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PIONEER
EMERGING
MARKETS
FUND
ANNUAL REPORT
NOVEMBER 30, 1995
PIONEER EMERGING MARKETS FUND
<PAGE>
DEAR SHAREOWNERS,
Pioneer Emerging Markets Fund marked the close of its first full fiscal year on
November 30, 1995. This period proved to be difficult for emerging markets. On
the back of 1994's rising U.S. interest rates came the devaluation of the
Mexican peso in December and the subsequent lack of confidence in Latin American
economies and markets. In January, the earthquake in Kobe, Japan further
destabilized emerging markets in Asia and other corners of the world. It was a
troubled time for emerging stock markets and developing economies as these
events, and others, turned global investors toward more stable and developed
areas, particularly the United States and the United Kingdom.
HOW YOUR FUND PERFORMED
In general, emerging markets turned in lackluster results for the year,
reflecting the series of economic difficulties and other events. We report the
following performance for Pioneer Emerging Markets Fund:
CLASS A SHARES
o The Fund posted a total return of -4.07% for the fiscal year, based on net
asset value and assuming reinvestment of distributions at net asset value.
Based on the maximum public offering price, total return for the year was
-9.61%.
o The Fund's net asset value was $11.56 on November 30, 1995, versus $11.59 at
the midpoint of its fiscal year on May 31 and $12.24 on November 30, 1994.
o Shareowners received an income dividend of $0.055 and capital gains
distributions totaling $0.1286 per share.
CLASS B SHARES
o The Fund's net asset value was $11.47 on November 30, 1995, versus $11.53 at
the midpoint of its fiscal year on May 31 and $12.19 on November 30, 1994.
o Shareowners received an income dividend of $0.031 and capital gains
distributions totaling $0.1286 per share.
o The Fund posted a total return of -4.62% for the fiscal year, assuming
reinvestment of distributions and that shares were held throughout the year.
If shares were sold, and the maximum contingent deferred sales charge paid,
total return for the year was -8.38%.
We are pleased to note that Pioneer Emerging Markets Fund fared better than most
of the emerging market funds tracked by Lipper Analytical Services, Inc., an
independent mutual fund reporting firm. For the fiscal year, the 54 funds in
this category generated an average total return of -15.14%. While we are pleased
with this relative success, we remind you that successful investors in emerging
stock markets hold to their long-term goals, rather than allow themselves to be
swayed by short-term results.
For additional performance information, please turn to pages 4 and 5.
HOW WE MANAGED YOUR INVESTMENT
The Fund's objective is to provide shareowners with capital growth by investing
in stocks of companies located or doing business in emerging nations. We
research and invest in companies operating in a variety of countries around the
world. The following chart shows the diverse nations represented in the Fund's
portfolio at the close of the fiscal year.
GEOGRAPHICAL DISTRIBUTION
(Percentage of equity investments as of November 30, 1995)
[BAR GRAPH]
Bar graph using the figures shown below:
Argentina 8%
Belize 1%
Brazil 3%
China 2%
Hong Kong 5%
India 7%
Indonesia 3%
Israel 5%
Korea 13%
Malaysia 2%
Mexico 24%
Pakistan 2%
Peru 1%
Philippines 4%
Poland 10%
Thailand 7%
Venezuela 2%
Other 1%
<PAGE>
LATIN AMERICA SET TONE FOR WORLD'S EMERGING MARKETS
Confidence in emerging markets was shaken early in the Fund's fiscal year as
Mexico's economy and stock market, assumed by many to be among the most stable
of emerging markets, seriously stumbled when Mexico devalued its peso on
December 20, 1994. By February of 1995, global investors had fully comprehended
the fundamentals leading to the Mexican devaluation, specifically the rising
current account deficit and the overvalued peso. The full view triggered a chain
of events that hurt returns in emerging markets around the globe. Investors
began to sell any and all of their emerging market equities, pushing down stock
prices further. As funds flowed out of emerging markets, a number of currencies
began to show weakness, catching the attention of speculators and precipitating
further selling in equities and currencies.
From December until March, the Mexican Bolsa and the Argentina Merval declined
over 70% and 50%, respectively, in U.S. dollar terms. Most other emerging
markets also experienced substantial declines. The inflection point in this
downward spiral came on March 10 when the Argentine government announced it had
completed a financial aid package, restoring investors' confidence. Following
this news, Mexican and Argentine markets rose over 40% in a month.
FINDING VALUE IN LATIN AMERICA
Fortunately, your Fund had only a small allocation to Brazil, Mexico and
Argentina when the troubles began. As a result, we were in an enviable position
to begin buying stocks at fire-sale prices in late February and early March,
before the markets rallied. We took advantage of the opportunity to buy shares
in some of the best-managed and well-positioned companies we believe will come
out of the crisis in a stronger competitive position.
We think Mexico's construction and banking sectors still pose the highest
perceived risk, but also offer the highest potential returns should the
situation improve in the coming year. The Fund's largest holdings in Mexico are
Apasco, Banacci, Bancomer, Cifra and Empresas ICA. Apasco, the second largest
cement producer in Mexico, has a strong balance sheet and modern and efficient
operations. Banacci and Bancomer are among the larger banks we expect to
increase market share as other banks are liquidated in the coming years.
Cifra, Wal-Mart's joint venture partner in Mexican retailing, currently has no
debt and is in a position to acquire choice locations. Empresas ICA is a civil
construction company with bright prospects for winning contracts for civil
construction. These stocks still appear to be cheap despite their recent strong
rallies. Along with other investors, we are still quite concerned about the
prospects for Mexican growth in 1996; however, we believe expectations will
improve from here and, as they do, the stocks should trade at substantially
higher levels. The Fund's Mexican stocks totaled 24% of the portfolio at the
close of the fiscal year.
