<PAGE>
[PIONEER LOGO]
Pioneer
Emerging Markets
Fund
SEMIANNUAL REPORT 5/31/00
<PAGE>
Table of Contents
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
Letter from the Chairman 1
Portfolio Summary 2
Performance Update 3
Portfolio Management Discussion 7
Schedule of Investments 10
Financial Statements 20
Notes to Financial Statements 27
Trustees, Officers and Service Providers 33
Programs and Services for Pioneer Shareowners 34
</TABLE>
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
LETTER FROM THE CHAIRMAN 5/31/00
--------------------------------------------------------------------------------
Dear Shareowner,
--------------------------------------------------------------------------------
As you may know, on May 15, 2000, The Pioneer Group, Inc. and UniCredito
Italiano S.p.A. announced an agreement under which UniCredito is expected to
purchase all of the outstanding stock of Pioneer Group. UniCredito is Italy's
second largest banking group and has over $150 billion in assets. We are
pleased to be joining with UniCredito not only because of its reputation and
breadth, but also because of the similar business strategies shared by the two
companies. UniCredito employs many of the same investment philosophies that
Pioneer has believed in for over 70 years. In the meantime, your mutual fund
will be managed by the same portfolio management team, which is overseen by a
Board of Trustees. In addition, the union with UniCredito will give Pioneer
Investment Management, your fund's investment adviser, access to greater
resources, enabling us to strengthen and support our money management efforts
for all Pioneer shareowners.
We expect that the transition resulting from the acquisition will not have a
direct impact on fund shareowners. At Pioneer we always strive to provide our
shareowners with exemplary customer service and a diverse product line. Going
forward, we will continue to work as hard as we can to ensure that our
investors' needs are met and that you are satisfied in any dealings you have
with Pioneer.
Soon you will receive a letter and a proxy statement that will contain more
information about the transaction along with information about a special
shareholder meeting. We are excited about the acquisition (which is subject to
regulatory approval) and hope you are as well. I feel confident about prospects
for the days ahead and I truly believe that Pioneer Group has entered into a
relationship that will be beneficial to you.
Please read this report closely, particularly the Portfolio Management
Discussion with Mark Madden. The Q&A in this section gives you the opportunity
to read about your Fund and its performance over the period covered in the
report. If you have questions, please contact your investment professional or
call Pioneer at 1-800-225-6292. You can also visit our web site at
www.pioneerfunds.com for more information.
Respectfully,
/s/ John F. Cogan, Jr.
John F. Cogan, Jr.
Chairman and President
1
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
PORTFOLIO SUMMARY 5/31/00
--------------------------------------------------------------------------------
Sector Diversification
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[PIE CHART PLOT POINTS]
Technology 32%
Communication
Services 27%
Financial 16%
Consumer
Staples 10%
Consumer
Cyclicals 9%
Healthcare 2%
Energy 1%
Capital Goods 1%
Transportation 1%
Other 1%
[END PLOT POINTS]
Country Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[BAR CHART PLOT POINTS]
Taiwan 14.8%
Brazil 12.3%
South Korea 11.9%
India 10.8%
Mexico 10.7%
Malaysia 7.7%
Israel 5.0%
Turkey 4.3%
Philippines 4.0%
South Africa 4.0%
Thailand 3.2%
Greece 2.1%
Singapore 1.7%
Indonesia 1.4%
Hungary 1.0%
British Virgin Islands 1.0%
Russia 0.8%
Venezuela 0.8%
Egypt 0.6%
Hong Kong 0.6%
China 0.3%
Pakistan 0.3%
Czech Republic 0.2%
Estonia 0.2%
Colombia 0.2%
Argentina 0.1%
[END PLOT POINTS]
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
<TABLE>
<S> <C> <C> <C>
1. Taiwan Semiconductor 3.36% 6. Grupo Carso Global 1.66%
Manufacturing Co. Telecom
2. United Microelectronics 3.02 7. Telemig Celular Participacoes 1.62
Corp., Ltd. SA (A.D.R.) (Preferred)
3. Telefonos de Mexico SA 2.45 8. NIIT Ltd. 1.60
(L Shares) (A.D.R.)
4. Grupo Televisa SA (G.D.R.) 2.03 9. Tele Norte Leste Participacoes 1.53
SA (A.D.R.) (Preferred)
5. SK Telecom Co., Ltd. (A.D.R.) 1.69 10. ABS-CBN Broadcasting 1.45
Corp. (A.D.R.)
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
PERFORMANCE UPDATE 5/31/00 CLASS A SHARES
--------------------------------------------------------------------------------
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 5/31/00 11/30/99
$ 15.17 $ 13.80
Distributions per Share Income Short-Term Long-Term
(11/30/99-5/31/00) Dividends Capital Gains Capital Gains
- - -
</TABLE>
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment made
in Pioneer Emerging Markets Fund at public offering price, compared to the
growth of the Morgan Stanley Capital International (MSCI) Emerging Markets Free
Index.
<TABLE>
<CAPTION>
-----------------------------------------------------------
Average Annual Total Returns
(As of May 31, 2000)
Net Asset Public Offering
Period Value Price*
<S> <C> <C>
Life-of-Fund 6.61% 5.56%
(6/23/94)
5 Years 9.30 8.01
1 Year 39.17 31.23
-----------------------------------------------------------
</TABLE>
[MOUNTAIN CHART PLOT POINTS]
<TABLE>
<CAPTION>
Growth of $10,000+
Pioneer MSCI
Emerging Emerging
Markets Markets
Fund* Free Index
<S> <C> <C>
6/94 9425 10000
9128 11242
5/95 8743 9970
8756 9385
5/96 10998 10780
10558 10347
5/97 12385 11616
11653 8972
5/98 11302 8329
7902 6962
5/99 9798 8618
12405 10130
5/00 13637 10150
</TABLE>
[END PLOT POINTS]
* 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. The MSCI Emerging Markets Free Index
is an unmanaged, capitalization-weighted measure of 1,009 securities trading
in 26 emerging markets; it reflects only those securities available to foreign
investors. Index returns are calculated monthly, assume reinvestment of
dividends and, unlike Fund returns, do not reflect any sales charges, fees or
expenses. You cannot invest directly in the Index.
Past performance does not guarantee future results. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than
their original cost.
3
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
PERFORMANCE UPDATE 5/31/00 CLASS B SHARES
--------------------------------------------------------------------------------
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 5/31/00 11/30/99
$ 14.48 $ 13.23
Distributions per Share Income Short-Term Long-Term
(11/30/99-5/31/00) Dividends Capital Gains Capital Gains
- - -
</TABLE>
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment made
in Pioneer Emerging Markets Fund, compared to the growth of the Morgan Stanley
Capital International (MSCI) Emerging Markets Free Index.
<TABLE>
<CAPTION>
------------------------------------------------
Average Annual Total Returns
(As of May 31, 2000)
If If
Period Held Redeemed*
<S> <C> <C>
Life-of-Fund 5.82% 5.69%
(6/23/94)
5 Years 8.48 8.34
1 Year 38.04 34.04
------------------------------------------------
</TABLE>
[MOUNTAIN CHART PLOT POINTS]
<TABLE>
<CAPTION>
Growth of $10,000+
Pioneer MSCI
Emerging Emerging
Markets Markets
Fund* Free Index
<S> <C> <C>
6/94 10000 10000
9644 11242
5/95 9209 9970
9199 9385
5/96 11517 10780
11011 10347
5/97 12870 11616
12069 8972
5/98 11659 8329
8112 6962
5/99 10023 8618
12641 10130
5/00 13735 10150
</TABLE>
[END PLOT POINTS]
* Reflects deduction of the maximum
applicable contingent deferred sales
charge (CDSC) at the end of the period
and assumes reinvestment of distributions.
The maximum CDSC of 4% declines over six years.
+ Index comparison begins June 30, 1994. The MSCI Emerging Markets Free Index
is an unmanaged, capitalization-weighted measure of 1,009 securities trading
in 26 emerging markets; it reflects only those securities available to foreign
investors. Index returns are calculated monthly, assume reinvestment of
dividends and, unlike Fund returns, do not reflect any sales charges, fees or
expenses. You cannot invest directly in the Index.
