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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08448
Pioneer Emerging Markets Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: December 1, 2015 through May 31, 2016
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Emerging
Markets Fund
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Semiannual Report | May 31, 2016
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PEMFX
Class C PCEFX
Class R PEMRX
Class Y PYEFX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 24
Notes to Financial Statements 32
Trustees, Officers and Service Providers 46
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 1
President's Letter
Dear Shareowner,
The first half of 2016 has featured some remarkable twists and turns in the
global economy. The year began on shaky footing as surging market volatility
brought about by fears of weaker global economic growth as well as falling oil
prices depressed returns for investors. In the US, both equity and fixed-income
markets declined significantly through the first six weeks of the year, only to
recover the losses by the end of the first quarter when market sentiment
shifted, due in part to accommodative monetary policies from the world's central
banks.
Midway through the first quarter, for example, the US Federal Reserve System
(the Fed) backed off plans to raise interest rates four times in 2016, and the
European Central Bank announced a more comprehensive asset-purchasing program in
the hopes of encouraging lending, and boosting both inflation and economic
growth. The markets responded with a solid rally. By the end of May, in fact, US
equities, as measured by the Standard & Poor's 500 Index, had generated a solid
year-to-date (YTD) return of 3.55%, and the YTD return (as of 5/31/16) of the
Barclays Aggregate Bond Index, a common measure of the US fixed-income market,
was 3.45%.
As markets began to settle down, the Brexit vote - the vote confirming that the
United Kingdom (UK) would exit the European Union (EU) - surprised many, and the
rollercoaster ride began once again. The market sold off sharply in the first
few days after the vote, then rallied as investors sought bargains created by
the initial post-Brexit sell-off, and as more, less ominous information about
the implications of the Brexit results came to light.
From a macroeconomic perspective, Pioneer believes the negative economic impact
of Brexit on the US should be more limited compared with its effects on the UK
and Europe. However, we expect reduced global demand due to a higher level of
uncertainty and risk aversion among investors. While the spillover effects on
the US economy are unclear, we think it possible that, in the event of a
significant negative economic impact, the Fed might consider other monetary
policy options. Globally, we believe that central banks are ready to act and
that their initial focus will be to stabilize the markets and provide liquidity,
if needed.
While the Brexit vote is now official, the expectation is that the actual
process of separating the UK from the EU could take at least two years. Only in
the next several months may we begin to see signs of what path Europe will
follow as it adapts to the reality of an EU without one of its most prominent
members. Over the medium-term, however, we believe uncertainties over the future
of Europe and central banks' reactions will likely dominate financial markets,
and we believe the news flow surrounding Brexit will continue to weigh on
riskier assets. Competing for headlines, too, is the current financial condition
of many European banks. Ultimately, we think that the political and monetary
policy responses will be the major variables when it comes to managing an
orderly
2 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
Brexit. In addition, as the second half of 2016 gets underway, we continue to
see central bank policies as generally supportive of the US economy -- for which
we maintain an expectation of modest growth this year.
Aside from the Brexit-caused uncertainties, economies around the world in both
developed and emerging markets are experiencing deep structural changes. Current
challenges include incomplete debt deleveraging in both emerging and developed
markets, where debt levels continue to grow, the transition of many emerging
markets economies from export/investment-driven models to more domestic
demand-driven models, and aging populations, which are reducing productivity and
limiting economic growth potential (primarily in the developed markets but also
in emerging markets such as China). Geopolitical instability on many fronts, the
rising risk of policy mistakes, and market liquidity issues combine to increase
the possibility of sharp swings in asset values. Meanwhile, in the US, as always
in a presidential election year, the political rhetoric of 2016 has the
potential to impact domestic sectors such as health care.
Throughout Pioneer's history, we have believed in the importance of active
management. During periods of market volatility, we view the value of active
management as even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using proprietary research,
careful risk management, and a long-term perspective. We believe our shareowners
can benefit from the experience and tenure of our investment teams as well as
the insights generated from our extensive research process.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
May 31, 2016
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 3
Portfolio Management Discussion | 5/31/16
In the following interview, Mauro Ratto, Marco Mencini, and Andrea Salvatori,
portfolio managers of Pioneer Emerging Markets Fund, discuss the investment
environment and the Fund's performance during the six-month period ended May 31,
2016. Mr. Ratto, Head of Emerging Markets Investment Management at Pioneer, Mr.
Mencini, Head of Equities, Emerging Markets, and a senior vice president at
Pioneer, and Mr. Salvatori, Head of Global Emerging Markets & Latin American
Equities, a senior vice president and a senior portfolio manager at Pioneer, are
responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the six-month period ended May 31, 2016?
A Pioneer Emerging Markets Fund's Class A shares returned 6.06% at net asset
value during the six-month period ended May 31, 2016, while the Fund's
benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets
ND Index (the MSCI Index), returned 0.04%. During the same period, the
average return of the 878 mutual funds in Lipper's Emerging Markets Funds
category was -0.02%, and the average return of the 905 mutual funds in
Morningstar's Diversified Emerging Markets Funds category was -0.08%.
Q Could you please review the market environment for emerging markets
equities during the six-month period ended May 31, 2016?
A Emerging markets equities produced a flat return during the six-month
period, but the MSCI Index had a solid finish after hitting a low in mid-
January. The first eight weeks of the period were a challenging time
(December 2015 and January 2016), as the markets came under heavy pressure
from the combination of falling commodity prices, the possibility of
slowing global economic growth, and investors' strong aversion to higher-
risk assets. Despite the shaky start to the period, stocks soon rebounded
in response to market-friendly actions undertaken by the world's central
banks. The European Central Bank (ECB) announced a new stimulus package in
late January, and the Bank of Japan surprised the markets shortly
thereafter by pushing interest rates into negative territory. The US
Federal Reserve (the Fed) then offered additional reassurance to the
markets through various statements indicating that it would maintain a
gradual approach to raising interest rates in the wake of its one small
rate hike in December. Together, those developments provided a substantial
boost to investor sentiment and led to a rally in higher-risk assets across
the globe. In addition, the diminutive yields available in many developed
bond markets attracted
4 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
buyers to the emerging equity markets, where yields were above average.
Although the recovery lost steam in May, the MSCI Index nonetheless
finished in slightly positive territory for the full six-month period.
Q Which of your investment decisions or individual positions had the greatest
effect on the Fund's solid outperformance of its benchmark during the
six-month period ended May 31, 2016?
A The Fund's positioning in China was one of the most important factors in
its outperformance of the MSCI Index during the period. Among Chinese
holdings in the portfolio, the largest contribution to benchmark-relative
returns came from an investment in Goodbaby International, which makes
strollers, car seats, and other child safety products. The company, which
is capitalizing on growing middle-class wealth in China, has been one of
our highest-conviction positions in the Fund's portfolio. Goodbaby reported
growing earnings during the six-month period, which helped the stock to
outperform the broader Chinese market by a wide margin.
Shares of Global Telecom Holding, an Egyptian provider of information
technology and mobile telecommunications services, also performed very well
and aided the Fund's benchmark-relative performance. The company cut costs,
shored up its balance sheet, and continued to address certain governance
issues, which led to a recovery in investor sentiment towards Global
Telecom's stock. While we welcome the recent improvement, we believe Global
Telecom remains significantly underappreciated by the market, based on the
strength of the company's underlying asset base and a market capitalization
below its intrinsic value.
Investments in two Greek bank stocks, Eurobank Ergasias and Bank of
Piraeus, also contributed to the Fund's benchmark-relative results during
the period. Greece's market in general - and bank stocks in particular -
sold off precipitously in the first half of the six-month reporting period.
