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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08448
Pioneer Emerging Markets Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: December 1, 2014 through May 31, 2015
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Emerging
Markets Fund
--------------------------------------------------------------------------------
Semiannual Report | May 31, 2015
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PEMFX
Class C PCEFX
Class R PEMRX
Class Y PYEFX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 25
Notes to Financial Statements 33
Trustees, Officers and Service Providers 45
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 1
President's Letter
Dear Shareowner,
At mid-year, economic conditions and government policies around the world are
far from homogeneous, and we expect them to continue to diverge. In the United
States, an ongoing economic expansion has brought the unemployment rate down to
levels where wage growth is likely to accelerate. Economic growth and fiscal
austerity have dramatically reduced the Federal budget deficit, while very
accommodative Federal Reserve System policies have kept interest rates
exceptionally low. In Europe and Japan, cyclical economic recoveries/ expansions
appear to be gaining traction, buttressed by aggressive quantitative easing
policies of central banks as well as cheaper currencies. China's ongoing
transition from an infrastructure investment-driven to a consumer-driven economy
and the dramatic decline in the price of oil -- largely a result of U.S.
"fracking" -- have benefited some countries while burdening others. On balance,
though, the global economic outlook has continued to improve, although economic
and geopolitical "storm clouds" remain.
Today's market environment presents numerous opportunities as well as challenges
for investors. While we believe that the capital markets may already have priced
in some recent trends, such as the U.S. dollar's appreciation against a basket
of global currencies, it is worth noting that investment risks and opportunities
are not always aligned with the economic outlook.
Since 1928, Pioneer's investment professionals have focused on identifying and
capitalizing on the investment opportunities that present themselves in a
variety of ever-changing economic and market conditions, including those we face
today, while seeking to limit the risk of the permanent impairment of our
clients' capital. Our ongoing goal is to deliver competitive returns consistent
with our strategies' stated style and objectives and consistent with our
shareholders' expectations over a range of market conditions. We believe our
shareowners benefit from the experience and tenure of our investment teams, the
insights generated from extensive research resources, and our commitment to
prudent risk management.
2 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
We encourage you to work with your financial advisor to develop an overall
investment plan that addresses both your short- and long-term goals, and to
implement such a plan in a disciplined manner, as we do when managing the assets
our clients have entrusted to us.
We greatly appreciate your trust in us in the past and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 3
Portfolio Management Discussion | 5/31/15
In the following interview, Mauro Ratto, Marco Mencini, and Andrea Salvatori,
portfolio managers of Pioneer Emerging Markets Fund, discuss the investment
environment and the Fund's performance during the six-month period ended May 31,
2015. 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 How did the Fund perform during the six-month period ended May 31, 2015?
A The Fund's Class A shares returned -1.73% at net asset value during the
six-month period ended May 31, 2015, while the Fund's benchmark, the
Morgan Stanley Capital International (MSCI) Emerging Markets ND Index (the
MSCI Index)(1), returned 0.82%. During the same period, the average
return of the 825 mutual funds in Lipper's Emerging Markets Funds
category was -1.07%, and the average return of the 864 mutual
funds in Morningstar's Diversified Emerging Markets Funds
category was -0.89%.
Q Could you please review the performance of emerging markets stocks during
the six-month period ended May 31, 2015?
A The Fund's benchmark, the MSCI Index, finished the period with a return
that was essentially flat, but slightly positive. This, however, belies the
high level of volatility that occurred during the six months. Emerging
markets stocks experienced extreme weakness in the first half of December
2014, as investor concerns about slowing global economic growth, weak
commodity prices, and the prospects of rising short-term interest rates in
the United States sparked heavy outflows of investor capital from the asset
class. After
(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 | 5/31/15
touching a low midway through December, emerging markets stocks staged an
uneven recovery throughout most of the first calendar quarter of 2015 as
investors weighed the benefits of lower equity valuations against the
continued uncertainty affecting the world's developing economies. However,
a strong rally through the second half of March and into April enabled the
MSCI Index to recover all of the ground it had lost earlier in the
six-month period. A revival of the Chinese stock market, which helped boost
investor sentiment regarding the emerging markets as a whole, was the key
factor in the rebound. Even though China's economic growth has continued to
slow, the government in Beijing has responded with aggressive monetary
stimulus policies, meaningful reforms, and measures designed to encourage
Chinese citizens to invest in the stock market. Despite the late rally, the
0.82% gain of the MSCI Index for the period fell short of the 3.38% return
for the developed markets over the same period, as gauged by the MSCI World
ND Index.
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, 2015, either from a positive or negative standpoint?
A The Fund features a value-oriented investment approach, which allows what
we believe to be our best individual stock ideas to have a larger impact on
performance. The strategy can lead to substantial short-term variations in
the Fund's return relative to its benchmark, but it also enables us to
emphasize holdings of what we believe are deeply undervalued companies with
identifiable catalysts for future growth.
The Fund's tendency to exhibit short-term deviations in benchmark-relative
performance was evident in the past six months, as the Fund's relative
return lagged significantly during the December-February interval, before
staging a significant recovery from March through May. Early in the
six-month period, macroeconomic factors, such as the volatility in oil
prices and concerns about global economic growth, outweighed company
fundamentals as the key driver of individual stock performance. Later in
the period, however, macroeconomic concerns moved into the background. The
changing market sentiment helped fuel a renewed investor emphasis on
company-specific factors, a shift that was reflected in a significant
improvement in the Fund's relative performance. The late recovery,
unfortunately, was not enough to overcome the performance deficit of the
earlier part of the period, and the Fund ended up underperforming the MSCI
Index over the full six months.
Overall, the primary reason for the Fund's benchmark-relative
underperformance was the weak returns from a handful of individual
portfolio positions. The most notable underperformers were shares of
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 5
infrastructure operator OHL Mexico, Philippine National Bank, the Korean
semiconductor company Wonik IPS, and the Egyptian company Global Telecom
Holding.
On the plus side, our stock selection process worked very well in China and
enabled the Fund to take advantage of that market's strong relative
performance over the period. A number of individual portfolio holdings
delivered returns well above both the Chinese market and the emerging
markets equity asset class as a whole. They included: China Conch Venture;
Goodbaby International; China ITS; and Huaneng Renewables. All four stocks
represented top-15 weightings in the Fund's portfolio as of May 31, 2015.
Of the four, we believe Goodbaby may represent the most interesting story.
The company, which makes strollers, car seats, and other child safety
products, represents a play on the growing wealth of the middle class in
China. Goodbaby is one of our highest-conviction positions in the portfolio
and its largest position as of period end.
Outside of China, the Fund's benchmark-relative performance benefited from
positions in the Russian fertilizer producer PhosAgro; the Italian
construction company Astaldi (which earns a large portion of its revenues
from the emerging markets); and Air Arabia, which is based in the United
Arab Emirates.