Past performance does not guarantee future results. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than
their original cost.
4
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
PERFORMANCE UPDATE 5/31/00 CLASS C SHARES
--------------------------------------------------------------------------------
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 5/31/00 11/30/99
$ 14.35 $ 13.12
Distributions per Share Income Short-Term Long-Term
(11/30/99-5/31/00) Dividends Capital Gains Capital Gains
- - -
</TABLE>
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment made
in Pioneer Emerging Markets Fund, compared to the growth of the Morgan Stanley
Capital International (MSCI) Emerging Markets Free Index.
<TABLE>
<S> <C> <C>
-----------------------------------------------
Average Annual Total Returns
(As of May 31, 2000)
If If
Period Held Redeemed*
Life-of-Fund 6.12% 6.12%
(1/31/96)
1 Year 37.72 37.72
-----------------------------------------------
</TABLE>
[MOUNTAIN CHART PLOT POINTS]
<TABLE>
<CAPTION>
Growth of $10,000
Pioneer MSCI
Emerging Emerging
Markets Markets
Fund* Free Index
<S> <C> <C>
1/96 10000 10000
10008 9841
10855 10268
10234 9872
11/9 10386 9855
11746 11027
12131 11064
12281 10325
11/97 11384 8546
11796 8908
10997 7934
6966 5209
11/98 7633 6631
7480 6492
9390 8209
9670 8973
11/99 11824 9649
16798 11086
5/00 12932 9668
</TABLE>
[END PLOT POINTS]
* Assumes reinvestment of distributions. The 1% contingent deferred sales
charge (CDSC) applies to redemptions made within one year of purchase.
The MSCI Emerging Markets Free Index is an unmanaged, capitalization-weighted
measure of 1,009 securities trading in 26 emerging markets; it reflects only
those securities available to foreign investors. Index returns are calculated
monthly, assume reinvestment of dividends and, unlike Fund returns, do not
reflect any sales charges, fees or expenses. You cannot invest directly in the
Index.
Past performance does not guarantee future results. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than their
original cost.
5
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
PERFORMANCE UPDATE 5/31/00 CLASS Y SHARES
--------------------------------------------------------------------------------
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 5/31/00 11/30/99
$ 15.42 $ 13.99
Distributions per Share Income Short-Term Long-Term
(11/30/99-5/31/00) Dividends Capital Gains Capital Gains
- - -
</TABLE>
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment made
in Pioneer Emerging Markets Fund, compared to the growth of the Morgan Stanley
Capital International (MSCI) Emerging Markets Free Index.
<TABLE>
<CAPTION>
------------------------------------------------
Average Annual Total Returns*
(As of May 31, 2000)
If If
Period Held Redeemed
<S> <C> <C>
Life-of-Fund 3.41% 3.41%
(4/9/98)
1 Year 40.05 40.05
------------------------------------------------
</TABLE>
* Assumes reinvestment of distributions.
[MOUNTAIN CHART PLOT POINTS]
<TABLE>
<CAPTION>
Growth of $10,000+
Pioneer MSCI
Emerging Emerging
Markets Markets
Fund* Free Index
<S> <C> <C>
4/98 10000 10000
5/98 8759 8630
5578 5666
11/98 6155 7213
6065 7062
5/99 7658 8929
7915 9760
11/99 9730 10495
13876 12058
5/00 10725 10516
</TABLE>
[END PLOT POINTS]
+ Index comparison begins April 30, 1998. The MSCI Emerging Markets Free Index
is an unmanaged, capitalization-weighted measure of 1,009 securities trading
in 26 emerging markets; it reflects only those securities available to foreign
investors. Index returns are calculated monthly, assume reinvestment of
dividends and, unlike Fund returns, do not reflect any sales charges, fees or
expenses. You cannot invest directly in the Index.
Past performance does not guarantee future results. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than
their original cost.
6
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 5/31/00
--------------------------------------------------------------------------------
In the following discussion, Mark Madden, portfolio manager of Pioneer Emerging
Markets Fund, explains the current positioning of the Fund and factors
impacting its performance.
Q: What contributed to the Fund's strong performance over the past six months?
A: For the six months ended May 31, 2000, Pioneer Emerging Markets Fund's Class
A, B and C shares delivered total returns at net asset value of 9.93%, 9.45%
and 9.38% respectively. This performance surpassed the 0.73% return of the
MSCI Emerging Market Free Index. In addition, the fund achieved performance
gains that scored in the top 15% of its Lipper category beating the 2.93%
average return for the 195 funds included in Lipper, Inc.'s Emerging Market
category. (Lipper is an independent firm that tracks mutual fund performance
excluding sales charges.) This solid performance can be attributed to our
rigorous research efforts and our investment philosophy of focusing on
companies with strong long-term growth prospects, proven management ability
and reasonable valuations.
Q: Where are you finding attractive investment opportunities in the emerging
markets?
A: Many economies in Asia and Latin America are now recovering after
experiencing difficult economic conditions or recessions from 1997-99. As a
result, we are finding many companies that are poised to deliver strong
earnings growth over the next several years. For example, Fund holding Star
Publications, a media company in Malaysia, is experiencing a sharp recovery
in profitability. During the recession, advertising revenue fell by over 20%
because advertising is one of the easiest expenses for companies to cut
during difficult times. Now that the Malaysian economy has returned to strong
growth - gross domestic product grew by over 11% in the first quarter of this
year - advertising revenues are recovering sharply.
A second investment theme relates to outsourcing. Multinational corporations
in the United States and Europe are increasingly outsourcing production and
services to companies in developing countries in order to reduce costs and
improve efficiency in bringing new products to the marketplace. Today, the
need for semiconductor outsourcing is particularly
7
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 5/31/00 (continued)
--------------------------------------------------------------------------------
strong with the increasing demand for products such as personal computers,
cellular phones and internet devices. The research group, International Data
Corporation, estimates that the semiconductor foundry market will grow 40%
annually from 1999 to 2004. Fund holdings Taiwan Semiconductor Manufacturing
and United Microelectronics of Taiwan are among the most competitive
producers of semiconductor wafers in the world and are poised to benefit from
growth in this industry.
Q: How do the valuations of emerging market stocks compare to the stocks of
similar companies in the U.S.?
A: We find that across a variety of industries, emerging market stocks have much
lower valuations than those seen in the U.S. Our research efforts are
dedicated to valuation analysis so that we may reduce risk by investing in
companies that have market values below what we believe to be fair value.
Today, across most emerging markets we are finding compelling values.
Q: How did the recent correction in the U.S. equity markets affect the Fund's
performance?
A: The correction in the U.S. equity markets led to similar corrections in
nearly all equity markets worldwide. The primary cause for investor concern
has been the potential for higher global inflation which would lead to an
increase in U.S. interest rates. Despite the improving prospects of the
countries and companies in which the Fund is invested, many of these holdings
saw significant corrections in March and April. We believe that the current
uncertainty relating to the prospects of the U.S. economy and equity markets
may continue to weigh on equity markets in the near term. However, the recent
improvement in many emerging market economies and companies has the potential
to provide attractive investment opportunities for the intermediate to long
term.
Q: Is it still possible for an investor to benefit from geographic
diversification?
A: Yes. We believe that over the long term, geographic diversification can
enhance risk adjusted returns. During U.S. market corrections, it is not
uncommon for global markets to temporarily move together. However, over a
longer time horizon, there may be significant divergences in
8
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
performance. From 1995-99, the U.S. equity markets experienced an
extraordinary period that surpassed all other time periods in history. We
believe it will be difficult for those equity markets to maintain such
historically high rates of returns going forward.
