<PAGE>
[Graphic: PIONEER Logo]
Pioneer
Emerging Markets
Fund
ANNUAL REPORT 11/30/99
<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 19
Notes to Financial Statements 26
Report of Independent Public Accountants 33
Trustees, Officers and Service Providers 34
The Pioneer Family of Mutual Funds 35
Programs and Services for Pioneer Shareowners 36
</TABLE>
<PAGE>
Pioneer Emerging Markets Fund
- --------------------------------------------------------------------------------
LETTER FROM THE CHAIRMAN 11/30/99
- --------------------------------------------------------------------------------
Dear Shareowner,
- --------------------------------------------------------------------------------
As we move forward into the new millennium, it seems a suitable time to look
back on how the world of investing has changed since Pioneer was founded in
1928. The creation of affordable investment options, including mutual funds, has
brought opportunity to millions of people worldwide and surely should be counted
among this century's greatest accomplishments. Just consider the impact a few
notable innova-tions - money market funds, employer-sponsored retirement
vehicles and the concept of international investing - have had on your life.
In some ways, investing has changed a great deal. One thing, however, remains
the same - our belief in the importance of a long-term perspective. Attempts at
market timing and the advent of day-trading unfortunately have led some to adopt
a "get rich quick" mentality. Looking back over time, lasting wealth has come to
investors who held to their discipline and didn't veer off course to chase the
rising star of the day. A solid, forward-thinking plan can offer great rewards,
even though it can be a tad dull moment to moment.
For those of you who are interested in new Pioneer products, we are pleased to
introduce Pioneer Tax-Managed Fund. The Fund builds on Pioneer's 71-year value
tradition, focusing on companies with quality management, market leadership,
solid assets and attractively priced stocks. To receive a prospectus for our
newest fund, which contains more information, including charges or expenses
please contact your investment professional or call Pioneer at 1-800-225-6292.
Please read the prospectus carefully before you invest.
I encourage you to read on to learn more about your Fund, including the question
and answer session with portfolio manager Mark Madden.
Respectfully,
[Graphic: Signature of John F. Cogan, Jr.]
John F. Cogan, Jr.
Chairman and President
1
<PAGE>
Pioneer Emerging Markets Fund
- --------------------------------------------------------------------------------
PORTFOLIO SUMMARY 11/30/99
- --------------------------------------------------------------------------------
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[Pie chart data]
International Common Stocks 73.9%
Depositary Receipts for International Stocks 23.8%
International Preferred Stocks 2.1%
Warrants 0.2%
Geographical Distribution
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
[Bar chart data]
<TABLE>
<S> <C> <C> <C>
South Korea 16.7% Philippines 1.9%
India 14.5% Peoples Republic of China 1.8%
Mexico 11.8% Turkey 1.5%
Israel 9.7% Russia 0.9%
Brazil 7.4% Greece 0.8%
Taiwan 5.5% United States 0.8%
Malaysia 5.3% Hungary 0.6%
Indonesia 4.7% Pakistan 0.4%
Hong Kong 4.5% Czech Republic 0.4%
Thailand 4.3% Poland 0.3%
South Africa 3.9% Argentina 0.1%
Singapore 2.2%
</TABLE>
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
<TABLE>
<S> <C> <C> <C>
1. Hansol CSN 2.27% 6. SK Telecom Co., Ltd. 1.56%
(A.D.R.)
2. Grupo Carso Global Telecom 1.96 7. Dimension Data Holdings 1.56
Ltd.
3. Daou Technology Inc. 1.81 8. Grupo Iusacell SA (Series V) 1.54
(A.D.R.)
4. Gilat Satellite Networks Ltd. 1.77 9. Grupo Televisa SA (G.D.R.) 1.53
5. Korea Technology Banking 1.57 10. Grupo Radio Centro SA de 1.41
Co. CV (A.D.R.)