The stocks reached levels that seemed to indicate the underlying businesses
were in jeopardy of failure, even though the banking sector, due to its
systemic importance, has the support of the Greek government. We saw an
opportunity, and established meaningful Fund positions in what we believe
are the two strongest companies in the sector midway through the first
calendar quarter of 2016. Both stocks rebounded significantly over the
second half of the period, boosting the Fund's relative performance.
On the negative side, shares of Tupy, the Brazilian auto-parts
manufacturer, was the portfolio position that detracted the most from the
Fund's benchmark-relative performance during the period. At a time of
strength for the Brazilian market, Tupy lagged due to an earnings headwind
created by the nation's strengthening currency (since the vast majority of
the
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 5
company's revenues are generated outside of Brazil). In Russia, the Fund's
relative returns also failed to keep pace with the benchmark due to the
poor performance of the portfolio's large position in oil-services provider
TMK, which lost ground even as the price of crude oil recovered. We retain
conviction in the investment, however, as we believe TMK offers a highly
attractive stock valuation along with a lower dependency on oil prices. The
Fund's position in Philippines National Bank, which underperformed despite
its healthy profitability and low exposure to non-performing loans, was
another holding that detracted from benchmark-relative performance during
the six-month period.
Q Did you invest in any derivatives while managing the Fund during the six-
month period ended May 31, 2016? If so, did the derivative positions have
any effect on the Fund's performance?
A We did invest the Fund in derivatives in the form of currency forward
contracts and index futures during the period, in an attempt to help manage
the portfolio's overall risk and volatility profile. Specifically, we used
short index futures in Brazil - as we believe the economy there faces
significant challenges - and we reduced the extent of the Fund's
underweight in Korea using long futures positions. We also used forward
contracts to hedge some of the Fund's currency exposures in Nigeria,
Brazil, and Russia. In total, the use of derivatives had a neutral impact
on the Fund's performance during the period.
Q How was the Fund's portfolio positioned with respect to specific regions or
countries as of May 31, 2016, and could you discuss some of the changes you
made within the portfolio during the six-month period?
A China represented the Fund's largest absolute country weighting at the
close of the period, as well as one of its most significant overweights
relative to the MSCI Index. In recent months, investors have displayed
concerns about the country's economic growth rate and debt levels, and we
are monitoring those issues closely to see how they might affect the
individual companies in which we've invested. While we expect more
volatility in China's stock market in the months ahead, we also think the
markets' trepidation about a "hard landing" for the Chinese economy is
exaggerated. Instead, we have confidence that the country can effectively
manage its transition from an investment-led economy to one that is
consumer-focused. We therefore remain positive on the long-term outlook for
China, and, by extension, for the stocks of Chinese companies held in the
Fund's portfolio.
6 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
Aside from our decision to add to the portfolio's weighting in Greece, one
of the more notable changes we made over the past six months was the
purchase of two Nigerian banking stocks, United Bank for Africa and Zenith
Bank. Both stocks fell to attractive valuations in 2015, due in part to
plunging oil prices and volatility in Nigeria's currency. However, we think
the banks have strong enough balance sheets to remain profitable, even in
the event of a renewed slump in oil prices and/or a currency devaluation.
We also reduced the extent of the Fund's benchmark-relative underweight in
India by purchasing shares of auto manufacturer Tata Motors, which we like
because of the company's sound management, growing market share, and
attractive stock valuation. On the other side of the ledger, we reduced the
Fund's weighting in Mexico during the period, with sales largely focused on
financial stocks because of their exposure to the US interest-rate cycle.
As always, we believe it is important to keep in mind that the Fund's
country and sector weightings are largely a residual effect of our overall
stock selection process.
Q Do you have any closing thoughts for investors?
A The emerging markets universe is not homogenous, with a wide range of
sector dispersion at the country level. The resulting economic diversity
among the emerging markets nations presents a multitude of options from
which to construct a portfolio. With this as background, we believe active
portfolio management using a bottom-up approach to individual stock
selection can add meaningful value. We therefore intend to maintain our
emphasis on owning shares of companies that feature strong fundamentals,
intelligent capital-allocation strategies, and, we believe, sustainable
paths to earnings growth.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 7
Please refer to the Schedule of Investments on pages 17-23 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
To the extent the Fund invests in issuers located within specific countries or
regions, the Fund may be particularly affected by adverse markets, rates, and
events, which may occur in those countries and regions.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
Portfolio Summary | 5/31/16
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 21.2%
Industrials 20.1%
Information Technology 18.3%
Telecommunication Services 10.9%
Energy 10.8%
Consumer Discretionary 8.3%
Consumer Staples 5.0%
Materials 4.2%
Utilities 1.2%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
China 29.2%
Brazil 13.2%
India 8.4%
Nigeria 8.3%
South Korea 6.4%
Egypt 5.8%
Russia 4.8%
Taiwan 4.5%
Kenya 4.4%
Philippines 4.2%
United Arab Emirates 4.2%
South Africa 2.2%
Greece 2.0%
British Virgin Islands 1.4%
Mexico 1.0%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. United Bank for Africa Plc 6.38%
--------------------------------------------------------------------------------
2. Goodbaby International Holdings, Ltd. 6.05
--------------------------------------------------------------------------------
3. Global Telecom Holding SAE (G.D.R.) 5.76
--------------------------------------------------------------------------------
4. Tata Motors, Ltd. 5.24
--------------------------------------------------------------------------------
5. TIM Participacoes SA 5.17
--------------------------------------------------------------------------------
6. TMK PAO (G.D.R.) 4.80
--------------------------------------------------------------------------------
7. Marfrig Global Foods SA 4.57
--------------------------------------------------------------------------------
8. Taiwan Semiconductor Manufacturing Co., Ltd. 4.53
--------------------------------------------------------------------------------
9. KenolKobil, Ltd., Group 4.36
--------------------------------------------------------------------------------
10. Philippine National Bank 4.21
--------------------------------------------------------------------------------
* 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 | 5/31/16 9
Prices and Distributions | 5/31/16
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 5/31/16 11/30/15
--------------------------------------------------------------------------------
A $16.24 $15.85
--------------------------------------------------------------------------------
C $13.34 $13.04
--------------------------------------------------------------------------------
R $15.51 $15.13
--------------------------------------------------------------------------------
Y $17.93 $17.47
--------------------------------------------------------------------------------
Distributions per Share: 12/1/15-5/31/16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.5340 $-- $--
--------------------------------------------------------------------------------
C $0.4028 $-- $--
--------------------------------------------------------------------------------
R $0.4868 $-- $--
--------------------------------------------------------------------------------
Y $0.5824 $-- $--
--------------------------------------------------------------------------------
The MSCI Emerging Markets ND Index is an unmanaged index that measures the
performance of emerging market stocks. Index returns are calculated monthly,
assume reinvestment of dividends and, unlike Fund returns, do not reflect any
sales charges, fees or expenses. It is not possible to invest directly in an
index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-14.