Q Did you invest in any derivatives while managing the Fund during the
six-month period ended May 31, 2015? If so, did the derivative positions
have any effect on the Fund's performance?
A The Fund used derivatives in the form of currency forward contracts during
the period. Our goal in using derivatives isn't to add to the Fund's total
return, but to attempt to "hedge" (or mitigate) the currency risks of
certain portfolio positions. The use of currency forward contracts
contributed modestly to the Fund's performance during the six-month period,
as emerging markets currencies (as a group) lost ground relative to the
U.S. dollar.
Q How was the Fund's portfolio positioned with respect to specific regions or
countries as of May 31, 2015?
A Our bottom-up investment process led us to overweight the Fund to the
industrials, materials, and consumer discretionary sectors as of the close
of the period. The Fund's largest underweights were in financials,
information technology and consumer staples. In terms of countries, China
and Russia represent the Fund's largest overweights. The portfolio is
underweight in Korea, Taiwan and much of Latin America, as those countries,
in our opinion, hold a lower representation of the undervalued,
fast-growing companies we seek to include in the portfolio. With this said,
it's important
6 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
to keep in mind that the Fund's country and sector weightings are largely a
residual effect of our individual stock selection process. For instance, we
are very cautious on the Russian economy, but we are optimistic about the
prospects for the Fund's two holdings in the country: PhosAgro and the oil
driller, TMK OAO. As a result of those positions, the Fund is overweight in
Russia despite our cautious outlook for the country's economy as a whole.
We believe the value of this bottom-up investment approach for the Fund
will become more apparent in the years ahead.
Q Do you have any closing thoughts for investors?
A The past six years has been an unusual time for the emerging markets, as
the financial crisis of 2008 and the subsequent era of ultra-low interest
rates has caused macroeconomic factors to play an outsized role in market
performance. Now, the U.S. Federal Reserve System appears to be moving
closer to the point where it is likely to begin raising rates -- a shift
that we expect will signal the return of more typical investment
conditions. In this environment, we believe emerging markets equity
investors will be better served by targeting company-specific opportunities
rather than taking a broad-based allocation to the asset class. Such an
investment approach would place an emphasis on owning shares of
corporations that allocate capital intelligently, and that feature strong
fundamentals and sustainable paths to earnings growth.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 7
Please refer to the Schedule of Investments on pages 17-24 for a full listing of
Fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
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.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
Portfolio Summary | 5/31/15
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 23.3%
Industrials 14.4%
Information Technology 12.7%
Materials 10.4%
Consumer Staples 8.6%
Energy 8.4%
Consumer Discretionary 8.1%
Telecommunication Services 7.8%
Utilities 3.8%
Health Care 2.5%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
China 27.0%
Russia 11.6%
South Korea 5.8%
Brazil 5.5%
United Arab Emirates 5.3%
Italy 4.9%
Republic of Georgia 4.9%
Egypt 4.7%
Philippines 4.3%
Australia 4.2%
India 3.1%
Nigeria 3.1%
Greece 3.0%
South Africa 2.4%
Saudi Arabia 2.3%
Kenya 2.1%
Mexico 1.6%
Taiwan 1.3%
Hong Kong 1.2%
Other (individually less than 1.0%) 1.7%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. Goodbaby International Holdings, Ltd. 8.24%
--------------------------------------------------------------------------------
2. PhosAgro OAO (G.D.R.) 6.24
--------------------------------------------------------------------------------
3. China ITS Holdings Co., Ltd. 6.20
--------------------------------------------------------------------------------
4. TMK OAO (G.D.R.) 5.32
--------------------------------------------------------------------------------
5. TBC Bank JSC (G.D.R.) 4.85
--------------------------------------------------------------------------------
6. Astaldi S.p.A. 4.85
--------------------------------------------------------------------------------
7. Global Telecom Holding SAE (G.D.R.) 4.74
--------------------------------------------------------------------------------
8. Tupy SA 4.71
--------------------------------------------------------------------------------
9. Philippine National Bank 4.30
--------------------------------------------------------------------------------
10. China Conch Venture Holdings, Ltd. 4.23
--------------------------------------------------------------------------------
* 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 | 5/31/15 9
Prices and Distributions | 5/31/15
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 5/31/15 11/30/14
--------------------------------------------------------------------------------
A $20.15 $20.92
--------------------------------------------------------------------------------
C $16.73 $17.35
--------------------------------------------------------------------------------
R $19.28 $20.02
--------------------------------------------------------------------------------
Y $22.16 $23.06
--------------------------------------------------------------------------------
Distributions per Share: 12/1/14-5/31/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3804 $-- $--
--------------------------------------------------------------------------------
C $0.2303 $-- $--
--------------------------------------------------------------------------------
R $0.3442 $-- $--
--------------------------------------------------------------------------------
Y $0.5088 $-- $--
--------------------------------------------------------------------------------
The MSCI Emerging Markets ND Index is an unmanaged index that measures the
performance of emerging market stocks. Index returns are calculated monthly,
assume reinvestment of dividends and, unlike Fund returns, do not reflect any
sales charges, fees or expenses. It is not possible to invest directly in an
index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-14.
