ 72,699,768 $ 43,347 $ 99,866,951
==============================================================================================
Other Financial Instruments
Unrealized appreciation on
forward foreign
currency contracts $ -- $ 412,053 $ -- $ 412,053
Unrealized depreciation on
forward foreign
currency contracts -- (969,888) -- (969,888)
Unrealized appreciation
on futures contracts 6,301 -- -- 6,301
Unrealized depreciation
on futures contracts (1,618) -- -- (1,618)
----------------------------------------------------------------------------------------------
Total $ 4,683 $ (557,835) $ -- $ (553,152)
==============================================================================================
* Level 2 securities are valued using inputs/data furnished by independent
pricing services using fair value factors.
** Security is value at $0.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
-----------------------------------------------------------------------------------
Corporate Rights/
Bonds Warrants Totals
-----------------------------------------------------------------------------------
Balance as of 11/30/15 $ 53,295 --*** $ 53,295
Realized gain (loss)(1) -- -- --
Change in unrealized appreciation (depreciation)(2) 18,107 -- 18,107
Purchases -- -- --
Sales (28,055) -- (28,055)
Changes between Level 3** -- -- --
-----------------------------------------------------------------------------------
Balance as of 11/30/16 $ 43,347 --*** $ 43,347
===================================================================================
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) on investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
** Transfers are calculated on the beginning of period values. During the year
ended November 30, 2016, there were no transfers between Levels 1, 2 and 3.
*** Security is valued at $0.
Net change in unrealized depreciation of Level 3 investments still held and
considered Level 3 as of 11/30/16 $ 18,107
--------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 23
Statement of Assets and Liabilities | 11/30/16
ASSETS:
Investment in securities, at value (cost $111,471,430) $ 99,866,951
Foreign currencies, at value (cost $595,058) 519,809
Restricted cash* 355,905
Receivables --
Investment securities sold 1,805,687
Fund shares sold 37,990
Interest 2,057
Variation margin for futures contracts 2,400
Due from Pioneer Investment Management, Inc. 35,793
Unrealized appreciation on forward foreign currency contracts 412,053
Other assets 26,604
---------------------------------------------------------------------------------------------
Total assets $ 103,065,249
=============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 481,046
Fund shares repurchased 311,734
Distributions 281
Trustee fees 1,308
Futures payable 194
Custody expense 57,591
Accrued foreign capital gains tax 106,796
Audit expense 44,332
Due to custodian 83,075
Unrealized depreciation on forward foreign currency contracts 969,888
Due to affiliates 8,340
Accrued expenses 99,841
---------------------------------------------------------------------------------------------
Total liabilities $ 2,164,426
=============================================================================================
NET ASSETS:
Paid-in capital $ 148,976,891
Distributions in excess of net investment income (189,491)
Accumulated net realized loss on investments, futures contracts and
foreign currency transactions (35,542,371)
Net unrealized depreciation on investments (net of foreign capital
gains tax of $106,796) (11,711,275)
Net unrealized appreciation on futures contracts 4,683
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (637,614)
---------------------------------------------------------------------------------------------
Net assets $ 100,900,823
=============================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $66,127,307/4,068,470 shares) $ 16.25
Class C (based on $11,163,644/839,557 shares) $ 13.30
Class R (based on $19,768,717/1,274,949 shares) $ 15.51
Class Y (based on $3,841,155/213,799 shares) $ 17.97
MAXIMUM OFFERING PRICE:
Class A ($16.25 (divided by) 94.25%) $ 17.24
=============================================================================================
* Represents restricted cash deposited at the custodian and/or counterparty
for derivative contracts.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
Statement of Operations
For the Year Ended 11/30/16
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $419,817) $ 2,674,681
Interest (net of foreign taxes withheld of $2,718) 12,476
-----------------------------------------------------------------------------------------------
Total investment income $ 2,687,157
-----------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,133,102
Transfer agent fees
Class A 85,280
Class C 14,208
Class R 4,514
Class Y 223
Distribution fees
Class A 167,121
Class C 117,521
Class R 102,480
Shareholder communications expense 273,142
Administrative expense 83,775
Custodian fees 226,654
Registration fees 63,739
Professional fees 72,756
Printing expense 39,974
Fees and expenses of nonaffiliated Trustees 7,380
Miscellaneous 53,311
-----------------------------------------------------------------------------------------------
Total expenses $ 2,445,180
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (284,185)
-----------------------------------------------------------------------------------------------
Net expenses $ 2,160,995
-----------------------------------------------------------------------------------------------