We employed a similar strategy in Argentina, 8% of the portfolio as of November
30. Argentine holdings include Ciadea, a well-positioned auto manufacturer,
Mirgor, an auto parts producer, Baesa, a Pepsi-Cola and Seven-Up bottler, and
Telecom Argentina, a blue-chip telecommunications company.
Despite the billions of dollars in financial aid provided to Mexico and
Argentina by the IMF and the central banks of many industrialized nations,
serious problems remain in Latin America. The governments of Argentina, Brazil
and Mexico must maintain fiscal and monetary restraint in order to achieve
long-term economic stability. At the same time, economic growth is expected to
be lackluster in these economies.
2
<PAGE>
OPPORTUNITIES ABOUND IN ASIA, EASTERN EUROPE
Interesting buying opportunities are prevalent in a variety of other countries
where investor pessimism has been running very high. These countries include
Hong Kong, Poland and Turkey. In Hong Kong and Poland the Fund owns stocks
trading at single-digit price/earnings ratios, while boasting strong balance
sheets and excellent long-term earnings growth potential. For example, ABC
Communications (Hong Kong) offers radio paging services; it also manufactures
and sells pagers with Chinese, Russian and Hindi characters. Another holding is
Golden Harvest Entertainment (Hong Kong), one of the biggest movie-theater
operators in Asia. These stocks exemplify our investment strategy, which is
geared to finding stocks we believe offer strong growth potential and working to
buy them when their prices are depressed by pessimistic expectations regarding
politics or economics we believe should have no long-term negative impact on
company performance.
LOOKING AHEAD
The past three years have been volatile for investors in emerging markets, a
trend we expect to continue. However, we also believe that volatility will
diminish from the levels we have recently experienced. Going forward, we believe
that the adversity of the past year has already been figured into emerging
market stock prices. U.S. interest rates have influenced emerging market
equities over the past several years, and we expect them to continue to have a
strong impact on investor psychology, both globally and domestically, over the
coming 12 months. Despite the expected continuing high volatility, we remain
confident that the fundamental reason for investing in emerging markets -- that
their higher economic growth will lead to superior stock returns -- is still
firmly intact.
We continue to be bullish on emerging markets as a compelling investment
opportunity, and we also continue to believe that long-term investors will be
rewarded for participating in the globe's most rapidly changing and growing
economies.
The following pages include the Fund's audited portfolio and financial
statements as of November 30, 1995. If you have any questions about your
investment in Pioneer Emerging Markets Fund, please contact your investment
representative, or call Pioneer at 1-800-225-6292. Thank you for your support.
Respectfully,
/s/ John F. Cogan, Jr.
John F. Cogan, Jr.
Chairman and President,
Pioneer Emerging Markets Fund
December 29, 1995
3
<PAGE>
GROWTH OF A $10,000 INVESTMENT*
The following chart shows the growth of a $10,000 investment made in Pioneer
Emerging Markets Fund Class A shares, compared to the growth of the MSCI
Emerging Markets Free Index+.
PIONEER EMERGING MARKETS FUND CLASS A:
AVERAGE ANNUAL TOTAL RETURNS
(as of November 30, 1995)
PUBLIC
CLASS A SHARES NET ASSET VALUE OFFERING PRICE*
Life of Fund (6/23/94) -4.25% -8.10%
One Year -4.07 -9.61
[LINE GRAPH]
DESCRIPTION OF LINE GRAPH
Line graph using the plot points shown below:
Pioneer
Emerging MSCI
Markets Emerging
Fund Markets
Class A Free Index
6/30/94 9,425 10,000
9,849 10,622
8/30/94 10,483 11,940
10,204 12,076
9,940 11,858
11/30/94 9,231 11,241
8,911 10,339
7,858 9,239
2/28/95 7,896 9,002
8,003 9,059
8,491 9,465
5/30/95 8,842 9,969
8,893 9,998
9,077 10,223
8/30/95 9,031 9,982
9,207 9,935
8,832 9,554
11/30/95 8,855 9,384
The Morgan Stanley Capital International (MSCI) Emerging Markets Free Index is
an unmanaged, capitalization-weighted measure of 891 securities trading in 22
emerging markets; it reflects only those securities available to foreign
investors. Index returns assume reinvestment of dividends and, unlike Fund
returns, do not reflect any sales charges, fees or expenses. You cannot invest
directly in the Index.
* Reflects deduction of the maximum 5.75% sales charge at the beginning of the
period and assumes reinvestment of distributions at net asset value.
+ Index comparison begins June 30, 1994.
Past performance does not guarantee future results. Return and principal
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than their original cost.
4
<PAGE>
GROWTH OF A $10,000 INVESTMENT**
The following chart shows the growth of a $10,000 investment made in Pioneer
Emerging Markets Fund Class B shares, compared to the growth of the MSCI
Emerging Markets Free Index+.
PIONEER EMERGING MARKETS FUND CLASS B:
AVERAGE ANNUAL TOTAL RETURNS
(as of November 30, 1995)
CLASS B SHARES IF HELD IF REDEEMED**
Life of Fund (6/23/94) -4.90% -7.52%
One Year -4.62 -8.38
[LINE GRAPH]
DESCRIPTION OF LINE GRAPH
Line graph using the plot points shown below:
Pioneer
Emerging MSCI
Markets Emerging
Fund Markets
Class B Free Index
6/30/94 10,000 10,000
10,440 10,622
8/30/94 11,112 11,940
10,800 12,076
10,520 11,858
11/30/94 9,752 11,241
9,401 10,339
8,295 9,239
2/28/95 8,327 9,002
8,440 9,059
8,949 9,465
5/30/95 9,312 9,969
9,359 9,998
9,553 10,223
8/30/95 9,505 9,982
9,683 9,935
9,277 9,554
11/30/95 8,809 9,384
The Morgan Stanley Capital International (MSCI) Emerging Markets Free Index is
an unmanaged, capitalization-weighted measure of 891 securities trading in 22
emerging markets; it reflects only those securities available to foreign
investors. Index returns assume reinvestment of dividends and, unlike Fund
returns, do not reflect any sales charges, fees or expenses. You cannot invest
directly in the Index.