Historically, the U.S. markets have not always performed better than overseas
equity markets. For example, during the period from 1990-94, the return of
the MSCI Emerging Market Free Index was more than double that of the S&P 500
Index. (The Standard & Poor's (S&P) 500 Index is an unmanaged measure of 500
widely held common stocks listed on the New York Stock Exchange, American
Stock Exchange and the over-the-counter market.) Emerging markets
dramatically underperformed U.S. equity markets in 1997-98 when the U.S.
economy grew at an astounding pace, while most emerging market economies
experienced severe recession. In 1999, many emerging market economies began
to recover and once again the MSCI Emerging Market Free Index outperformed
the S&P 500 Index. We believe that the recovery in many emerging market
economies can be sustained because we are optimistic about the prospects for
emerging market equity returns.
Q: What is your outlook?
A: We view the recent correction in stock prices as an opportunity to add to
existing positions that have compelling long-term prospects. The companies in
your portfolio are well-established with strong underlying fundamentals,
effective management, dynamic growth prospects and reasonable valuations. We
believe that such companies have limited downside during market corrections
and will reward shareholders who stay the course.
Investing in emerging markets carries its own set of risks, including but not
limited to, currency fluctuations, and social and economic instability.
However, we feel confident that the long-term prospects warrant serious
consideration. Arguably, accelerating economic growth, low inflation, stable
interest rates and declining political risk all point to solid economic
expansion in the years ahead.
9
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/00 (unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
PREFERRED STOCKS - 7.1%
320,000,000 Banco Bradesco SA $ 2,157,875
29,340,000 Banco Itau SA 2,209,942
12,000,000 Eletropaulo Metropolitana SA* 673,788
6,811 Shinsegae Department Store Co. (New Shares)* 217,084
194,594 Tele Norte Leste Participacoes SA (A.D.R.) 3,818,907
13,700 Telecomunicacoes Brasileiras SA (A.D.R.) 1,585,775
24,600 Telecular Sul Participoes (A.D.R.)* 833,325
69,700 Telemig Celular Participacoes SA (A.D.R.)* 4,046,956
67,000 Telesp Celular Participacoes SA (A.D.R.) 2,537,625
-----------
TOTAL PREFERRED STOCKS
(Cost $17,075,570) $18,081,277
-----------
COMMON STOCKS - 89.9%
Basic Materials - 0.5%
Chemicals - 0.3%
155,909 Daelim Industrial Co. $ 665,322
-----------
Construction (Cement & Aggregates) - 0.1%
73,036 Associated Cement Companies Ltd. $ 185,865
1,964 Associated Cement Companies Ltd. (Local Shares) 4,998
1,887,500 PT Jaya Real Property Tbk (Local Shares)* 120,362
-----------
$ 311,225
-----------
Iron & Steel - 0.0%
50 Tata Iron & Steel Co., Ltd. $ 136
-----------
Paper & Forest Products - 0.1%
70,000 Hansol Paper Co. $ 328,464
-----------
Total Basic Materials $ 1,305,147
-----------
Capital Goods - 1.5%
Electrical Equipment - 0.7%
414,996 Bharat Heavy Electricals Ltd. $ 1,127,747
1,400,000 Nanjing Panda Electronics Co., Ltd. (Class H)* 651,288
-----------
$ 1,779,035
-----------
Trucks & Parts - 0.8%
382,467 Escorts Ltd. $ 1,050,498
167,500 Larsen & Tourbo Ltd. 709,809
42,000 Larsen & Tourbo Ltd. (Local Shares) 177,982
-----------
$ 1,938,289
-----------
Total Capital Goods $ 3,717,324
-----------
</TABLE>
10 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Communication Services - 20.8%
Cellular/Wireless Telecommunications - 5.4%
90,044 Grupo Iusacell SA (Series V) (A.D.R.)* $ 1,193,083
76,000 MIH Ltd.* 2,496,125
19,600 Mobinil Ltd. 805,209
105,000 SK Telecom Co., Ltd. (A.D.R.) 4,206,562
65,000 Stet Hellas Telecomm SA (A.D.R.)* 1,365,000
787,000 Technology Resources Industries Bhd. 944,400
32,900 Tele Norte Celular Particpacoes SA (A.D.R.) 1,513,400
190,000 Total Access Communication Public Co., Ltd.* 511,100
1,011,000 United Communication Industry Public Co., Ltd.* 754,285
-----------
$13,789,164
-----------
Telecommunications (Long Distance) - 1.3%
8,518,000 Celular Telecom Holdings Ltd.* $ 2,543,035
23,100 FirstCom Corp.* 321,956
500,000 Keppel Telecom & Transport Ltd. 576,918
-----------
$ 3,441,909
-----------
Telephone - 14.1%
70,000 Compania Anonima Nacional Telefonos de
Venezuela (A.D.R.) $ 1,990,625
24,000 Eesti Telekom (G.D.R.) (144A) 477,600
163,500 Embratel Participacoes (A.D.R.) 3,423,281
1,825,200 Grupo Carso Global Telecom* 4,135,968
135,450 Hellenic Telecommunication Organization SA 3,342,268
79,300 Korea Telecom Corp. (A.D.R.) 2,934,100
45,000 Matav (A.D.R.) 1,535,625
181,350 Philippine Long Distance Telephone Co. (A.D.R.) 3,196,294
82,000 PT Indosat Indonesian Satellite Corp. (A.D.R.)
(Local Shares) 876,375
188,400 Tele Centro Oeste Celular Participacoes SA (A.D.R.)* 1,919,325
125,700 Telefonos de Mexico SA (L Shares) (A.D.R.) 6,120,019
942,000 Telekom Malaysia Bhd. 3,445,737
224,000 Telekomunikasi Indonesia (A.D.R.) 1,512,000
76,000 Videsh Sanchar Nigam Ltd. (G.D.R.) (144A) 1,185,600
-----------
$36,094,817
-----------
Total Communication Services $53,325,890
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 11
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/00 (unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Consumer Cyclicals - 8.6%
Auto Parts & Equipment - 0.0%
200,000 Mirgor Sacifia (Class C) (A.D.R.) (144A) $ 112,500
-----------
Automobiles - 0.9%
8,400,000 Koc Holdings AS $ 709,494
312,000 Mahindra & Mahindra Ltd. (G.D.R.) 1,669,200
-----------
$ 2,378,694
-----------
Household Furnishings & Appliances - 0.3%
2,500,000 Vestel Elektronik Sanayi Ve Ticaret AS* $ 781,694
-----------
Leisure Time (Products) - 1.2%
660,000 Berjaya Sports Toto Bhd. $ 1,519,737
40,000 Hero Honda Motors, Ltd.* 834,081
120,000 TVS Suzuki, Ltd. 681,794
-----------
$ 3,035,612
-----------
Lodging (Hotels) - 0.2%
125,000 The Indian Hotels Co., Ltd. (G.D.R.) (144A) $ 546,875
-----------
Publishing - 0.6%
64,900,000 Dogan Sirketler Grubu Holding AS* $ 1,502,193
-----------
Publishing (Newspapers) - 2.2%
74,000,000 Hurriyet Gazetecilile ve Matbaacilik AS $ 1,352,229
290,000 Naspers, Ltd. 2,525,538
375,000 Star Publications Inc. 1,470,395
150,000 Times Publishing Ltd. 377,304
-----------
$ 5,725,466
-----------
Retail (Department Stores) - 0.2%
14,600 Shinsegae Department Store Co. $ 435,609
-----------
Retail (General Merchandise) - 0.7%
19,500 39Shopping Corp.* $ 702,656
11,200 LG Home Shopping, Inc.* 949,942
-----------
$ 1,652,598
-----------
Retail (Specialty) - 0.5%
641,000 Walmart De Mexico SA de CV (Series C)* $ 1,241,558
-----------
Services (Advertising/Marketing) - 1.2%
20,500 Cheil Communications Inc. $ 2,432,050
11,400 LG AD, Inc. 755,963
-----------
$ 3,188,013
-----------
</TABLE>
12 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Services (Commercial & Consumer) - 0.2%
103,978 Hansol CSN* $ 421,620
-----------
Textiles (Home Furnishings) - 0.4%
606,000 Far Eastern Textile Ltd. $ 983,447
-----------
Textiles (Specialty) - 0.0%
347,700 Asia Fiber Co., Ltd.* $ 39,909
-----------
Total Consumer Cyclicals $22,045,788
-----------
Consumer Staples - 10.0%
Broadcasting (Television/Radio/Cable) - 6.8%