Net investment income $ 526,162
-----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $(14,105,954)
Futures contracts (976,850)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (1,896,302) $(16,979,106)
-----------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 22,655,109
Futures contracts 203,826
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (624,364) $ 22,234,571
-----------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions $ 5,255,465
-----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 5,781,627
===============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 25
Statement of Changes in Net Assets
------------------------------------------------------------------------------------------------------
Year Ended Year Ended
11/30/16 11/30/15
------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 526,162 $ (255,626)
Net realized gain (loss) on investments, futures contracts
and foreign currency transactions (16,979,106) (13,326,486)
Change in net unrealized appreciation (depreciation) on
investments, futures contracts and foreign currency
transactions 22,234,571 (20,546,107)
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 5,781,627 $ (34,128,219)
------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.53 and $0.38 per share, respectively) $ (2,346,367) $ (1,870,713)
Class C ($0.40 and $0.23 per share, respectively) (380,674) (244,372)
Class R ($0.49 and $0.34 per share, respectively) (704,509) (586,112)
Class Y ($0.58 and $0.51 per share, respectively) (137,213) (782,548)
Net realized gain:
Class A ($0.00 and $0.33 per share, respectively) $ -- $ (1,429,772)
Class C ($0.00 and $0.33 per share, respectively) -- (308,711)
Class R ($0.00 and $0.33 per share, respectively) -- (477,533)
Class Y ($0.00 and $0.33 per share, respectively) -- (79,630)
------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (3,568,763) $ (5,779,391)
------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 14,077,225 $ 21,329,295
Reinvestment of distributions 3,419,408 4,931,888
Cost of shares repurchased (28,448,457) (69,343,322)
------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $(10,951,824) $ (43,082,139)
------------------------------------------------------------------------------------------------------
Net decrease in net assets $ (8,738,960) $ (82,989,749)
NET ASSETS:
Beginning of year $109,639,783 $ 192,629,532
------------------------------------------------------------------------------------------------------
End of year $100,900,823 $ 109,639,783
------------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of)
net investment income $ (189,491) $ 3,543,396
======================================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
-----------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
11/30/16 11/30/16 11/30/15 11/30/15
Shares Amount Shares Amount
-----------------------------------------------------------------------------------------------
Class A
Shares sold 532,389 $ 8,379,950 676,826 $ 12,954,007
Reinvestment of distributions 150,194 2,279,939 181,868 3,204,785
Less shares repurchased (1,053,942) (16,426,614) (1,401,132) (26,489,435)
-----------------------------------------------------------------------------------------------
Net decrease (371,359) $ (5,766,725) (542,438) $(10,330,643)
===============================================================================================
Class C
Shares sold 126,675 $ 1,598,774 150,354 $ 2,353,406
Reinvestment of distributions 27,726 347,126 34,354 491,257
Less shares repurchased (275,202) (3,481,532) (307,702) (4,802,492)
-----------------------------------------------------------------------------------------------
Net decrease (120,801) $ (1,535,632) (122,994) $ (1,957,829)
===============================================================================================
Class R
Shares sold 219,086 $ 3,245,633 284,464 $ 5,073,813
Reinvestment of distributions 47,246 685,536 61,440 1,032,998
Less shares repurchased (479,182) (7,079,917) (543,155) (9,741,102)
-----------------------------------------------------------------------------------------------
Net decrease (212,850) $ (3,148,748) (197,251) $ (3,634,291)
===============================================================================================
Class Y
Shares sold 48,713 $ 852,868 46,082 $ 948,069
Reinvestment of distributions 6,377 106,807 10,266 202,848
Less shares repurchased (84,890) (1,460,394) (1,366,436) (28,310,293)
-----------------------------------------------------------------------------------------------
Net decrease (29,800) $ (500,719) (1,310,088) $(27,159,376)
===============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 27
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/16 11/30/15 11/30/14 11/30/13 11/30/12
-----------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 15.85 $ 20.92 $ 24.06 $ 23.24 $ 23.10
-----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10(a) $ (0.01)(a) $ (0.04) $ 0.14 $ 0.13
Net realized and unrealized gain (loss) on investments 0.83 (4.35) (1.61) 0.79 0.11
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.93 $ (4.36) $ (1.65) $ 0.93 $ 0.24
-----------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.53) $ (0.38) $ (0.08) $ (0.11) $ --
Net realized gain -- (0.33) (1.41) -- (0.10)
-----------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.53) $ (0.71) $ (1.49) $ (0.11) $ (0.10)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.40 $ (5.07) $ (3.14) $ 0.82 $ 0.14