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
Pioneer Emerging Markets Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 11/30/99 CLASS A SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 11/30/99 11/30/98
$13.80 $8.79
Distributions per Share Income Short-Term Long-Term
(11/30/98-11/30/99) 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 November 30, 1999)
Net Asset Public Offering
Period Value Price*
<S> <C> <C>
Life-of-Fund 5.39% 4.26%
(6/23/94)
5 Years 6.33 5.07
1 Year 57.00 47.91
</TABLE>
*Reflects deduction of the maximum 5.75% sales charge at the beginning of the
period and assumes reinvestment of distributions at net asset value.
[Mountain chart data]
Growth of $10,000+
<TABLE>
<CAPTION>
Pioneer MSCI
Emerging Emerging
Markets Markets
Fund* Free Index
<S> <C> <C>
6/94 9425 10000
11/94 9128 11242
8743 9970
11/95 8756 9385
10998 10780
11/96 10558 10347
12385 11616
11/97 11653 8972
11302 8329
11/98 7902 6962
9798 8618
11/99 12405 10130
</TABLE>
+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 11/30/99 CLASS B SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 11/30/99 11/30/98
$13.23 $8.49
Distributions per Share Income Short-Term Long-Term
(11/30/98-11/30/99) 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 November 30, 1999)
If If
Period Held Redeemed*
<S> <C> <C>
Life-of-Fund 4.62% 4.46%
(6/23/94)
5 Years 5.56 5.40
1 Year 55.83 51.83
</TABLE>
* 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.
[Mountain chart data]
Growth of $10,000+
<TABLE>
<CAPTION>
Pioneer MSCI
Emerging Emerging
Markets Markets
Fund* Free Index
<S> <C> <C>
6/94 10000 10000
11/94 9644 11242
9209 9970
11/95 9199 9385
11517 10780
11/96 11011 10347
12870 11616
11/97 12069 8972
11659 8329
11/98 8112 6962
10023 8618
11/99 12541 10130
</TABLE>
+ 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 11/30/99 CLASS C SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 11/30/99 11/30/98
$13.12 $8.47
Distributions per Share Income Short-Term Long-Term
(11/30/98-11/30/99) 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 November 30, 1999)
If If
Period Held Redeemed*
<S> <C> <C>
Life-of-Fund 4.47% 4.47%
(1/31/96)
1 Year 54.90 54.90
</TABLE>
* Assumes reinvestment of distributions. The 1% contingent deferred sales charge
(CDSC) applies to redemptions made within one year of purchase.
[Mountain chart data]
Growth of $10,000+
<TABLE>
<CAPTION>
Pioneer MSCI
Emerging Emerging
Markets Markets
Fund* Free Index
<S> <C> <C>
1/96 10000 10000
10008 9841
5/96 10855 10268
10234 9872
11/96 10386 9855
11746 11027
5/97 12131 11064
12281 10325
11/97 11384 8546
11796 8908
5/98 10997 7934
6966 5209
11/98 7633 6631
7480 6492
5/99 9390 8209
9670 8973
11/99 11824 9649
</TABLE>
+ 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 11/30/99 CLASS Y SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 11/30/99 11/30/98
$13.99 $8.85
Distributions per Share Income Short-Term Long-Term
(11/30/98-11/30/99) 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 November 30, 1999)
If If
Period Held Redeemed
<S> <C> <C>
Life-of-Fund -1.52% -1.52%
(4/9/98)
1 Year 58.08 58.08
</TABLE>
* Assumes reinvestment of distributions.
[Mountain chart data]
Growth of $10,000+
<TABLE>
<CAPTION>
Pioneer MSCI
Emerging Emerging
Markets Markets
Fund* Free Index
<S> <C> <C>
4/98 10000 10000
8759 8630
7567 7725
7/98 7922 7970
5578 5666
5369 6025
5634 6659
11/98 6155 7213
6176 7109
6072 6994
6065 7062
3/99 6802 7993
7505 8982
7658 8929
8506 9943
7/99 8304 9672
7915 9760
7637 9431
8353 9631
11/99 9730 10495
</TABLE>
+ 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 11/30/99
- --------------------------------------------------------------------------------
When it comes to investing, being in the right place at the right time can have
big rewards. But success doesn't come easily. It requires diligent research,
discipline and the patience to allow investments to realize their full potential
in the face of market fluctuations.