10 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
Performance Update | 5/31/16 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Emerging Markets Fund at public
offering price during the periods shown, compared to that of the Morgan Stanley
Capital International (MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of May 31, 2016)
--------------------------------------------------------------------------------
Net Public MSCI
Asset Offering Emerging
Value Price Markets
Period (NAV) (POP) ND Index
--------------------------------------------------------------------------------
10 Years -0.70% -1.28% 3.11%
5 Years -8.43 -9.51 -4.83
1 Year -14.89 -19.78 -17.63
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.18% 1.95%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
5/06 $ 9,425 $10,000
5/07 $13,515 $13,816
5/08 $16,082 $16,810
5/09 $ 9,273 $11,035
5/10 $10,701 $13,366
5/11 $13,649 $17,400
5/12 $ 9,988 $13,865
5/13 $10,729 $15,819
5/14 $11,566 $16,494
5/15 $10,324 $16,493
5/16 $ 8,787 $13,585
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through April 1, 2017, for Class A shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 11
Performance Update | 5/31/16 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of May 31, 2016)
--------------------------------------------------------------------------------
MSCI
Emerging
If If Markets
Period Held Redeemed ND Index
--------------------------------------------------------------------------------
10 Years -1.51% -1.51% 3.11%
5 Years -9.20 -9.20 -4.83
1 Year -15.68 -15.68 -17.63
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.95% 2.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
5/06 $10,000 $10,000
5/07 $14,233 $13,816
5/08 $16,808 $16,810
5/09 $ 9,609 $11,035
5/10 $10,998 $13,366
5/11 $13,913 $17,400
5/12 $10,099 $13,865
5/13 $10,763 $15,819
5/14 $11,506 $16,494
5/15 $10,182 $16,493
5/16 $ 8,585 $13,585
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through April 1, 2017, for Class C shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
Performance Update | 5/31/16 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of May 31, 2016)
--------------------------------------------------------------------------------
Net MSCI
Asset Emerging
Value Markets
Period (NAV) ND Index
--------------------------------------------------------------------------------
10 Years -0.91% 3.11%
5 Years -8.64 -4.83
1 Year -15.10 -17.63
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.33% 2.20%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
5/06 $10,000 $10,000
5/07 $14,311 $13,816
5/08 $16,979 $16,810
5/09 $ 9,774 $11,035
5/10 $11,262 $13,366
5/11 $14,339 $17,400
5/12 $10,456 $13,865
5/13 $11,217 $15,819
5/14 $12,067 $16,494
5/15 $10,748 $16,493
5/16 $ 9,125 $13,585
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class R shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through April 1, 2017, for Class R shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 13
Performance Update | 5/31/16 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Emerging Markets Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Emerging Markets ND Index.
Average Annual Total Returns
(As of May 31, 2016)
--------------------------------------------------------------------------------
Net MSCI
Asset Emerging
Value Markets
Period (NAV) ND Index
--------------------------------------------------------------------------------
10 Years -0.21% 3.11%
5 Years -8.00 -4.83
1 Year -14.74 -17.63
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.55%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Emerging MSCI Emerging
Markets Fund Markets ND Index
5/06 $5,000,000 $5,000,000
5/07 $7,209,089 $6,907,855
5/08 $8,617,284 $8,404,959
5/09 $4,995,857 $5,517,294
5/10 $5,792,512 $6,683,126
5/11 $7,430,349 $8,700,226
5/12 $5,469,794 $6,932,282
5/13 $5,910,041 $7,909,722
5/14 $6,407,082 $8,247,117
5/15 $5,744,712 $8,246,534
5/16 $4,897,645 $6,792,587
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 | 5/31/16
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Fund
Based on actual returns from December 1, 2015 through May 31, 2016.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 12/1/15
--------------------------------------------------------------------------------
Ending Account Value $1,060.60 $1,055.90 $1,059.50 $1,062.00
(after expenses)
on 5/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 10.05 $ 14.65 $ 11.33 $ 8.92
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.95%,
2.85%, 2.20% and 1.73% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/366 (to reflect the one-half year period).
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads), that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from December 1, 2015 through May 31, 2016.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 12/1/15
--------------------------------------------------------------------------------
Ending Account Value $1,015.25 $1,010.75 $1,014.00 $1,016.35
(after expenses)
on 5/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 9.82 $ 14.33 $ 11.08 $ 8.72
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.95%,
2.85%, 2.20% and 1.73% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/366 (to reflect the one-half year period).
16 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
Schedule of Investments | 5/31/16 (unaudited)
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 3.6%
ENERGY -- 0.0%+
Integrated Oil & Gas -- 0.0%+
2,301 Petroleo Brasileiro SA $ 5,128
-------------------
Total Energy $ 5,128
-----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 3.6%
Computer Hardware Storage & Peripherals -- 3.6%
4,388 Samsung Electronics Co., Ltd. $ 3,906,878
-------------------
Total Technology Hardware & Equipment $ 3,906,878
-----------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $4,436,774) $ 3,912,006
-----------------------------------------------------------------------------------------------------
COMMON STOCKS -- 93.0%
ENERGY -- 10.4%
Oil & Gas Equipment & Services -- 4.6%
1,776,992 TMK PAO (G.D.R.) $ 4,991,101
-----------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.6%
2,472,000 China Petroleum & Chemical Corp. $ 1,685,178
-----------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 4.2%
42,339,318 KenolKobil, Ltd., Group $ 4,533,384
-------------------
Total Energy $ 11,209,663
-----------------------------------------------------------------------------------------------------
MATERIALS -- 4.1%
Diversified Metals & Mining -- 4.1%
20,252,000 MMG, Ltd.* $ 4,365,190
-------------------
Total Materials $ 4,365,190
-----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 6.7%
Construction & Engineering -- 2.9%
5,739,000 Beijing Urban Construction Design & Development
Group Co., Ltd. $ 3,082,548
-----------------------------------------------------------------------------------------------------
Industrial Machinery -- 3.8%
2,052,000 China Conch Venture Holdings, Ltd.* $ 4,128,984
-------------------
Total Capital Goods $ 7,211,532
-----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 4.4%
Airlines -- 4.4%
11,305,376 Air Arabia PJSC $ 4,117,175
908,000 Air China, Ltd. 601,346
-------------------
$ 4,718,521
-------------------
Total Transportation $ 4,718,521
-----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 8.4%
Auto Parts & Equipment -- 3.3%
989,071 Tupy SA $ 3,563,973
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 17
Schedule of Investments | 5/31/16 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 5.1%
1,173,176 Tata Motors, Ltd. $ 5,451,746
-------------------
Total Automobiles & Components $ 9,015,719
-----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 5.8%
Leisure Products -- 5.8%
10,416,000 Goodbaby International Holdings, Ltd. $ 6,288,621
-------------------
Total Consumer Durables & Apparel $ 6,288,621
-----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.0%+
Casinos & Gaming -- 0.0%+
393 NagaCorp, Ltd. $ 273
-------------------
Total Consumer Services $ 273
-----------------------------------------------------------------------------------------------------
MEDIA -- 2.1%
Cable & Satellite -- 2.1%
15,571 Naspers, Ltd. $ 2,284,644
-------------------
Total Media $ 2,284,644
-----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 4.8%
Packaged Foods & Meats -- 4.5%
95,298 Flour Mills of Nigeria Plc $ 10,273
2,726,743 Marfrig Global Foods SA* 4,753,992
-------------------
$ 4,764,265
-----------------------------------------------------------------------------------------------------
Tobacco -- 0.3%
67,500 ITC, Ltd. $ 353,849
-------------------
Total Food, Beverage & Tobacco $ 5,118,114
-----------------------------------------------------------------------------------------------------
BANKS -- 20.1%
Diversified Banks -- 19.7%
150,284 Abu Dhabi Commercial Bank PJSC $ 243,280
1,543,000 China Construction Bank Corp. 996,191
1,643,385 Eurobank Ergasias SA 1,797,095
