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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08448
Pioneer Emerging Markets Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: December 1, 2013 through May 31, 2014
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Emerging
Markets Fund
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Semiannual Report | May 31, 2014
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Ticker Symbols:
Class A PEMFX
Class B PBEFX
Class C PCEFX
Class R PEMRX
Class Y PYEFX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 28
Notes to Financial Statements 37
Trustees, Officers and Service Providers 50
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 1
President's Letter
Dear Shareowner,
As we move past the midway point of 2014, U.S. economic growth is still expected
to exceed 2% for the full calendar year, despite the fact that U.S. gross
domestic product (GDP) for the first quarter was revised down to -2.9% in May.
The markets, in fact, almost completely ignored that bad news, as more timely
data -- especially labor market -- data pointed to continuing economic strength.
By mid-year, the number of people filing initial unemployment claims and the
number of job openings were at levels last seen during the boom years of 2005
through 2007, and unemployment was down to just over 6%. Barring an external
shock, we think it's likely that the domestic economic expansion will continue.
A modestly improving European economy and continuing economic improvement in
Japan appear likely to result in improving global economic growth in the second
half of 2014, further supporting the U.S. economy. Some slack remains in the
labor markets and capacity utilization, which offers the potential for
continuing non-inflationary growth.
The Federal Reserve System (the Fed) is widely expected to end its QE
(quantitative easing) program by the end of this year, and to begin raising the
Federal funds rate in 2015. The timing and pace of Fed's actions remain
uncertain: Fed Chair Janet Yellen has continually stressed that Fed policy will
be sensitive to incoming economic data.
While the U.S. economy appears robust and the global economy seems to be
improving, there are still weaknesses and risks to the economic outlook. Risks
of an adverse shock also remain. Military conflicts and political tensions are
widespread, with particular concerns about recent developments in the Middle
East that could prove disruptive to the global oil supply. While most of the
widely recognized risks may already be "priced into" the market, we caution
against complacency and believe investors should continue to expect market
volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals
2 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
and work together to develop an investment strategy that meets your individual
needs, keeping in mind that there is no single best strategy that works for
every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in equity and bond markets, using in-depth research to identify undervalued
individual securities, and using thoughtful risk management to construct
portfolios which seek to balance potential risks and rewards in an ever-changing
world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 3
Portfolio Management Discussion | 5/31/14
In the following interview, Mauro Ratto, Marco Mencini, and Andrea Salvatori,
portfolio managers of Pioneer Emerging Markets Fund, discuss the investment
environment and the Fund's performance during the six-month period ended May 31,
2014. Mr. Ratto, Head of Emerging Markets Investment Management at Pioneer, Mr.
Mencini, Head of Equities, Emerging Markets, and a portfolio manager at Pioneer,
and Mr. Salvatori, Head of Global Emerging Markets & Latin American Equities,
Head of Emerging Market Equity Research, and a senior portfolio manager at
Pioneer, are responsible for the day-to-day management of the Fund.
Q Could you please review the performance of emerging markets stocks during
the six-month period ended May 31, 2014?
A Stocks in the emerging markets finished the Fund's semiannual reporting
period with a positive return, but still trailed the performance of the
global developed markets. The Fund's benchmark, the Morgan Stanley Capital
International (MSCI) Emerging Markets ND Index (the MSCI Index)(1), returned
1.89% for the six-month period. In comparison, the MSCI World ND Index,
which tracks the performance of stocks in the developed markets, returned
6.52% during the same period.
Emerging markets equities exhibited high volatility during the six-month
reporting period, as a sharp downturn in December 2013 and January 2014 was
offset by a substantial rally from February through May. The earlier
weakness was caused by several factors, including concerns about growth
trends in China and the conflict between Russia and the Ukraine. In
addition, rising bond yields in the developed world and the brief emergence
of fears that the U.S. Federal Reserve system (the Fed) might raise short-
term interest rates sooner than expected sparked heavy outflows of investor
cash from the emerging markets. This caused the value of emerging markets
currencies to decline, which in turn exacerbated the impact of the sell-off
for U.S. dollar-based investors.
(1) The MSCI information may only be used for your internal use, may not be
reproduced or redisseminated in any form and may not be used as a basis for
or a component of any financial instruments or products or indices. None of
the MSCI information is intended to constitute investment advice or a
recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such. Historical data and analysis
should not be taken as an indication or guarantee of any future performance
analysis, forecast or prediction. The MSCI information is provided on an "as
is" basis and the user of this information assumes the entire risk of any
use made of this information. MSCI, each of its affiliates and each other
person involved in or related to compiling, computing or creating any MSCI
information (collectively, the "MSCI Parties") expressly disclaims all
warranties (including, without limitation, any warranties of originality,
accuracy, completeness, timeliness, non-infringement, merchantability and
fitness for a particular purpose) with respect to this information. Without
limiting any of the foregoing, in no event shall any MSCI Party have any
liability for any direct, indirect, special, incidental, punitive,
consequential (including, without limitation, lost profits) or any other
damages.
4 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
The negative trends all reversed beginning in February 2014, however,
leading to a hearty rebound in emerging markets equity performance.
Declining U.S. bond yields made so-called higher-risk assets more
attractive, the Russia/Ukraine issue faded from the headlines, and China
reported decent economic growth numbers. Outflows from the emerging markets
stabilized, which helped calm the volatility in the currency markets.
Investors were also encouraged by the results of India's elections, which
signaled the possibility of accelerated reforms in that country. In
combination, these developments enabled emerging markets equities to close
the six-month period with a modest gain, though the magnitude of the
downturn in the early part of the period caused the asset class to
underperform the developed markets.
Q How did the Fund perform during the six-month period ended May 31, 2014?
A The Fund's Class A shares returned 2.52% at net asset value during the
six-month period ended May 31, 2014, while the Fund's benchmark, the MSCI
Index, returned 1.89%. During the same period, the average return of the 703
mutual funds in Lipper's Emerging Markets Funds category was 2.87%, and the
average return of the 690 mutual funds in Morningstar's Diversified Emerging
Markets Funds category was 2.82%.
Q Which of your investment strategies or individual security selections had
the greatest effect on the Fund's performance during the six-month period
ended May 31, 2014, either from a positive or negative standpoint?
A The largest positive contribution to the Fund's performance during the
six-month period came from stock selection in India. The portfolio held a
number of positions in Indian stocks whose returns exceeded the already
substantial gains made by the Indian market as a whole during the period.
Some of the best-performing India-based stocks in the portfolio during the
period were Tata Motors, the industrial conglomerate Jaiprakash Associates,
ICICI Bank, and Bharat Heavy Electricals. Tata Motors delivered exceptional
returns during the period as investors responded favorably to both the
strong sales for the company's domestic auto business as well as the luxury
brands it acquired in 2008 (Jaguar and Land Rover).
Stock selection results in South Africa were an additional source of
positive Fund performance during the period, thanks to the strong gain of
portfolio holding Sibanye Gold. Stock-picking also aided Fund returns in
Mexico and Colombia as well as in the Middle Eastern markets of Egypt,
United Arab Emirates (UAE), and Qatar.
In addition, a notable aspect of our investment strategy for the Fund is the
use of derivatives in the form of currency forward contracts. Our goal in
using derivatives isn't to add to the Fund's total return, but to "hedge"
(or
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 5
mitigate) the currency risks of certain portfolio positions. The approach
added modestly to the Fund's performance for the period during a time of
above-average currency volatility in the emerging markets.
On the negative side, the Fund's positioning in China was the most
significant detractor from performance. The Fund's return was hurt both by
an overweight in the underperforming country, and a shortfall in the returns
of the portfolio's individual Chinese holdings. Among individual stock
positions, the largest performance detractors were China ITS Holdings, China
Conch Venture Holdings, and West China Cement.
Brazil also proved to be a source of weakness for the Fund during the
period, due largely to the underperformance of the portfolio's position in
Bradespar, a holding company. The Fund's overweight in Russia also proved to
be a negative performance factor. While we reduced the portfolio's stake in
the country in late 2013, on the belief that slowing economic growth would
pressure the prospects for the portfolio's individual Russian holdings, we
didn't trim the weighting by enough to avoid the impact of the subsequent
crisis in the Ukraine. With regard to individual Russian stocks, the Fund's
position in Sberbank was the largest performance detractor. Finally,
underweight positions in several outperforming Asian countries, including
Taiwan, Indonesia, and Thailand, cost the Fund some performance relative to
the benchmark MSCI Index.
Q How was the Fund's portfolio positioned with respect to specific regions or
countries as of May 31, 2014?