3,545,100 ABS-CBN Broadcasting Corp. (A.D.R.)* $ 3,615,753
35,000 Antenna Hungaria Rt.* 1,069,841
14,280,000 Benpres Holdings Corp.* 1,356,014
11,000 Ceske Radiokomunikace AS (G.D.R.)* 484,000
146,850 Globo Cabo SA (A.D.R.)* 1,743,844
121,850 Grupo Radio Centro SA de CV (A.D.R.) 1,340,350
91,000 Grupo Televisa SA (G.D.R.)* 5,067,562
86,300 Matav-Cable System Media Ltd. 1,682,136
120,000 TV Azteca, SA de CV (A.D.R.) 1,132,500
-----------
$17,492,000
-----------
Entertainment - 1.5%
325,890 Corporacion Interamericana de Entretenimiento SA
(Series B)* $ 1,319,323
903,000 Tanjong Public Co., Ltd. 2,542,658
-----------
$ 3,861,981
-----------
Foods - 0.5%
32,800 Cheil Jedang Corp. $ 1,239,982
-----------
Restaurants - 0.8%
1,332,000 Kentucky Fried Chicken Bhd. $ 2,068,105
-----------
Retail Stores (Food Chains) - 0.4%
1,000,000 Migros Turk T.A.S. $ 609,112
123,000 President Chain Store Corp. 473,077
-----------
$ 1,082,189
-----------
Total Consumer Staples $25,744,257
-----------
Energy - 1.5%
Oil & Gas (Exploration/Production) - 0.5%
25,000 Lukoil Holding (A.D.R.) $ 1,362,500
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 13
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/00 (unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Oil & Gas (Refining & Marketing) - 1.0%
45,200 Bharat Petroleum Corp., Ltd. $ 210,798
402,150 Hindustan Petroleum Corp., Ltd. (New Shares)* 1,142,611
63,416 SK Corp. 1,016,228
-----------
$ 2,369,637
-----------
Total Energy $ 3,732,137
-----------
Financial - 13.1%
Banks (Major Regional) - 5.2%
30,250,000 Akbank T.A.S. $ 466,783
54,000 Banco Gandero (A.D.R.) 408,375
1,029,000 Bangkok Bank Ltd. 1,213,908
45,000,000 Bank International* 521,739
63,000 Commerical International Bank 652,480
718,000 Grupo Financiero Banamex Accival (Class O)* 2,344,259
76,480 Kookmin Bank 819,308
220,000 Malayan Banking Bhd. 937,895
7,735,000 National Finance Public Co., Ltd.* 1,223,237
63,700 Shinhan Bank 476,552
510,000 Thai Farmers Bank, Ltd.* 387,004
87,300,000 Turkiye Garanti Bankasi* 1,120,231
56,000 Uniao de Bancos Brasileiros SA (G.D.R.) 1,354,500
107,849,885 Yapi Ve Kredi Bankasi SA 1,331,372
-----------
$13,257,643
-----------
Banks (Money Center) - 1.0%
38,662,000 PT Lippo Bank Tbk* $ 560,319
10,692,000 PT Lippo Bank Tbk (Certificate of Entitlement)* -
67,800,000 Turkiye Is Bankasi 1,872,168
-----------
$ 2,432,487
-----------
Banks (Regional) - 0.2%
12,900 Alpha Bank $ 548,203
-----------
Consumer Finance - 0.6%
800,000 African Bank Investments, Ltd.* $ 1,606,887
-----------
Financial (Diversified) - 3.2%
4,100,000 Ayala Corp. $ 653,693
570,000 Grupo Financiero Bancomer (B Shares)* 1,873,028
240,000 Housing Development Finance Corp. Ltd. 2,550,673
120,317 Imperial Holdings Ltd.* 888,996
</TABLE>
14 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Financial (Diversified) - (continued)
277,400 Pakistan Investment Fund Inc. $ 641,488
488,000 Public Finance Bhd. 541,937
8,450,000 SM Prime Holdings, Inc. 1,030,246
8,924 Trigem Ventures Co. 16,750
-----------
$ 8,196,811
-----------
Insurance (Property/Casualty) - 1.0%
144,100 Ayudhya Jardine CMG Life Assurance
Public Co., Ltd.* $ 36,572
990,000 Cathay Life Insurance Co. Ltd. 2,634,859
-----------
$ 2,671,431
-----------
Investment Banking/Brokerage - 1.4%
696,000 Arab Malay Merchant Bank Bhd. $ 2,875,579
110,000 Korea Technology Banking Co. 778,132
-----------
$ 3,653,711
-----------
Investment Management - 0.5%
764,000 China Everbright Ltd. $ 419,147
68,400,000 Haci Omer Sabanci Holding AS 877,706
-----------
$ 1,296,853
-----------
Total Financial $33,664,026
-----------
Healthcare - 1.8%
Biotechnology - 0.6%
45,000 Dr. Reddy's Laboratories Ltd. $ 1,409,529
-----------
Healthcare (Drugs/Major Pharmaceuticals) - 1.0%
38,000 E Merck (India) Ltd. $ 291,518
40,780 Hoechst Marion Roussel Ltd. 430,659
2,350 Knoll Pharmaceuticals Ltd. 19,606
39,650 Knoll Pharmaceuticals Ltd. (New Shares) 330,802
78,000 Ranbaxy Laboratories Ltd. 982,870
56,700 Sun Pharmaceutical Industries, Ltd.* 557,678
-----------
$ 2,613,133
-----------
Healthcare (Medical Products/Supplies - 0.2%
54,000 Medison Co. Ltd. $ 458,486
-----------
Total Healthcare $ 4,481,148
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 15
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/00 (unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Technology - 30.8%
Communications Equipment - 2.1%
85,000 Datacraft Asia Ltd. $ 590,750
8,500 Gilat Satellite Networks Ltd.* 684,781
82,696 Insung Information Co., Ltd. 1,079,917
7,850 LG Information and Communication Co. 457,309
24,300 Nice Systems Ltd. (A.D.R.)* 1,430,662
8,000 Orckit Communications Ltd.* 200,125
44,800 Radvision Ltd.* 812,000
-----------
$ 5,255,544
-----------
Computers (Hardware) - 2.9%
750,000 Acer Co. $ 1,557,936
325,000 Compal Electronics Inc. 775,316
13,200 Samsung Electronics 3,599,469
206,000 Synnex Technologies International Corp. 1,150,016
11,880 Trigem Computer Inc. 250,327
-----------
$ 7,333,064
-----------
Computers (Networking) - 0.5%
69,700 Radware, Ltd.* $ 1,211,037
-----------
Computers (Peripherals) - 1.2%
342,600 Acer Periphals, Inc. $ 1,423,330
69,209 Daou Technology, Inc.* 704,651
2,800,000 Datacapital SA* 1,024,606
17,205 Korea Data System 82,256
-----------
$ 3,234,843
-----------
Computers (Software & Services) - 8.4%
51,000 BFL Software Ltd. * $ 491,704
14,400 Check Point Software Technologies Ltd.* 2,705,400
10,000 Daum Communications Corp.* 713,590
31,000 DSQ Software Ltd. 408,700
23,880 HCL Technologies Ltd.* 616,275
520,000 Idion Technology Holdings, Ltd.* 671,449
18,400 Infosys Technology, Ltd. 2,883,767
570,000 Ixchange Technology Holdings Ltd.* 1,104,017
55,200 Korea Next Education Service Inc.* 508,260
30,600 Mastek Ltd. 887,846
90,500 NIIT Ltd. 3,999,958
30,000 Satyam Computer Services, Ltd. 1,656,726
</TABLE>
16 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Computers (Software & Services) - (continued)
660,000 Softline, Ltd.* $ 653,372
735,000 ST Computer Systems Ltd. 1,272,103
21,000 Tecnomatix Technologies, Ltd.* 567,000
150,500 VocalTec Communications, Ltd.* 2,408,000
-----------
$21,548,167
-----------
Electronics (Component Distributors) - 3.7%
311,172 ACER Sertek Inc. $ 1,565,455
257,000 Asustek Computer, Inc. 2,594,190
220,500 Hana Microelectronics Public Co., Ltd.* 1,664,788
35,000 L.G. Electronics Inc. 969,898
521,598 Phoenixtec Power Co., Ltd. 1,244,318
38,000 Samsung Corp.* 304,471
1,100,000 TCL International Holdings, Ltd.* 451,731
64,000 Venture Manufacturing Ltd. 564,918
-----------
$ 9,359,769
-----------
Electronics (Instrumentation) - 0.3%
380,000 Elec & Eltek International Co., Ltd. $ 843,600
-----------
Electronics (Semiconductors) - 9.9%
450,000 Advanced Semiconductor Engineering Inc. $ 1,372,931
92,000 Ambit Microsystems Corp. 907,757
264,000 Hon Hai Precision Industry Co. Ltd.* 2,416,358
142,000 Hyundai Electronics Industries Co.* 2,212,660
463,000 Siliconware Precision Industries Co., Ltd.* 961,766
1,643,840 Taiwan Semiconductor Manufacturing Co.* 8,376,595
177,000 Unisem Bhd. 1,502,171
2,483,400 United Microelectronics Corp., Ltd.* 7,536,446
-----------
$25,286,684
-----------
Equipment (Semiconductors) - 0.3%
9,550 Orbotech, Ltd.* $ 806,975
-----------
Services (Computer Systems) - 1.2%
367,907 Dimension Data Holdings, Ltd.* $ 2,560,042