-----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 16.25 $ 15.85 $ 20.92 $ 24.06 $ 23.24
=======================================================================================================================
Total return* 6.13% (21.14)% (6.88)% 3.98% 1.06%
Ratio of net expenses to average net assets (b) 1.95% 1.95% 1.96% 1.95% 1.95%
Ratio of net investment income (loss) to average net assets 0.65% (0.04)% (0.19)% 0.55% 0.53%
Portfolio turnover rate 92% 85% 141% 77% 160%
Net assets, end of period (in thousands) $66,127 $70,351 $104,251 $126,981 $ 154,064
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets (b) 2.28% 2.18% 2.04% 1.96% 2.03%
Net investment income (loss) to average net assets 0.32% (0.27)% (0.26)% 0.54% 0.45%
=======================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(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%, 0.00%, 0.01%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/16 11/30/15 11/30/14 11/30/13 11/30/12
----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 13.04 $ 17.35 $ 20.32 $ 19.70 $ 19.76
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.03)(a)(c) $ (0.14)(a) $ (0.22) $ (0.04) $ (0.06)
Net realized and unrealized gain (loss) on investments 0.69 (3.61) (1.34) 0.66 0.10
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.66 $ (3.75) $ (1.56) $ 0.62 $ 0.04
----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.40) $ (0.23) $ -- $ -- $ --
Net realized gain -- (0.33) (1.41) -- (0.10)
----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.40) $ (0.56) $ (1.41) $ -- $ (0.10)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.26 $ (4.31) $ (2.97) $ 0.62 $ (0.06)
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.30 $ 13.04 $ 17.35 $ 20.32 $ 19.70
============================================================================================================================
Total return* 5.27% (21.87)% (7.69)% 3.15% 0.23%
Ratio of net expenses to average net assets (b) 2.85% 2.85% 2.80% 2.78% 2.75%
Ratio of net investment income (loss) to average net assets (0.24)% (0.93)% (1.02)% (0.27)% (0.25)%
Portfolio turnover rate 92% 85% 141% 77% 160%
Net assets, end of period (in thousands) $11,164 $12,523 $ 18,801 $ 23,810 $ 29,771
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets (b) 3.06% 2.95% 2.80% 2.78% 2.75%
Net investment income (loss) to average net assets (0.45)% (1.03)% (1.02)% (0.27)% (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%, 0.00%, 0.01%, 0.00% and 0.00%,
respectively.
(c) The amount shown for a share outstanding does not correspond with net
investment income on the Statement of Operations for the period due to
timing of the sales and repurchase shares.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 29
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/16 11/30/15 11/30/14 11/30/13 11/30/12
--------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 15.13 $ 20.02 $ 23.11 $ 22.30 $ 22.23
--------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.06(a) $ (0.05)(a) $ (0.09) $ 0.10 $ 0.10
Net realized and unrealized gain (loss) on investments 0.81 (4.17) (1.55) 0.76 0.07
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.87 $ (4.22) $ (1.64) $ 0.86 $ 0.17
--------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.49) $ (0.34) $ (0.04) $ (0.05) $ --
Net realized gain -- (0.33) (1.41) -- (0.10)
--------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.49) $ (0.67) $ (1.45) $ (0.05) $ (0.10)
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.38 $ (4.89) $ (3.09) $ 0.81 $ 0.07
--------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 15.51 $ 15.13 $ 20.02 $ 23.11 $ 22.30
====================================================================================================================
Total return* 5.95% (21.36)% (7.10)% 3.86% 0.79%
Ratio of net expenses to average net assets (b) 2.20% 2.20% 2.18% 2.13% 2.13%
Ratio of net investment income (loss) to average net assets 0.41% (0.29)% (0.40)% 0.37% 0.39%
Portfolio turnover rate 92% 85% 141% 77% 160%
Net assets, end of period (in thousands) $19,769 $22,510 $33,742 $39,183 $ 49,013
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets (b) 2.41% 2.33% 2.18% 2.13% 2.13%
Net investment income (loss) to average net assets 0.20% (0.42)% (0.40)% 0.37% 0.39%
====================================================================================================================
* 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%, 0.00%, 0.01%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
----------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/16 11/30/15 11/30/14 11/30/13 11/30/12
----------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 17.47 $ 23.06 $ 26.38 $ 25.46 $ 25.16
----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14(a) $ 0.00(a)(b) $ 0.09 $ 0.28 $ 0.28
Net realized and unrealized gain (loss) on investments 0.94 (4.75) (1.77) 0.90 0.12
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.08 $ (4.75) $ (1.68) $ 1.18 $ 0.40
----------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.58) $ (0.51) $ (0.23) $ (0.26) $ --
Net realized gain -- (0.33) (1.41) -- (0.10)
----------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.58) $ (0.84) $ (1.64) $ (0.26) $ (0.10)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.50 $ (5.59) $ (3.32) $ 0.92 $ 0.30
----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 17.97 $ 17.47 $ 23.06 $ 26.38 $ 25.46
======================================================================================================================