A With respect to positioning, it's important to keep in mind that our
investment strategy for the Fund focuses on bottom-up, individual stock
research more so than country or regional allocations. This bottom-up
methodology represents a departure from the traditional investment approach
in the emerging markets, which tends to focus on geographic allocations
first and individual stock selection second.
With that said, we have continued to find what we consider to be a wealth of
compelling investment opportunities in India. The country's new
administration is expected to enact pro-growth policies that we believe
could propel economic growth closer to 7% from its current 4% to 5% level.
This would provide a meaningful boost to bottom-line corporate earnings in
the country, especially for companies with a domestic focus. We increased
the Fund's weight in India during the past six months, and closed the period
with an overweight position.
6 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
The Fund's largest overweight as of period end was in China, where we
believe concerns about economic growth are both exaggerated and already
fully factored into current stock prices. Many of the Fund's Chinese
holdings are in the stocks of companies that we believe can benefit if China
continues to enact meaningful economic reforms.
The Fund also holds fairly significant positions in the smaller "frontier"
markets that aren't represented in the MSCI Index benchmark--such as Egypt,
Qatar, UAE, and Nigeria. As of May 31, 2014, the Fund's portfolio held nine
investments in those countries, accounting for approximately 10% of the
total investment portfolio. The positions do not represent a "top-down"
call on the frontier markets; instead, they reflect our favorable bottom-up
view about the individual portfolio holdings in those areas. In fact, two of
the portfolio's holdings in the frontier markets made significant positive
contributions to the Fund's overall six-month performance: namely, Global
Telecom Holdings, an Egyptian company, and Emaar Properties, which is based
in the UAE. We expect to remain on the lookout for attractive companies
whose domiciles in the frontier markets may have caused them to be
overlooked by the global investment community.
We are less enthusiastic on South Africa, however, as
we don't believe the government there is committed to bringing about the
necessary economic reforms. We also have a somewhat diminished view on the
more established Asian markets, where we simply have not been able to locate
an abundance of attractively valued investment ideas. We also hold a
skeptical view on Russia, where we were seeing deteriorating prospects for
economic growth even before the possibility of Ukraine-related economic
sanctions by the world community became a factor.
Q What is your current outlook for emerging markets equities as we approach
the midway point of 2014?
A We have grown increasingly optimistic as 2014 has progressed. We believe the
outlook for reforms in key markets such as India and China should help to
support the growth outlook in those countries, which would be a positive for
the asset class as a whole. Further, even though the Fed is in the process
of tapering its quantitative easing program, the European Central Bank is
becoming increasingly accommodative, and that should help to offset the
effects of the Fed's monetary tightening. This environment has helped to
stabilize global asset flows to and from the emerging markets, thus enabling
investors to return their attention to the positive fundamentals and
favorable valuations exhibited by many emerging markets companies.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 7
Against that backdrop, we believe our bottom-up investment approach -
highlighted by our emphasis on fundamentals and valuations - has helped us
to construct a portfolio of higher-quality companies that are positioned for
solid performance.
Please refer to the Schedule of Investments on pages 18-27 for a full listing of
Fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The portfolio may invest a substantial amount of its assets in issuers located
within a specific region, and is, therefore, more susceptible to adverse
developments affecting those regions.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes.
8 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
Portfolio Summary | 5/31/14
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 25.1%
Industrials 16.3%
Consumer Discretionary 16.2%
Information Technology 13.6%
Materials 9.6%
Energy 8.1%
Telecommunication Services 6.2%
Utilities 2.3%
Consumer Staples 1.7%
Health Care 0.9%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
Cayman Islands 14.3%
China 11.1%
Brazil 9.8%
India 9.3%
Russia 6.8%
Egypt 6.1%
Italy 6.1%
South Korea 5.2%
South Africa 4.6%
Mexico 4.6%
Philippines 3.0%
Taiwan 3.0%
United Kingdom 2.6%
United Arab Emirates 1.8%
Canada 1.6%
Jersey Channel Islands 1.4%
Bermuda 1.4%
Turkey 1.3%
Qatar 1.0%
Other (individually less than 1.0%) 5.0%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. Global Telecom Holding (G.D.R.)* 6.09%
--------------------------------------------------------------------------------
2. Astaldi S.p.A. 5.44
--------------------------------------------------------------------------------
3. Tata Motors, Ltd. 5.16
--------------------------------------------------------------------------------
4. Phosagro OAO (G.D.R.) 4.10
--------------------------------------------------------------------------------
5. Goodbaby International Holdings, Ltd. 3.65
--------------------------------------------------------------------------------
6. Tupy SA 3.58
--------------------------------------------------------------------------------
7. China ITS Holdings Co., Ltd. 3.30
--------------------------------------------------------------------------------
8. China Conch Venture Holdings, Ltd.* 3.22
--------------------------------------------------------------------------------
9. Philippine National Bank* 3.03
--------------------------------------------------------------------------------
10. OHL Mexico SAB de CV* 2.95
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 9
Prices and Distributions | 5/31/14
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 5/31/14 11/30/13
--------------------------------------------------------------------------------
A $24.58 $24.06
--------------------------------------------------------------------------------
B $20.67 $20.26
--------------------------------------------------------------------------------
C $20.74 $20.32
--------------------------------------------------------------------------------
R $23.61 $23.11
--------------------------------------------------------------------------------
Y $26.87 $26.38
--------------------------------------------------------------------------------
Distributions per Share: 12/1/13-5/31/14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0830 $ -- $ --
--------------------------------------------------------------------------------
B $ -- $ -- $ --
--------------------------------------------------------------------------------
C $ -- $ -- $ --
--------------------------------------------------------------------------------
R $0.0447 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2344 $ -- $ --
--------------------------------------------------------------------------------
The MSCI Emerging Markets ND Index is an unmanaged index that measures the
performance of emerging market stocks. Index returns are calculated monthly,
assume reinvestment of dividends and, unlike Fund returns, do not reflect any
sales charges, fees or expenses. It is not possible to invest directly in an
index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-15.
10 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
Performance Update | 5/31/14 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Emerging Markets Fund at public
offering price during the periods shown, compared to that of the Morgan Stanley
Capital International (MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of May 31, 2014)
--------------------------------------------------------------------------------
Net Public MSCI
Asset Offering Emerging
Value Price Markets
Period (NAV) (POP) ND Index
--------------------------------------------------------------------------------
10 Years 8.82% 8.17% 11.62%
5 Years 4.52 3.29 8.37
1 Year 7.81 1.59 4.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.91%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
5/31/2004 $ 9,425 $ 10,000
5/31/2005 $ 12,049 $ 12,967
5/31/2006 $ 17,865 $ 18,207
5/31/2007 $ 25,621 $ 25,155
5/31/2008 $ 30,487 $ 30,607
5/31/2009 $ 17,578 $ 20,091
5/31/2010 $ 20,286 $ 24,337
5/31/2011 $ 25,875 $ 31,682
5/31/2012 $ 18,934 $ 25,244
5/31/2013 $ 20,339 $ 28,803
5/31/2014 $ 21,927 $ 30,032
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 11
Performance Update | 5/31/14 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class B shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of May 31, 2014)
--------------------------------------------------------------------------------
MSCI
Emerging
If If Markets
Period Held Redeemed ND Index
--------------------------------------------------------------------------------
10 Years 7.87% 7.87% 11.62%
5 Years 3.58 3.58 8.37
1 Year 6.82 2.82 4.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2014)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
3.47% 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
5/31/2004 $ 10,000 $ 10,000
5/31/2005 $ 12,689 $ 12,967
5/31/2006 $ 18,647 $ 18,207
5/31/2007 $ 26,520 $ 25,155
5/31/2008 $ 31,291 $ 30,607