191,590 Grupo Financiero Banorte SAB de CV 1,003,210
196 HDFC Bank, Ltd. 4,080
14,267 HDFC Bank, Ltd. (A.D.R.) 918,224
271,515 ICICI Bank, Ltd. 979,299
1,689,000 Industrial & Commercial Bank of China, Ltd. 896,782
39,890 KB Financial Group, Inc. 1,138,199
415 Mega Financial Holding Co., Ltd. 304
777,277 National Bank of Greece SA 246,556
4,408,189 Philippine National Bank* 4,375,650
278,040,675 United Bank for Africa Plc 6,630,147
26,742,083 Zenith Bank Plc 2,012,292
-------------------
$ 21,241,309
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.4%
23,823 Housing Development Finance Corp., Ltd. $ 439,640
-------------------
Total Banks $ 21,680,949
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Consumer Finance -- 0.0%+
2,753 Credito Real SAB de CV SOFOM ER $ 5,754
-------------------
Total Diversified Financials $ 5,754
-----------------------------------------------------------------------------------------------------
INSURANCE -- 0.4%
Life & Health Insurance -- 0.4%
4,441 Samsung Life Insurance Co., Ltd. $ 386,919
-------------------
Total Insurance $ 386,919
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Real Estate Services -- 0.0%+
67,333 China Overseas Property Holdings, Ltd. $ 9,845
-------------------
Total Real Estate $ 9,845
-----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 9.7%
Internet Software & Services -- 3.8%
554,726 ChinaCache International Holdings, Ltd. (A.D.R.)* $ 4,021,764
-----------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 5.9%
43,788,000 China ITS Holdings Co., Ltd. $ 4,286,662
23,273 Luxoft Holding, Inc.* 1,511,349
15,014 Tata Consultancy Services, Ltd. 574,138
-------------------
$ 6,372,149
-------------------
Total Software & Services $ 10,393,913
-----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.0%+
Electronic Manufacturing Services -- 0.0%+
715 Hon Hai Precision Industry Co., Ltd. $ 1,753
-------------------
Total Technology Hardware & Equipment $ 1,753
-----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 4.4%
Semiconductors -- 4.4%
983,000 Taiwan Semiconductor Manufacturing Co., Ltd. $ 4,714,218
-------------------
Total Semiconductors & Semiconductor
Equipment $ 4,714,218
-----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 10.6%
Wireless Telecommunication Services -- 10.6%
3,465,910 Global Telecom Holding SAE (G.D.R.)* $ 5,992,517
2,724,866 TIM Participacoes SA 5,377,603
-------------------
$ 11,370,120
-------------------
Total Telecommunication Services $ 11,370,120
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 19
Schedule of Investments | 5/31/16 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
UTILITIES -- 1.1%
Electric Utilities -- 1.1%
23,280 Korea Electric Power Corp.* $ 1,228,591
-------------------
Total Utilities $ 1,228,591
-----------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $118,887,190) $ 100,004,339
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Principal S&P/Moody's
Amount ($) Ratings
-----------------------------------------------------------------------------------------------------
CORPORATE BOND -- 0.1%
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
BRL 562,000 NR/NR Hypermarcas SA, 11.3%, 10/15/18 (c) $ 52,118
-----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BOND
(Cost $194,014) $ 52,118
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Shares
-----------------------------------------------------------------------------------------------------
RIGHT / WARRANT -- 0.0%+
FOOD, BEVERAGE & TOBACCO -- 0.0%+
Packaged Foods & Meats -- 0.0%+
39,707 Flour Mills of Nigeria Plc, 12/31/49 (c) $ --
-----------------------------------------------------------------------------------------------------
TOTAL RIGHT / WARRANT
(Cost $--) $ --
-----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 96.7%
(Cost $123,517,978) (a) $ 103,968,463
-----------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 3.3% $ 3,589,005
-----------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 107,557,468
=====================================================================================================
+ 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, 2016, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $129,478,198 was
as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 6,080,778
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (31,590,513)
------------
Net unrealized depreciation $(25,509,735)
============
The accompanying notes are an integral part of these financial statements.
20 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
(b) Distributions of investments by country of issue (excluding temporary cash
investments) as a percentage of total investment in securities, is as
follows:
China 29.2%
Brazil 13.2
India 8.4
Nigeria 8.3
South Korea 6.4
Egypt 5.8
Russia 4.8
Taiwan 4.5
Kenya 4.4
Philippines 4.2
United Arab Emirates 4.2
South Africa 2.2
Greece 2.0
British Virgin Islands 1.4
Mexico 1.0
-----
100.0%
=====
(c) Security is valued using fair value methods (other than prices supplied by
independent pricing services or broker-dealers). See Notes to Financial
Statements -- Note 1A.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended May 31, 2016 aggregated $40,133,555 and $49,309,566,
respectively.
NOTE : Principal amounts are denominated in U.S. Dollars unless otherwise noted:
BRL Brazilian Real
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 21
Schedule of Investments | 5/31/16 (unaudited) (continued)
The following is a summary of the inputs used as of May 31, 2016, in valuing the
Funds's investments:
----------------------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------------------------
Preferred Stocks
Energy
Integrated Oil & Gas $ 5,128 $ -- $ -- $ 5,128
Technology Hardware &
Equipment
Computer Hardware
Storage & Peripherals -- 3,906,878 -- 3,906,878
Common Stocks*
Automobiles & Components
Auto Parts & Equipment 3,563,973 -- -- 3,563,973
Food, Beverage & Tobacco
Packaged Foods & Meats 4,753,992 10,273 -- 4,764,265
Banks
Diversified Banks 1,921,434 19,319,875 -- 21,241,309
Diversified Financials
Consumer Finance 5,754 -- -- 5,754
Software & Services
Internet Software &
Services 4,021,764 -- -- 4,021,764
IT Consulting & Other
Services 1,511,349 4,860,800 -- 6,372,149
Telecommunication Services
Wireless Telecommunication
Services 5,377,603 5,992,517 -- 11,370,120
All Other Common Stocks -- 48,665,005 -- 48,665,005
Corporate Bond -- -- 52,118 52,118
Right/Warrant -- --** -- --
----------------------------------------------------------------------------------------------------------------------
Total $21,160,997 $ 82,755,348 $ 52,118 $103,968,463
======================================================================================================================
Other Financial Instruments
Unrealized appreciation on
Forward Foreign
Currency Contracts $ -- $ 1,113,531 $ -- $ 1,113,531
Unrealized depreciation on
Forward Foreign
Currency Contracts -- (265,565) -- (265,565)
Net unrealized appreciation
on Futures Contracts 365,547 -- -- 365,547
----------------------------------------------------------------------------------------------------------------------
Total Other Financial
Instruments $ 365,547 $ 847,966 $ -- $ 1,213,513
======================================================================================================================
* Level 2 securities are valued using inputs/data furnished by independent
pricing services using fair value factors.
** Security is valued at $0.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of May 31, 2016.
-------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------------
Assets
Foreign currencies, at value $ -- $ 320,569 $-- $ 320,569
Restricted cash -- 4,180,212 -- 4,180,212
Liabilities:
Variation margin for futures contracts 101,265 -- -- 101,265
-------------------------------------------------------------------------------------------------------
Total $ 101,265 $4,500,781 $-- $4,602,046
=======================================================================================================
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
-----------------------------------------------------------------------------------------------------
Corporate Rights/
Bonds Warrants Totals
-----------------------------------------------------------------------------------------------------
Balance as of 11/30/15 $53,295 --*** $53,295
Realized gain (loss)(1) -- -- --
Change in unrealized appreciation (depreciation)(2) (1,177) -- (1,177)
Purchases -- -- --
Sales -- -- --
Transfers in and out of Level 3** -- -- --
-----------------------------------------------------------------------------------------------------
Balance as of 5/31/16 $52,118 --*** $52,118
=====================================================================================================
(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, 2016, there were no transfers between Levels 1, 2 and
3.