* Reflects deduction of the maximum 4.0% contingent deferred sales charge at
the end of the period and assumes reinvestment of distributions.
+ Index comparison begins June 30, 1994.
Past performance does not guarantee future results. Return and principal
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than their original cost.
5
<PAGE>
PIONEER EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 1995
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
INVESTMENT IN SECURITIES -- 92.4%
PREFERRED STOCKS -- 6.2%
87,600 Brasmotor S.A. $ 18,408
1,450 Centrais Electricas Brasilieras S.A. (B Shares) (A.D.R.)* 20,662
5,300 LG Electronics Inc. 134,967
104,400 Sadia-Concordia S/A Industria E Comercio 71,325
3,120 Samsung Electronics Co., Ltd. 365,623
24,440 Shinwon Corp. 533,960
TOTAL PREFERRED STOCKS (Cost $1,060,450) $ 1,144,945
COMMON STOCKS -- 86.2%
BASIC INDUSTRIES -- 12.4%
CHEMICALS -- 5.1%
15,900 Grasim Industries Ltd. $ 230,560
128,500 Indo Gulf Fertilizers and Chemical Corp., Ltd. (G.D.R.) 173,475
58,800 Polifarb-Cieszyn S.A. (Bearer) 235,526
35,000 Polifarb Wroclaw S.A. 97,164
13,600 Reliance Industries, Ltd. (G.D.R.) 199,920
$ 936,645
FOREST PRODUCTS -- 0.7%
64,000 Land & General Holdings Bhd. $ 127,394
IRON & STEEL -- 0.9%
9,600 Usina Siderurgica Do Minas Gerais S.A. (A.D.R.) $ 87,005
12,819,000 Acesita S.A. 80,280
$ 167,285
METALS & MINING -- 2.8%
7,600 Hindalco Industries Ltd. $ 189,918
300,000 National Aluminum Co. Ltd. 171,944
79,000 PT International Nickel Indonesia 162,601
$ 524,463
ELECTRICAL EQUIPMENT -- 2.9%
23,000 CESC, Ltd (G.D.R.)* $ 60,950
57,600 Shandong Huaneng Power Co. Ltd. (A.D.R.) 410,400
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
PIONEER EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 1995 (CONTINUED)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
COMMON STOCKS (continued)
BASIC INDUSTRIES (continued)
ELECTRICAL EQUIPMENT (CONTINUED)
6,403 Yageo Corp. (G.D.R.)* $ 56,042
$ 527,392
TOTAL BASIC INDUSTRIES $ 2,283,179
CAPITAL GOODS -- 6.1%
CONSTRUCTION BUILDING MATERIALS & ENGINEERING -- 6.1%
83,000 Apasco S.A. de C.V. $ 335,965
98,000 Corimon S.A.* 367,500
36,000 Empresas ICA Sociedad (A.D.R.) 369,000
26,400 Mostostal-Export S.A.* 56,538
$ 1,129,003
CONTAINERS -- 0.0%
20,000 M.C. Packaging, Ltd. $ 7,240
TOTAL CAPITAL GOODS $ 1,136,243
CONSUMER DURABLES -- 4.4%
MOTOR VEHICLES -- 4.4%
114,000 CIADEA S.A.* $ 490,421
11,000 Debica S.A. (Class A) 179,734
100,000 Mirgor Sacifia (A.D.R.)+ 137,500
TOTAL CONSUMER DURABLES $ 807,655
CONSUMER NON-DURABLES -- 15.3%
AGRICULTURE & FOOD MANUFACTURING -- 4.5%
74,600 Charoen Pokphand Feedmill Public Co., Ltd. $ 358,768
824,000 Cafe de Coral Holdings, Ltd. 197,081
10,500 Drosed S.A. 120,761
100,000 Jugos de Valle S.A. (Series B)* 159,257
$ 835,867
TEXTILES/CLOTHES -- 1.1%
137,300 Asia Fiber Co. Ltd. $ 77,763
10,000 Raymond, Ltd. (G.D.R.) 135,000
$ 212,763
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
PIONEER EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 1995 (CONTINUED)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
COMMON STOCKS (continued)
CONSUMER NON-DURABLES (continued)
RETAIL NON-FOOD -- 2.8%
459,300 Cifra S.A. de CV (Series B) $ 518,122
SOFT DRINKS -- 6.9%
15,500 Buenos Aires Embotelladores S.A. (A.D.R.) $ 393,313
23,000 Coca Cola Femsa S.A. de C.V. (A.D.R.) 471,500
220,000 Embotelladores Del Valle de Anahuac S.A. de C.V. (B Shares)* 201,460
6,800 Panamerican Beverages, Inc. 219,300
$ 1,285,573
TOTAL CONSUMER NON-DURABLES $ 2,852,325
FINANCIAL -- 16.1%
COMMERCIAL BANKS -- 9.0%
307,800 Bank Inicjatyw Gospodarczych S.A. $ 161,133
5,100 Bank Slaski S.A. 293,278
13,000 BHI Corp. 203,125
379,500 Grupo Financiero Banamex Accival S.A. (Class L) 538,905
1,700,000 Grupo Financiero Bancomer (Class B) 469,277
$ 1,665,718
FINANCE -- MISCELLANEOUS -- 3.9%
14,550 Bank Rozwoju Eksportu S.A. $ 229,084
22,000 Dhana Siam Finance and Securities Co., Ltd. 100,556
100,000 Grupo Financiero Inbursa S.A. de C.V. (B Shares) 280,690
80,000 Peregrine Investment Holdings Ltd. 104,979
$ 715,309