5/31/2009 $ 17,885 $ 20,091
5/31/2010 $ 20,459 $ 24,337
5/31/2011 $ 25,850 $ 31,682
5/31/2012 $ 18,747 $ 25,244
5/31/2013 $ 19,962 $ 28,803
5/31/2014 $ 21,324 $ 30,032
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through April 1, 2015, for Class B 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 taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
12 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
Performance Update | 5/31/14 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of May 31, 2014)
--------------------------------------------------------------------------------
MSCI
Emerging
If If Markets
Period Held Redeemed ND Index
--------------------------------------------------------------------------------
10 Years 7.97% 7.97% 11.62%
5 Years 3.67 3.67 8.37
1 Year 6.91 6.91 4.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.73%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
5/31/2004 $ 10,000 $ 10,000
5/31/2005 $ 12,710 $ 12,967
5/31/2006 $ 18,713 $ 18,207
5/31/2007 $ 26,634 $ 25,155
5/31/2008 $ 31,453 $ 30,607
5/31/2009 $ 17,980 $ 20,091
5/31/2010 $ 20,581 $ 24,337
5/31/2011 $ 26,035 $ 31,682
5/31/2012 $ 18,897 $ 25,244
5/31/2013 $ 20,141 $ 28,803
5/31/2014 $ 21,532 $ 30,032
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not reflect
the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a
1% sales charge, your returns would be lower than those shown above. "If Held"
results represent the percent change in net asset value per share. Returns would
have been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 13
Performance Update | 5/31/14 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of May 31, 2014)
--------------------------------------------------------------------------------
MSCI
Emerging
If If Markets
Period Held Redeemed ND Index
--------------------------------------------------------------------------------
10 Years 8.53% 8.53% 11.62%
5 Years 4.31 4.31 8.37
1 Year 7.58 7.58 4.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.08%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
5/31/2004 $ 10,000 $ 10,000
5/31/2005 $ 12,717 $ 12,967
5/31/2006 $ 18,796 $ 18,207
5/31/2007 $ 26,898 $ 25,155
5/31/2008 $ 31,913 $ 30,607
5/31/2009 $ 18,370 $ 20,091
5/31/2010 $ 21,167 $ 24,337
5/31/2011 $ 26,951 $ 31,682
5/31/2012 $ 19,653 $ 25,244
5/31/2013 $ 21,083 $ 28,803
5/31/2014 $ 22,681 $ 30,032
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class R shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
Performance Update | 5/31/14 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of May 31, 2014)
--------------------------------------------------------------------------------
MSCI
Emerging
If If Markets
Period Held Redeemed ND Index
--------------------------------------------------------------------------------
10 Years 9.44% 9.44% 11.62%
5 Years 5.10 5.10 8.37
1 Year 8.41 8.41 4.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.33%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
5/31/2004 5,000,000 5,000,000
5/31/2005 6,442,738 6,483,501
5/31/2006 9,612,665 9,103,741
5/31/2007 13,859,711 12,577,465
5/31/2008 16,567,014 15,303,316
5/31/2009 9,604,700 10,045,605
5/31/2010 11,136,297 12,168,291
5/31/2011 14,285,092 15,840,923
5/31/2012 10,515,860 12,621,939
5/31/2013 11,362,250 14,401,611
5/31/2014 12,317,827 15,015,920
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Fund
Based on actual returns from December 1, 2013 through May 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C R Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 12/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,025.20 $1,020.20 $1,020.70 $1,023.60 $1,027.80
(after expenses)
on 5/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 9.85 $ 14.35 $ 13.96 $ 10.85 $ 6.98
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.95%, 2.85%,
2.77%, 2.15% and 1.38% for Class A, Class B, Class C, Class R and Class Y
shares, respectively, multiplied by the average account value over the
period, multiplied by 182/365 (to reflect the one-half year period).
16 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads), that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from December 1, 2013 through May 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C R Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 12/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,015.21 $1,010.72 $1,011.12 $1,014.21 $1,018.05
(after expenses)
on 5/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 9.80 $ 14.29 $ 13.89 $ 10.80 $ 6.94
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.95%, 2.85%,
2.77%, 2.15% and 1.38% for Class A, Class B, Class C, Class R and Class Y
shares, respectively, multiplied by the average account value over the
period, multiplied by 182/365 (to reflect the one-half year period).
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 17
Schedule of Investments | 5/31/14 (unaudited)
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 2.7%
ENERGY -- 0.9%
Integrated Oil & Gas -- 0.9%
292,147 Petroleo Brasileiro SA $ 2,172,392
------------
Total Energy $ 2,172,392
------------------------------------------------------------------------------------------
MATERIALS -- 1.2%
Steel -- 1.2%
352,465 Bradespar SA $ 2,920,851
------------
Total Materials $ 2,920,851
------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.6%
Hypermarkets & Super Centers -- 0.6%
28,138 Cia Brasileira de Distribuicao $ 1,276,208
------------
Total Food & Staples Retailing $ 1,276,208
------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $7,538,397) $ 6,369,451
------------------------------------------------------------------------------------------
COMMON STOCKS -- 93.8%
ENERGY -- 7.0%
Oil & Gas Equipment & Services -- 1.0%
791,400 Dayang Enterprise Holdings Bhd $ 915,778
57,102 Saipem S.p.A. 1,489,645
------------
$ 2,405,423
------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 2.6%
5,849,200 China Petroleum & Chemical Corp. $ 5,284,077
98,440 Gazprom OAO (A.D.R.)* 804,255
------------
$ 6,088,332
------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.6%
194,917 Pacific Rubiales Energy Corp. $ 3,808,651
------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.8%
105,576 Cosan SA Industria e Comercio $ 1,770,497
142,249 Reliance Industries, Ltd. 2,563,245
------------
$ 4,333,742
------------
Total Energy $ 16,636,148
------------------------------------------------------------------------------------------
MATERIALS -- 8.2%
Fertilizers & Agricultural Chemicals -- 4.0%
813,614 Phosagro OAO (G.D.R.) $ 9,510,675
------------------------------------------------------------------------------------------
Construction Materials -- 1.8%
658,760 Cemex SAB de CV* $ 849,603
33,598,000 West China Cement, Ltd. 3,344,680
------------
$ 4,194,283
------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.5%
363,831 Nampak, Ltd. $ 1,259,103
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
Aluminum -- 0.3%
1,168,000 China Hongqiao Group, Ltd. $ 825,297
------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.2%
27,570 MMC Norilsk Nickel OJSC (A.D.R.) $ 529,037
------------------------------------------------------------------------------------------
Gold -- 0.1%
67,879 Sibanye Gold, Ltd. $ 167,476
------------------------------------------------------------------------------------------
Steel -- 1.3%
4,270 POSCO $ 1,209,713
207,140 Severstal OAO (G.D.R.) 1,771,764
------------
$ 2,981,477
------------
Total Materials $ 19,467,348
------------------------------------------------------------------------------------------
CAPITAL GOODS -- 10.5%
Construction & Engineering -- 5.3%
1,165,278 Astaldi S.p.A. $ 12,612,216
------------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 0.6%
352,328 Bharat Heavy Electricals, Ltd. $ 1,438,547
------------------------------------------------------------------------------------------
Industrial Conglomerates -- 2.8%
77,913 Bidvest Group, Ltd. $ 2,167,223
27,706 Industries Qatar QSC 1,437,676
2,365,068 Jaiprakash Associates, Ltd. 2,922,834
------------
$ 6,527,733
------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 1.2%
1,668,500 China CNR Corp. Ltd., Class H $ 1,114,772
1,702,000 CSR Corp., Ltd.* 1,262,612
2,046 Hyundai Heavy Industries Co., Ltd. 371,889
------------
$ 2,749,273
------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.6%
1,323,000 Noble Group, Ltd. $ 1,461,882
------------
Total Capital Goods $ 24,789,651
------------------------------------------------------------------------------------------
TRANSPORTATION -- 5.5%
Airlines -- 1.2%
3,345,394 Air Arabia PJSC $ 1,262,588
10,185 Copa Holdings SA 1,455,742
------------
$ 2,718,330
------------------------------------------------------------------------------------------
Marine -- 0.3%
3,438,000 China Shipping Container Lines Co., Ltd.* $ 830,943
------------------------------------------------------------------------------------------
Trucking -- 0.3%
715,131 Aramex PJSC $ 635,452
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 19
Schedule of Investments | 5/31/14 (unaudited) (continued)
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
Highways & Railtracks -- 3.7%
236,176 Arteris SA $ 1,882,463
2,468,031 OHL Mexico SAB de CV* 6,853,669
------------
$ 8,736,132
------------
Total Transportation $ 12,920,857
------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 8.6%
Auto Parts & Equipment -- 3.5%
978,316 Tupy SA $ 8,316,449
------------------------------------------------------------------------------------------
Automobile Manufacturers -- 5.1%
2,742,371 Tata Motors, Ltd. $ 11,973,249
------------
Total Automobiles & Components $ 20,289,698