Total return* 6.44% (20.96)% (6.41)% 4.63% 1.61%
Ratio of net expenses to average net assets (c) 1.76% 1.55% 1.40% 1.38% 1.39%
Ratio of net investment income (loss) to average net assets 0.84% 0.01% 0.34% 1.12% 1.10%
Portfolio turnover rate 92% 85% 141% 77% 160%
Net assets, end of period (in thousands) $ 3,841 $ 4,256 $35,835 $65,655 $ 62,897
======================================================================================================================
* 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%, 0.00%, 0.01%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 31
Notes to Financial Statements | 11/30/16
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. 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 (U.S. GAAP) that require the management
of the Fund to 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 gain or loss on investments during the reporting period. Actual
results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. 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.
32 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
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 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. 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. When independent third party pricing services are unable to supply
prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
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 and the forward points on a daily basis, in each case
provided by a third party pricing service. Contracts whose forward
settlement date falls between two quoted days are valued by interpolation.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 33
Securities for which independent pricing services or broker-dealers 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 and a wholly owned
indirect subsidiary of UniCredit S.p.A. (UniCredit), pursuant to procedures
adopted by the Board of Trustees. PIM's fair valuation team uses fair value
methods approved by the Valuation Committee of the Board of Trustees.
PIM's fair valuation team is responsible for monitoring developments that
may impact fair valued securities and for discussing and assessing fair
values on an ongoing basis, and at least quarterly, with the Valuation
Committee of the Board of Trustees. Inputs used when applying fair value
methods to value a security may include credit ratings, the financial
condition of the company, current market conditions and comparable
securities. The Fund may use fair value methods if it is determined that a
significant event has occurred after the close of the exchange or market on
which the security trades and prior to the determination of the Fund's net
asset value. Examples of a significant event might include political or
economic news, corporate restructurings, natural disasters, terrorist
activity or trading halts. Thus, the valuation of the Fund's securities may
differ significantly from exchange prices and such differences could be
material.
At November 30, 2016, two securities were valued using fair value methods
(in addition to securities valued using prices supplied by independent
pricing services) representing 0.04% 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.
34 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the Statement of Operations from
the effects of changes in the market price of those securities but are
included with the net realized and unrealized gain or loss on investments.
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
is recorded in the Fund's financial statements. The Fund records realized
gains and losses at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 5).
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, 2016 was $347,311 and is recorded within "Restricted Cash" on the
Statement of Assets and Liabilities. 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, 2016 was
$2,027,568.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 35
At November 30, 2016, open futures contracts were as follows:
------------------------------------------------------------------------------------
Number of Net Unrealized
Contracts Settlement Appreciation
Description Counterparty Long/(Short) Month Value (Depreciation)
------------------------------------------------------------------------------------
MSCI Taiwan
Index UBS AG 30 12/16 $1,035,300 $ 6,301
KOS P12-
Index UBS AG 19 3/17 2,027,433 (1,618)
-------------------------------------------------------------------------------------
Total $3,062,733 $ 4,683
=====================================================================================
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, 2016, 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 determining the daily net asset value, the Fund estimates the reserve
for the repatriation of taxes, if any, associated with its investments in
certain countries. The estimated reserve for 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, 2016, the Fund
had accrued $106,796 in reserve for repatriation taxes 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. GAAP. 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, 2016, the Fund
reclassified $1,206,016 to decrease paid-in capital, $690,286 to increase
distributions in excess of net investment income and $1,896,302 to decrease
accumulated net realized loss on investments, futures contracts and foreign
currency transactions to reflect permanent book/tax differences. These
adjustments have no impact on net assets or the results of operations.