10 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
Performance Update | 5/31/15 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Emerging Markets Fund at public
offering price during the periods shown, compared to that of the Morgan Stanley
Capital International (MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of May 31, 2015)
--------------------------------------------------------------------------------
Net Public MSCI
Asset Offering Emerging
Value Price Markets
Period (NAV) (POP) ND Index
--------------------------------------------------------------------------------
10 Years 4.97% 4.35% 8.76%
5 Years -0.71 -1.89 4.29
1 Year -10.74 -15.87 -0.01
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.04% 1.95%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
5/31/2005 $ 9,425 $10,000
5/31/2006 $13,971 $14,041
5/31/2007 $20,037 $19,399
5/31/2008 $23,843 $23,603
5/31/2009 $13,747 $15,494
5/31/2010 $15,865 $18,768
5/31/2011 $20,236 $24,433
5/31/2012 $14,808 $19,468
5/31/2013 $15,906 $22,213
5/31/2014 $17,148 $23,160
5/31/2015 $15,307 $23,159
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through April 1, 2016, for Class A shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 11
Performance Update | 5/31/15 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of May 31, 2015)
--------------------------------------------------------------------------------
MSCI
Emerging
If If Markets
Period Held Redeemed ND Index
--------------------------------------------------------------------------------
10 Years 4.13% 4.13% 8.76%
5 Years -1.53 -1.53 4.29
1 Year -11.51 -11.51 -0.01
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.80%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
5/31/2005 $10,000 $10,000
5/31/2006 $14,723 $14,041
5/31/2007 $20,955 $19,399
5/31/2008 $24,747 $23,603
5/31/2009 $14,146 $15,494
5/31/2010 $16,192 $18,768
5/31/2011 $20,484 $24,433
5/31/2012 $14,868 $19,468
5/31/2013 $15,846 $22,213
5/31/2014 $16,941 $23,160
5/31/2015 $14,991 $23,159
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
Performance Update | 5/31/15 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of May 31, 2015)
--------------------------------------------------------------------------------
Net MSCI
Asset Emerging
Value Markets
Period (NAV) ND Index
--------------------------------------------------------------------------------
10 Years 4.74% 8.76%
5 Years -0.93 4.29
1 Year -10.93 -0.01
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.18%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
5/31/2005 $10,000 $10,000
5/31/2006 $14,780 $14,041
5/31/2007 $21,151 $19,399
5/31/2008 $25,095 $23,603
5/31/2009 $14,446 $15,494
5/31/2010 $16,645 $18,768
5/31/2011 $21,193 $24,433
5/31/2012 $15,454 $19,468
5/31/2013 $16,579 $22,213
5/31/2014 $17,835 $23,160
5/31/2015 $15,886 $23,159
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class R shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 13
Performance Update | 5/31/15 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of May 31, 2015)
--------------------------------------------------------------------------------
Net MSCI
Asset Emerging
Value Markets
Period (NAV) ND Index
--------------------------------------------------------------------------------
10 Years 5.54% 8.76%
5 Years -0.17 4.29
1 Year -10.34 -0.01
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.40%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
5/31/2005 $ 5,000,000 $ 5,000,000
5/31/2006 $ 7,460,077 $ 7,020,699
5/31/2007 $10,756,072 $ 9,699,592
5/31/2008 $12,857,121 $11,801,736
5/31/2009 $ 7,453,895 $ 7,747,052
5/31/2010 $ 8,642,518 $ 9,384,041
5/31/2011 $11,086,196 $12,216,329
5/31/2012 $ 8,161,017 $ 9,733,888
5/31/2013 $ 8,817,873 $11,106,350
5/31/2014 $ 9,559,466 $11,580,100
5/31/2015 $ 8,571,199 $11,579,282
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
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, 2014 through May 31, 2015.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 12/1/14
--------------------------------------------------------------------------------
Ending Account Value $ 982.70 $ 978.40 $ 981.40 $ 984.70
(after expenses)
on 5/31/15
--------------------------------------------------------------------------------
Expenses Paid $ 9.64 $ 13.96 $ 10.87 $ 7.32
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.95%,
2.83%, 2.20% and 1.48% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads), that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from December 1, 2014 through May 31, 2015.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 12/1/14
--------------------------------------------------------------------------------
Ending Account Value $1,015.21 $1,010.82 $1,013.96 $1,017.55
(after expenses)
on 5/31/15
--------------------------------------------------------------------------------
Expenses Paid $ 9.80 $ 14.19 $ 11.05 $ 7.44
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.95%,
2.83%, 2.20% and 1.48% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
16 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
Schedule of Investments | 5/31/15 (unaudited)
--------------------------------------------------------------------------------
Principal
Amount ($) Value
--------------------------------------------------------------------------------
PREFERRED STOCKS -- 3.1%
ENERGY -- 0.0%+
Integrated Oil & Gas -- 0.0%+
2,301 Petroleo Brasileiro SA $ 8,912
---------------
Total Energy $ 8,912
--------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.4%
Automobile Manufacturers -- 0.4%
5,653 Hyundai Motor Co. $ 612,394
---------------
Total Automobiles & Components $ 612,394
--------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 2.7%
Computer Hardware Storage &
Peripherals -- 2.7%
4,063 Samsung Electronics Co., Ltd. $ 3,923,161
---------------
Total Technology Hardware & Equipment $ 3,923,161
--------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $4,678,305) $ 4,544,467
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------
COMMON STOCKS -- 90.9%
ENERGY -- 8.1%
Oil & Gas Equipment & Services -- 5.1%
1,814,948 TMK OAO (G.D.R.) $ 7,585,818
--------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.0%
826,000 China Petroleum & Chemical Corp. $ 724,261
20,558 Sasol, Ltd. 727,856
---------------
$ 1,452,117
--------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 2.0%
33,237,504 KenolKobil, Ltd., Group $ 2,922,805
---------------
Total Energy $ 11,960,740
--------------------------------------------------------------------------------
MATERIALS -- 10.0%
Fertilizers & Agricultural Chemicals -- 6.0%
671,245 PhosAgro OAO (G.D.R.) $ 8,898,106
--------------------------------------------------------------------------------
Diversified Metals & Mining -- 4.0%
15,040,000 MMG, Ltd.* $ 5,952,934
---------------
Total Materials $ 14,851,040
--------------------------------------------------------------------------------
CAPITAL GOODS -- 8.9%
Construction & Engineering -- 4.8%
793,667 Astaldi S.p.A. $ 6,915,762
75,965 IRB Infrastructure Developers, Ltd. 293,006
---------------
$ 7,208,768
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 17
Schedule of Investments | 5/31/15 (unaudited) (continued)
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
Industrial Machinery -- 4.1%
1,928,500 China Conch Venture Holdings, Ltd.* $ 6,029,888
---------------
Total Capital Goods $ 13,238,656
--------------------------------------------------------------------------------
TRANSPORTATION -- 4.9%
Airlines -- 3.7%
12,777,259 Air Arabia PJSC $ 5,538,172
--------------------------------------------------------------------------------
Railroads -- 0.6%
2,186,942 Rumo Logistica Operadora Multimodal SA $ 865,599
--------------------------------------------------------------------------------
Highways & Railtracks -- 0.6%
639,628 OHL Mexico SAB de CV* $ 860,195
---------------
Total Transportation $ 7,263,966
--------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 5.0%
Auto Parts & Equipment -- 4.6%
1,233,587 Tupy SA $ 6,715,481