*** Security is valued at $0.
Net change in unrealized depreciation of Level 3 investments still held and
considered Level 3 as of 5/31/16 $(1,177)
-------
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 23
Statement of Assets and Liabilities | 5/31/16 (unaudited)
ASSETS:
Investment in securities, at value (cost $123,517,978) $103,968,463
Foreign currencies, at value (cost $388,198) 320,569
Restricted cash* 4,180,212
Receivables --
Investment securities sold 456,371
Fund shares sold 111,668
Dividends 435,830
Interest 1,921
Variation margin for futures contracts 101,265
Due from Pioneer Investment Management, Inc. 9,669
Unrealized appreciation on forward foreign currency contracts 1,113,531
Prepaid expenses 39,275
---------------------------------------------------------------------------------------------------
Total assets $110,738,774
===================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 220,398
Fund shares repurchased 210,051
Distributions 281
Trustee fees 1,207
Futures payable 159
Accrued foreign capital gains tax 105,471
Due to custodian 2,229,713
Unrealized depreciation on forward foreign currency contracts 265,565
Due to affiliates 22,066
Accrued expenses 126,395
---------------------------------------------------------------------------------------------------
Total liabilities $ 3,181,306
===================================================================================================
NET ASSETS:
Paid-in capital $156,811,547
Undistributed net investment income 446,968
Accumulated net realized loss on investments, futures contracts and
foreign currency transactions (31,260,977)
Net unrealized depreciation on investments (19,549,515)
Net unrealized appreciation on futures contracts 365,547
Net unrealized appreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 743,898
---------------------------------------------------------------------------------------------------
Total net assets $107,557,468
===================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $70,046,681/4,313,981 shares) $ 16.24
Class C (based on $12,375,054/927,383 shares) $ 13.34
Class R (based on $21,019,005/1,355,253 shares) $ 15.51
Class Y (based on $4,116,728/229,578 shares) $ 17.93
MAXIMUM OFFERING PRICE:
Class A ($16.24 (divided by) 94.25%) $ 17.23
===================================================================================================
* Represents restricted cash deposited at the counterparty for derivative
contracts
The accompanying notes are an integral part of these financial statements.
24 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
Statement of Operations (unaudited)
For the Six Months Ended 5/31/16
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $143,697) $ 1,535,231
Interest (net of foreign taxes withheld of $1,264) 7,402
------------------------------------------------------------------------------------------------
Total investment income $ 1,542,633
------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 561,885
Transfer agent fees
Class A 27,720
Class C 2,527
Class R 1,901
Class Y 122
Distribution fees
Class A 82,556
Class C 58,637
Class R 51,330
Shareholder communications expense 155,966
Administrative expense 41,124
Custodian fees 82,780
Registration fees 26,736
Professional fees 34,125
Printing expense 7,200
Fees and expenses of nonaffiliated Trustees 3,620
Miscellaneous 16,312
------------------------------------------------------------------------------------------------
Total expenses $ 1,154,541
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (84,243)
------------------------------------------------------------------------------------------------
Net expenses $ 1,070,298
------------------------------------------------------------------------------------------------
Net investment income $ 472,335
------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (9,244,929)
Futures contracts (739,140)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (817,341) $(10,801,410)
------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 14,816,869
Futures contracts 564,690
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 757,148 $ 16,138,707
------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions $ 5,337,297
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 5,809,632
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 25
Statement of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Six Months
Ended
5/31/16 Year Ended
(unaudited) 11/30/15
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 472,335 $ (255,626)
Net realized gain (loss) on investments, futures and
foreign currency transactions (10,801,410) (13,326,486)
Change in net unrealized appreciation (depreciation) on
investments, futures contracts and foreign currency
transactions 16,138,707 (20,546,107)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 5,809,632 $ (34,128,219)
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.53 and $0.38 per share, respectively) $ (2,346,367) $ (1,870,713)
Class C ($0.40 and $0.23 per share, respectively) (380,674) (244,372)
Class R ($0.49 and $0.34 per share, respectively) (704,509) (586,112)
Class Y ($0.58 and $0.51 per share, respectively) (137,213) (782,548)
Net realized gain:
Class A ($0.00 and $0.33 per share, respectively) $ -- $ (1,429,772)
Class C ($0.00 and $0.33 per share, respectively) -- (308,711)
Class R ($0.00 and $0.33 per share, respectively) -- (477,533)
Class Y ($0.00 and $0.33 per share, respectively) -- (79,630)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (3,568,763) $ (5,779,391)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 7,755,266 $ 21,329,295
Reinvestment of distributions 3,419,376 4,931,888
Cost of shares repurchased (15,497,826) (69,343,322)
--------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (4,323,184) $ (43,082,139)
--------------------------------------------------------------------------------------------------
Net decrease in net assets $ (2,082,315) $ (82,989,749)
NET ASSETS:
Beginning of period $ 109,639,783 $ 192,629,532
--------------------------------------------------------------------------------------------------
End of period $ 107,557,468 $ 109,639,783
--------------------------------------------------------------------------------------------------
Undistributed net investment income $ 446,968 $ 3,543,396
==================================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
5/31/16 5/31/16 Year Ended Year Ended
Shares Amount 11/30/15 11/30/15
(unaudited) (unaudited) Shares Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 282,191 $ 4,301,202 676,826 $ 12,954,007
Reinvestment of distributions 150,194 2,279,937 181,868 3,204,785
Less shares repurchased (558,233) (8,396,332) (1,401,132) (26,489,435)
------------------------------------------------------------------------------------------------
Net decrease (125,848) $ (1,815,193) (542,438) $ (10,330,643)
================================================================================================
Class C
Shares sold 93,589 $ 1,154,190 150,354 $ 2,353,406
Reinvestment of distributions 27,724 347,096 34,354 491,257
Less shares repurchased (154,288) (1,877,093) (307,702) (4,802,492)
------------------------------------------------------------------------------------------------
Net decrease (32,975) $ (375,807) (122,994) $ (1,957,829)
================================================================================================
Class R
Shares sold 133,710 $ 1,926,478 284,464 $ 5,073,813
Reinvestment of distributions 47,246 685,536 61,440 1,032,998
Less shares repurchased (313,502) (4,520,888) (543,155) (9,741,102)
------------------------------------------------------------------------------------------------
Net decrease (132,546) $ (1,908,874) (197,251) $ (3,634,291)
================================================================================================
Class Y
Shares sold 22,297 $ 373,396 46,082 $ 948,069
Reinvestment of distributions 6,377 106,807 10,266 202,848
Less shares repurchased (42,695) (703,513) (1,366,436) (28,310,293)
------------------------------------------------------------------------------------------------
Net decrease (14,021) $ (223,310) (1,310,088) $ (27,159,376)
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 27
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/16 Ended Ended Ended Ended Ended
(unaudited) 11/30/15 11/30/14 11/30/13 11/30/12 11/30/11
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 15.85 $ 20.92 $ 24.06 $ 23.24 $ 23.10 $ 29.42
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.08(a) $ (0.01)(a) $ (0.04) $ 0.14 $ 0.13 $ 0.18
Net realized and unrealized gain (loss) on investments 0.84 (4.35) (1.61) 0.79 0.11 (5.35)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.92 $ (4.36) $ (1.65) $ 0.93 $ 0.24 $ (5.17)