36 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
At November 30, 2016, the Fund was permitted to carry forward indefinitely
$16,287,651 of short-term losses and $13,511,193 of long-term losses under
the Regulated Investment Company Modernization Act of 2010, without
limitation.
The Fund has elected to defer $213,706 of currency losses recognized
between December 1, 2015 and November 30, 2016 to its fiscal year ending
November 30, 2017.
The tax character of distributions paid during the fiscal years ended
November 30, 2016 and November 30, 2015 were as follows:
------------------------------------------------------------------------------------
2016 2015
------------------------------------------------------------------------------------
Distribution paid from:
Ordinary income $3,568,763 $3,483,745
Long-term capital gain -- 2,295,646
------------------------------------------------------------------------------------
Total $3,568,763 $5,779,391
====================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2016:
------------------------------------------------------------------------------------
2016
------------------------------------------------------------------------------------
Distributable earnings:
Capital loss carryforward $(29,798,844)
Current year late year currency loss (213,706)
Net unrealized depreciation (18,063,518)
------------------------------------------------------------------------------------
Total $(48,076,068)
====================================================================================
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, earned $8,487 in
underwriting commissions on the sale of Class A shares during the year
ended November 30, 2016.
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.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 37
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.
I. Risks
The value of securities held by the fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or
spread.
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.
2. Management Agreement
PIM 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,
2016, the effective management fee (excluding waivers and/or assumption of
expenses) was 1.10% of the Fund's average daily net assets.
38 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
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, 2018. 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, 2016 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
$6,264 in management fees, administrative costs and certain other reimbursements
payable to PIM at November 30, 2016.
3. Transfer Agent
Boston Financial Data Services, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
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 and outgoing phone calls. For the year
ended November 30, 2016, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $179,359
Class C 35,762
Class R 53,322
Class Y 4,699
--------------------------------------------------------------------------------
Total $273,142
================================================================================
4. Distribution and Service Plans
The Fund has adopted a Distribution Plan (the 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
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 39
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 $2,076 in distribution
fees payable to PFD at November 30, 2016.
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, 2016, CDSCs in the amount
of $812 were paid to PFD.
5. Forward Foreign Currency Contracts
At November 30, 2016, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of forward foreign
currency contracts open during the year ended November 30, 2016 was $3,203,772.
Open forward foreign currency contracts at November 30, 2016 were as follows:
----------------------------------------------------------------------------------------------------
In
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Appreciation
----------------------------------------------------------------------------------------------------
BRL (20,830,693) USD 6,375,645 Goldman Sachs & Co. 1/17/2017 $ 314,749
MXN (38,537,596) USD 1,906,447 Goldman Sachs & Co. 1/19/2017 40,825
USD (3,364,584) ZAR 48,018,757 Goldman Sachs & Co. 1/19/2017 10,155
KRW (2,357,272,202) USD 2,048,926 Goldman Sachs & Co. 1/17/2017 46,324
----------------------------------------------------------------------------------------------------
Total $ 412,053
====================================================================================================
40 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
-------------------------------------------------------------------------------------------------------
In
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Depreciation
-------------------------------------------------------------------------------------------------------
USD (3,551,577) KRW 4,000,000,000 Goldman Sachs & Co. 1/17/2017 $(153,409)
USD (1,667,298) IDR 22,000,000,000 Goldman Sachs & Co. 1/17/2017 (55,777)
USD (3,594,148) TWD 113,000,000 Morgan Stanley Co. 1/19/2017 (50,573)
NGN (918,969,901) USD 2,565,111 Goldman Sachs & Co. 1/17/2017 (200,650)
USD (2,631,073) MXN 49,729,884 Goldman Sachs & Co. 1/19/2017 (223,627)
USD (2,960,112) INR 200,000,000 Morgan Stanley Co. 1/19/2017 (59,231)
USD (1,902,271) MYR 8,000,000 Barclays Plc 1/19/2017 (114,194)
NGN (501,648,366) USD 1,397,349 Barclays Plc 1/19/2017 (112,427)
--------------------------------------------------------------------------------------------------------
Total $(969,888)
========================================================================================================
BRL - Brazilian Real MYR - Malaysian Ringgit
IDR - Indonesian Rupiah NGN - Nigerian Naira
INR - Indian Rupee TWD - New Taiwan Dollar
KRW - South Korean Won ZAR - South African Rand
MXN - Mexican Peso
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until February 9, 2016, was in the amount of $240
million. Effective February 10, 2016, the facility is in the amount of $220
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 a credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement. For the year ended November 30, 2016, the Fund had no
borrowings under the credit facility.