For the 12 months ending November 30, 1999, emerging markets proved worth the
wait. In the following discussion, portfolio manager Mark H. Madden explains the
factors that influenced your Fund's performance over the past year.
Q: How did the emerging markets and the Fund perform during the year?
A: Pioneer Emerging Markets Fund had a very successful year, topping 85% of
the funds in its competitive Lipper universe. Class A, B and C shares
generated total returns of 57.00%, 55.83% and 54.90%, respectively, at net
asset value for the 12 months ending November 30. In comparison, the 180
emerging market funds tracked by Lipper, Inc. had an average return of
42.4%. (Lipper is an independent firm that tracks mutual fund performance.)
The Fund also surpassed its benchmark, the MSCI Emerging Markets Free
Index, which rose 42.7% for the same period.
Q: To what do you attribute the Fund's strong performance?
A: We have positioned the fund to take advantage of three major themes that we
believe are driving the performance of emerging markets: 1) economic
recovery following the 1997-98 crises; 2) the information technology
revolution; and 3) outsourcing of products and services by developed market
enterprises to emerging market corporations. We selected stocks that are
major beneficiaries of these themes such as stocks in the technology,
telecommunication and media sectors.
Our country selection also contributed to our performance as we had a
strong presence in top performing countries such as South Korea, India,
Israel and Mexico while we maintained underweight positions in the poorer
performing markets in South Africa and South America.
7
<PAGE>
Pioneer Emerging Markets Fund
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 11/30/99 (continued)
- --------------------------------------------------------------------------------
Q: Why has the Fund emphasized technology, telecommunications and media
companies?
A: The information technology revolution is just beginning in emerging
markets. The Fund owns companies involved in developing telecommunication
infrastructure and services locally as well as globally. Recognizing the
dynamic growth opportunities inherent in these sectors, we focused the
portfolio on companies involved in building telecommunication
infrastructure and services. Fund holding Check Point Software Technologies
(Israel) provides internet security for large corporations. NIIT (India) is
active globally in information technology education, training and software
consulting services. Grupo Televisa (Mexico), a well run, highly rated
television programming producer, will distribute programming over the
internet.
Our decision to invest in cellular communications proved to be an effective
way to participate in the explosive growth of the telecommunications
sector. Throughout emerging markets, mobile phones are appearing in remote
villages before they ever see fixed telephone lines. We have high hopes for
SK Telecom (Korea) and Grupo Iusacell (Mexico) both of which control
significant market share in their countries.
Q: Is the corporate trend toward outsourcing production significant for
emerging markets?
A: We firmly believe so, and think the Fund is well positioned to take
advantage of it. Multinational companies in the United States, Europe and
Japan are contracting with companies in developing countries to produce a
wide range of products and services for them - from cellular handsets to
shoes to software development. Several holdings capitalize on this trend.
L.G. Electronics (Korea) manufactures much of the electronic hardware for
Apple's iMac computer. Taiwan Semiconductor Manufacturing offers advanced
chip-design services that allow businesses to customize chips more easily
and rapidly than in the past. Infosys Technologies (India) develops
software for Amazon.com's e-commerce business to help employees provide
better service.
8
<PAGE>
Pioneer Emerging Markets Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Q: Given the resumption of growth in emerging markets, are you investing in
more economically sensitive stocks?
A: The Fund is invested in companies that are profiting from the economic
recovery, as well. For example, Cemex (Mexico) produces cement in
developing countries around the world and will benefit from increases in
construction activity. On the retail side, there are opportunities such as
Edgars Stores (South Africa), which operates a large franchise of quality
department stores. Shinsegae Department Stores (South Korea) owns and
operates a chain of retail stores, and is now offering retail formats
comparable to Costco or BJ's Wholesale.
Q: What is your outlook for the coming year?