------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 3.6%
Leisure Products -- 3.6%
16,403,000 Goodbaby International Holdings, Ltd. $ 8,465,124
------------
Total Consumer Durables & Apparel $ 8,465,124
------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.7%
Casinos & Gaming -- 0.7%
1,814,455 NagaCorp, Ltd. $ 1,665,638
------------
Total Consumer Services $ 1,665,638
------------------------------------------------------------------------------------------
MEDIA -- 1.7%
Cable & Satellite -- 1.7%
35,367 Naspers, Ltd. $ 3,904,751
------------
Total Media $ 3,904,751
------------------------------------------------------------------------------------------
RETAILING -- 1.4%
Department Stores -- 0.9%
587,100 Matahari Department Store Tbk PT* $ 727,643
203,249 Woolworths Holdings, Ltd. 1,440,059
------------
$ 2,167,702
------------------------------------------------------------------------------------------
Specialty Stores -- 0.5%
27,593 Folli Follie SA* $ 1,083,572
------------
Total Retailing $ 3,251,274
------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.4%
Hypermarkets & Super Centers -- 0.4%
416,270 Wal-Mart de Mexico SAB de CV $ 1,059,156
------------
Total Food & Staples Retailing $ 1,059,156
------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.3%
Agricultural Products -- 0.1%
609,000 Golden Agri-Resources, Ltd. $ 279,307
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.2%
952,989 Flour Mills of Nigeria Plc $ 448,855
------------
Total Food, Beverage & Tobacco $ 728,162
------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Personal Products -- 0.2%
22,101 Able C&C Co., Ltd. $ 461,381
------------
Total Household & Personal Products $ 461,381
------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.9%
Pharmaceuticals -- 0.9%
73,280 Hikma Pharmaceuticals Plc $ 2,108,384
------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 2,108,384
------------------------------------------------------------------------------------------
BANKS -- 13.4%
Diversified Banks -- 13.4%
98,772 Banco Santander Brasil SA (A.D.R.) $ 667,699
1,293,500 Bank Rakyat Indonesia Persero Tbk PT 1,131,018
4,726,000 China Construction Bank Corp. 3,463,961
10,210 Credicorp, Ltd. 1,595,312
109,028 ICICI Bank, Ltd. 2,597,158
4,982,000 Industrial & Commercial Bank of China, Ltd. 3,234,870
214,541 Itau Unibanco Holding SA (A.D.R.) 3,325,386
902,415 Mega Financial Holding Co., Ltd. 751,100
3,370,429 Philippine National Bank* 7,040,932
16,294 Qatar National Bank 815,497
305,560 Sberbank of Russia (A.D.R.) 3,075,384
393,458 Turkiye Halk Bankasi AS 3,057,898
17,363,329 United Bank for Africa Plc 821,541
------------
$ 31,577,756
------------
Total Banks $ 31,577,756
------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 6.0%
Other Diversified Financial Services -- 3.9%
3,460,000 China Conch Venture Holdings, Ltd.* $ 7,482,134
460,587 FirstRand, Ltd. 1,734,187
------------
$ 9,216,321
------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.0%+
98,000 First Pacific Co., Ltd. $ 110,696
------------------------------------------------------------------------------------------
Consumer Finance -- 0.4%
462,678 Credito Real SAB de CV $ 974,252
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 21
Schedule of Investments | 5/31/14 (unaudited) (continued)
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.7%
2,621,200 Haitong Securities Co., Ltd. $ 3,907,673
------------
Total Diversified Financials $ 14,208,942
------------------------------------------------------------------------------------------
INSURANCE -- 1.8%
Life & Health Insurance -- 1.8%
869,000 China Life Insurance Co., Ltd./Taiwan $ 820,010
432,000 Ping An Insurance Group Co. of China, Ltd. 3,349,813
$ 4,169,823
------------
Total Insurance $ 4,169,823
------------------------------------------------------------------------------------------
REAL ESTATE -- 1.9%
Diversified REIT -- 0.4%
455,886 Mexico Real Estate Management SA de CV $ 863,494
------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.1%
73,000 Takara Leben Co., Ltd. $ 247,488
------------------------------------------------------------------------------------------
Real Estate Development -- 1.4%
374,000 China Overseas Land & Investment, Ltd. $ 971,861
838,979 Emaar Properties PJSC 2,389,602
------------
$ 3,361,463
------------
Total Real Estate $ 4,472,445
------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 4.9%
Internet Software & Services -- 1.6%
46,546 Yandex NV* $ 1,449,442
36,800 YY, Inc. (A.D.R.)* 2,396,048
------------
$ 3,845,490
------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 3.3%
40,968,000 China ITS Holdings Co., Ltd. $ 7,654,305
------------
Total Software & Services $ 11,499,795
------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE
& EQUIPMENT -- 2.3%
Electronic Manufacturing Services -- 2.3%
1,745,930 Hon Hai Precision Industry Co., Ltd. $ 5,356,446
------------
Total Technology Hardware & Equipment $ 5,356,446
------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 6.3%
Semiconductor Equipment -- 4.5%
420,000 ASM Pacific Technology, Ltd. $ 4,707,881
505,054 Wonik IPS Co., Ltd.* 5,750,718
------------
$ 10,458,599
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
Semiconductors -- 1.8%
99,670 SK Hynix, Inc. $ 4,320,980
------------
Total Semiconductors &
Semiconductor Equipment $ 14,779,579
------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 6.1%
Wireless Telecommunication Services -- 6.1%
3,849,538 Global Telecom Holding (G.D.R.)* $ 14,136,633
2,571 Millicom International Cellular SA 237,822
------------
$ 14,374,455
------------
Total Telecommunication Services $ 14,374,455
------------------------------------------------------------------------------------------
UTILITIES -- 2.2%
Electric Utilities -- 0.8%
119,239 Enersis SA (A.D.R.) $ 1,931,672
------------------------------------------------------------------------------------------
Independent Power Producers
& Energy Traders -- 1.4%
1,008,000 Huaneng Power International, Inc. $ 1,066,865
6,636,000 Huaneng Renewables Corp, Ltd.* 2,188,971
------------
$ 3,255,836
------------
Total Utilities $ 5,187,508
------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $201,220,588) $221,374,321
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
S&P/Moody's
Principal Ratings
Amount($) (unaudited)
------------------------------------------------------------------------------------------
CORPORATE BONDS -- 0.2%
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Personal Products -- 0.2%
BRL 562,000 NR/NR Hypermarcas SA,, 11.3%, 10/15/18 (c) $ 139,545
BRL 562,000 NR/NR Hypermarcas SA,, 3.0%, 10/15/15 (c) 268,761
------------
$ 408,306
------------
Total Household & Personal Products $ 408,306
------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $591,632) $ 408,306
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
S&P/Moody's
Ratings
Shares (unaudited)
------------------------------------------------------------------------------------------
RIGHTS / WARRANTS -- 1.7%
HOUSEHOLD & PERSONAL PRODUCTS -- 0.0%
Personal Products -- 0.0%
562 Hypermarcas SA,, 10/15/15 (c) $ --
------------
Total Household & Personal Products $ --
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 23
Schedule of Investments | 5/31/14 (unaudited) (continued)
------------------------------------------------------------------------------------------
S&P/Moody's
Ratings
Shares (unaudited) Value
------------------------------------------------------------------------------------------
BANKS -- 1.7%
Diversified Banks -- 1.7%
111,094 NR/NR HSBC Bank Plc, 2/10/15 $ 1,214,465
21,922 NR/NR HSBC Bank Plc, 2/23/15 1,132,486
55,829 NR/NR HSBC Bank Plc, 4/13/15 1,551,839
------------
$ 3,898,790
------------
Total Banks $ 3,898,790
------------------------------------------------------------------------------------------
TOTAL RIGHTS / WARRANTS
(Cost $3,219,692) $ 3,898,790
------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 98.4%
(Cost $212,570,309) (a) (b) $232,050,868
------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.6% $ 3,847,926
------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $235,898,794
==========================================================================================
+ Amount rounds to less than 0.1%.
* Non-income producing security.
NR Not rated by either S&P or Moody's.
(A.D.R.) American Depositary Receipts.
(G.D.R.) Global Depositary Receipts.
REIT Real Estate Investment Trust.
(a) At May 31, 2014, the net unrealized appreciation on investments based
on cost for federal income tax purposes of $213,290,846 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $27,067,585
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (8,307,563)
-----------
Net unrealized appreciation $18,760,022
===========
The accompanying notes are an integral part of these financial statements.
24 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
(b) Distributions of investments by country of issue (excluding temporary
cash investments) as a percentage of total investment in securities,
is as follows:
Cayman Islands 14.3%
China 11.1
Brazil 9.8
India 9.3
Russia 6.8
Egypt 6.1
Italy 6.1
South Korea 5.2
South Africa 4.6
Mexico 4.6
Philippines 3.0
Taiwan 3.0
United Kingdom 2.6
United Arab Emirates 1.8
Canada 1.6
Jersey Channel Islands 1.4
Bermuda 1.4
Turkey 1.3
Qatar 1.0
Other (individually less than 1%) 5.0
-----
100.0%
=====
(c) Security is valued using fair value methods (other than prices
supplied by independent pricing services or broker-dealers). See Notes
to Financial Statements -- Note 1A.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended May 31, 2014 aggregated $174,017,941 and $207,169,709,
respectively.