7. 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
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,
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 41
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 each specific ISDA of each 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 "Restricted
Cash." 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 not been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of November 30, 2016.
------------------------------------------------------------------------------------------------
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)
------------------------------------------------------------------------------------------------
Barclays Plc $ -- $ -- $ -- $ -- $ --
Goldman Sachs & Co. 412,053 (412,053) -- -- --
Morgan Stanley Co. -- -- -- -- --
------------------------------------------------------------------------------------------------
Total $ 412,053 $ (412,053) $ -- $ -- $ --
================================================================================================
42 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
-----------------------------------------------------------------------------------------------------
Derivative
Liabilities
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Pledged (a) Pledged (a) Liabilities (c)
-----------------------------------------------------------------------------------------------------
Barclays Plc $ 226,621 $ -- $ -- $ -- $ 226,621
Goldman Sachs & Co. 633,463 (412,053) -- -- 221,410
Morgan Stanley Co. 109,804 -- -- -- 109,804
-----------------------------------------------------------------------------------------------------
Total $ 969,888 $(412,053) $ -- $ -- $ 557,835
=====================================================================================================
(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.
8. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may subject 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.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 43
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at November 30,
2016 was as follows:
Statement of Assets and Liabilities
------------------------------------------------------------------------------------
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
------------------------------------------------------------------------------------
Assets
Unrealized appreciation
of forward foreign
currency contracts $ -- $ -- $ 412,053 $ -- $ --
Unrealized
appreciation of
futures contracts* -- 6,301 -- -- --
------------------------------------------------------------------------------------
Total Value $ -- $ 6,301 $ 412,053 $ -- $ --
====================================================================================
Liabilities
Unrealized depreciation
of forward foreign
currency contracts $ -- $ -- $ 969,888 $ -- $ --
Unrealized
depreciation of
futures contracts* -- 1,618 -- -- --
------------------------------------------------------------------------------------
Total Value $ -- $ 1,618 $ 969,888 $ -- $ --
====================================================================================
* Reflects unrealized appreciation/depreciation of futures contracts (see
Note 1E). The current day's variation margin is disclosed on the Statement
of Assets and Liabilities.
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, 2016 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 $ -- $ -- $ -- $ (976,850) $ --
Forward foreign
currency contracts* -- -- (2,079,768) -- --
----------------------------------------------------------------------------------------
Total Value $ -- $ -- $ (2,079,768) $ (976,850) $ --
========================================================================================
Change in net
unrealized
appreciation
(depreciation) on
Futures contracts $ -- $ -- $ -- $ 203,826 $ --
Forward foreign
currency contracts* -- -- (599,484) -- --
----------------------------------------------------------------------------------------
Total Value $ -- $ -- $ (599,484) $ 203,826 $ --
========================================================================================
* Included in the amount shown on the Statement of Operations as forward
foreign currency contracts and other assets and liabilities denominated in
foreign currencies.
44 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareowners of
Pioneer Emerging Markets Fund:
-------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Emerging Markets Fund (the "Fund"), as
of November 30, 2016, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the three 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, and
2012, 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, 2016, 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, 2016, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the three 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 25, 2017
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 45
ADDITIONAL INFORMATION (unaudited)
Pioneer Investment Management, Inc. (the "Adviser"), the Fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On December 12, 2016, UniCredit announced that it has entered
into a binding agreement for the sale of its Pioneer Investments business, which
includes the Adviser, to Amundi (the "Transaction"). Amundi is headquartered in
Paris, France, and, as of September 30, 2016, had more than $1.1 trillion in
assets under management worldwide. The closing of the Transaction is expected to
happen in 2017, subject to certain regulatory and antitrust approvals, and other
conditions.