A: We remain optimistic about the long-term prospects for economic growth,
inflation and interest rates in the global emerging markets. Barring any
negative economic surprises arising from the United States and other major
developed countries, we believe that the economies of many emerging
countries will continue to improve. In addition, we believe that the most
rapid growth will be achieved in the technology, telecommunications and
media industries within these countries.
The economic crises of 1997-98 served as a catalyst for change in many
emerging markets. Governments of many developing countries implemented
reforms, and many companies pursued restructuring initiatives so as to
become more efficient and globally competitive. These initiatives should
improve productivity and lead to long-term economic growth.
9
<PAGE>
Pioneer Emerging Markets Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 11/30/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
PREFERRED STOCKS - 4.8%
30,140,000 Banco Itau SA $ 1,897,315
88,150 Lukoil Holding (A.D.R.) 639,087
4,500,000 Petrobras Brasileiro SA 909,599
6,811 Shinsegae Department Store Co. (New Shares)* 262,628
700,000 Siam Commercial Bank* 740,669
47,750 Tele Norte Leste Participacoes (A.D.R.) 850,547
23,200 Telecomunicacoes Brasileiras SA (A.D.R.) 2,105,400
1,000 Telesp Celular Participacoes SA (A.D.R.) 28,687
40,000 Telesp Participacoes SA (A.D.R.) 720,000
30,000 Tele Sudeste Celular Participacoes SA (A.D.R.) 616,875
-----------
TOTAL PREFERRED STOCKS
(Cost $7,610,682) $ 8,770,807
-----------
COMMON STOCKS - 95.0%
Basic Materials - 2.3%
Chemicals - 0.9%
145,710 Daelim Industrial Co. $ 1,671,721
-----------
Chemicals (Specialty) - 0.0%
21 Reliance Industries Ltd. $ 107
-----------
Construction (Cement & Aggregates) - 1.4%
2,612 Cemex, SA (A.D.R.)* $ 64,157
340,001 Cemex, SA (Class B) 1,663,735
5,950,000 PT Jaya Real Property Tbk (Local Shares)* 772,727
-----------
$ 2,500,619
-----------
Iron & Steel - 0.0%
50 Tata Iron & Steel Co., Ltd. $ 164
-----------
Total Basic Materials $ 4,172,611
-----------
Capital Goods - 0.7%
Electrical Equipment - 0.6%
121,198 Bharat Heavy Electricals Ltd.* $ 674,330
2,000,000 Nanjing Panda Electronics Co. Ltd. (Class H)* 427,477
-----------
$ 1,101,807
-----------
Machinery (Diversified) - 0.1%
1,000,000 PT Komatsu Indonesia Tbk (Local Shares)* $ 256,323
-----------
Total Capital Goods $ 1,358,130
-----------
</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 - 15.5%
Cellular/Wireless Telecommunications - 3.9%
27,600 Advanced Service Co., Ltd. $ 395,044
224,344 Grupo Iusacell SA (Series V) (A.D.R.)* 2,804,300
120,000 SK Telecom Co., Ltd. (A.D.R.) 2,842,500
33,000 Stet Hellas Telecomm SA (A.D.R.)* 651,750
850,000 Technology Resources Industries Bhd. 438,421
-----------
$ 7,132,015
-----------
Telecommunications (Long Distance) - 0.9%
6,600 Dacom Corp. $ 1,651,067
-----------
Telephone - 10.7%
89,000 Embratel Participacoes (A.D.R.)* $ 1,657,625
456,300 Grupo Carso Global Telecom 3,584,142
36,000 Hanaro Telecom Inc.* 659,909
37,450 Hellenic Telecommunication Organization SA 802,611
21,000 Korea Telecom Corp.* (A.D.R.) 1,113,000
25,000 Matav (A.D.R.) 754,688
42,350 Philippine Long Distance Telephone Co. (A.D.R.) 868,175
26,000 PT Indosat Indonesian Satellite Corp. (A.D.R.)