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
BRL Brazilian Real.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 -- quoted prices in active markets for identical securities.
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services or broker-dealers)
as Level 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 25
Schedule of Investments | 5/31/14 (unaudited) (continued)
The following is a summary of the inputs used as of May 31, 2014, in valuing the
Funds's investments:
------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------
Preferred Stocks $ 6,369,451 $ -- $ -- $ 6,369,451
Common Stocks (Foreign)* -- -- -- --
Energy
Integrated Oil & Gas 804,255 804,255
Oil & Gas Exploration
& Production 3,808,651 3,808,651
Oil & Gas Refining
& Marketing 1,770,497 1,770,497
Materials
Construction Materials 849,603 849,603
Transportation
Airlines 1,455,742 1,455,742
Highways & Railtracks 8,736,132 8,736,132
Automobiles & Components
Auto Parts & Equipment 8,316,449 8,316,449
Food & Staples Retailing
Hypermarkets &
Super Centers 1,059,156 1,059,156
Packaged Foods & Meats 448,855 448,855
Banks
Diversified Banks 6,409,938 6,409,938
Consumer Finance 974,252 974,252
Real Estate
Diversified REIT 863,494 863,494
Software & Services
Internet Software
& Services 3,845,490 3,845,490
Utilities
Electric Utilities 1,931,672 1,931,672
All Other Common
Stocks (Foreign) 180,100,135 180,100,135
Corporate Bonds -- -- 408,306 408,306
Rights/Warrants 3,898,790 -- --** 3,898,790
------------------------------------------------------------------------------------
Total $ 51,542,427 $ 180,100,135 $ 408,306 $232,050,868
====================================================================================
Other Financial Instruments
Net unrealized appreciation
Forward Foreign
Currency Contracts -- 138,837 -- 138,837
------------------------------------------------------------------------------------
Total $ -- $ 138,837 $ -- $ 138,837
====================================================================================
* Level 2 securities are valued using inputs/data furnished by independent
pricing services using fair value factors.
** Security is valued at $0.
The accompanying notes are an integral part of these financial statements.
26 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
--------------------------------------------------------------------------------------
Corporate Rights/
Bonds Warrants Total
--------------------------------------------------------------------------------------
Balance as of 11/30/13 $390,659 $ --** $390,659
Realized gain (loss)(1) -- -- --
Change in unrealized
appreciation (depreciation)(2) 17,647 -- 17,647
Purchases -- -- --
Sales -- -- --
Transfers in and out of Level 3* -- -- --
--------------------------------------------------------------------------------------
Balance as of 5/31/14 $408,306 $ --** $408,306
--------------------------------------------------------------------------------------
(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 six
months ended May 31, 2014, there were no transfers between Levels 1, 2 and
3.
** Security is valued at $0.
Net change in unrealized appreciation of Level 3 investments
still held and considered Level 3 as of 5/31/14 $17,647
-------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 27
Statement of Assets and Liabilities | 5/31/14 (unaudited)
ASSETS:
Investment in securities, at value (cost $212,570,309) $232,050,868
Cash 3,998,173
Foreign currencies, at value (cost $2,041,299) 2,047,899
Receivables --
Investment securities sold 4,334,793
Fund shares sold 67,036
Dividends 713,501
Interest 3,923
Due to Pioneer Investment Management, Inc. 4,717
Net unrealized appreciation on forward foreign currency contracts 138,715
Prepaid expenses 61,574
--------------------------------------------------------------------------------------
Total assets $243,421,199
======================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 7,045,276
Fund shares repurchased 227,517
Trustee fees 1,204
Due to affiliates 127,548
Accrued expenses 120,860
--------------------------------------------------------------------------------------
Total liabilities $ 7,522,405
======================================================================================
NET ASSETS:
Paid-in capital $213,817,484
Distributed in excess of net investment income (50,743)
Accumulated net realized gain on investments and foreign
currency transactions 2,535,775
Net unrealized appreciation on investments 19,480,559
Net unrealized appreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 115,719
--------------------------------------------------------------------------------------
Total net assets $235,898,794
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $119,231,235/4,851,561 shares) $ 24.58
Class B (based on $3,503,743/169,495 shares) $ 20.67
Class C (based on $21,843,458/1,053,352 shares) $ 20.74
Class R (based on $38,489,208/1,629,882 shares) $ 23.61
Class Y (based on $52,831,150/1,966,489 shares) $ 26.87
MAXIMUM OFFERING PRICE:
Class A ($24.58 (divided by) 94.25%) $ 26.08
======================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
Statement of Operations (unaudited)
For the Six Months Ended 5/31/14
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $270,233) $2,588,270
Interest (net of foreign taxes withheld of $2,083) 7,035
-------------------------------------------------------------------------------------
Total investment income $2,595,305
-------------------------------------------------------------------------------------
EXPENSES:
Management fees $1,342,190
Transfer agent fees
Class A 131,205
Class B 16,923
Class C 21,663
Class R 6,952
Class Y 1,080
Distribution fees
Class A 146,121
Class B 18,970
Class C 107,909
Class R 92,108
Shareholder communications expense 190,700
Administrative reimbursements 50,224
Custodian fees 154,445
Registration fees 32,764
Professional fees 35,934
Printing expense 17,820
Fees and expenses of nonaffiliated Trustees 4,391
Miscellaneous 12,718
-------------------------------------------------------------------------------------
Total expenses $2,384,117
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (49,297)
-------------------------------------------------------------------------------------
Net expenses $2,334,820
-------------------------------------------------------------------------------------
Net investment income $ 260,485
-------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $5,731,342
Futures contracts (816,461)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (60,118) $4,854,763
-------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 522,744
Futures contracts (136,305)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (169,775) $ 216,664
-------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $5,071,427
-------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $5,331,912
=====================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 29
Statement of Changes in Net Assets
------------------------------------------------------------------------------------------
Six Months
Ended
5/31/14 Year Ended
(unaudited) 11/30/13
------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 260,485 $ 1,504,415
Net realized gain (loss) on investments, futures and
foreign currency transactions 4,854,763 11,265,739
Change in net unrealized appreciation (depreciation) on
investments, futures and foreign currency transactions 216,664 (2,243,234)
------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 5,331,912 $ 10,526,920
------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.08 and $0.11 per share, respectively) $ (431,205) $ (685,408)
Class B ($0.00 and $0.00 per share, respectively) -- --
Class C ($0.00 and $0.00 per share, respectively) -- --
Class R ($0.04 and $0.05 per share, respectively) (75,638) (108,507)
Class Y ($0.23 and $0.26 per share, respectively) (625,797) (633,179)
------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1,132,640) $ (1,427,094)
------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 20,981,839 $ 35,849,596
Reinvestment of distributions 571,491 903,040
Cost of shares repurchased (49,943,527) (88,353,595)
------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (28,390,197) $ (51,600,959)
------------------------------------------------------------------------------------------
Net decrease in net assets $ (24,190,925) $ (42,501,133)
NET ASSETS:
Beginning of period 260,089,719 302,590,852
------------------------------------------------------------------------------------------
End of period $ 235,898,794 $ 260,089,719
------------------------------------------------------------------------------------------
Undistributed (in excess of) net investment income $ (50,743) $ 821,412
==========================================================================================
The accompanying notes are an integral part of these financial statements.