INVESTMENTS -- 2.4%
66,100 Pakistan Investment Fund Inc. $ 338,763
5,000 Taiwan Fund, Inc. 102,500
$ 441,263
REAL ESTATE -- 0.8%
87,000 Somprasong Land Public Co., Ltd. $ 137,450
7,000 Technology Resources Industries Bhd.* 19,590
$ 157,040
TOTAL FINANCIAL $ 2,979,330
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
PIONEER EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 1995 (CONTINUED)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
COMMON STOCKS (continued)
SERVICES -- 2.7%
PHARMACEUTICALS -- 1.3%
22,000 Jelfa* $ 246,917
BROADCASTING & MEDIA -- 1.4%
12,600 Grupo Telavisa, S.A. (G.D.R.) $ 252,000
TOTAL SERVICES $ 498,917
TECHNOLOGY -- 10.2%
ELECTRONICS -- 3.4%
17,000 LG Electronics Inc. (G.D.R.) $ 216,325
5,500 Loxley Co., Ltd. 104,928
109,200 Muramoto Electron Plc 312,496
$ 633,749
SOFTWARE -- 0.2%
25,000 Nucleus Software Exports, Ltd.* $ 42,986
TELEPHONE NETWORKS -- 6.6%
42,500 ECI Telecommunications Ltd. $ 903,125
44,000 PT Kabelmetal Indonesia 38,056
540,000 Star Paging Ltd. 76,097
6,500 Telefonos de Mexico S.A. (A.D.R.) 214,500
$ 1,231,778
TOTAL TECHNOLOGY $ 1,908,513
TRANSPORTATION -- 2.1%
SHIPS & SHIPPING -- 2.1%
467,000 PT Berlian Laju Tanker $ 153,383
31,700 Transportacion Maritima Mexicana S.A. de C.V. (A.D.R.)* 241,713
TOTAL TRANSPORTATION $ 395,096
UTILITIES -- 13.4%
TELECOMMUNICATIONS -- 13.4%
813,553 Champion Technology Holdings Ltd. $ 92,558
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
PIONEER EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 1995 (CONTINUED)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
COMMON STOCKS (continued)
UTILITIES (continued)
TELECOMMUNICATIONS (CONTINUED)
610 Korea Mobile Telecommunication Corp. $ 533,419
13,000 Korea Mobile Telecommunication Corp. (G.D.S.)* 495,625
11,100 Philippine Long Distance Telephone Co. (A.D.R.) 621,600
2,800 Portugal Telecom S.A. (A.D.R.)* 52,500
6,200 PT Indonesian Satellite Corp. (A.D.R.) 212,350
135,000 Sapura Telecommunications Bhd. 139,949
7,650 Telecom Argentina Stet-France S.A. 334,688
TOTAL UTILITIES $ 2,482,689
MISCELLANEOUS -- 3.5%
INDUSTRIAL MATERIALS -- 3.5%
1,000,000 Cia Cimento Portland Itau* $ 229,797
63,000 China Tire Holdings, Ltd. 409,500
TOTAL MISCELLANEOUS $ 639,297
TOTAL COMMON STOCKS (Cost $17,937,577) $15,983,244
TOTAL INVESTMENT IN SECURITIES (Cost $18,998,027)(a)(b)(c) $17,128,189
Principal
Amount
TEMPORARY CASH INVESTMENT 7.6%
$1,400,000 Repurchase agreement with Chase Manhattan Bank, dated 11/30/95,
bearing 5.875%, to be repurchased at $1,400,000 plus accrued
interest on 12/1/95, collateralized by $1,381,000 U.S. Treasury
Note, bearing 6.875%, due 2/28/97 $ 1,400,228
TOTAL TEMPORARY CASH INVESTMENT (Cost $1,400,000) $ 1,400,228
TOTAL INVESTMENT IN SECURITIES AND TEMPORARY
CASH INVESTMENT -- 100.0% (Cost $20,398,027) $18,528,417
</TABLE>
* Non-income producing security.
+ Investment held by the Fund representing 5% or more of the outstanding
voting stock of such company (see Note 6).
(a) At November 30, 1995, the net unrealized loss on investments based on cost
for federal income tax purposes of $19,031,207 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 1,263,935
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (3,166,953)
Net unrealized loss $(1,903,018)
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
PIONEER EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 1995 (CONTINUED)
(b) At November 30, 1995, the Fund had a capital loss carryforward of $1,016,450
which will expire in 2003 if not utilized.
(c) Investments by country of issue, as a percentage of total value of
investment in securities, is as follows:
Mexico 23.7%
Korea 13.3%
Poland 9.5%
Argentina 7.9%
India 7.0%
Thailand 6.4%
Hong Kong 5.2%
Israel 5.3%
Philippines 3.6%
Brazil 3.0%
Indonesia 3.3%
China 2.4%
Pakistan 2.0%
Venezuela 2.1%
Malaysia 1.7%
Peru 1.3%
Belize 1.2%
Others (individually less than 1%) 1.1%
100.0%
Purchases and sales of securities (excluding temporary cash investments) for the
year ended November 30, 1995 aggregated $48,094,154 and $46,366,450,
respectively.