1,200,000 Founder Hong Kong, Ltd.* 523,597
-----------
$ 3,083,639
-----------
Services (Data Processing) - 0.3%
180,000 Shinawatra Computer Co., Plc $ 899,885
-----------
Total Technology $78,863,207
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 17
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/00 (unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Transportation - 1.0%
Railroads - 0.6%
830,000 Malaysia International Shipping Bhd. $ 1,397,895
------------
Shipping - 0.4%
2,100,000 Far Eastern Silo & Shipping Corp. $ 1,090,555
------------
Total Transportation $ 2,488,450
------------
Utilities - 0.3%
Power Producers (Independent) - 0.3%
53,000 Unified Energy System (G.D.R.) (144A)* $ 731,845
------------
Total Utilities $ 731,845
------------
TOTAL COMMON STOCKS
(Cost $246,248,460) $230,099,219
------------
RIGHTS & WARRANTS - 0.6%
21,000 Cemex SA, 12/13/02* $ 12,145
13,885 Daou Technology, Inc., 6/23/00* 54,089
10,692,000 PT Lippo Bank, 4/15/02* -
897,130 Queenbee Restaurant, 3/24/03* 215,606
6,579,000 Siam Commercial Bank, 5/10/02* 973,299
470,211 TelecomAsia Public Co. Ltd., 4/3/02* 198,859
------------
TOTAL RIGHTS & WARRANTS
(Cost $2,097,024) $ 1,453,998
------------
TOTAL INVESTMENT IN SECURITIES
(Cost $265,421,054) (a) $249,634,494
------------
Principal
Amount
TEMPORARY CASH INVESTMENT - 2.4%
Commercial Paper - 2.4%
$ 6,239,000 Ford Motor Credit Corp., 6.76%, 6/1/00 $ 6,239,000
------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $6,239,000) $ 6,239,000
------------
TOTAL INVESTMENT IN SECURITIES AND
TEMPORARY CASH INVESTMENT - 100%
(Cost $271,660,054) (b) (c) $255,873,494
------------
</TABLE>
* Non-income producing security.
144A Security is exempt from registration under Rule 144A of the Securities Act
of 1933. Such securities may be resold normally to qualified institutional
buyers in a transaction exempt from registration. At May 31, 2000, the
value of these securities amounted to $3,054,420 or 1.2% of total net
assets.
18 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
(a) Distribution of investments by country of issue, as percentage of total
equity holdings, is as follows:
<TABLE>
<S> <C>
Taiwan 14.8%
Brazil 12.3
South Korea 11.9
India 10.8
Mexico 10.7
Malaysia 7.7
Israel 5.0
Turkey 4.3
Philippines 4.0
South Africa 4.0
Thailand 3.2
Greece 2.1
Singapore 1.7
Indonesia 1.4
Hungary 1.0
British Virgin Islands 1.0
Others (Individually less than 1%) 4.1
-----
100.0%
-----
</TABLE>
(b) At May 31, 2000, the net unrealized loss on investments based on cost for
federal income tax purposes of $271,847,135 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 29,767,695
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (45,741,336)
------------
Net unrealized loss $(15,973,641)
------------
</TABLE>
(c) At November 30, 1999, the Fund had a capital loss carryforward of
$53,623,973 which will expire in 2006 if not utilized.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended May 31, 2000 aggregated $273,000,987 and $214,999,266,
respectively.
The accompanying notes are an integral part of these financial statements. 19
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
BALANCE SHEET 5/31/00 (unaudited)
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investment in securities, at value (including temporary cash investment
of $6,239,000) (cost $271,660,054) $255,873,494
Cash 1,232
Foreign currencies, at value 4,816,566
Receivables -
Investment securities sold 709,125
Fund shares sold 822,470
Dividends, interest and foreign taxes withheld 654,039
Other 75,762
-------------
Total assets $262,952,688
-------------
LIABILITIES:
Payables -
Investment securities purchased $ 2,185,638
Fund shares repurchased 581,471
Forward foreign currency settlement contracts - net 159
Due to affiliates 563,554
Accrued expenses 272,149
Reserve for repatriation taxes 258,341
-------------
Total liabilities $ 3,861,312
-------------
NET ASSETS:
Paid-in capital $276,725,716
Accumulated net investment loss (3,080,264)
Accumulated net realized gain on investments and foreign currency
transactions 1,520,863
Net unrealized loss on investments (including reserve for repatriation
taxes of $258,341) (16,044,901)
Net unrealized loss on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies (30,038)
-------------
Total net assets $259,091,376
-------------
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $128,783,790/8,487,736 shares) $ 15.17
-------------
Class B (based on $69,020,566/4,766,000 shares) $ 14.48
-------------
Class C (based on $16,191,878/1,128,206 shares) $ 14.35
-------------
Class Y (based on $45,095,142/2,924,697 shares) $ 15.42
-------------
MAXIMUM OFFERING PRICE:
Class A $ 16.10
-------------
</TABLE>
20 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (unaudited)
--------------------------------------------------------------------------------
For the Six Months Ended 5/31/00
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $182,855) $ 1,518,659
Interest (net of foreign taxes withheld of $4,343) 165,934
------------
Total investment income $ 1,684,593
------------
EXPENSES:
Management fees $ 1,781,528
Transfer agent fees
Class A 224,885
Class B 141,544
Class C 53,162
Class Y 98
Distribution fees
Class A 175,089
Class B 397,344
Class C 91,334
Administrative fees 19,267
Custodian fees 304,245
Registration fees 51,226
Professional fees 49,935
Printing 62,769
Fees and expenses of nonaffiliated trustees 11,895
Miscellaneous 38,009
------------
Total expenses $ 3,402,330
Less fees paid indirectly (29,887)
------------
Net expenses $ 3,372,443
------------
Net investment loss $ (1,687,850)
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Investments (net of capital gains taxes paid of
$4,487,208) $ 56,010,409
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (252,314) $ 55,758,095
------------ ------------
Change in net unrealized gain or loss from:
Investments $(49,647,319)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 22,482 $(49,624,837)
------------ ------------
Net gain on investments and foreign currency
transactions $ 6,133,258
------------
Net increase in net assets resulting from operations $ 4,445,408
------------
</TABLE>
The accompanying notes are an integral part of these financial statements. 21
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
For the Six Months Ended 5/31/00 and the Year Ended 11/30/99
<TABLE>
<CAPTION>
Six Months
Ended
5/31/00 Year Ended
FROM OPERATIONS: (unaudited) 11/30/99
<S> <C> <C>
Net investment loss $ (1,687,850) $ (1,350,097)
Net realized gain on investments, futures contracts
and foreign currency transactions 55,758,095 2,804,075
Change in net unrealized gain or loss on investments
and foreign currency transactions (49,624,837) 58,084,393
------------ ------------
Net increase in net assets resulting from
operations $ 4,445,408 $ 59,538,371
------------ ------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $193,696,287 $189,422,052
Cost of shares repurchased (120,116,173) (193,508,476)
------------ ------------
Net increase (decrease) in net assets resulting
from fund share transactions $ 73,580,114 $ (4,086,424)
------------ ------------
Net increase in net assets $ 78,025,522 $ 55,451,947
NET ASSETS:
Beginning of period 181,065,854 125,613,907
------------ ------------
End of period (including accumulated net investment
loss of $3,080,264 and $1,392,414, respectively) $259,091,376 $181,065,854
------------ ------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A '00 Shares '00 Amount
(unaudited) (unaudited) '99 Shares '99 Amount
<S> <C> <C> <C> <C>
Shares sold 6,641,920 $ 116,906,783 13,457,290 $ 139,753,516
Less shares repurchased (4,754,496) (83,208,276) (15,527,823) (158,319,918)
---------- ------------- ----------- --------------
Net increase (decrease) 1,887,424 $ 33,698,507 (2,070,533) $ (18,566,402)
---------- ------------- ----------- --------------
CLASS B
Shares sold 2,534,962 $ 45,338,201 2,174,781 $ 23,059,774
Less shares repurchased (1,630,199) (27,499,063) (2,546,532) (25,753,021)
---------- ------------- ----------- --------------
Net increase (decrease) 904,763 $ 17,839,138 (371,751) $ (2,693,247)
---------- ------------- ----------- --------------
CLASS C
Shares sold 686,140 $ 12,157,138 427,313 $ 4,608,232
Less shares repurchased (446,044) (7,648,652) (974,574) (8,869,386)
---------- ------------- ----------- --------------
Net increase (decrease) 240,096 $ 4,508,486 (547,261) $ (4,261,154)
---------- ------------- ----------- --------------
CLASS Y
Shares sold 1,079,096 $ 19,294,165 1,855,799 $ 22,000,530
Less shares repurchased (100,389) (1,760,182) (50,089) (566,151)
---------- ------------- ----------- --------------
Net increase 978,707 $ 17,533,983 1,805,710 $ 21,434,379
---------- ------------- ----------- --------------
</TABLE>
22 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 5/31/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
5/31/00 Year Ended
(unaudited) 11/30/99
<S> <C> <C>
CLASS A
Net asset value, beginning of period $ 13.80 $ 8.79
-------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.07) $ (0.09)
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions 1.44 5.10
-------- -------
Net increase (decrease) from investment operations $ 1.37 $ 5.01
Distributions to shareholders:
Net investment income - -
Net realized gain - -
-------- -------
Net increase (decrease) in net asset value $ 1.37 $ 5.01
--------- -------
Net asset value, end of period $ 15.17 $ 13.80
--------- -------
Total return* 9.93% 57.00%
Ratio of net expenses to average net assets+ 2.20%** 2.44%
Ratio of net investment income (loss) to average net assets+ (1.02)%** (0.73)%
Portfolio turnover rate 162%** 180%
Net assets, end of period (in thousands) $128,784 $91,092
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 2.20%* * 2.44%
Net investment income (loss) ( 1.02)%** ( 0.73)%
Ratios assuming waiver of management fees and assumption of
expenses by PIM and reduction for fees paid indirectly:
Net expenses 2.17%* * 2.40%
Net investment income (loss) ( 0.99)%** ( 0.69)%
<CAPTION>
Year Ended Year Ended Year Ended Year Ended
11/30/98 11/30/97 11/30/96 11/30/95
<S> <C> <C> <C> <C>
CLASS A
Net asset value, beginning of period $ 14.42 $ 13.94 $ 11.56 $ 12.24
--------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.00 $ (0.05) $ (0.07) $ 0.04
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions (4.23) 1.40 2.45 (0.53)
--------- ------- ------- -------
Net increase (decrease) from investment operations $ (4.23) $ 1.35 $ 2.38 $ (0.49)
Distributions to shareholders:
Net investment income - - - (0.06)
Net realized gain (1.40) (0.87) - (0.13)
--------- ------- ------- -------
Net increase (decrease) in net asset value $ (5.63) $ 0.48 $ 2.38 $ (0.68)
--------- ------- ------- -------
Net asset value, end of period $ 8.79 $ 14.42 $ 13.94 $ 11.56
--------- ------- ------- -------
Total return* (32.19)% 10.37% 20.59% (4.07)%
Ratio of net expenses to average net assets+ 2.26% 2.23% 2.28% 2.27%
Ratio of net investment income (loss) to average net assets+ 0.07% (0.40)% (0.61)% 0.24%
Portfolio turnover rate 195% 140% 143% 247%
Net assets, end of period (in thousands) $ 76,257 $87,628 $56,465 $15,411
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 2.27% 2.25% 3.00% 3.95%
Net investment income (loss) 0.06% (0.42)% (1.33)% (1.44)%
Ratios assuming waiver of management fees and assumption of
expenses by PIM and reduction for fees paid indirectly:
Net expenses 2.25% 2.19% 2.25% 2.25%
Net investment income (loss) 0.08% (0.36)% (0.58)% 0.27%
</TABLE>
* 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.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements. 23
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 5/31/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
5/31/00 Year Ended
(unaudited) 11/30/99
<S> <C> <C>
CLASS B
Net asset value, beginning of period $ 13.23 $ 8.49
------- -------
Increase (decrease) from investment operations:
Net investment loss $ (0.10) $ (0.17)
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions 1.35 4.91
--------- -------
Net increase (decrease) from investment operations $ 1.25 $ 4.74
Distributions to shareholders:
Net investment income - -
Net realized gain - -
--------- -------
Net increase (decrease) in net asset value $ 1.25 $ 4.74
--------- -------
Net asset value, end of period $ 14.48 $ 13.23
--------- -------
Total return* 9.45% 55.83%
Ratio of net expenses to average net assets+ 2.98%* * 3.20%
Ratio of net investment income (loss) to average net assets+ (1.80)%** (1.53)%
Portfolio turnover rate 162%** 180%
Net assets, end of period (in thousands) $ 69,021 $51,093
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 2.98%* * 3.20%
Net investment loss (1.80)%** (1.53)%
Ratios assuming waiver of management fees and assumption of
expenses by PIM and reduction for fees paid indirectly:
Net expenses 2.96%* * 3.18%
Net investment loss (1.78)%** (1.51)%
<CAPTION>
Year Ended Year Ended Year Ended Year Ended
11/30/98 11/30/97 11/30/96 11/30/95
<S> <C> <C> <C> <C>
CLASS B
Net asset value, beginning of period $ 14.09 $ 13.73 $ 11.47 $ 12.19
--------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment loss $ (0.12) $ (0.14) $ (0.03) $ (0.04)
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions (4.08) 1.37 2.29 (0.52)
--------- ------- ------- -------
Net increase (decrease) from investment operations $ (4.20) $ 1.23 $ 2.26 $ (0.56)
Distributions to shareholders:
Net investment income - - - (0.03)
Net realized gain (1.40) (0.87) - (0.13)
--------- ------- ------- -------
Net increase (decrease) in net asset value $ (5.60) $ 0.36 $ 2.26 $ (0.72)
--------- ------- ------- -------
Net asset value, end of period $ 8.49 $ 14.09 $ 13.73 $ 11.47
--------- ------- ------- -------
Total return* (32.79)% 9.61% 19.70% (4.62)%
Ratio of net expenses to average net assets+ 3.09% 2.94% 3.00% 3.00%
Ratio of net investment income (loss) to average net assets+ (0.84)% (1.10)% (1.47)% 0.47%
Portfolio turnover rate 195% 140% 143% 247%
Net assets, end of period (in thousands) $ 35,954 $70,218 $39,893 $ 5,658
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 3.10% 2.95% 3.66% 4.57%
Net investment loss (0.85)% (1.11)% (2.13)% (2.05)%
Ratios assuming waiver of management fees and assumption of
expenses by PIM and reduction for fees paid indirectly:
Net expenses 3.08% 2.90% 2.96% 2.96%
Net investment loss (0.83)% (1.06)% (1.43)% (0.43)%
</TABLE>
* 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.