30 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
------------------------------------------------------------------------------------
'14 Shares '14 Amount
(unaudited) (unaudited) '13 Shares '13 Amount
------------------------------------------------------------------------------------
Class A
Shares sold 254,864 $ 5,911,728 657,279 $ 15,350,399
Reinvestment of
distributions 17,467 414,660 27,021 653,631
Less shares repurchased (698,139) (16,139,710) (2,034,816) (47,599,413)
------------------------------------------------------------------------------------
Net decrease (425,808) $ (9,813,322) (1,350,516) $ (31,595,383)
====================================================================================
Class B
Shares sold or exchanged 1,217 $ 23,749 8,477 $ 164,076
Reinvestment of
distributions -- -- -- --
Less shares repurchased (51,882) (1,013,230) (136,642) (2,690,404)
------------------------------------------------------------------------------------
Net decrease (50,665) $ (989,481) (128,165) $ (2,526,328)
====================================================================================
Class C
Shares sold 71,251 $ 1,383,921 154,061 $ 3,043,237
Reinvestment of
distributions -- -- -- --
Less shares repurchased (189,939) (3,718,734) (493,580) (9,702,234)
------------------------------------------------------------------------------------
Net decrease (118,688) $ (2,334,813) (339,519) $ (6,658,997)
====================================================================================
Class R
Shares sold 123,919 $ 2,753,206 327,655 $ 7,254,740
Reinvestment of
distributions 3,204 73,138 4,517 105,117
Less shares repurchased (192,939) (4,308,821) (834,006) (18,736,506)
------------------------------------------------------------------------------------
Net decrease (65,816) $ (1,482,477) (501,834) $ (11,376,649)
====================================================================================
Class Y
Shares sold 426,477 $ 10,909,235 395,295 $ 10,037,144
Reinvestment of
distributions 3,234 83,693 5,472 144,292
Less shares repurchased (952,526) (24,763,032) (382,191) (9,625,038)
------------------------------------------------------------------------------------
Net increase
(decrease) (522,815) $ (13,770,104) 18,576 $ 556,398
====================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 31
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/14 Ended Ended Ended Ended Ended
(unaudited) 11/30/13 11/30/12 11/30/11 11/30/10 11/30/09
----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 24.06 $ 23.24 $ 23.10 $ 29.42 $ 26.11 $ 14.20
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.03 $ 0.14 $ 0.13 $ 0.18 $ 0.03 $ 0.09
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.57 0.79 0.11 (5.35) 3.32 12.00
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.60 $ 0.93 $ 0.24 $ (5.17) $ 3.35 $ 12.10
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.08) $ (0.11) $ -- $ -- $ (0.04) $ (0.19)
Net realized gain -- -- (0.10) (1.15) -- --
----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.08) $ (0.11) $ (0.10) $ (1.15) $ (0.04) $ (0.19)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.52 $ 0.82 $ 0.14 $ (6.32) $ 3.31 $ 11.91
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 24.58 $ 24.06 $ 23.24 $ 23.10 $ 29.42 $ 26.11
==================================================================================================================================
Total return* 2.52% 3.98% 1.06% (17.44)% 12.85% 86.13%
Ratio of net expenses to average net assets 1.95%** 1.95% 1.95% 1.95% 1.94% 1.95%
Ratio of net investment income to average net assets 0.22%** 0.55% 0.53% 0.58% 0.09% 0.49%
Portfolio turnover rate 145%** 77% 160% 191% 91% 68%
Net assets, end of period (in thousands) $119,231 $126,981 $ 154,064 $ 207,935 $339,834 $407,113
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 2.01%** 1.96% 2.03% 1.95% 1.94% 1.99%
Net investment income 0.16%** 0.54% 0.45% 0.58% 0.09% 0.45%
==================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/14 Ended Ended Ended Ended Ended
(unaudited) 11/30/13 11/30/12 11/30/11 11/30/10 11/30/09
------------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 20.26 $ 19.66 $ 19.74 $ 25.57 $ 22.86 $ 12.39
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.07) $ (0.05) $ (0.10) $ (0.10) $ (0.20) $ (0.03)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.48 0.65 0.12 (4.58) 2.91 10.50#
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.41 $ 0.60 $ 0.02 $ (4.68) $ 2.71 $ 10.47
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ -- $ -- $ -- $ --
Net realized gain -- -- (0.10) (1.15) -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ -- $ (0.10) $ (1.15) $ -- $ --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.41 $ 0.60 $ (0.08) $ (5.83) $ 2.71 $ 10.47
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.67 $ 20.26 $ 19.66 $ 19.74 $ 25.57 $ 22.86
====================================================================================================================================
Total return* 2.02% 3.05% 0.13% (18.15)% 11.86% 84.50%
Ratio of net expenses to average net assets 2.85%** 2.85% 2.85% 2.85% 2.85% 2.85%
Ratio of net investment income (loss) to average net assets (0.76)%** (0.35)% (0.36)% (0.35)% (0.79)% (0.37)%
Portfolio turnover rate 145%** 77% 160% 191% 91% 68%
Net assets, end of period (in thousands) $ 3,504 $ 4,461 $ 6,847 $ 10,354 $ 20,254 $ 25,130
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 3.70%** 3.52% 3.27% 3.06% 2.96% 3.13%
Net investment income (loss) (1.61)%** (1.02)% (0.78)% (0.56)% (0.91)% (0.65)%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
# The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 33
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/14 Ended Ended Ended Ended Ended
(unaudited) 11/30/13 11/30/12 11/30/11 11/30/10 11/30/09
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 20.32 $ 19.70 $ 19.76 $ 25.56 $ 22.84 $ 12.38
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.05) $ (0.04) $ (0.06) $ (0.05) $ (0.17) $ (0.06)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.47 0.66 0.10 (4.60) 2.89 10.52#
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.42 $ 0.62 $ 0.04 $ (4.65) $ 2.72 $ 10.46
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ -- $ -- $ -- $ --
Net realized gain -- -- (0.10) (1.15) -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ -- $ (0.10) $ (1.15) $ -- $ --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.42 $ 0.62 $ (0.06) $ (5.80) $ 2.72 $ 10.46
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.74 $ 20.32 $ 19.70 $ 19.76 $ 25.56 $ 22.84
====================================================================================================================================
Total return* 2.07% 3.15% 0.23% (18.04)% 11.91% 84.49%
Ratio of net expenses to average net assets 2.77%** 2.78% 2.75% 2.73% 2.76% 2.85%
Ratio of net investment income (loss) to average net assets (0.61)%** (0.27)% (0.25)% (0.20)% (0.70)% (0.39)%
Portfolio turnover rate 145%** 77% 160% 191% 91% 68%
Net assets, end of period (in thousands) $ 21,843 $ 23,810 $ 29,771 $ 37,324 $ 60,809 $ 60,066
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 2.77%** 2.78% 2.75% 2.73% 2.76% 2.89%
Net investment income (loss) (0.61)%** (0.27)% (0.25)% (0.20)% (0.70)% (0.43)%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
# The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/14 Ended Ended Ended Ended Ended
(unaudited) 11/30/13 11/30/12 11/30/11 11/30/10 11/30/09
------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 23.11 $ 22.30 $ 22.23 $ 28.43 $ 25.26 $ 13.80
------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.00(a) $ 0.10 $ 0.10 $ 0.10 $ (0.01) $ 0.12
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.54 0.76 0.07 (5.15) 3.21 11.56
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.54 $ 0.86 $ 0.17 $ (5.05) $ 3.20 $ 11.68
------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.04) $ (0.05) $ -- $ -- $ (0.03) $ (0.21)
Net realized gain -- -- (0.10) (1.15) -- --
------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.04) $ (0.05) $ (0.10) $ (1.15) $ (0.03) $ (0.21)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.50 $ 0.81 $ 0.07 $ (6.20) $ 3.17 $ 11.46
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 23.61 $ 23.11 $ 22.30 $ 22.23 $ 28.43 $ 25.26
==============================================================================================================================
Total return* 2.36% 3.86% 0.79% (17.62)% 12.68% 85.71%
Ratio of net expenses to average net assets 2.15%** 2.13% 2.13% 2.20% 2.10% 2.17%
Ratio of net investment income (loss) to average net assets 0.04%** 0.37% 0.39% 0.33% (0.02)% 0.19%
Portfolio turnover rate 145%** 77% 160% 191% 91% 68%
Net assets, end of period (in thousands) $38,489 $39,183 $ 49,013 $ 73,347 $119,358 $84,064
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 2.15%** 2.13% 2.13% 2.28% 2.10% 2.17%
Net investment income (loss) 0.04%** 0.37% 0.39% 0.25% (0.02)% 0.19%
==============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
(a) Rounds to less than $0.01 or $(0.01) per share.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 35
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/14 Ended Ended Ended Ended Ended
(unaudited) 11/30/13 11/30/12 11/30/11 11/30/10 11/30/09
----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 26.38 $ 25.46 $ 25.16 $ 31.73 $ 28.12 $ 15.35
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.04 $ 0.28 $ 0.28 $ 0.38 $ 0.17 $ 0.22
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.68 0.90 0.12 (5.80) 3.57 12.90
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.72 $ 1.18 $ 0.40 $ (5.42) $ 3.74 $ 13.12
----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.26) $ -- $ -- $ (0.13) $ (0.35)
Net realized gain -- -- (0.10) (1.15) -- --
----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.23) $ (0.26) $ (0.10) $ (1.15) $ (0.13) $ (0.35)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.49 $ 0.92 $ 0.30 $ (6.57) $ 3.61 $ 12.77
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 26.87 $ 26.38 $ 25.46 $ 25.16 $ 31.73 $ 28.12
============================================================================================================================
Total return* 2.78% 4.63% 1.61% (16.96)% 13.39% 87.18%
Ratio of net expenses to average net assets 1.38%** 1.38% 1.39% 1.40% 1.44% 1.42%
Ratio of net investment income to average net assets 0.64%** 1.12% 1.10% 1.13% 0.60% 1.03%
Portfolio turnover rate 145%** 77% 160% 191% 91% 68%
Net assets, end of period (in thousands) $52,831 $65,655 $ 62,897 $ 65,597 $99,627 $77,721
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.38%** 1.38% 1.39% 1.40% 1.44% 1.42%
Net investment income 0.64%** 1.12% 1.10% 1.13% 0.06% 1.03%
============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
36 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
Notes to Financial Statements | 5/31/14 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Emerging Markets Fund (the Fund) is a Delaware statutory trust. The Fund
is registered under the Investment Company Act of 1940 as a diversified,
open-end management investment company. The investment objective of the Fund is
long-term growth of capital.