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
PIONEER EMERGING MARKETS FUND
BALANCE SHEET
NOVEMBER 30, 1995
<TABLE>
<S> <C>
ASSETS:
Investment in securities, at value (including temporary cash investments of $1,400,228) (cost $20,398,027;
see Schedule of Investments and Note 1) $18,528,417
Foreign currencies, at value (Note 1) 240,026
Cash 73,181
Receivables --
Investment securities sold 2,271,687
Trust shares sold 369,440
Dividends, interest and foreign taxes withheld (Note 1) 27,529
Due from Pioneering Management Corporation (Note 2) 31,685
Other 3,424
Total assets $21,545,389
LIABILITIES:
Payables --
Investment securities purchased $ 206,375
Forward foreign currency settlement contracts -- net (Note 1) 1,169
Trust share repurchased 183,284
Due to affiliates (Notes 2, 3 and 4) 35,202
Accrued expenses 50,096
Total liabilities $ 476,126
NET ASSETS:
Paid-in capital (Note 1) $24,018,103
Accumulated net investment loss (Note 1) (3,984)
Accumulated net realized loss on investments and foreign currency transactions (Note 1) (1,049,630)
Net unrealized loss on investments (Note 1) (1,869,838)
Net unrealized loss on forward foreign currency contracts and other assets and liabilities denominated in
foreign currencies (Note 1) (25,388)
Total net assets $21,069,263
NET ASSET VALUE PER SHARE:
Class A -- (based on $15,410,795 / 1,333,583 shares of beneficial interest outstanding -- unlimited number
of shares authorized) $ 11.56
Class B -- (based on $5,658,468 / 493,510 shares of beneficial interest outstanding -- unlimited number of
shares authorized) $ 11.47
MAXIMUM OFFERING PRICE:
Class A $ 12.27
</TABLE>
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
PIONEER EMERGING MARKETS FUND
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED NOVEMBER 30, 1995
<TABLE>
<S> <C> <C>
INVESTMENT INCOME (NOTE 1):
Dividends (net of foreign taxes withheld of $28,044) $ 336,618
Interest 170,511
Total investment income $ 507,129
EXPENSES:
Management fees (Note 2) $ 251,891
Distribution fees (Note 4)
Class A 33,330
Class B 50,215
Transfer agent fees (Note 3)
Class A 73,552
Class B 21,339
Registration fees 45,674
Professional fees 29,200
Accounting (Note 2) 129,532
Custodian fees 133,298
Printing 14,001
Fees and expenses of nonaffiliated trustees 6,341
Miscellaneous 38,899
Total expenses $ 827,272
Less fees paid indirectly (Note 5) (6,031)
Less management fees waived and expenses assumed by Pioneering Management Corporation (Note 2) (333,187)
Net expenses $ 488,054
Net investment income $ 19,075
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized loss from:
Investments (Note 1) $(1,072,113)
Forward foreign currency contracts and other assets and liabilities denominated in foreign
currencies (Note 1) (52,218) $(1,124,331)
Net unrealized gain (loss) from:
Change in net unrealized gain on investments (Note 1) $ 402,299
Change in net unrealized gain on forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies (Note 1) (30,073) 372,226
Net loss on investments and foreign currency transactions $ (752,105)
Net decrease in net assets resulting from operations $ (733,030)
</TABLE>
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
PIONEER EMERGING MARKETS FUND
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED NOVEMBER 30, 1995 AND PERIOD ENDED NOVEMBER 30, 1994*
<TABLE>
<CAPTION>
Year Ended Period Ended
November 30, 1995 November 30, 1994*
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 19,075 $ 115,129
Net realized gain (loss) on investments and foreign currency transactions (1,124,331) 180,913
Change in net unrealized gain (loss) on investments and foreign currency transactions 372,226 (2,267,452)
Net decrease in net assets resulting from operations $ (733,030) $(1,971,410)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class A ($0.06 and $0.00 per share, respectively) $ (74,851) $ --
Class B ($0.03 and $0.00 per share, respectively) (11,716) --
Net realized gain on investments:
Class A ($0.13 and $0.00 per share, respectively) (175,464) --
Class B ($0.13 and $0.00 per share, respectively) (52,148) --
Decrease in net assets resulting from distributions to shareholders $ (314,179) $ --
FROM TRUST SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 21,995,056 $30,183,625
Net asset value of shares issued to shareholders in reinvestment of dividends 273,812 --
Cost of shares repurchased (21,538,201) (7,826,410)
Increase in net assets resulting from trust share transactions $ 730,667 $22,357,215
Net increase (decrease) in net assets $ (316,542) $20,385,805
NET ASSETS:
Beginning of period 21,385,805 1,000,000
End of period (including accumulated net investment income (loss) of $(3,984) and
$115,129, respectively) $ 21,069,263 $21,385,805
* The Fund commenced operations on June 23, 1994.
</TABLE>
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
PIONEER EMERGING MARKETS FUND
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED NOVEMBER 30, 1995 AND PERIOD ENDED NOVEMBER 30, 1994*
(CONTINUED)
<TABLE>
<CAPTION>
Year Ended Period Ended
November 30, 1995 November 30, 1994*
Shares Amount Shares Amount
<S> <C> <C> <C> <C>
CLASS A
Shares sold 1,402,890 $ 15,895,702 1,871,054 $25,054,207
Shares issued to shareholders in reinvestment of distributions 18,565 217,663 -- --
Less shares repurchased (1,482,458) (16,889,924) (536,468) (7,156,547)
Net increase (decrease) (61,003) $ (776,559) 1,334,586 $17,897,660
CLASS B
Shares sold 539,792 $ 6,099,354 385,239 $ 5,129,418
Shares issued to shareholders in reinvestment of distributions 4,819 56,149 -- --
Less shares repurchased (405,299) (4,648,277) (51,041) (669,863)
Net increase 139,312 $ 1,507,226 334,198 $ 4,459,555
* The Fund commenced operations on June 23, 1994.