+ Ratios assuming no reduction for fees paid indirectly.
24 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 5/31/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
5/31/00 Year Ended
(unaudited) 11/30/99
<S> <C> <C>
CLASS C
Net asset value, beginning of period $ 13.12 $ 8.47
------- -------
Increase (decrease) from investment operations:
Net investment loss $ (0.09) $ (0.29)
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions 1.32 4.94
--------- -------
Net increase (decrease) from investment operations $ 1.23 $ 4.65
Distributions to shareholders:
Net realized gain - -
--------- -------
Net increase (decrease) in net asset value $ 1.23 $ 4.65
--------- -------
Net asset value, end of period $ 14.35 $ 13.12
--------- -------
Total return* 9.38% 54.90%
Ratio of net expenses to average net assets+ 3.20%* * 3.82%
Ratio of net investment loss to average net assets+ (2.02)%** (2.09)%
Portfolio turnover rate 162%** 180%
Net assets, end of period (in thousands) $ 16,192 $11,656
Ratios assuming no waiver of management fees by PIM
and no reduction for fees paid indirectly:
Net expenses 3.20%* * 3.82%
Net investment loss (2.02)%** (2.09)%
Ratios assuming waiver of management fees by PIM
and reduction for fees paid indirectly:
Net expenses 3.17%* * 3.80%
Net investment loss (1.99)%** (2.07)%
<CAPTION>
Year Ended Year Ended 1/31/96 to
11/30/98 11/30/97 11/30/96
<S> <C> <C> <C>
CLASS C
Net asset value, beginning of period $ 14.08 $ 13.73 $ 13.22
--------- ------- -------
Increase (decrease) from investment operations:
Net investment loss $ (0.08) $ (0.13) $ (0.09)
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions (4.13) 1.35 0.60
--------- ------- ---------
Net increase (decrease) from investment operations $ (4.21) $ 1.22 $ 0.51
Distributions to shareholders:
Net realized gain (1.40) (0.87) -
--------- ------- ---------
Net increase (decrease) in net asset value $ (5.61) $ 0.35 $ 0.51
--------- ------- ---------
Net asset value, end of period $ 8.47 $ 14.08 $ 13.73
--------- ------- ---------
Total return* (32.90)% 9.53% 3.86%
Ratio of net expenses to average net assets+ 3.32% 2.89% 2.91%* *
Ratio of net investment loss to average net assets+ (1.08)% (1.09)% (1.51)%**
Portfolio turnover rate 195% 140% 143%
Net assets, end of period (in thousands) $ 12,162 $12,730 $ 5,566
Ratios assuming no waiver of management fees by PIM
and no reduction for fees paid indirectly:
Net expenses 3.33% 2.90% 3.48%**
Net investment loss (1.09)% (1.10)% (2.08)%**
Ratios assuming waiver of management fees by PIM
and reduction for fees paid indirectly:
Net expenses 3.31% 2.85% 2.86%* *
Net investment loss (1.07)% (1.05)% (1.46)%**
</TABLE>
* 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.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements. 25
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 5/31/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
5/31/00 Year Ended 4/9/98 to
(unaudited) 11/30/99 11/30/98
<S> <C> <C> <C>
CLASS Y
Net asset value, beginning of period $ 13.99 $ 8.85 $ 14.55
------- ------- --------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.05) $ 0.01 $ -
Net realized and unrealized gain (loss) on
investments, futures contracts and foreign
currency transactions 1.48 5.13 ( 5.55)
-------- ------- ---------
Net increase (decrease) from investment
operations $ 1.43 $ 5.14 $ (5.55)
Distributions to shareholders
Net realized gain - - (0.15)
-------- ------- ---------
Net increase (decrease) in net asset value $ 1.43 $ 5.14 $ (5.70)
-------- ------- ---------
Net asset value, end of period $ 15.42 $ 13.99 $ 8.85
-------- ------- ---------
Total return* 10.22% 58.08% (38.32)%
Ratio of net expenses to average net assets+ 1.60%** 1.68% 1.75%**
Ratio of net investment income (loss) to
average net assets+ (0.46)%** (0.71)% 0.06%**
Portfolio turnover rate 162%** 180% 195%
Net assets, end of period (in thousands) $ 45,095 $27,225 $ 1,241
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.58%* * 1.61% 1.75%**
Net investment income (loss) (0.44)%** (0.64)% 0.06%**
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
+ Ratios assuming no reduction for fees paid indirectly.
26 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 5/31/00 (unaudited)
--------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
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.
The Fund offers four classes of shares - Class A, Class B, Class C and Class Y
shares. Each class of shares represents an interest in the same portfolio of
investments of the Fund and has equal rights to voting, redemptions, dividends
and liquidation, except that the level of transfer agent and distribution fees
may differ among classes. Class A, Class B, and Class C shareholders have
exclusive voting rights with respect to the distribution plan for each class.
There is no distribution plan for Class Y 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 as of trade date. The net asset value is
computed once daily, on each day the New York Stock Exchange is open, as of
the close of regular trading on the Exchange. In computing the net asset
value, 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 sale 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. Dividend income is recorded on the ex-dividend
date, except that certain dividends from foreign securities where the
ex-dividend date may
27
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 5/31/00 (unaudited) (cont'd)
--------------------------------------------------------------------------------
have passed are recorded as soon as the Fund is informed of the ex-dividend
data in the exercise of reasonable diligence. Interest income is recorded on
the accrual basis, net of unrecoverable foreign taxes withheld at the
applicable country rates. Temporary cash investments are valued at amortized
cost.
Gains and losses on 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.
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 include
political, social or 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. In addition, delays are common in
registering transfers of securities in certain countries and the Fund may be
unable to sell portfolio securities until the registration process is
completed.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions 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 investment
transactions (settlement hedges) or portfolio positions (portfolio hedges).
All
28
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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
currencies relative to the U.S. dollar.
As of May 31, 2000, the Fund had no outstanding portfolio hedges. The Fund's
gross forward foreign currency settlement contracts receivable and payable
were $30,390 and $30,549, respectively, resulting in a net payable of $159.
D. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices, and currency rates or to seek to increase
total return. Upon entering into a futures contract, the Fund is required to
deposit with a broker an amount of cash or securities equal to the minimum
"initial margin" requirements of the associated futures exchange. Subsequent
payments for futures contracts ("variation margin") are paid or received by
the Fund, depending on the daily fluctuation in the value of the contracts,
and are recorded by the Fund as unrealized gains or losses. When the contract
is closed, the Fund realizes a gain or loss equal to the difference between
the opening and closing values of the contract. The use of futures contracts
involves, to varying degrees, elements of market risks which may exceed the
amounts recognized by the Fund. Changes in the value of the contracts may not
directly correlate to the changes in the value of the underlying securities.
These risks may decrease the effectiveness of the Fund's hedging strategies
and potentially result in a loss. At May 31, 2000, the Fund had no
outstanding futures contracts.
E. 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.
In addition to the requirements of the Internal Revenue Code, the Fund may
also be required to pay local taxes on the recognition of capital gains
and/or the repatriation of foreign currencies in certain countries.
29
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 5/31/00 (unaudited) (cont'd)
--------------------------------------------------------------------------------
During the six months ended May 31, 2000, the Fund paid $4,487,208 in such
taxes.