--------------------------------------------------------------------------------
Automobile Manufacturers -- 0.4%
16,393 Tata Motors, Ltd. (A.D.R.) $ 627,852
---------------
Total Automobiles & Components $ 7,343,333
--------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 7.9%
Leisure Products -- 7.9%
24,577,000 Goodbaby International Holdings, Ltd. $ 11,756,369
---------------
Total Consumer Durables & Apparel $ 11,756,369
--------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.0%+
Casinos & Gaming -- 0.0%+
393 NagaCorp, Ltd. $ 311
---------------
Total Consumer Services $ 311
--------------------------------------------------------------------------------
MEDIA -- 1.8%
Cable & Satellite -- 1.8%
17,887 Naspers, Ltd. $ 2,631,401
---------------
Total Media $ 2,631,401
--------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Soft Drinks -- 0.1%
8,365 Coca-Cola Icecek AS $ 141,591
--------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.0%+
95,298 Flour Mills of Nigeria Plc $ 17,331
---------------
Total Food, Beverage & Tobacco $ 158,922
--------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.9%
Pharmaceuticals -- 0.9%
42,574 Hikma Pharmaceuticals Plc $ 1,355,406
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 1,355,406
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
BANKS -- 18.8%
Diversified Banks -- 18.4%
150,284 Abu Dhabi Commercial Bank PJSC $ 309,266
1,543,000 China Construction Bank Corp. 1,550,032
4,068 Credicorp, Ltd. 574,158
259,761 Grupo Financiero Banorte SAB de CV 1,466,368
196 HDFC Bank, Ltd. 3,225
25,760 HDFC Bank, Ltd. (A.D.R.) 1,535,811
271,515 ICICI Bank, Ltd. 1,355,330
1,689,000 Industrial & Commercial Bank of China, Ltd. 1,470,176
39,890 KB Financial Group, Inc. 1,438,400
415 Mega Financial Holding Co., Ltd. 369
4,408,189 Philippine National Bank* 6,133,968
620,000 TBC Bank JSC (G.D.R.)* 6,918,372
162,417,762 United Bank for Africa Plc 4,406,209
---------------
$ 27,161,684
--------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.4%
33,827 Housing Development Finance Corp., Ltd. $ 654,990
---------------
Total Banks $ 27,816,674
--------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Specialized Finance -- 0.3%
61,500 Singapore Exchange, Ltd. $ 384,055
--------------------------------------------------------------------------------
Consumer Finance -- 0.0%+
2,753 Credito Real SAB de CV SOFOM ER $ 6,378
---------------
Total Diversified Financials $ 390,433
--------------------------------------------------------------------------------
INSURANCE -- 1.6%
Life & Health Insurance -- 1.3%
18,680 Samsung Life Insurance Co., Ltd. $ 1,875,280
--------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.3%
1,652 Samsung Fire & Marine Insurance Co., Ltd. $ 450,581
---------------
Total Insurance $ 2,325,861
--------------------------------------------------------------------------------
REAL ESTATE -- 1.8%
Real Estate Development -- 1.8%
282,000 China Overseas Land & Investment, Ltd. $ 1,021,663
800,133 Emaar Properties PJSC 1,689,901
---------------
$ 2,711,564
---------------
Total Real Estate $ 2,711,564
--------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 8.3%
Internet Software & Services -- 2.3%
261,638 ChinaCache International Holdings,
Ltd. (A.D.R.)* $ 3,464,087
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 19
Schedule of Investments | 5/31/15 (unaudited) (continued)
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
IT Consulting & Other Services -- 6.0%
49,651,000 China ITS Holdings Co., Ltd. $ 8,835,088
---------------
Total Software & Services $ 12,299,175
--------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.0%+
Electronic Manufacturing Services -- 0.0%+
681 Hon Hai Precision Industry Co., Ltd. $ 2,186
---------------
Total Technology Hardware & Equipment $ 2,186
--------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.3%
Semiconductors -- 1.3%
396,000 Taiwan Semiconductor Manufacturing Co., Ltd. $ 1,878,351
---------------
Total Semiconductors & Semiconductor
Equipment $ 1,878,351
--------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 7.5%
Integrated Telecommunication
Services -- 2.9%
488,019 Hellenic Telecommunications Organization SA $ 4,335,905
--------------------------------------------------------------------------------
Wireless Telecommunication Services -- 4.6%
3,616,722 Global Telecom Holding SAE (G.D.R.)* $ 6,763,162
---------------
Total Telecommunication Services $ 11,099,067
--------------------------------------------------------------------------------
UTILITIES -- 3.7%
Water Utilities -- 0.5%
882,000 Beijing Enterprises Water Group, Ltd. $ 744,851
--------------------------------------------------------------------------------
Renewable Energy -- 3.2%
9,960,000 Huaneng Renewables Corp., Ltd.* $ 4,661,409
---------------
Total Utilities $ 5,406,260
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $139,653,885) $ 134,489,715
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Principal
Amount ($)
--------------------------------------------------------------------------------
CORPORATE BONDS -- 0.2%
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Personal Products -- 0.2%
BRL 562,000 Hypermarcas SA, 11.3%, 10/15/18 (c) $ 77,846
BRL 562,000 Hypermarcas SA, 3.0%, 10/15/15 (c) 234,593
---------------
$ 312,439
---------------
Total Household & Personal Products $ 312,439
--------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $550,732) $ 312,439
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
--------------------------------------------------------------------------------
Principal
Amount ($) Value
--------------------------------------------------------------------------------
EQUITY LINKED NOTES -- 2.2%
RETAILING -- 0.7%
Apparel Retail -- 0.7%
36,809 Fawaz Abdulaziz Alhokair & Co., 6/29/17 $ 1,025,689
---------------
Total Retailing $ 1,025,689
--------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 1.5%
Health Care Facilities -- 1.5%
55,829 Mouwasat Medical Services Co., 3/5/18 $ 2,229,319
---------------
Total Health Care Equipment & Services $ 2,229,319
--------------------------------------------------------------------------------
TOTAL EQUITY LINKED NOTES
(Cost $2,952,972) $ 3,255,008
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------
RIGHTS / WARRANTS -- 0.0%+
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.0%+
Personal Products -- 0.0%+
562 Hypermarcas SA, 10/15/15 (c) $ --
--------------------------------------------------------------------------------
TOTAL RIGHTS / WARRANTS
(Cost $--) $ --
--------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 96.4%
(Cost $147,835,894) (a) (b) $ 142,601,629
--------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 3.6% $ 5,294,349
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 147,895,978
================================================================================
+ Amount rounds to less than 0.1%.
* Non-income producing security.
(A.D.R.) American Depositary Receipts.
(G.D.R.) Global Depositary Receipts.
(a) At May 31, 2015, the net unrealized depreciation on investments based
on cost for federal income tax purposes of $149,370,694 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 8,559,737
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (15,328,802)
-------------
Net unrealized depreciation $ (6,769,065)
=============
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 21
Schedule of Investments | 5/31/15 (unaudited) (continued)
(b) Distributions of investments by country of issue (excluding temporary
cash investments) as a percentage of total investment in securities,
is as follows:
China 27.0%
Russia 11.6
South Korea 5.8
Brazil 5.5
United Arab Emirates 5.3
Italy 4.9
Republic of Georgia 4.9
Egypt 4.7
Philippines 4.3
Austrialia 4.2
India 3.1
Nigeria 3.1
Greece 3.0
South Africa 2.4
Saudi Arabia 2.3
Kenya 2.1
Mexico 1.6
Taiwan 1.3
Hong Kong 1.2
Other (individually less than 1.0%) 1.7
-----
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, 2015 aggregated $71,665,366 and $111,719,697,
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.