</TABLE>
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
PIONEER EMERGING MARKETS FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED
<TABLE>
<CAPTION>
Year Ended June 23 to
November 30, 1995 November 30, 1994+
<S> <C> <C>
CLASS A
Net asset value, beginning of period $ 12.24 $ 12.50
Increase (decrease) from investment operations:
Net investment income $ 0.04 $ 0.08
Net realized and unrealized loss on investments and foreign currency transactions (0.53) (0.34)
Total decrease from investment operations $ (0.49) $ (0.26)
Distributions to shareholders from:
Net investment income (0.06) --
Net realized gain (0.13) --
Net decrease in net asset value $ (0.68) $ (0.26)
Net asset value, end of period $ 11.56 $ 12.24
Total return* (4.07%) (2.08%)
Ratio of net operating expenses to average net assets 2.27%++ 2.25%**
Ratio of net investment income to average net assets 0.24%++ 1.85%**
Portfolio turnover rate 246.68% 259.22%**
Net assets, end of period (in thousands) $15,411 $17,067
Ratios assuming no waiver of management fees and assumption of expenses by PMC and
no reduction of fees paid indirectly:
Net operating expenses 3.95% 4.13%**
Net investment loss (1.44%) (0.03%)**
Ratios assuming waiver of management fees and assumption of expenses by PMC and
reduction of fees paid indirectly:
Net operating expenses 2.25% --
Net investment income 0.27% --
+ The per share data presented above is based upon average shares outstanding
for the period presented.
++ Ratios assuming no reduction for fees paid indirectly.
* 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
</TABLE>
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
PIONEER EMERGING MARKETS FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED (CONTINUED)
<TABLE>
<CAPTION>
Year Ended June 23 to
November 30, 1995 November 30, 1994+
<S> <C> <C>
CLASS B
Net asset value, beginning of period $ 12.19 $ 12.50
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.04) $ 0.02
Net realized and unrealized loss on investments and foreign currency transactions (0.52) (0.33)
Total decrease from investment operations $ (0.56) $ (0.31)
Distributions to shareholders from:
Net investment income (0.03) --
Net realized gain (0.13) --
Net decrease in net asset value $ (0.72) $ (0.31)
Net asset value, end of period $ 11.47 $ 12.19
Total return* (4.62%) (2.48%)
Ratio of net operating expenses to average net assets 3.00%++ 3.33%**
Ratio of net investment income (loss) to average net assets (0.47%)++ 0.77%**
Portfolio turnover rate 246.68% 259.22%**
Net assets, end of period (in thousands) $ 5,658 $ 4,319
Ratios assuming no waiver of management fees and assumption of expenses by PMC and
no reduction for fees paid indirectly:
Net operating expenses 4.57% 5.21%**
Net investment loss (2.05%) (1.11%)**
Ratios assuming waiver of management fees and assumption of expenses by PMC and
reduction for fees paid indirectly:
Net operating expenses 2.96% --
Net investment loss (0.43%) --
+ The per share data presented above is based upon average shares outstanding
for the period presented.
++ Ratios assuming no reduction for fees paid indirectly.
* 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
</TABLE>
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
PIONEER EMERGING MARKETS FUND
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995
1. Pioneer Emerging Markets Fund (the Fund) is a Delaware business trust,
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to seek
long-term growth of capital by investing primarily in securities of issuers in
countries with emerging economies or securities markets. The Fund offers two
classes of shares -- Class A shares and Class B shares.
The Fund's financial statements have been prepared in conformity with 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 revenues and
expenses during the reporting periods. Actual results could differ from those
estimates. The following is a summary of significant accounting policies
consistently followed by the Fund, which are in conformity with those generally
accepted in the investment company industry:
A. Security Valuation -- Security transactions are recorded on trade date. Each
day, securities are valued at the last sale price on the principal exchange
where they are traded. Securities that have not traded on the date of valuation,
or securities for which sales prices are not generally reported, are valued at
the mean between the last bid and asked prices. Securities for which market
quotations are not readily available are valued at their fair values as
determined by, or under the direction of, the Board of Trustees. Trading in
foreign securities is substantially completed each day at various times prior to
the close of the New York Stock Exchange. The values of such securities used in
computing the net asset value of the Fund's shares are determined as of such
times. Temporary cash investments are valued at amortized cost plus accrued
interest, which approximates value. 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 is
informed of the ex-dividend date. Interest income is recorded on the accrual
basis, net of unrecoverable foreign taxes withheld at the applicable country
rates.
Gains and losses from sales of investments are calculated on the "identified
cost" method for both financial reporting and federal income tax purposes. It is
the Fund's practice to first select for sale those securities that have the
highest cost and also qualify for long-term capital gain or loss treatment for
tax purposes. In addition, net realized capital gains on securities in certain
countries give rise to capital gains taxes. It is the Fund's policy to provide a
reserve against net unrealized gains for anticipated capital gains taxes on such
securities held by the Fund. During the year ended November 30, 1995, the Fund
paid no capital gains taxes on gains realized on the sale of certain foreign
securities.
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 in a
developed market. Risks associated with these developing markets, attributable
to political, social or economic factors, 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.
B. Foreign Currency Translation -- The books and records of the Fund are
maintained in U.S. dollars. Amounts denominated in foreign currencies are
translated into U.S. dollars using current exchange rates.
18
<PAGE>
PIONEER EMERGING MARKETS FUND
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 (CONTINUED)
Net realized gains and losses on foreign currency transactions 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. dollar 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 market price of those
securities but are included with the net realized and unrealized gain or loss on
investments.