(Local Shares) 360,750
119,000 Rostelecom (A.D.R.) 989,188
2,035,000 TelecomAsia Corp. Public Co., Ltd.* 2,009,683
27,000 Telefonos de Mexico SA (L Shares) (A.D.R.) 2,499,188
370,000 Telekom Malaysia Bhd. 1,168,421
286,000 Telekomunikasi Indonesia (A.D.R.) 2,413,125
26,000 Videsh Sanchar Nigam Ltd. (G.D.R.) (144A) 598,000
-----------
$19,478,505
-----------
Total Communication Services $28,261,587
-----------
Consumer Cyclicals - 10.0%
Auto Parts & Equipment - 0.1%
200,000 Mirgor Sacifia (Class C) (A.D.R.) (144A) $ 168,750
-----------
Automobiles - 1.8%
4,200,000 Koc Holdings AS $ 535,068
170,000 Mahindra & Mahindra Ltd. (G.D.R.) 1,636,250
2,445,000 PT Astra International Tbk (Local Shares)* 1,119,720
-----------
$ 3,291,038
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 11
<PAGE>
Pioneer Emerging Markets Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 11/30/99 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Homebuilding - 0.0%
64,900 Land & House Public Co., Ltd.* $ 64,925
-----------
Leisure Time (Products) - 1.0%
47,000 Bajaj Auto Ltd. $ 429,340
660,000 Berjaya Sports Toto Bhd. 1,363,421
-----------
$ 1,792,761
-----------
Lodging (Hotels) - 0.6%
125,000 The Indian Hotels Co. Ltd. (G.D.R.) $ 1,065,625
-----------
Retail (Department Stores) - 3.0%
126,000 Edgars Stores Ltd. $ 1,407,138
15,000,000 PT Matahari Putra Prima (Local Shares)* 1,691,729
39,000 Shinsegae Department Stores Co. 2,405,435
-----------
$ 5,504,302
-----------
Retail (Specialty) - 0.6%
641,000 Cifra, SA de CV (Series C)* $ 1,129,455
-----------
Services (Commercial & Consumer) - 2.3%
264,940 Hansol CSN $ 4,148,079
-----------
Textiles (Home Furnishings) - 0.6%
606,000 Far Eastern Textile Ltd. $ 1,043,013
-----------
Textiles (Specialty) - 0.0%
347,700 Asia Fiber Co., Ltd.* $ 41,027
-----------
Total Consumer Cyclicals $18,248,975
-----------
Consumer Staples - 10.5%
Broadcasting (Television/Radio/Cable) - 6.4%
11,180,000 Benpres Holdings Corp.* $ 1,581,561
11,000 Ceske Radiokomunikace (G.D.R.)* 333,850
271,000 Globo Cabo SA (A.D.R.)* 1,897,000
468,300 Grupo Radio Centro SA de CV (A.D.R.)* 2,575,650
57,000 Grupo Televisa SA (G.D.R.)* 2,782,313
46,300 Matav-Cable System Media Ltd.* 1,149,038
250,000 TV Azteca, SA de CV (A.D.R.) 1,390,625
-----------
$11,710,037
-----------
Entertainment - 0.6%
325,890 Corporacion Interamericana de Entretenimiento SA
(Series B)* $ 1,082,726
-----------
</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>
Foods - 1.6%
29,000 Cheil Jedang Corp. $ 2,236,446
197,875 Thai Union Frozen Products Public Co. Ltd. 639,534
-----------
$ 2,875,980
-----------
Restaurants - 0.7%
1,030,000 Kentucky Fried Chicken Bhd. $ 1,273,947
-----------
Retail Stores (Food Chains) - 0.2%
123,000 President Chain Store Corp. $ 343,771
-----------
Specialty Printing - 1.0%
13,200,000 Paramount Publishing Group+ $ 1,818,580
-----------
Total Consumer Staples $19,105,041
-----------
Energy - 2.0%
Oil & Gas (Exploration/Production) - 0.0%
100 Oil & Natural Gas Commission Ltd. $ 512
-----------
Oil & Gas (Refining & Marketing) - 2.0%