22 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
The following is a summary of the inputs used as of May 31, 2015, in valuing the
Funds's investments:
-----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------
Preferred Stocks
Energy
Integrated Oil & Gas $ 8,912 $ -- $ -- $ 8.912
All Other Preferred Stock -- 4,535,555 -- 4,535,555
Common Stocks
Transportation
Railroads 865,599 -- -- 865,599
Highways & Railtracks 860,195 -- -- 860,195
Automobiles & Components
Auto Parts & Equipment 6,715,481 -- -- 6,715,481
Automobile Manufacturers 627,852 -- -- 627,852
Food, Beverage & Tobacco
Packaged Foods & Meats 17,331 -- -- 17,331
Banks
Diversified Banks 7,982,546 19,179,138 -- 27,161,684
Diversified Financials
Consumer Finance 6,378 -- -- 6,378
Software & Services
Internet Software &
Services 3,464,087 -- -- 3,464,087
All Other Common Stocks -- 94,771,108 -- 94,771,108
Corporate Bonds -- -- 312,439 312,439
Equity Linked Notes -- 3,255,008 -- 3,255,008
Warrants -- -- --** --
-----------------------------------------------------------------------------------------
Total $20,548,381 $121,740,809 $312,439 $ --
=========================================================================================
Other Financial Instruments
Net unrealized appreciation
on Forward Foreign
Currency Contracts $ -- $ 605,763 $ -- $ 605,763
Net unrealized depreciation
on Forward Foreign
Currency Contracts -- (233,814) -- (233,814)
Net unrealized appreciation
on Futures Contracts 11,620 -- -- 11,620
-----------------------------------------------------------------------------------------
Total $ 11,620 $ 371,949 $ -- $ 383,569
=========================================================================================
** Security is valued at $0.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 23
Schedule of Investments | 5/31/15 (unaudited) (continued)
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
--------------------------------------------------------------------------------------------
Corporate Rights/
Bonds Warrants Totals
--------------------------------------------------------------------------------------------
Balance as of 11/30/14 $390,510 $--*** $390,510
Realized gain (loss)(1) -- -- --
Change in unrealized appreciation (depreciation)(2) (78,071) -- (78,071)
Purchases -- -- --
Sales -- -- --
Transfers in and out of Level 3** -- -- --
--------------------------------------------------------------------------------------------
Balance as of 5/31/15 $312,439 $--*** $312,439
============================================================================================
(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, 2015, there were no transfers between Levels 1, 2 and
3.
*** Security is valued at $0.
Net change in unrealized depreciation of Level 3 investments
still held and considered Level 3 as of 5/31/15 $(78,071)
--------
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of April 30, 2015.
-------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------
Assets: $ -- $3,783,124 $-- $3,783,124
Foreign currencies, at value
Futures collateral 89,260 -- -- 89,260
Liabilities:
Variation margin for
futures contracts (24,960) -- -- (24,960)
-------------------------------------------------------------------------------------------
Total: $ 64,300 $3,783,124 $-- $3,847,424
===========================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
Statement of Assets and Liabilities | 5/31/15 (unaudited)
ASSETS:
Investment in securities, at value (cost $147,835,894) $142,601,629
Foreign currencies, at value (cost $3,876,064) 3,783,124
Futures collateral 89,260
Receivables --
Investment securities sold 6,111,109
Fund shares sold 38,064
Dividends 460,336
Interest 2,177
Net unrealized appreciation on forward foreign currency contracts 605,763
Net unrealized appreciation on futures contracts 11,620
Prepaid expenses 54,349
--------------------------------------------------------------------------------------
Total assets $153,757,431
======================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 4,911,915
Fund shares repurchased 181,031
Trustee fees 1,186
Due to custodian 325,274
Net unrealized depreciation on forward foreign currency contracts 233,814
Variation margin for futures contracts 24,960
Reserve for repatriation taxes 8,667
Due to affiliates 70,231
Accrued expenses 104,375
--------------------------------------------------------------------------------------
Total liabilities $ 5,861,453
======================================================================================
NET ASSETS:
Paid-in capital $168,836,361
Distributions in excess of net investment income (2,098,697)
Accumulated net realized loss on investments, futures contracts and
foreign currency transactions (13,717,014)
Net unrealized depreciation on investments (5,234,265)
Net unrealized appreciation on futures contracts 11,620
Net unrealized appreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 97,973
--------------------------------------------------------------------------------------
Total net assets $147,895,978
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $94,323,362/4,682,202 shares) $ 20.15
Class C (based on $16,622,433/993,864 shares) $ 16.73
Class R (based on $29,866,399/1,549,487 shares) $ 19.28
Class Y (based on $7,083,784/319,737 shares) $ 22.16
MAXIMUM OFFERING PRICE:
Class A ($20.15 (divided by) 94.25%) $ 21.38
======================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 25
Statement of Operations (unaudited)
For the Six Months Ended 5/31/15
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $79,697) $ 1,318,001
Interest (net of foreign taxes withheld of $1,668) 3,664
---------------------------------------------------------------------------------------------
Total investment income $ 1,321,665
---------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 877,351
Transfer agent fees
Class A 110,606
Class C 18,310
Class R 6,496
Class Y 439
Distribution fees
Class A 116,947
Class C 82,754
Class R 76,248
Shareholder communications expense 134,166
Administrative reimbursements 29,705
Custodian fees 103,509
Registration fees 35,460
Professional fees 34,661
Printing expense 8,766
Fees and expenses of nonaffiliated Trustees 3,654
Miscellaneous 38,494
---------------------------------------------------------------------------------------------
Total operating expenses $ 1,677,566
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (55,858)
---------------------------------------------------------------------------------------------
Net operating expenses $ 1,621,708
---------------------------------------------------------------------------------------------
Net investment loss $ (300,043)
---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes
of $115,180) $ (18,049,444)
Futures contracts (95,463)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 3,667,652 $ (14,477,255)
---------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments (net decrease in reserve for foreign capital
gains taxes of $8,667) $ 10,509,158
Futures contracts 11,620
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (1,612,780) $ 8,907,998
---------------------------------------------------------------------------------------------
Net loss on investments, futures contracts and
foreign currency transactions $ (5,569,257)
---------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (5,869,300)
=============================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
Statement of Changes in Net Assets
----------------------------------------------------------------------------------------------
Six Months
Ended
5/31/15 Year Ended
(unaudited) 11/30/14
----------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment loss $ (300,043) $ (426,728)
Net realized gain (loss) on investments, futures contracts and
foreign currency transactions (14,477,255) 17,973,362
Change in net unrealized appreciation (depreciation) on