In determining the daily net asset value, the Fund estimates the reserve for
such taxes, if any, associated with investments in certain countries. The
estimated reserve for the capital gains is based on the net unrealized
appreciation on certain portfolio securities, the holding period of such
securities and the related tax rates, tax loss carryforward (if applicable)
and other such factors. As of May 31, 2000, the Fund had no reserve related
to capital gains. The estimated reserve for the repatriation of foreign
currencies is based on principal balances and/or unrealized appreciation of
applicable securities, the holding period of such investments and the related
tax rates and other such factors. As of May 31, 2000, the Fund had a reserve
of $258,341 related to taxes on the repatriation of foreign currencies.
The characterization of distributions to shareholders for financial reporting
purposes is determined in accordance with federal 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.
F. 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 an indirect subsidiary of The Pioneer Group, Inc. (PGI), earned $28,182
in underwriting commissions on the sale of fund shares during the six months
ended May 31, 2000.
G. Class Allocations
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, and Class C shares of the Fund,
respectively. Class Y shares are not subject to a distribution plan.
Shareholders of each class share all expenses and fees paid to the transfer
agent, Pioneering Services Corporation (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 expense (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 shares based on the
respective percentage of adjusted net assets at the beginning of the day.
30
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distributions to shareholders 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, at the same time, and in the same amount,
except that Class A, Class B, Class C and Class Y shares can bear different
transfer agent and distribution fees.
2. Management Agreement
Pioneer Investment Management, Inc. (PIM), 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.
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. At May 31, 2000, $306,601 was payable to PIM
related to management fees, administrative fees and certain other services.
3. Transfer Agent
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 $148,953 in transfer agent fees payable to PSC at May 31,
2000.
4. Distribution Plans
The Fund adopted Plans of Distribution with respect to Class A, Class B, and
Class C shares (Class A Plan, Class B Plan and Class C Plan) in accordance with
Rule 12b-1 of the Investment Company Act of 1940. Pursuant to the Class A Plan,
the Fund pays PFD a service fee of up to 0.25% of the average daily net assets
attributable to Class A shares in reimbursement of its actual expenditures to
finance activities primarily intended to result in the sale of Class A shares.
Pursuant to the Class B Plan and the Class C Plan, the Fund pays PFD 1.00% of
the average daily net assets attributable to each class of shares. The fee
consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class B and Class C shares. Included in
due to affiliates is $108,000 in distribution fees payable to PFD at May 31,
2000.
In addition, redemptions of each class of shares (except 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
31
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 5/31/00 (unaudited) (cont'd)
--------------------------------------------------------------------------------
Class A shares within one year of purchase. Class B shares that are redeemed
within six years of purchase are subject to a CDSC at declining rates beginning
at 4.00%, based on the lower of cost or market value of shares being redeemed.
Redemptions of Class C shares within one year of purchase are subject to a CDSC
of 1.00%. Proceeds from the CDSCs are paid to PFD. For the six months ended May
31, 2000, CDSCs in the amount of $150,634 were paid to PFD.
5. Expense Offsets
The Fund has entered into certain expense offset arrangements resulting in a
reduction in the Fund's total expenses. For the six months ended May 31, 2000,
the Fund's expenses were reduced by $29,887 under such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), collectively participate in a $50 million 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 $50 million or the
limits set by its prospectus for borrowings. Interest on collective borrowings
of up to $25 million is payable at the Federal Funds Rate plus 3/8% on an
annualized basis, or at the Federal Funds Rate plus 1/2% if the borrowing
exceeds $25 million at any one time. The Funds pay an annual commitment fee for
this facility. The commitment fee is allocated among such Funds based on their
respective borrowing limits.
The average daily amount of borrowings outstanding during the six months ended
May 31, 2000 was $949,072. The average daily shares outstanding during the
period were 16,425,405 resulting in an average borrowing per share of $0.06.
The related weighted average annualized interest rate for the period was 6.28%,
and the total interest expense on such borrowings was $30,305.
32
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
Trustees Officers
John F. Cogan, Jr. John F. Cogan, Jr., Chairman and
Mary K. Bush President
Richard H. Egdahl, M.D. David D. Tripple, Executive Vice
Margaret B.W. Graham President
Marguerite A. Piret Eric W. Reckard, Treasurer
David D. Tripple Joseph P. Barri, Secretary
Stephen K. West
John Winthrop
</TABLE>
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Hale and Dorr LLP
Shareowner Services and Transfer Agent
Pioneering Services Corporation
33
<PAGE>
--------------------------------------------------------------------------------
PROGRAMS AND SERVICES FOR PIONEER SHAREOWNERS
--------------------------------------------------------------------------------
Your investment professional can give you additional information on Pioneer's
programs and services. If you want to order literature on any of the following
items directly, simply call Pioneer at 1-800-225-6292.
FactFone[SM]
Our automated account information service, available to you 24 hours a day,
seven days a week. FactFone gives you a quick and easy way to check fund share
prices, yields, dividends and distributions, as well as information about your
own account. Simply call 1-800-225-4321. For specific account information, have
your 13-digit account number and four-digit personal identification number at
hand.
90-Day Reinstatement Privilege (for Class A Shares)
Enables you to reinvest all or a portion of the money you redeem from your
Pioneer account - without paying a sales charge - within 90 days of your
redemption. You have the choice of investing in any Pioneer fund, as long as
you meet its minimum investment requirement.
Investomatic Plan
An easy and convenient way for you to invest on a regular basis. All you need
to do is authorize a set amount of money to be moved out of your bank account
into the Pioneer fund of your choice. Investomatic also allows you to change
the dollar amount, frequency and investment date right over the phone. By
putting aside affordable amounts of money regularly, you can build a long-term
investment - without sacrificing your current standard of living.
Payroll Investment Program (PIP)
Lets you invest in a Pioneer fund directly through your paycheck. All that's
involved is for your employer to fill out an authorization form allowing
Pioneer to deduct from participating employees' paychecks. You specify the
dollar amount you want to invest into the Pioneer fund(s) of your choice.
34
<PAGE>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Automatic Exchange Program
A simple way to move money from one Pioneer fund to another over a period of
time. Just invest a lump sum in one fund, and select the other Pioneer funds
you wish to invest in. You choose the amounts and dates for Pioneer to sell
shares of your original fund and use the proceeds to buy shares of the other
funds you have chosen. Over time, your investment will be shifted out of the
original fund. (Automatic Exchange is available for originating accounts with a
balance of $5,000 or more.)
Directed Dividends
Lets you invest cash dividends from one Pioneer fund to an account in another
Pioneer fund with no sales charge or fee. Simply fill out the applicable
information on a Pioneer Account Options Form. (This program is available for
dividend payments only; capital gains distributions are not eligible at this
time.)
Direct Deposit
Lets you move money into your bank account using electronic funds transfer
(EFT). EFT moves your money faster than you would receive a check, eliminates
unnecessary paper and mail, and avoids lost checks. Simply fill out a Pioneer
Direct Deposit Form, giving your instructions.
Systematic Withdrawal Plan (SWP)
Lets you establish automatic withdrawals from your account at set intervals.
You decide the frequency and the day of the month you want. Pioneer will send
the proceeds by check to the address you designate, or electronically to your
bank account. You also can authorize Pioneer to make the redemptions payable to
someone else. (SWPs are available for accounts with a value of $10,000 or
more.)
35
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
This page for your notes.
36
<PAGE>
Pioneer Emerging Markets Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
This page for your notes.
37
<PAGE>
--------------------------------------------------------------------------------
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
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
Pioneering Services Corporation
60 State Street
Boston, Massachusetts 02109
Our toll-free fax 1-800-225 - 4240
Our Internet e-mail address [email protected]
(for general questions about Pioneer only)
Visit our web site: www.pioneerfunds.com
This report must be preceded or accompanied by a current
Fund prospectus.
[PIONEER LOGO]
Pioneer Investment Management, Inc.
60 State Street 8539-00-0700
Boston, Massachusetts 02109 [RegTM] Pioneer Funds Distributor,Inc.
www.pioneerfunds.com [recycle logo] Printed on Recycled Paper