The Fund offers five classes of shares designated as Class A, Class B, Class C,
Class R, and Class Y shares. Effective as of the close of business on December
31, 2009, Class B shares are no longer offered to new or existing shareholders,
except that dividends and/or capital gain distributions may continue to be
reinvested in Class B shares, and shareholders may exchange their Class B shares
for Class B shares of other Pioneer funds, as permitted by existing exchange
privileges. Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board the flexibility to
specify either per-share voting or dollar-weighted voting when submitting
matters for shareholder approval. Under per-share voting, each share of a class
of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares. Class B shares convert to Class A shares
approximately eight years after the date of purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 37
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities that have traded on an exchange are valued
using the last sale price on the principal exchange where they are traded.
Securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices. Short-term fixed income securities
with remaining maturities of sixty days or less generally are valued at
amortized cost. Shares of money market mutual funds are valued at such
funds' net asset value.
The Fund invests primarily in securities of non-U.S. issuers. The principal
exchanges and markets for such securities have closing times prior to the
close of the NYSE. However, the value of these securities may be influenced
by changes in global markets occurring after the closing times of the local
exchanges and markets up to the time the Fund determines its net asset
value. Consequently, the Board of Trustees of the Fund has determined that
daily adjustments to the valuation of securities of non-U.S. issuers by
utilizing an independent pricing service that supplies an appropriate fair
value factor is appropriate for the Fund.
Securities for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued by a fair valuation
team comprised of certain personnel of Pioneer Investment Management, Inc.
(PIM), the Fund's investment adviser, pursuant to procedures adopted by the
Fund's Board of Trustees. PIM's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. 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.
38 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
At May 31, 2014, there were three securities valued using fair value methods
(other than securities that were valued using prices supplied by independent
pricing services or broker-dealers) representing 0.17% of net assets.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income, including interest on
income-bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the Statement of Operations from the
effects of changes in the market prices of those securities but are included
with the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation is
recorded in the Fund's financial statements. The Fund records realized gains
and losses at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 6).
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 39
D. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. Subsequent payments for futures contracts ("variation margin") are
paid or received by the Fund, depending on the daily fluctuation in the
value of the contracts, and are recorded by the Fund as unrealized gains or
losses. When the contract is closed, the Fund realizes a gain or loss equal
to the difference between the opening and closing value of the contract as
well as any fluctuation in foreign currency exchange rates where applicable.
The use of futures contracts involves, to varying degrees, elements of
market, interest rate, currency exchange rate and counterparty risks, which
may exceed the amounts recognized by the Fund. Changes in value of the
contracts may not directly correlate to the changes in value of the
underlying securities. The average value of contracts open for the six
months ended May 31, 2014 was $2,043,350. There were no open futures
contracts at the six months ended May 31, 2014.
E. Purchased Options
The Fund may purchase call and put option in order to seek to increase total
return. Purchased call and put options entitle the Fund to buy and sell a
specified number of shares or units of a particular security, currency or
index at a specified price at a specific date or within a specific period of
time. Upon the purchase of a call or put option, the premium paid by the
Fund is included in the Statement of Assets and Liabilities as an
investment. All premiums are marked-to-market daily, and any unrealized
gains or losses are recorded in the Fund's financial statements. As the
purchaser of an index option, the Fund has the right to receive a cash
payment equal to any depreciation in the value of the index below the strike
price of the option (in the case of a put) or equal to any appreciation in
the value of the index over the strike price of the option (in the case of a
call) as of the valuation date of the option. Premiums paid for purchased
calls and put options which have expired are treated as realized losses on
investments in the Statement of Operations. Upon the exercise or closing of
a purchased put option, the premium is offset against the proceeds on the
sale of the underlying security or financial instrument in order to
determine the realized gain or loss on investments. Upon the exercise or
closing of a purchased call option, the premium is added to the cost of the
security or financial instrument. The risk associated with purchasing
options is limited to the premium originally paid. During the six months
ended May 31, 2014, the Fund had no purchased options.
40 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
F. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of November 30, 2013, the Fund did not accrue any interest or penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years are subject to examination by
Federal and State tax authorities.
In addition to the requirements of the Internal Revenue Code, the Fund may
also be required to pay local taxes on the recognition of capital gains
and/or the repatriation of foreign currencies in certain countries. During
the year ended November 30, 2013, the Fund paid no such taxes.
In determining the daily net asset value, the Fund estimates the reserve for
such taxes, if any, associated with investments in certain countries. The
estimated reserve for the capital gains is based on the net unrealized
appreciation on certain portfolio securities, the holding period of such
securities and the related tax rates, tax loss carryforward (if applicable)
and other such factors. As of May 31, 2014, the Fund had no reserve related
to capital gains.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year.The tax character of distributions
paid during the years ended November 30, 2013 was as follows:
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distribution paid from:
Ordinary income $1,427,094
----------------------------------------------------------------------------
Total $1,427,094
============================================================================
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 41
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2013:
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,131,971
Capital loss carryforward (1,598,451)
Net unrealized appreciation 18,348,518
----------------------------------------------------------------------------
Total $17,882,038
============================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales and the mark to
market of forward currency contracts.
G. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $7,119 in underwriting commissions on the sale of Class A shares
during the six months ended May 31, 2014.
H. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, Class C and Class R shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class B, Class C, Class R and Class
Y shares can reflect different transfer agent and distribution expense
rates.
42 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
I. Risks
The Fund's investments in emerging markets or countries with limited or
developing markets may subject the Fund to a greater degree of risk than
investments in a developed market. Risks associated with these developing
markets include political, social and economic factors and may affect the
price of the Fund's investments and income generated by these investments,
as well as the Fund's ability to repatriate such amounts. At times, the
Fund's investments may represent industries or industry sectors that are
interrelated or have common risks, making the Fund more susceptible to any
economic, political or regulatory developments or other risks affecting
those industries and sectors. The Fund's prospectus contains unaudited
information regarding the Fund's principal risks. Please refer to that
document when considering the Fund's principal risks.
J. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. PIM is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Prior to December 1, 2013, management fees were calculated daily at
an annual rate equal to 1.15% of the Fund's average daily net assets up to $1
billion and 1.10% on assets over $1 billion. Effective December 1, 2013,
management fees are calculated daily at an annual rate equal to 1.10% of the
Fund's average daily net assets up to $1 billion and 1.05% on assets over $1
billion. For the six months ended May 31, 2014, the effective management fee
(excluding waivers and/or assumption of expenses) was 1.10% of the Fund's
average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.95%, 2.85%, 2.85% and 2.20% of the average
daily net assets attributable to Class A, Class B, Class C and Class R shares,
respectively. Fees waived and expenses reimbursed during the six months ended
May 31, 2014 are reflected on the Statement of Operations. Class Y shares do not
have an expense limitation. These expense limitations are in
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 43
effect through April 1, 2015. There can be no assurance that PIM will extend the
expense limitation agreement for a class of shares beyond the date referred to
above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$25,258 in management fees, administrative costs and certain other
reimbursements payable to PIM at May 31, 2014.
3. Transfer Agent
PIMSS, a wholly-owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended May 31, 2014, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $104,598
Class B 8,676
Class C 23,034
Class R 47,302
Class Y 7,090
--------------------------------------------------------------------------------
Total $190,700
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $96,140 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at May 31, 2014.
4. Distribution and Service Plans
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B, Class C and
Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average
daily net assets attributable to Class A shares as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of
the average daily net assets attributable to Class B and Class C shares.
44 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
The fee for Class B and Class C shares consists of a 0.25% service fee and a
0.75% distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class C
shares. Pursuant to the Plan, the Fund further pays PFD 0.50% of the average
daily net assets attributable to Class R shares for distribution services.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $6,150 in distribution fees payable to PFD at May 31, 2014.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R and Class Y
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 12 months of purchase. Class B shares that are redeemed
within five years of purchase are subject to a CDSC at declining rates beginning
at 4.00%, based on the lower of cost or market value of shares being redeemed.
Redemptions of Class C shares within 12 months of purchase are subject to a CDSC
of 1.00%, based on the lower of cost or market value of shares being redeemed.