68,200 Bharat Petroleum Corp., Ltd. $ 594,717
64,650 Hindustan Petroleum Corp., Ltd. 316,510
90,150 Hindustan Petroleum Corp., Ltd. (New Shares)* 426,128
62,600 Polski Koncern (G.D.R.)* 651,040
63,416 SK Corp. 1,597,367
-----------
$ 3,585,762
-----------
Total Energy $ 3,586,274
-----------
Financial - 18.2%
Banks (Major Regional) - 8.1%
30,250,000 Akbank T.A.S. $ 478,801
187,000 Bangkok Bank Ltd. 400,526
30,000,000 Bank International* 615,174
50,000 Bank of Philippine Islands 131,707
121,000 Dao Heng Bank Ltd. 690,182
325,000 Grupo Financiero Banamex Accival (Class O)* 1,095,293
838,000 JCG Holdings Ltd. 458,572
76,480 Kookmin Bank 1,273,292
220,000 Malayan Banking Bhd. 752,632
2,145,000 National Finance Public Co., Ltd.* 784,052
8,400 OTP Bank (G.D.R.)* 396,480
162,049 Overseas-Union Bank Ltd. 752,147
10,692,000 PT Lippo Bank Tbk (Certificate of Entitlement)* 0
</TABLE>
The accompanying notes are an integral part of these financial statements. 13
<PAGE>
Pioneer Emerging Markets Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 11/30/99 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Banks (Major Regional) - (continued)
18,662,000 PT Lippo Bank Tbk (Local Shares)* $ 446,459
63,700 Shinhan Bank 741,816
510,000 Thai Farmers Bank, Ltd.* 686,803
33,900,000 Turkiye Is Bankasi 801,589
96,000 Uniao de Bancos Brasileiros SA (G.D.R.) 2,262,000
278,000 United World Chinese Commercial Bank 374,003
176,200 Wing Hang Bank Ltd. 673,809
51,602,816 Yapi ve Kredi Bankasi AS 946,266
-----------
$14,761,603
-----------
Consumer Finance - 0.8%
800,000 Theta Group Ltd.* $ 1,540,827
-----------
Financial (Diversified) - 5.6%
200,000 Bank of East Asia $ 481,556
380,000 DBS Land Ltd. 741,684
450,000 Great Eagle Holdings Ltd. 796,691
2,250,000 Grupo Financiero Bancomer (B Shares) 835,898
229,500 Henderson Land Development 1,241,100
240,000 Housing Development Finance Corp. Ltd. 1,387,029
133,531 Imperial Holdings Ltd.* 1,361,571
3,400,000 Land & General Bhd. 1,458,421
290,000 New World Development Co., Ltd. 575,034
277,400 Pakistan Investment Fund Inc. 676,162
600,000 Public Finance Bhd. 628,421
-----------
$10,183,567
-----------
Insurance (Multi-Line) - 0.3%
934,000 Pacific Century Insurance Ltd.* $ 517,118
-----------
Insurance (Property/Casualty) - 0.4%
144,100 Ayudhya Jardine CMG Life Assurance Public Co.,
Ltd.* $ 33,267
263,000 Cathay Life Insurance 639,539
-----------
$ 672,806
-----------
Investment Banking/Brokerage - 2.5%
613,000 AMMB Holdings Bhd. $ 1,314,724
543,000 Capital Securities Corp.* 356,684
210,000 Korea Technology Banking Co. 2,862,195
-----------
$ 4,533,603
-----------
</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>
Investment Management - 0.5%
1,330,000 China Everbright Ltd. $ 993,240
-----------
Total Financial $33,202,764
-----------
Healthcare - 0.8%
Biotechnology - 0.5%
33,000 Dr. Reddy's Laboratories Ltd.* $ 859,118
-----------
Healthcare (Drugs/Major Pharmaceuticals) - 0.3%
1,050 Cipla Ltd. $ 39,344
2,100 Cipla Ltd. (New Shares)* 78,567
13,600 Sun Pharmaceutical Industries, Ltd. 484,092
-----------