C. Forward Foreign Currency Contracts -- The Fund enters into forward foreign
currency contracts (contracts) for the purchase or sale of a specific foreign
currency at a fixed price on a future date as a hedge or cross-hedge against
either specific investments transactions (settlement hedges) or portfolio
positions (portfolio hedges). All contracts are marked to market daily at the
applicable exchange rates, and any resulting unrealized gains or losses are
recorded in the Fund's financial statements. The Fund records realized gains and
losses at the time a portfolio hedge 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 currency relative to the U.S. dollar. As of November 30, 1995, the Fund
had no outstanding portfolio hedges. The Fund's gross forward foreign currency
settlement contracts receivable and payable were $106,409 and $107,578,
respectively, resulting in a net payable of $1,169.
D. Federal Taxes -- It is the Fund's policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income and net realized capital gains, if any, to
its shareholders. Therefore, no federal income tax provision is required.
The characterization of distributions to shareholders for financial reporting
purposes is determined in accordance with income tax rules. Therefore, the
source of the Fund's distributions may be shown in the accompanying financial
statements as either from or in excess of net investment income or net realized
gain on investment transactions, or from paid-in capital, depending on the type
of book/tax differences that may exist.
The Fund has reclassified to accumulated net realized loss on investments and
foreign currency transactions $51,621 and $69,779 from accumulated undistributed
net investment income and paid-in capital, respectively. This reclassification
has no impact on the net asset value of the Fund and is designed to present the
Fund's capital accounts on a tax basis.
E. Trust Shares -- The Fund records sales and repurchases of its trust shares on
trade date. Net losses, if any, as a result of cancellations are absorbed by
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund
and an indirect subsidiary of The Pioneer Group, Inc. (PGI). PFD earned $25,119
in underwriting commissions on the sale of the Fund's trust shares during the
year ended November 30, 1995. Distributions to shareholders are recorded as of
the ex-dividend date. Distributions paid by the Fund, if any, with respect to
each class of shares are calculated in the same manner, at the same time, on the
same day and are in the same amount, except that Class A and Class B shares bear
different transfer agent and distribution fees.
F. Class Allocations -- Distribution expenses are calculated based on the
average daily net asset value attributable to Class A and Class B shares of the
Fund, respectively. Shareholders of Class A and Class B share all expenses and
fees paid to the transfer agent, Pioneering Services Corpora-
19
<PAGE>
PIONEER EMERGING MARKETS FUND
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 (CONTINUED)
tion (PSC), for their services, which are allocated based on the number of
accounts in each class and the ratable allocation of related out-of-pocket
expenses (see Note 3). Income, common expenses and realized and unrealized gains
and losses are calculated at the Fund level and allocated daily to each class of
share based on the respective percentage of adjusted net assets at the beginning
of the day.
G. Repurchase Agreements -- The Fund may enter into repurchase agreements. At
the time the Fund enters into a repurchase agreement, the value of the
underlying security (collateral), including accrued interest, will be equal to
or exceed the value of the repurchase agreement, and in the case of repurchase
agreements exceeding one day, the value of the underlying security, including
accrued interest, is required during the term of the agreement to be equal to or
exceed the value of the repurchase agreement. The underlying securities for all
repurchase agreements are held in safekeeping in the customer-only account of
the Fund's custodian or at the Federal Reserve Bank. If the seller defaults and
the value of the collateral declines, or if bankruptcy proceedings commence with
respect to the seller of the security, realization of the collateral by the Fund
may be delayed or limited.
2. Pioneering Management Corporation (PMC), the Fund's investment adviser,
manages the Fund's portfolio and is a wholly owned subsidiary of PGI. Management
fees are calculated daily at the annual rate of 1.25% of the Fund's average
daily net assets.
PMC has agreed not to impose a portion of its management fee and to assume other
operating expenses of the Fund to the extent necessary to limit Class A expenses
to 2.25% of the average daily net assets attributable to Class A shares; the
portion of the Fund-wide expenses attributable to Class B shares will be reduced
only to the extent that such expenses are reduced for Class A shares. PMC's
agreement is voluntary and temporary and may be revised or terminated at any
time.
In addition, under the management agreement, certain services and costs,
including accounting, regulatory reporting and insurance premiums, are paid by
the Fund.
3. PSC, a wholly owned subsidiary of PGI, provides substantially all transfer
agent and shareholder services to the Fund at negotiated rates. Included in due
to affiliates is $22,784 in transfer agent fees payable to PSC at November 30,
1995.
4. The Fund adopted a Plan of Distribution for Class A shares (Class A Plan) and
Class B shares (Class B Plan) in accordance with Rule 12b-1 under the Investment
Company Act of 1940. These plans allow for Class A and Class B shares to
reimburse and compensate PFD for providing varying levels of distribution
services and other account maintenance services. The Class A Plan and Class B
Plan provide for reimbursement of PFD's distribution services in an amount up to
0.25% and 0.75%, respectively, of the daily average net assets of the respective
classes of shares. The Fund may also compensate PFD for additional services in
an amount up to 0.25% of the Fund's average daily net assets attributable to
Class B shares. Included in due to affiliates is $12,418 in distribution fees
payable to PFD at November 30, 1995.
In addition, Class B shares that are redeemed within six years of purchase are
subject to a contingent deferred sales charge (CDSC) at declining rates
beginning at 4.0% based on the lower of cost or market value of shares be-
20
<PAGE>
PIONEER EMERGING MARKETS FUND
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1995 (CONTINUED)
ing redeemed. Proceeds from the CDSC are paid to PFD. For the year ended
November 30, 1995, CDSC in the amount of $18,025 was paid to PFD.
5. The Fund has entered into certain expense offset arrangements resulting in a
reduction in the Fund's total expenses. For the year ended November 30, 1995,
the Fund's expenses were reduced by $6,031 under such arrangements.