investments, futures contracts and foreign
currency transactions 8,907,998 (33,412,284)
----------------------------------------------------------------------------------------------
Net decrease in net assets resulting
from operations $ (5,869,300) $ (15,865,650)
----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.38 and $0.08 per share, respectively) $ (1,870,713) $ (431,205)
Class C ($0.23 and $0.00 per share, respectively) (244,372) --
Class R ($0.34 and $0.04 per share, respectively) (586,112) (75,638)
Class Y ($0.51 and $0.23 per share, respectively) (782,548) (625,797)
Net realized gain:
Class A ($0.00 and $1.41 per share, respectively) $ -- $ (6,634,747)
Class C ($0.00 and $1.41 per share, respectively) -- (1,428,685)
Class R ($0.00 and $1.41 per share, respectively) -- (2,225,299)
Class Y ($0.00 and $1.41 per share, respectively) -- (2,182,355)
----------------------------------------------------------------------------------------------
Total distributions to shareowners $ (3,483,745) $ (13,603,726)
----------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 14,893,592 $ 43,024,350
Reinvestment of distributions 2,733,941 10,779,347
Cost of shares repurchased (53,008,042) (91,794,508)
----------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (35,380,509) $ (37,990,811)
----------------------------------------------------------------------------------------------
Net decrease in net assets $ (44,733,554) $ (67,460,187)
NET ASSETS:
Beginning of period 192,629,532 260,089,719
----------------------------------------------------------------------------------------------
End of period $ 147,895,978 $ 192,629,532
----------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net
investment income $ (2,098,697) $ 1,685,091
==============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 27
Statement of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------
'15 Shares '15 Amount
(unaudited) (unaudited) '14 Shares '14 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 491,704 $ 9,680,483 858,627 $ 20,595,749
Reinvestment of distributions 96,479 1,813,802 323,034 6,840,755
Less shares repurchased (888,248) (17,310,267) (1,476,763) (34,932,370)
------------------------------------------------------------------------------------------------
Net decrease (300,065) $ (5,815,982) (295,102) $ (7,495,866)
================================================================================================
Class B*
Shares sold or exchanged -- $ -- 1,362 $ 26,579
Reinvestment of distributions -- -- -- 4
Less shares repurchased -- -- (221,522) (4,293,299)
------------------------------------------------------------------------------------------------
Net decrease -- $ -- (220,160) $ (4,266,716)
================================================================================================
Class C
Shares sold 103,301 $ 1,665,139 164,488 $ 3,285,936
Reinvestment of distributions 13,525 211,931 70,644 1,232,034
Less shares repurchased (206,314) (3,301,611) (323,820) (6,429,162)
------------------------------------------------------------------------------------------------
Net decrease (89,488) $ (1,424,541) (88,688) $ (1,911,192)
================================================================================================
Class R
Shares sold 172,070 $ 3,142,627 217,792 $ 4,938,472
Reinvestment of distributions 31,422 565,919 109,966 2,222,268
Less shares repurchased (339,055) (6,270,137) (338,406) (7,674,471)
------------------------------------------------------------------------------------------------
Net decrease (135,563) $ (2,561,591) (10,648) $ (513,731)
================================================================================================
Class Y
Shares sold 18,853 $ 405,343 550,327 $ 14,177,614
Reinvestment of distributions 6,894 142,289 20,516 484,286
Less shares repurchased (1,259,697) (26,126,027) (1,506,460) (38,465,206)
------------------------------------------------------------------------------------------------
Net decrease (1,233,950) $ (25,578,395) (935,617) $ (23,803,306)
================================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/15 Ended Ended Ended Ended Ended
(unaudited) 11/30/14 11/30/13 11/30/12 11/30/11 11/30/10
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 20.92 $ 24.06 $ 23.24 $ 23.10 $ 29.42 $ 26.11
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.03) $ (0.04) $ 0.14 $ 0.13 $ 0.18 $ 0.03
Net realized and unrealized gain (loss) on investments (0.36) (1.61) 0.79 0.11 (5.35) 3.32
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.39) $ (1.65) $ 0.93 $ 0.24 $ (5.17) $ 3.35
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.38) $ (0.08) $ (0.11) $ -- $ -- $ (0.04)
Net realized gain -- (1.41) -- (0.10) (1.15) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.38) $ (1.49) $ (0.11) $ (0.10) $ (1.15) $ (0.04)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.77) $ (3.14) $ 0.82 $ 0.14 $ (6.32) $ 3.31
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.15 $ 20.92 $ 24.06 $ 23.24 $ 23.10 $ 29.42
====================================================================================================================================
Total return* (1.73)% (6.88)% 3.98% 1.06% (17.44)% 12.85%
Ratio of net expenses to average net assets 1.95%** 1.96%(a) 1.95% 1.95% 1.95% 1.94%
Ratio of net investment income (loss) to average net assets (0.25)%** (0.19)% 0.55% 0.53% 0.58% 0.09%
Portfolio turnover rate 91%** 141% 77% 160% 191% 91%
Net assets, end of period (in thousands) $94,323 $104,251 $126,981 $ 154,064 $ 207,935 $339,834
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 2.06%** 2.04%(a) 1.96% 2.03% 1.95% 1.94%
Net investment income (loss) to average net assets (0.36)%** (0.26)% 0.54% 0.45% 0.58% 0.09%
====================================================================================================================================
* 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.
(a) Includes interest expense of 0.01%.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 29
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/15 Ended Ended Ended Ended Ended
(unaudited) 11/30/14 11/30/13 11/30/12 11/30/11 11/30/10
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 17.35 $ 20.32 $ 19.70 $ 19.76 $ 25.56 $ 22.84
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.13) $ (0.22) $ (0.04) $ (0.06) $ (0.05) $ (0.17)
Net realized and unrealized gain (loss) on investments (0.26) (1.34) 0.66 0.10 (4.60) 2.89
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.39) $ (1.56) $ 0.62 $ 0.04 $ (4.65) $ 2.72
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.23) $ -- $ -- $ -- $ -- $ --
Net realized gain -- (1.41) -- (0.10) (1.15) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.23) $ (1.41) $ -- $ (0.10) $ (1.15) $ --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.62) $ (2.97) $ 0.62 $ (0.06) $ (5.80) $ 2.72
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 16.73 $ 17.35 $ 20.32 $ 19.70 $ 19.76 $ 25.56
====================================================================================================================================
Total return* (2.16)% (7.69)% 3.15% 0.23% (18.04)% 11.91%
Ratio of net expenses to average net assets 2.83%** 2.80%(a) 2.78% 2.75% 2.73% 2.76%
Ratio of net investment income (loss) to average net assets (1.13)%** (1.02)% (0.27)% (0.25)% (0.20)% (0.70)%
Portfolio turnover rate 91%** 141% 77% 160% 191% 91%
Net assets, end of period (in thousands) $16,622 $ 18,801 $ 23,810 $ 29,771 $ 37,324 $ 60,809
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 2.83%** 2.80%(a) 2.78% 2.75% 2.73% 2.76%
Net investment income (loss) to average net assets (1.13)%** (1.02)% (0.27)% (0.25)% (0.20)% (0.70)%
====================================================================================================================================
* 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.