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.53) $ (0.38) $ (0.08) $ (0.11) $ -- $ --
Net realized gain -- (0.33) (1.41) -- (0.10) (1.15)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.53) $ (0.71) $ (1.49) $ (0.11) $ (0.10) $ (1.15)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.39 $ (5.07) $ (3.14) $ 0.82 $ 0.14 $ (6.32)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 16.24 $ 15.85 $ 20.92 $ 24.06 $ 23.24 $ 23.10
====================================================================================================================================
Total return* 6.06% (21.14)% (6.88)% 3.98% 1.06% (17.44)%
Ratio of net expenses to average net assets (b) 1.95%** 1.95% 1.96% 1.95% 1.95% 1.95%
Ratio of net investment income (loss) to average net assets 1.07%** (0.04)% (0.19)% 0.55% 0.53% 0.58%
Portfolio turnover rate 79%** 85% 141% 77% 160% 191%
Net assets, end of period (in thousands) $70,047 $70,351 $104,251 $126,981 $ 154,064 $ 207,935
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (b) 2.12%** 2.18% 2.04% 1.96% 2.03% 1.95%
Net investment income (loss) to average net assets 0.90%** (0.27)% (0.26)% 0.54% 0.45% 0.58%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) Includes interest expense of 0.00%, 0.00%, 0.01%, 0.00%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/16 Ended Ended Ended Ended Ended
(unaudited) 11/30/15 11/30/14 11/30/13 11/30/12 11/30/11
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 13.04 $ 17.35 $ 20.32 $ 19.70 $ 19.76 $ 25.56
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.01(a) $ (0.14)(a) $ (0.22) $ (0.04) $ (0.06) $ (0.05)
Net realized and unrealized gain (loss) on investments 0.69 (3.61) (1.34) 0.66 0.10 (4.60)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.70 $ (3.75) $ (1.56) $ 0.62 $ 0.04 $ (4.65)
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.40) $ (0.23) $ -- $ -- $ -- $ --
Net realized gain -- (0.33) (1.41) -- (0.10) (1.15)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.40) $ (0.56) $ (1.41) $ -- $ (0.10) $ (1.15)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.30 $ (4.31) $ (2.97) $ 0.62 $ (0.06) $ (5.80)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.34 $ 13.04 $ 17.35 $ 20.32 $ 19.70 $ 19.76
====================================================================================================================================
Total return* 5.59% (21.87)% (7.69)% 3.15% 0.23% (18.04)%
Ratio of net expenses to average net assets (b) 2.85%** 2.85% 2.80% 2.78% 2.75% 2.73%
Ratio of net investment income (loss) to average net assets 0.18%** (0.93)% (1.02)% (0.27)% (0.25)% (0.20)%
Portfolio turnover rate 79%** 85% 141% 77% 160% 191%
Net assets, end of period (in thousands) $12,375 $12,523 $ 18,801 $ 23,810 $ 29,771 $ 37,324
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (b) 2.88%** 2.95% 2.80% 2.78% 2.75% 2.73%
Net investment income (loss) to average net assets 0.15%** (1.03)% (1.02)% (0.27)% (0.25)% (0.20)%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) Includes interest expense of 0.00%, 0.00%, 0.01%, 0.00%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 29
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/16 Ended Ended Ended Ended Ended
(unaudited) 11/30/15 11/30/14 11/30/13 11/30/12 11/30/11
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 15.13 $ 20.02 $ 23.11 $ 22.30 $ 22.23 $ 28.43
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.06(a) $ (0.05)(a) $ (0.09) $ 0.10 $ 0.10 $ 0.10
Net realized and unrealized gain (loss) on investments 0.81 (4.17) (1.55) 0.76 0.07 (5.15)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.87 $ (4.22) $ (1.64) $ 0.86 $ 0.17 $ (5.05)
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.49) $ (0.34) $ (0.04) $ (0.05) $ -- $ --
Net realized gain -- (0.33) (1.41) -- (0.10) (1.15)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.49) $ (0.67) $ (1.45) $ (0.05) $ (0.10) $ (1.15)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.38 $ (4.89) $ (3.09) $ 0.81 $ 0.07 $ (6.20)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 15.51 $ 15.13 $ 20.02 $ 23.11 $ 22.30 $ 22.23
====================================================================================================================================
Total return* 5.95% (21.36)% (7.10)% 3.86% 0.79% (17.62)%
Ratio of net expenses to average net assets (b) 2.20%** 2.20% 2.18% 2.13% 2.13% 2.20%
Ratio of net investment income (loss) to average net assets 0.81%** (0.29)% (0.40)% 0.37% 0.39% 0.33%
Portfolio turnover rate 79%** 85% 141% 77% 160% 191%
Net assets, end of period (in thousands) $21,019 $22,510 $33,742 $39,183 $ 49,013 $ 73,347
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (b) 2.45%** 2.33% 2.18% 2.13% 2.13% 2.28%
Net investment income (loss) to average net assets 0.56%** (0.42)% (0.40)% 0.37% 0.39% 0.25%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) Includes interest expense of 0.00%, 0.00%, 0.01%, 0.00%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/16 Ended Ended Ended Ended Ended
(unaudited) 11/30/15 11/30/14 11/30/13 11/30/12 11/30/11
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 17.47 $ 23.06 $ 26.38 $ 25.46 $ 25.16 $ 31.73
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11(a) $ 0.00(a)(b) $ 0.09 $ 0.28 $ 0.28 $ 0.38
Net realized and unrealized gain (loss) on investments 0.93 (4.75) (1.77) 0.90 0.12 (5.80)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.04 $ (4.75) $ (1.68) $ 1.18 $ 0.40 $ (5.42)
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.58) $ (0.51) $ (0.23) $ (0.26) $ -- $ --
Net realized gain -- (0.33) (1.41) -- (0.10) (1.15)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.58) $ (0.84) $ (1.64) $ (0.26) $ (0.10) $ (1.15)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.46 $ (5.59) $ (3.32) $ 0.92 $ 0.30 $ (6.57)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 17.93 $ 17.47 $ 23.06 $ 26.38 $ 25.46 $ 25.16
====================================================================================================================================
Total return* 6.20% (20.96)% (6.41)% 4.63% 1.61% (16.96)%
Ratio of net expenses to average net assets (c) 1.73%** 1.55% 1.40% 1.38% 1.39% 1.40%
Ratio of net investment income (loss) to average net assets 1.28%** 0.01% 0.34% 1.12% 1.10% 1.13%
Portfolio turnover rate 79%** 85% 141% 77% 160% 191%
Net assets, end of period (in thousands) $ 4,117 $ 4,256 $35,835 $65,655 $ 62,897 $ 65,597
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
(a) The per share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 or $(0.01) per share.
(c) Includes interest expense of 0.00%, 0.00%, 0.01%, 0.00%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 31
Notes to Financial Statements | 5/31/16 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Emerging Markets Fund (the Fund) is a Delaware statutory trust. The Fund
is registered under the Investment Company Act of 1940 as a diversified,
open-end management investment company. The investment objective of the Fund is
long-term growth of capital.
The Fund offers four classes of shares designated as Class A, Class C, Class R,
and Class Y shares. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on relative
net asset values) to assets and liquidation proceeds. Share classes can bear
different rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board of Trustees the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
32 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by independent third party pricing services. In
the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
The principal exchanges and markets for non-U.S. equity securities have
closing times prior to the close of the NYSE. However, the value of these
securities may be influenced by changes in global markets occurring after
the closing times of the local exchanges and markets up to the time the
Fund determines its net asset value. Consequently, the Fund uses a fair
value model developed by an independent pricing service to value non-U.S.
equity securities. On a daily basis, the pricing service recommends
changes, based on a proprietary model, to the closing market prices of each
non-U.S. security held by the Fund to reflect the security's fair value at
the time the Fund determines its net asset value. The Fund applies these
recommendations in accordance with procedures approved by the Board of
Trustees.
Fixed income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Valuations may be supplemented by dealers and other sources, as
required. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Forward foreign currency exchange contracts are valued daily using the
foreign exchange rate or, for longer term forward contract positions, the
spot currency rate, in each case provided by a third party pricing service.