Shares purchased as part of an exchange remain subject to any CDSC that applied
to the original purchase of those shares. There is no CDSC for Class R or Class
Y shares. Proceeds from the CDSCs are paid to PFD. For the six months ended May
31, 2014, CDSCs in the amount of $2,210 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses, due to interest earned
on cash held by PIMSS. For the six months ended May 31, 2014, the Fund's
expenses were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At May 31, 2014, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 45
of forward foreign currency contracts open during the six months ended May 31,
2014 was $4,613,141. Open forward foreign currency contracts at May 31, 2014
were as follows:
---------------------------------------------------------------------------------------------
Net
Net In Unrealized
Contracts Exchange Settlement Appreciation
Currency to Deliver For Date Value (Depreciation)
---------------------------------------------------------------------------------------------
SEK (Swedish Krona) (1,538,506) $ 230,098 6/2/14 $ 231,846 $ 1,748
MXN (Mexican Peso) (855,224) 66,524 6/2/14 66,544 20
SEK (Swedish Krona) (498,613) 74,572 6/2/14 75,138 566
BRL (Brazilian Real) 529,009 238,346 6/2/14 235,691 (2,655)
MXN (Mexican Peso) 5,508,933 428,647 6/2/14 428,520 (127)
KRW (South
Korean Won) 242,004,001 237,412 6/2/14 237,096 (316)
KRW (South
Korean Won) 732,733,616 718,831 6/2/14 717,873 (958)
MXN (Mexican Peso) (3,970) 308 6/3/14 308 --
HKD (Hong
Kong Dollar) 2,726,478 351,681 6/3/14 351,667 (14)
MXN (Mexican Peso) 3,116,452 242,911 6/3/14 242,418 (493)
PHP (Philippines
Peso) 10,212,805 232,903 6/3/14 232,876 (27)
PHP (Philippines
Peso) 10,240,394 233,532 6/3/14 233,505 (27)
HKD (Hong
Kong Dollar) (1,848,084) 238,370 6/4/14 238,385 15
HKD (Hong
Kong Dollar) (765,276) 98,707 6/4/14 98,713 6
GBP (British Pound) 259,980 436,194 6/4/14 435,869 (325)
GBP (British Pound) 476,992 800,297 6/4/14 799,701 (596)
HKD (Hong
Kong Dollar) 2,558,232 329,988 6/4/14 329,967 (21)
HKD (Hong Kong Dollar) 3,773,248 486,713 6/4/14 486,682 (31)
ZAR (South
African Rand) (2,489,741) 235,325 6/5/14 238,437 3,112
EURO (Euro) 7,590,059 7,446,561 7/17/14 7,590,059 143,498
ZAR (South
African Rand) 72,758,200 8,017,334 7/17/14 8,005,166 (12,168)
JPY (Japanese Yen) 204,769,104 2,003,696 7/17/14 2,011,204 7,508
---------------------------------------------------------------------------------------------
Total $138,715
=============================================================================================
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the
46 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
limits set for borrowing by the Fund's prospectus and the 1940 Act. The credit
facility in effect until February 12, 2014 was in the amount of $215 million. As
of February 12, 2014, the facility is in the amount of $240 million. Under such
facility, depending on the type of loan, interest on borrowings is payable at
the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of February 12,
2014) on an annualized basis, or the Alternate Base Rate, which is the greater
of (a) the facility's administrative agent's daily announced prime rate on the
borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing date and
(c) 2% plus the overnight Euro dollar rate on the borrowing date. The Funds pay
an annual commitment fee to participate in a credit facility. The commitment fee
is allocated among participating Funds based on an allocation schedule set forth
in the credit agreement. For the six months ended May 31, 2014, the Fund had no
outstanding borrowings.
8. Assets and Liabilities Offsetting
Financial instruments subject to an enforceable master netting agreement have
been offset on the Statement of Assets and Liabilities. The following charts
show gross assets and liabilities of the Fund as of May 31, 2014.
Assets:
-----------------------------------------------------------------------------------------------
Gross
Amounts Net Gross Amounts Not Offset
Offset Amounts of in the Statement of
in the Assets Assets and Liabilities
Gross Statement Presented in -------------------------
Amounts of of Assets the Statement Cash
Recognized and of Assets and Financial Collateral Net
Description Assets Liabilities Liabilities Instruments Received Amount
----------------------------------------------------------------------------------------------
Forward foreign
currency
contracts $ 156,473 $ (17,758) $ 138,715 $ -- $ -- $ 138,715
-----------------------------------------------------------------------------------------------
$ 156,473 $ (17,758) $ 138,715 $ -- $ -- $ 138,715
===============================================================================================
Liabilities:
-----------------------------------------------------------------------------------------------
Gross
Amounts Net Gross Amounts Not Offset
Offset Amounts of in the Statement of
in the Assets Assets and Liabilities
Gross Statement Presented In -------------------------
Amounts of of Assets the Statement Cash
Recognized and of Assets and Financial Collateral Net
Description Liabilities Liabilities Liabilities Instruments Received Amount
-----------------------------------------------------------------------------------------------
Forward foreign
currency
contracts $ 17,758 $ (17,758) $ -- $ -- $ -- $ --
-----------------------------------------------------------------------------------------------
$ 17,758 $ (17,758) $ -- $ -- $ -- $ --
===============================================================================================
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 47
9. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of May 31, 2014 were as follows:
---------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2014 Liabilities Derivatives 2014
Hedging Instruments ----------------------------------------------------------
Under Accounting Statement of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
---------------------------------------------------------------------------------------
Forward foreign currency Net unrealized Net unrealized
contracts appreciation depreciation
on forward on forward
foreign currency foreign currency
contracts $138,715 contracts $ --
---------------------------------------------------------------------------------------
Total $138,715 $ --
=======================================================================================
The effect of derivative instruments on the Statement of Operations for the six
months ended May 31, 2014 was as follows:
----------------------------------------------------------------------------------------------
Change in
Derivatives Not Realized Unrealized
Accounted for as Gain appreciation
Hedging Instruments (Loss) on (depreciation)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
----------------------------------------------------------------------------------------------
Forward Foreign Net realized gain (loss) on forward
Currency Contracts foreign currency contracts and
other assets and liabilities $ (60,118)
Forward Foreign Change in net unrealized appreciation
Currency Contracts (depreciation) on forward foreign
currency contracts and other assets
and liabilities denominated in
foreign currencies $(169,775)
Futures Contracts Net realized gain (loss) on futures
contracts $(816,461)
Futures Contracts Change in net unrealized appreciation
(depreciation) on futures contracts $(136,305)
48 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
10. Change in Independent Registered Public Accounting Firm
The Board of Trustees of the Fund, with the approval and recommendation of the
Audit Committee, appointed Deloitte & Touche LLP to serve as the Fund's
independent registered public accounting firm for the fiscal year ending
November 30, 2014. Deloitte & Touche LLP replaces Ernst & Young LLP, which
resigned as the Fund's independent registered public accounting firm, effective
upon completion of the audit of the Fund's financial statements for the fiscal
year ended November 30, 2013.
During the periods that Ernst & Young LLP served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
years, Ernst & Young LLP's reports on the financial statements of the Fund have
not contained an adverse opinion or disclaimer of opinion and have not been
qualified or modified as to uncertainty, audit scope or accounting principles.
Further, there have been no disagreements with Ernst & Young LLP on any matter
of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure, which, if not resolved to the satisfaction of
Ernst & Young LLP would have caused Ernst & Young LLP to make reference to the
subject matter of the disagreement in connection with its report on the
financial statements. In addition, there have been no reportable events of the
kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities
Exchange Act of 1934.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 49
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Daniel K. Kingsbury, President*
David R. Bock Mark D. Goodwin, Executive
Benjamin M. Friedman Vice President
Margaret B.W. Graham Mark E. Bradley, Treasurer**
Daniel K. Kingsbury Christopher J. Kelley, Secretary
Marc O. Mayer***
Marguerite A. Piret
Kenneth J. Taubes
Stephen K. West****
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Chief Executive Officer of the Fund.
** Chief Financial and Accounting Officer of the Fund.
*** Mr. Mayer resigned as a Trustee of the Pioneer Funds effective May 6, 2014.
**** Mr. West resigned as a Trustee of the Pioneer Funds effective July 15,
2014.
50 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
This page for your notes.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14 51
This page for your notes.
52 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/14
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston,Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2014 Pioneer Investments 19387-08-0714
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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Emerging Markets Fund
By (Signature and Title)* /s/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date July 29, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date July 29, 2014
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date July 29, 2014
* Print the name and title of each signing officer under his or her signature.