(a) Includes interest expense of 0.01%.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/15 Ended Ended Ended Ended Ended
(unaudited) 11/30/14 11/30/13 11/30/12 11/30/11 11/30/10
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 20.02 $ 23.11 $ 22.30 $ 22.23 $ 28.43 $ 25.26
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.07) $ (0.09) $ 0.10 $ 0.10 $ 0.10 $ (0.01)
Net realized and unrealized gain (loss) on investments (0.33) (1.55) 0.76 0.07 (5.15) 3.21
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.40) $ (1.64) $ 0.86 $ 0.17 $ (5.05) $ 3.20
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.34) $ (0.04) $ (0.05) $ -- $ -- $ (0.03)
Net realized gain -- (1.41) -- (0.10) (1.15) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.34) $ (1.45) $ (0.05) $ (0.10) $ (1.15) $ (0.03)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.74) $ (3.09) $ 0.81 $ 0.07 $ (6.20) $ 3.17
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.28 $ 20.02 $ 23.11 $ 22.30 $ 22.23 $ 28.43
====================================================================================================================================
Total return* (1.86)% (7.10)% 3.86% 0.79% (17.62)% 12.68%
Ratio of net expenses to average net assets 2.20%** 2.18%(a) 2.13% 2.13% 2.20% 2.10%
Ratio of net investment income (loss) to average net assets (0.52)%** (0.40)% 0.37% 0.39% 0.33% (0.02)%
Portfolio turnover rate 91%** 141% 77% 160% 191% 91%
Net assets, end of period (in thousands) $29,866 $33,742 $39,183 $ 49,013 $ 73,347 $119,358
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 2.24%** 2.18%(a) 2.13% 2.13% 2.28% 2.10%
Net investment income (loss) to average net assets (0.56)%** (0.40)% 0.37% 0.39% 0.25% (0.02)%
====================================================================================================================================
* 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.
(a) Includes interest expense of 0.01%.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 31
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/15 Ended Ended Ended Ended Ended
(unaudited) 11/30/14 11/30/13 11/30/12 11/30/11 11/30/10
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 23.06 $ 26.38 $ 25.46 $ 25.16 $ 31.73 $ 28.12
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.54) $ 0.09 $ 0.28 $ 0.28 $ 0.38 $ 0.17
Net realized and unrealized gain (loss) on investments 0.15 (1.77) 0.90 0.12 (5.80) 3.57
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.39) $ (1.68) $ 1.18 $ 0.40 $ (5.42) $ 3.74
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.51) $ (0.23) $ (0.26) $ -- $ -- $ (0.13)
Net realized gain -- (1.41) -- (0.10) (1.15) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.51) $ (1.64) $ (0.26) $ (0.10) $ (1.15) $ (0.13)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.90) $ (3.32) $ 0.92 $ 0.30 $ (6.57) $ 3.61
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 22.16 $ 23.06 $ 26.38 $ 25.46 $ 25.16 $ 31.73
====================================================================================================================================
Total return* (1.53)% (6.41)% 4.63% 1.61% (16.96)% 13.39%
Ratio of net expenses to average net assets 1.48%** 1.40%(a) 1.38% 1.39% 1.40% 1.44%
Ratio of net investment income (loss) to average net assets (0.08)%** 0.34% 1.12% 1.10% 1.13% 0.60%
Portfolio turnover rate 91%** 141% 77% 160% 191% 91%
Net assets, end of period (in thousands) $ 7,084 $35,835 $65,655 $ 62,897 $ 65,597 $99,627
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.48%** 1.40%(a) 1.38% 1.39% 1.40% 1.44%
Net investment income (loss) to average net assets (0.08)%** 0.34% 1.12% 1.10% 1.13% 0.06%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
(a) Includes interest expense of 0.01%.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
Notes to Financial Statements | 5/31/15 (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.
During the period covered by this report, the Fund offered four classes
of shares
designated as Class A, Class C, Class R, and Class Y shares. The Fund ceased to
offer Class B shares on November 10, 2014. Class B shares were converted to
Class A shares as of the close of business on November 10, 2014. Each class of
shares represents an interest in the same portfolio of investments of the Fund
and has identical rights (based on relative net asset values) to assets and
liquidation proceeds. Share classes can bear different rates of class-specific
fees and expenses such as transfer agent and distribution fees. Differences in
class-specific fees and expenses will result in differences in net investment
income and, therefore, the payment of different dividends from net investment
income earned by each class. The Amended and Restated Declaration of Trust of
the Fund gives the Board the flexibility to specify either per-share voting or
dollar-weighted voting when submitting matters for shareholder approval. Under
per-share voting, each share of a class of the Fund is entitled to one vote.
Under dollar-weighted voting, a shareholder's voting power is determined not by
the number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 33
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. 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.
34 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
At May 31, 2015, there were three securities valued using fair value
methods (in addition to securities that were valued using prices supplied
by independent pricing services or broker-dealers) representing 0.2% of net
assets.
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income, including
interest on income-bearing cash accounts, is recorded on the accrual basis.
Dividend and interest income are reported net of unrecoverable foreign
taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the Statement of Operations from
the effects of changes in the market price of those securities but are
included with the net realized and unrealized gain or loss on investments.
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
is recorded in the Fund's financial statements. The Fund records realized
gains and losses at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 6).
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 35
E. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at May
31, 2015 was $89,260. 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, 2015 was $2,079,997.
At May 31, 2015, open futures contracts were as follows:
---------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Long/(Short) Month Value Appreciation
---------------------------------------------------------------------------
MSCI Taiwan Index 104 6/15 $3,748,160 $11,620
---------------------------------------------------------------------------
Total $3,748,160 $11,620
---------------------------------------------------------------------------
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, 2014, 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.
36 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
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, 2014, the Fund paid no such taxes.
In determining the daily net asset value, the Fund estimates the reserve
for such taxes, if any, associated with investments in certain countries.
The estimated reserve for the capital gains is based on the net unrealized
appreciation on certain portfolio securities, the holding period of such
securities and the related tax rates, tax loss carryforward (if applicable)
and other such factors. As of November 30, 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 year ended November 30, 2014 was:
---------------------------------------------------------------------------
2014
---------------------------------------------------------------------------
Distribution paid from:
Ordinary income $ 1,736,449
Long-term capital gain 11,867,277
---------------------------------------------------------------------------
Total $13,603,726
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2014:
---------------------------------------------------------------------------
2014
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 3,483,271
Undistributed long-term gain 2,295,041
Net unrealized depreciation (17,365,650)
---------------------------------------------------------------------------
Total $(11,587,338)
===========================================================================
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 37
The difference between book-basis and tax-basis net unrealized depreciation
is attributable to the tax deferral of losses on wash sales and the mark to
market of forward currency contracts.
G. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $6,268 in underwriting commissions on the sale of Class
A shares during the six months ended May 31, 2015.
H. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C and Class R shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees paid to the 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 C, Class R and Class Y shares
can reflect different transfer agent and distribution expense rates.
I. Risks
The Fund's investments in emerging markets or countries with limited or
developing markets may subject the Fund to a greater degree of risk than
investments in a developed market. Risks associated with these developing
markets include political, social and economic factors and may affect the
price of the Fund's investments and income generated by these investments,
as well as the Fund's ability to repatriate such amounts. At times, the
Fund's investments may represent industries or industry sectors that are
interrelated or have common risks, making the Fund more susceptible to any
economic, political or regulatory developments or other risks affecting
those industries and sectors. The Fund's prospectus contains unaudited
information regarding the Fund's principal risks. Please refer to that
document when considering the Fund's principal risks.