Contracts whose forward settlement date falls between two quoted days are
valued by interpolation.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 33
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
Board of Trustees. PIM's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. PIM's fair
valuation team is responsible for monitoring developments that may impact
fair valued securities and for discussing and assessing fair values on an
ongoing basis, and at least quarterly, with the Valuation Committee of the
Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
At May 31, 2016, two securities were valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services and broker-dealers) representing 0.1% of net assets.
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income, including
interest on income-bearing cash accounts, is recorded on the accrual basis.
Dividend and interest income are reported net of unrecoverable foreign
taxes withheld at the applicable country rates.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
34 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the Statement of Operations from
the effects of changes in the market price of those securities but are
included with the net realized and unrealized gain or loss on investments.
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
is recorded in the Fund's financial statements. The Fund records realized
gains and losses at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 5).
E. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash due to the broker as collateral at May 31,
2016 was $2,141,088 and is recorded within "Restricted Cash" on the
Statement of Assets and Liabilities. Subsequent payments for futures
contracts ("variation margin") are paid or received by the Fund, depending
on the daily fluctuation in the value of the contracts, and are recorded by
the Fund as unrealized gains or losses. When the contract is closed, the
Fund realizes a gain or loss equal to the difference between the opening
and closing value of the contract as well as any fluctuation in foreign
currency exchange rates where applicable. The use of futures contracts
involves, to varying degrees, elements of market, interest rate, currency
exchange rate and counterparty risks, which may exceed the amounts
recognized by the Fund. Changes in value of the contracts may not directly
correlate to the changes in value of the underlying securities. The average
value of contracts open for the six months ended May 31, 2016 was $654,589.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 35
At May 31, 2016, open futures contracts were as follows:
---------------------------------------------------------------------------------------
Number of Net Unrealized
Contracts Settlement Appreciation
Description Counterparty Long/(Short) Month Value (Depreciation)
---------------------------------------------------------------------------------------
KOS P12-
Index UBS AG 34 6/16 $ 3,475,903 $ (43,671)
BOVESPA
Index UBS AG (500) 6/16 (6,749,775) 409,218
---------------------------------------------------------------------------------------
Total $(3,273,872) $ 365,547
---------------------------------------------------------------------------------------
F. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required. As of November 30, 2015, the Fund did not accrue any interest or
penalties with respect to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax returns filed within the prior three years are subject to examination
by Federal and State tax authorities.
In addition to meeting the requirements of the Internal Revenue Code, the
Fund may be required to pay local taxes on the recognition of capital gains
and/or the repatriation of foreign currencies in certain countries. During
the six months ended May 31, 2016, the Fund paid no such taxes.
In determining the daily net asset value, the Fund estimates the reserve
for such taxes, if any, associated with investments in certain countries.
The estimated reserve for the capital gains is based on the net unrealized
appreciation on certain portfolio securities, the holding period of such
securities and the related tax rates, tax loss carryforwards (if
applicable) and other such factors. As of November 30, 2015, the Fund had
no reserve related to capital gains.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
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, 2015 was as follows:
36 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distribution paid from:
Ordinary income $3,483,745
Long-term capital gain 2,295,646
---------------------------------------------------------------------------
Total $5,779,391
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2015:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 3,567,844
Capital loss carryforward (14,596,105)
Net unrealized depreciation (40,466,687)
---------------------------------------------------------------------------
Total $(51,494,948)
===========================================================================
The difference between book-basis and tax-basis net unrealized depreciation
is attributable to the tax deferral of losses on wash sales and the mark to
market of forward currency contracts.
G. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $4,762 in underwriting commissions on the sale of Class
A shares during the six months ended May 31, 2016.
H. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C and Class R shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees paid to the Fund's transfer agent, for its services are
allocated among the classes of shares based on the number of accounts in
each class and the ratable allocation of related out-of-pocket expenses
(see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C, Class R and Class Y shares
can reflect different transfer agent and distribution expense rates.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 37
I. Risks
The value of securities held by the fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or
spread.
The Fund's investments in emerging markets or countries with limited or
developing markets may subject the Fund to a greater degree of risk than
investments in a developed market. Risks associated with these developing
markets include political, social and economic factors and may affect the
price of the Fund's investments and income generated by these investments,
as well as the Fund's ability to repatriate such amounts. At times, the
Fund's investments may represent industries or industry sectors that are
interrelated or have common risks, making the Fund more susceptible to any
economic, political or regulatory developments or other risks affecting
those industries and sectors. The Fund's prospectus contains unaudited
information regarding the Fund's principal risks. Please refer to that
document when considering the Fund's principal risks.
J. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the collateral, including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The Fund's investment adviser, PIM is responsible for determining
that the value of the collateral remains at least equal to the repurchase
price. In the event of a default by the counterparty, the Fund is entitled
to sell the securities, but the Fund may not be able to sell them for the
price at which they were purchased, thus causing a loss to the Fund.
Additionally, if the counterparty becomes insolvent, there is some risk
that the Fund will not have a right to the securities, or the immediate
right to sell the securities. As of and for the six months ended May 31,
2016, the Fund had no open repurchase agreements.
38 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at an annual rate equal to 1.10%
of the Fund's average daily net assets up to $1 billion and 1.05% on assets over
$1 billion. For the six months ended May 31, 2016, the effective management fee
(excluding waivers and/or assumption of expenses) was 1.10% of the Fund's
average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.95%, 2.85% and 2.20% of the average daily
net assets attributable to Class A, Class C and Class R shares, respectively.
These expense limitations are in effect through April 1, 2017. There can be no
assurance that PIM will extend the expense limitation agreement for a class of
shares beyond the date referred to above. Fees waived and expenses reimbursed
during the six months ended May 31, 2016 are reflected on the Statement of
Operations. Class Y shares do not have an expense limitation.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$16,534 in management fees, administrative costs and certain other
reimbursements payable to PIM at May 31, 2016.
3. Transfer Agent
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc. (PIMSS), a wholly-owned indirect subsidiary of UniCredit, provided
substantially all transfer agent and shareowner services to the Fund at
negotiated rates.
Effective November 2, 2015, Boston Financial Data Services serves as the
transfer agent to the Fund at negotiated rates.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings, outgoing phone calls and omnibus
relationship contracts. For the six months ended May 31, 2016, such
out-of-pocket expenses by class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 89,817
Class C 18,875
Class R 43,200
Class Y 4,074
--------------------------------------------------------------------------------
Total $155,966
================================================================================
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 39
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 $5,532 in distribution
fees payable to PFD at May 31, 2016.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R and Class Y
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 12 months of purchase. Redemptions of Class C shares
within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower
of cost or market value of shares being redeemed. Shares purchased as part of an
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class R or Class Y shares. Proceeds from the
CDSCs are paid to PFD. For the six months ended May 31, 2016, CDSCs in the
amount of $438 were paid to PFD.