6. The Fund's investments in certain companies may exceed 5% of the outstanding
voting stock. Such companies are deemed affiliates of the Fund for financial
reporting purposes. The following summarizes transactions with affiliates of the
Fund as of year-end date:
DIVIDEND
AFFILIATES PURCHASES SALES INCOME VALUE
Mirgor Sacifia
(A.D.R.) $131,250 -- $21,142 $137,500
21
<PAGE>
PIONEER EMERGING MARKETS FUND
TAX TREATMENT OF DISTRIBUTIONS
MADE DURING THE YEAR ENDED NOVEMBER 30, 1995
During the year ended November 30, 1995, the Fund paid the following
distributions:
DISTRIBUTION PER SHARE
FROM NET
FROM NET REALIZED
INVESTMENT SHORT-TERM
TO SHAREHOLDERS OF RECORD PAYMENT DATE INCOME GAIN
Class A Shares
12/20/94 12/28/94 $ 0.06 $ 0.08
6/22/95 6/30/95 -- 0.05
Class B Shares
12/20/94 12/28/94 0.03 0.08
6/22/95 6/30/95 -- 0.05
On a per share basis, the $0.13 distributions to Class A and Class B
shareholders from short-term capital gain should be combined with the $0.06 and
$0.03 distributions from net investment income for a total of $0.19 and $0.16
for Class A and Class B shares, respectively, which represent ordinary income.
Class A and Class B shareholders who elected to take the Capital Gain
Distribution in additional shares of the Fund should report the distributions as
explained above. The tax cost of the shares received on December 28, 1994 is
$11.82 and $11.79 per share for Class A and Class B shares, respectively. The
tax cost of the shares received on June 30, 1995 is $11.47 and $11.40 per share
for Class A and Class B shares, respectively.
TRUSTEES' FEES, PRINCIPAL SHAREHOLDERS AND SHARE OWNERSHIP
OF TRUSTEES AND OFFICERS (UNAUDITED)
The aggregate direct remuneration paid by the Fund to nonaffiliated trustees and
officers during the year ended November 30, 1995, including expenses incurred in
attending trustees meetings, was $7,398. Fees of trustees who are affiliated
with or "interested persons" of Pioneering Management Corporation and Pioneer
Funds Distributor, Inc., investment adviser and principal underwriter,
respectively, of the Fund ($1,000 in 1995) are reimbursed to the Fund by
Pioneering Management Corporation in accordance with the management contract
with the Fund. At November 30, 1995, the trustees and officers of the Fund owned
beneficially 6,023 Class A shares and 4,038 Class B shares of the Fund
(approximately 0.45% and 0.82% of the outstanding Class A and Class B shares,
respectively). The Pioneer Group, Inc., the parent company of Pioneering
Management Corporation and Pioneer Funds Distributor, Inc., is a publicly held
corporation of which Mr. Cogan, Chairman and President of the Fund, owned
approximately 15% of the outstanding shares of capital stock at November 30,
1995.
22
<PAGE>
PIONEER EMERGING MARKETS FUND
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES OF PIONEER EMERGING MARKETS FUND:
We have audited the accompanying balance sheet of Pioneer Emerging Markets Fund,
including the schedule of investments, as of November 30, 1995, and the related
statement of operations, statements of changes in net assets and financial
highlights for the periods presented. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
November 30, 1995, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Emerging Markets Fund as of November 30, 1995, the results of its
operations, the changes in its net assets and financial highlights for the
periods presented, in conformity with generally accepted accounting principles.
Boston, Massachusetts
December 29, 1995 ARTHUR ANDERSEN LLP
23
<PAGE>
PIONEER EMERGING MARKETS FUND
60 STATE STREET
BOSTON, MASSACHUSETTS 02109
OFFICERS
JOHN F. COGAN, JR.
Chairman and President
DAVID D. TRIPPLE
Executive Vice President
NORMAN KURLAND
Senior Vice President
WILLIAM H. KEOUGH
Treasurer
JOSEPH P. BARRI
Secretary
TRUSTEES
JOHN F. COGAN, JR.
RICHARD H. EGDAHL, M.D.
MARGARET B.W. GRAHAM
JOHN W. KENDRICK
MARGUERITE A. PIRET
DAVID D. TRIPPLE
STEPHEN K. WEST
JOHN WINTHROP
INVESTMENT ADVISER
PIONEERING MANAGEMENT
CORPORATION
PRINCIPAL UNDERWRITER
PIONEER FUNDS
DISTRIBUTOR, INC.
CUSTODIAN
BROWN BROTHERS
HARRIMAN & CO.
INDEPENDENT PUBLIC
ACCOUNTANTS
ARTHUR ANDERSEN LLP
LEGAL COUNSEL
HALE AND DORR
SHAREHOLDER
SERVICES AND
TRANSFER AGENT
PIONEERING SERVICES
CORPORATION
60 State Street
Boston, Massachusetts
02109
Please call Pioneer for information on:
Existing accounts, new accounts, prospectuses,
applications, and services forms 1-800-225-6292
Fund yields and prices 1-800-225-4321
Toll-free fax 1-800-225-4240
Retirement plans 1-800-622-0176
Telecommunications Device for the
Deaf (TDD) 1-800-225-1997
WHEN DISTRIBUTED TO PERSONS WHO ARE NOT SHAREOWNERS OF THE FUND, THIS REPORT
MUST BE ACCOMPANIED BY AN OFFICIAL PROSPECTUS, WHICH DISCUSSES THE OBJECTIVES,
POLICIES, SALES CHARGES AND OTHER INFORMATION ABOUT THE FUND.
0196-2981
(C)PIONEER FUNDS DISTRIBUTOR, INC.