38 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
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. During the six months ended
May 31, 2015, the Fund had no outstanding repurchase agreements.
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, 2015, the effective management fee
(excluding waivers and/or assumption of expenses) was 1.10% of the Fund's
average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.95%, 2.85% and 2.20% of the average daily
net assets attributable to Class A, Class C and Class R shares, respectively.
Fees waived and expenses reimbursed during the six months ended May 31, 2015 are
reflected on the Statement of Operations. Class Y shares do not have an expense
limitation. These expense limitations are in effect through April 1, 2016. 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
$18,534 in management fees, administrative costs and certain other
reimbursements payable to PIM at May 31, 2015.
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.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 39
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, 2015, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 72,071
Class C 15,965
Class R 42,164
Class Y 3,966
--------------------------------------------------------------------------------
Total $134,166
--------------------------------------------------------------------------------
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $45,544 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at May 31, 2015.
4. Distribution and Service Plans
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class C and Class R
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class C shares. The fee for Class C
shares consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Pursuant to the Plan, the
Fund further pays PFD 0.50% of the average daily net assets attributable to
Class R shares for distribution services. Included in "Due to affiliates"
reflected on the Statement of Assets and Liabilities is $6,153 in distribution
fees payable to PFD at May 31, 2015.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R and Class Y
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 12 months of purchase. Redemptions of Class C shares
within 12 months of purchase are subject to a CDSC of 1.00%, based on
40 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
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, 2015,
CDSCs in the amount of $3,293 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, 2015, the Fund's
expenses were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At May 31, 2015, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of forward foreign
currency contracts open during the six months ended May 31, 2015 was
$20,449,702.
Open forward foreign currency contracts at May 31, 2015 were as follows:
-----------------------------------------------------------------------------------------------------------
Quantity/
Shares Net
Currency Purchased/ Book Settlement US $ Value at Unrealized
Description Counterparty (Sold) Value Date 5/31/15 Appreciation
-----------------------------------------------------------------------------------------------------------
MXN (Mexican Deutsche
Peso) Bank AG London (66,610) $ (4,317) 7/13/15 $ (4,314) $ 3
EUR (European Deutsche
Euro) Bank AG London 4,249,301 4,565,343 7/13/15 4,670,244 104,901
RUB (Russian Goldman Sachs
Ruble) & Co. (403,047,416) (7,803,435) 7/13/15 (7,577,240) 226,195
BRL (Brazilian
Real) Morgan Stanley (20,546,555) (6,623,648) 7/13/15 (6,359,946) 263,702
-----------------------------------------------------------------------------------------------------------
Total $ 594,801
===========================================================================================================
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 41
-----------------------------------------------------------------------------------------------------------
Quantity/
Shares Net
Currency Purchased/ Book Settlement US $ Value at Unrealized
Description Counterparty (Sold) Value Date 5/31/15 Depreciation
-----------------------------------------------------------------------------------------------------------
EUR (European Deutsche
Euro) Bank AG London (5,114,032) $(5,425,405) 7/13/15 $(5,620,637) $ (195,232)
NGN (Nigerian Goldman Sachs
Naira) & Co. (287,692,010) (1,389,816) 7/13/15 (1,428,398) (38,582)
-----------------------------------------------------------------------------------------------------------
Total $ (233,814)
===========================================================================================================
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect during the six months ended May 31, 2015 was in the
amount of $215 million. Under such facility, depending on the type of loan,
interest on borrowings is payable at the London Interbank Offered Rate (LIBOR)
plus 0.85% (0.90% prior to 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, 2015, the Fund had no outstanding
borrowings.
42 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
8. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of May 31, 2015 were as follows:
---------------------------------------------------------------------------------------
Derivatives not
accounted for as Asset Derivatives 2015 Liabilities Derivatives 2015
Hedging instruments -------------------------------------------------------------
Under Accounting Statement of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
---------------------------------------------------------------------------------------
Forward foreign Net unrealized Net unrealized
currency contracts appreciation on depreciation on
forward foreign forward foreign
currency currency
contracts $594,801 contracts $233,814
Futures contracts Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $ 11,620 futures contracts $ --
---------------------------------------------------------------------------------------
Total $606,421 $233,814
=======================================================================================
The effect of derivative instruments on the Statement of Operations
for the six months ended May 31, 2015 was as follows:
-----------------------------------------------------------------------------------------------
Change in
Derivatives Not Unrealized
Accounted for as Realized appreciation or
Hedging Instruments Location of Gain Gain (Loss) (depreciation)
Under Accounting or (Loss) on on Derivatives on Derivatives
Standards Codification Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
-----------------------------------------------------------------------------------------------
Forward Foreign Net realized gain (loss) on
Currency Contracts forward foreign currency contracts $ 3,406,142
Forward Foreign Change in net unrealized
Currency Contracts appreciation (depreciation) on
forward foreign currency contracts $(1,486,359)
Futures Contracts Net realized gain (loss) on
futures contracts $ (95,463)
Futures Contracts Change in net unrealized
appreciation (depreciation) on
futures contracts $ 11,620
9. 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 replaced 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.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 43
During the periods that Ernst & Young LLP served as the Fund's independent
registered public accounting firm, including the Fund's fiscal years ending
November 30, 2013 and November 30, 2012, 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.
Additional Information
PIM, the Fund's investment adviser, is currently an indirect, wholly-owned
subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a
preliminary and exclusive agreement with Banco Santander and affiliates of
Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to
Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction as described in the UniCredit announcement, will entail the
establishment of a holding company, with the name Pioneer Investments, to be
owned by UniCredit (50%) and the Private Equity Firms (50% between them). The
holding company will control Pioneer's U.S. operations, including the Adviser.
The holding company also will own 66.7% of Pioneer's and SAM's combined
operations outside the U.S., while Banco Santander will own directly the
remaining 33.3% stake. The completion of the Transaction is subject to the
signing of a definitive agreement, as well as certain regulatory and corporate
approvals, and other conditions.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's investment advisory agreement with the Adviser to terminate. In
connection with the Transaction, the Fund's Board of Trustees will be asked to
approve a new investment advisory agreement for the Fund. If approved by the
Board, the Fund's new investment advisory agreement will be submitted to the
shareholders of the Fund for their approval.
44 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius 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.
* Ms. Monchak is a non-voting Advisory Trustee.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 45
This page for your notes.
46 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
This page for your notes.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 47
This page for your notes.
48 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
This page for your notes.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 49
This page for your notes.
50 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
This page for your notes.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15 51
This page for your notes.
52 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/15
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
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) 2015 Pioneer Investments 19387-09-0715
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.
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(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.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
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.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Emerging Markets Fund
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date July 29, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date July 29, 2015
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date July 29, 2015
* Print the name and title of each signing officer under his or her signature.