5. Forward Foreign Currency Contracts
At May 31, 2016, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of forward foreign
currency contracts open during the six months ended May 31, 2016 was
$(4,405,280). Open forward foreign currency contracts at May 31, 2016 were as
follows:
40 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
-------------------------------------------------------------------------------------------------------
In
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Appreciation
-------------------------------------------------------------------------------------------------------
MXN (66,610) USD 3,744 Deutsche Bank AG 7/15/16 $ 154
NGN (406,170,622) USD 1,819,353 Morgan Stanley Co. 7/15/16 $ 286,055
BRL (35,207,170) USD 9,722,349 Barclays Plc 7/15/16 $ 89,652
RUB (230,832,660) USD 3,433,477 Goldman Sachs & Co. 7/15/16 $ 14,572
NGN (510,954,934) USD 2,231,244 Barclays Plc 7/15/16 $ 302,385
NGN (1,063,795,933) USD 4,436,553 Goldman Sachs & Co. 7/15/16 $ 420,713
-------------------------------------------------------------------------------------------------------
Total $ 1,113,531
=======================================================================================================
-------------------------------------------------------------------------------------------------------
In
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Depreciation
-------------------------------------------------------------------------------------------------------
USD (961) TRY 2,789 Deutsche Bank AG 7/15/16 $ (26)
USD (2,912,538) INR 196,159,410 Morgan Stanley Co. 7/15/16 $ (16,278)
USD (2,027,590) MYR 7,875,159 Morgan Stanley Co. 7/15/16 $ (124,752)
USD (1,637,461) IDR 21,761,856,296 Morgan Stanley Co. 7/15/16 $ (56,475)
USD (592,835) NGN 139,019,897 Barclays Plc 7/15/16 $ (68,034)
-------------------------------------------------------------------------------------------------------
Total $ (265,565)
=======================================================================================================
BRL - Brazilian Real MYR - Malaysian Ringgit
IDR - Indonesian Rupiah NGN - Nigerian Naira
INR - Indian Rupee RUB - Russian Ruble
MXN - Mexican Peso TRY - Turkish Lira
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until February 10, 2016, was in the amount of $240
million. As of February 10, 2016, the facility is in the amount of $220 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the six months ended May 31, 2016, the Fund had no borrowings
under the credit facility.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 41
7. Assets and Liabilities Offsetting
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all its derivative counterparties. An ISDA Master Agreement is a
bilateral agreement between the Fund and a counterparty that governs the trading
of certain OTC derivatives and typically contains, among other things, close-out
and set-off provisions which apply upon the occurrence of event of a default
and/or termination event as defined under the relevant ISDA Master Agreement.
The ISDA Master Agreement may also give a party the right to terminate all
transactions traded under such agreement if, among other things, there is
deterioration in the credit quality of the other party. Upon an event of default
or a termination of the ISDA Master Agreement, the non-defaulting party has the
right to close out all transactions under such agreement and to net amounts owed
under each transaction to determine one net amount payable by one party to the
other. The right to close out and net payments across all transactions under the
ISDA Master Agreement could result in a reduction of the Fund's credit risk to
its counterparty equal to any amounts payable by the Fund under the applicable
transactions, if any. However, the Fund's right to setoff may be restricted or
prohibited by the bankruptcy or insolvency laws of the particular jurisdiction
to which a specific ISDA counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master
Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each
day and are typically based on changes in market values for each transaction
under an ISDA Master Agreement and netted into one amount for such agreement.
Generally, the amount of collateral due from or to a counterparty is subject to
threshold (a "minimum transfer amount") before a transfer is required, which may
vary by counterparty. Collateral pledged for the benefit of the Fund and/or
counterparty is held in segregated accounts by the Fund's custodian and cannot
be sold, re-pledged, assigned or otherwise used while pledged. Cash that has
been segregated to cover the Fund's collateral obligations, if any, will be
reported separately in the Statement of Assets and Liabilities as "Restricted
Cash." Securities pledged by the Fund as collateral, if any, are identified as
such in the Schedule of Investments.
Financial instruments subject to an enforceable master netting agreement such as
an ISDA Master Agreement have not been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of May 31, 2016.
42 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
-----------------------------------------------------------------------------------------------------
Derivative
Assets
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Received (a) Received (a) Assets (b)
-----------------------------------------------------------------------------------------------------
Deutsche Bank AG $ 154 $ (26) $-- $-- $ 128
Morgan Stanley
Capital Services LLC 286,055 (197,505) -- -- 88,550
Barclays Plc 392,037 (68,034) -- -- 324,003
-----------------------------------------------------------------------------------------------------
Total $678,246 $(265,565) $-- $-- $ 412,681
=====================================================================================================
-----------------------------------------------------------------------------------------------------
Derivative
Liabilities
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Pledged (a) Pledged (a) Liabilities (c)
-----------------------------------------------------------------------------------------------------
Deutsche Bank AG $ 26 $ (26) $-- $-- $ --
Morgan Stanley
Capital Services LLC 197,505 (197,505) -- -- --
Barclays Plc 68,034 (68,034) -- -- --
-----------------------------------------------------------------------------------------------------
Total $265,565 $(265,565) $-- $-- $ --
=====================================================================================================
(a) The amount presented here may be less than the total amount of collateral
received/pledged as the net amount of derivative assets and liabilities
cannot be less than $0.
(b) Represents the net amount due from the counterparty in the event of
default.
(c) Represents the net amount payable to the counterparty in the event of
default.
8. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives subjects it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 43
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at May 31, 2016
was as follows:
----------------------------------------------------------------------------------------------
Statement of Assets and Liabilities
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
----------------------------------------------------------------------------------------------
Assets
Unrealized appreciation
of forward foreign
currency contracts $-- $ -- $1,113,531 $-- $--
Net unrealized
appreciation of
futures contracts -- 365,547 -- -- --
----------------------------------------------------------------------------------------------
Total Value $-- $365,547 $1,113,531 $-- $--
==============================================================================================
Liabilities
Unrealized depreciation
of forward foreign
currency contracts $-- $ -- $ 265,565 $-- $--
----------------------------------------------------------------------------------------------
Total Value $-- $ -- $ 265,565 $-- $--
==============================================================================================
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at May 31, 2016 was as follows:
----------------------------------------------------------------------------------------------
Statement of Operations
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
----------------------------------------------------------------------------------------------
Net realized gain
(loss) on
Futures contracts $-- $ (739,140) $ -- $-- $--
Forward foreign
currency contracts* -- -- (872,800) -- --
----------------------------------------------------------------------------------------------
Total Value $-- $ (739,140) $ (872,800) $-- $--
==============================================================================================
Change in net
unrealized
appreciation
(depreciation) on
Futures contracts $-- $ 564,690 $ -- $-- $--
Forward foreign
currency contracts* -- -- 806,317 -- --
----------------------------------------------------------------------------------------------
Total Value $-- $ 564,690 $ 806,317 $-- $--
==============================================================================================
* Included in the amount shown on the Statement of Operations as foward
foreign currency contracts and other assets and liabilities denominated in
foreign currencies.
44 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
ADDITIONAL INFORMATION
PIM, the Fund's investment adviser, is currently an indirect, wholly owned
subsidiary of UniCredit. On November 11, 2015, UniCredit announced that it
signed a binding master agreement with Banco Santander and affiliates of Warburg
Pincus and General Atlantic (the "Private Equity Firms") with respect to Pioneer
Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as previously announced by UniCredit, will establish a holding
company, with the name Pioneer Investments, to be owned by UniCredit (50%) and
the Private Equity Firms (50% between them). The holding company will control
Pioneer's U.S. operations, including PIM. The holding company also will own
66.7% of Pioneer's and SAM's combined operations outside the U.S., while Banco
Santander will own directly the remaining 33.3% stake. The closing of the
Transaction is subject to certain regulatory and other approvals.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's current investment advisory agreement with PIM to terminate.
Accordingly, the Fund's Board of Trustees will be asked to approve a new
investment advisory agreement. If approved by the Board, the Fund's new
investment advisory agreement will be submitted to the shareholders of the Fund
for their approval.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 45
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
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
46 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
This page for your notes.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 47
This page for your notes.
48 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
This page for your notes.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 49
This page for your notes.
50 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
This page for your notes.
Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16 51
This page for your notes.
52 Pioneer Emerging Markets Fund | Semiannual Report | 5/31/16
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2016 Pioneer Investments 19387-10-0716
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.
N/A
(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.
N/A
(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.
N/A
(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.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(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.
N/A
(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, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date July 29, 2016
By (Signature and Title)* /s/ Mark E. Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date July 29, 2016
* Print the name and title of each signing officer under his or her signature.