Under the Investment Company Act of 1940, the closing of the Transaction will
cause the Fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, the Fund's Board of Trustees will be asked to approve a
new investment advisory agreement for the Fund. If approved by the Board, the
Fund's new investment advisory agreement will be submitted to the shareholders
of the Fund for their approval.
46 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
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 2016 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 2016 and May
2016. 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 2016, 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 May 2016,
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 July and
September 2016.
At a meeting held on September 13, 2016, 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.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 47
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 increasing the diversification of the
Fund's portfolio, investing in larger capitalization companies and reducing the
Fund's tracking error relative to its benchmark. It also was noted that the
Fund's recent performance was improved relative to its peer group. 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.
48 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
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 to 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 and that the results of the most recent such review
were considered in the consideration of the Fund's expense ratio.
The Trustees reviewed management fees charged by Pioneer to institutional and
other clients, including publicly offered European funds sponsored by affiliates
of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Fund and Pioneer's
costs in providing services to the other clients and considered the differences
in management fees and profit margins for Fund and non-Fund services. In
evaluating the fees associated with Pioneer's client accounts, the Trustees took
into account the respective demands, resources and complexity associated with
the Fund and client accounts. The Trustees noted that, in some instances, the
fee rates for those clients were lower than the management fee for the Fund and
considered that, under the investment advisory agreement with the Fund, PIM
performs additional services for the Fund that it does not provide to those
other clients or services that are broader in scope, including oversight of the
Fund's other service providers and
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 49
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, including the profit margins, 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.
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.
50 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
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.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 51
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 45 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.
52 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
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 (66) 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 is Executive Officer (2008 - 2012), communications and securities
elected or earlier Quadriserv, Inc. (technology products for processing provider for
retirement or removal. securities lending industry); and Senior financial services industry)
Executive Vice President, The Bank of New (2009 - present); Director,
York (financial and securities services) Quadriserv, Inc. (2005 -
(1986 - 2004) 2013); and Commissioner, New
Jersey State Civil Service
Commission (2011 - 2015)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (72) Trustee since 2005. Managing Partner, Federal City Capital Director of New York Mortgage
Trustee Serves until a Advisors (corporate advisory services Trust (publicly-traded
successor trustee is company) (1997 - 2004 and 2008 - present); mortgage REIT) (2004 - 2009,
elected or earlier Interim Chief Executive Officer, Oxford 2012 - present); Director of
retirement or removal. Analytica, Inc. (privately-held research The Swiss Helvetia Fund, Inc.
and consulting company) (2010); Executive (closed-end fund) (2010 -
Vice President and Chief Financial Officer, present); Director of Oxford
I-trax, Inc. (publicly traded health care Analytica, Inc. 2008 -
services company) (2004 - 2007); and present); and Director of
Executive Vice President and Chief (Enterprise Community
Financial Officer, Pedestal Inc. Investment, Inc.
(internet-based mortgage trading company) (privately-held affordable
(2000 - 2002); Private consultant housing finance company) (1985
(1995-1997), Managing Director, Lehman - 2010)
Brothers (investment banking firm)
(1992-1995); and Executive, The World Bank
(1979-1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (72) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - Funds Investment Trust and
successor trustee is present) Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or removal. portfolios in fund complex)
(1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 53
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (69) Trustee since 1994. Founding Director, Vice President and None
Trustee Serves until a Corporate Secretary, The Winthrop Group,
successor trustee is Inc. (consulting firm) (1982 - present);
elected or earlier Desautels Faculty of Management, McGill
retirement or removal. University (1999 - present); and Manager of
Research Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (68) Trustee since 1994. President and Chief Executive Officer, Director of New America High
Trustee Serves until a Newbury Piret Company (investment banking Income Fund, Inc. (closed-end
successor trustee is firm) (1981 - present) investment company) (2004 -
elected or earlier present); and Member, Board of
retirement or removal. Governors, Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (69) Trustee since 2014. Consultant (investment company services) None
Trustee Serves until a (2012 - present); Executive Vice President,
successor trustee is BNY Mellon (financial and investment company
elected or earlier services) (1969 - 2012); Director, BNY
retirement or removal. International Financing Corp. (financial
services) (2002 - 2012); and Director,
Mellon Overseas Investment Corp. (financial
services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
54 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
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 (58)* Trustee since 2014. Director and Executive Vice President None
Trustee Serves until a (since 2008) and Chief Investment Officer,
successor trustee is U.S. (since 2010) of PIM-USA; Executive
elected or earlier Vice President of Pioneer (since 2008);
retirement or removal. Executive Vice President of Pioneer
Institutional Asset Management, Inc. (since
2009); 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.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 55
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 (60)** Advisory Trustee since Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer closed-end
Advisory Trustee 2014. (healthcare workers union pension funds) investment companies (5
(2001 - present); Vice President - portfolios) (Sept. 2015 -
International Investments Group, American present)
International Group, Inc. (insurance
company) (1993 - 2001); Vice President
Corporate Finance and Treasury Group,
Citibank, N.A.(1980 - 1986 and 1990 -
1993); Vice President - Asset/Liability
Management Group, Federal Farm Funding
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.
56 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
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 (54) Since 2014. Serves at Chair, Director, CEO and President of Trustee of Pioneer closed-end
President and Chief the discretion of the Pioneer Investment Management-USA (since investment companies (5
Executive Officer Board. September 2014); Chair, Director, CEO and portfolios) (Sept. 2015 -
President of Pioneer Investment Management, present)
Inc. (since September 2014); Chair,
Director, CEO and President of Pioneer Funds
Distributor, Inc. (since September 2014);
Chair, Director, CEO and President of
Pioneer Institutional Asset Management, Inc.
(since September 2014); and Chair, Director,
and CEO of Pioneer Investment Management
Shareholder Services, Inc. (since September
2014); Managing Director, Morgan Stanley
Investment Management (2010 - 2013); and
Director of Institutional Business, CEO of
International, Eaton Vance Management (2005
- 2010)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (51) Since 2003. Serves at Vice President and Associate General Counsel None
Secretary and Chief the discretion of the of Pioneer since January 2008; Secretary and
Legal Officer Board. Chief Legal Officer of all of the Pioneer
Funds since June 2010; Assistant Secretary
of all of the Pioneer Funds from September
2003 to May 2010; and Vice President and
Senior Counsel of Pioneer from July 2002 to
December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (55) Since 2010. Serves at Fund Governance Director of Pioneer since None
Assistant Secretary the discretion of the December 2006 and Assistant Secretary of all
Board. the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December
2003 to November 2006; and Senior Paralegal
of Pioneer from January 2000 to November
2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (54) Since 2010. Serves at Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary the discretion of the Assistant Secretary of all the Pioneer Funds
Board. since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (57) Since 2008. Serves at Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief the discretion of the Treasurer of all of the Pioneer Funds since
Financial 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
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 57
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (51) Since 2000. Serves at Director - Fund Treasury of Pioneer; and None
Assistant Treasurer the discretion of the Assistant Treasurer of all of the Pioneer
Board. Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (58) Since 2002. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of all of
Board. the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (37) Since 2009. Serves at Fund Administration Manager - Fund Treasury None
Assistant Treasurer the discretion of the of Pioneer since November 2008; Assistant
Board. Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (64) Since 2010. Serves at Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer the discretion of the all the Pioneer Funds since March 2010;
Board. Chief 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 (45) Since 2006. Serves at Director - Transfer Agency Compliance of None
Anti-Money Laundering the discretion of the Pioneer and Anti-Money Laundering Officer of
Officer Board. all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
58 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
This page for your notes.
Pioneer Emerging Markets Fund | Annual Report | 11/30/16 59
This page for your notes.
60 Pioneer Emerging Markets Fund | Annual Report | 11/30/16
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) 2017 Pioneer Investments 19445-10-0117
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.
The audit fees for the Fund were $35,554
payable to Deloitte & Touche LLP for the year ended
November 30, 2016 and $35,516 for the year ended November 30, 2015.
(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 2016 or 2015.
(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.
The tax fees for the Fund were $8,778
payable to Deloitte & Touche LLP for the year ended
November 30, 2016 and $8,750 for the year ended Novemberr 30, 2015.
(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 2016 or 2015.
(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.
on-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 2016 and 2015, 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 $8,778
payable to Deloitte & Touche LLP for the year ended
November 30, 2016 and $8,750 for the year ended November 30, 2015.
(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 31, 2017
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 31, 2017
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date January 31, 2017
* Print the name and title of each signing officer under his or her signature.