$ 602,003
-----------
Total Healthcare $ 1,461,121
-----------
Technology - 31.1%
Communications Equipment - 4.0%
71,597 ECI Telecommunications Ltd. $ 1,794,400
42,000 Gilat Satellite Networks Ltd.* 3,231,375
57,300 Nice Systems Ltd. (A.D.R.)* 2,345,720
-----------
$ 7,371,495
-----------
Computers (Hardware) - 0.5%
1,100,000 Great Wall Technology Co. (Class H)* $ 927,702
-----------
Computers (Networking) - 0.7%
528,000 Accton Technology Corp.* $ 1,200,568
-----------
Computers (Peripherals) - 2.4%
222,600 Acer Periphals, Inc. $ 702,984
115,209 Daou Technology Inc.* 3,299,498
16,707 Korea Data System 325,713
-----------
$ 4,328,195
-----------
Computers (Software & Services) - 14.5%
51,000 BFL Software Ltd.* $ 797,812
16,300 Check Point Software Technologies Ltd.* 2,308,487
61,739 Formula Systems Ltd.* 2,136,889
119,350 HCL Technologies Ltd.* 1,594,816
3,300,000 I-ONE.NET International 1,590,598
4,600 Infosys Technologies Ltd. 980,302
26,300 Mastek Ltd. 2,138,174
26,300 Mastek Ltd. (Bonus Shares)* 2,135,750
33,530 NIIT Ltd. 1,815,355
</TABLE>
The accompanying notes are an integral part of these financial statements. 15
<PAGE>
Pioneer Emerging Markets Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 11/30/99 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Computers (Software & Services) - (continued)
24,970 NIIT Ltd. (New Shares)* $ 1,350,468
200 Pentafour Software & Exports Ltd. 3,999
200 Pentafour Software & Exports Ltd. (Bonus
Shares)* 3,980
42,200 Satyam Computer Services 1,864,753
54,000 Satyam Computer Services (Bonus Shares) 2,383,937
50,000 Starmedia Network Inc.* 1,487,500
90,500 Tecnomatix Technologies Ltd.* 2,477,437
10,000 VisualSoft Ltd. 1,418,039
-----------
$26,488,296
-----------
Electronics (Component Distributors) - 2.9%
178,000 ACER Sertek Inc. $ 556,513
85,000 Asustek Computer, Inc. 896,573
180,500 Hana Microelectronics Public Co., Ltd.* 745,428
35,000 L.G. Electronics 1,566,961
346,598 Phoenixtec Power Co., Ltd. 678,638
38,000 Samsung Corp.* 789,993
-----------
$ 5,234,106
-----------
Electronics (Instrumentation) - 0.2%
365,000 Yageo Corp. $ 348,113
-----------
Electronics (Semiconductors) - 2.8%
46,000 Ambit Microsystems Corp. $ 262,940
99,000 Hon Hai Precision Industry* 706,584
24,100 Orbotech Ltd.* 2,205,150
185,000 Siliconware Precision Industries Co., Ltd.* 368,072
177,000 Taiwan Semiconductor Manufacturing Co.* 830,080
260,000 United Microelectronics Corporation, Ltd.* 730,776
-----------
$ 5,103,602
-----------
Photography/Imaging - 0.5%
3,000,000 PT Modern Photo Tbk (Local Shares)* $ 922,761
-----------
Services (Computer Systems) - 2.0%
184,100 Datacraft Asia Ltd. $ 891,044
547,908 Dimension Data Holdings Ltd.* 2,837,752
-----------
$ 3,728,796
-----------
Services (Data Processing) - 0.6%
180,000 Shinawatra Computer Co., Plc $ 1,145,056
-----------
Total Technology $56,798,690
-----------
</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>
Transportation - 0.9%
Railroads - 0.9%
4,500,000 Guangshen Railway Co., Ltd. $ 515,676
830,000 Malaysia International Shipping Bhd. 1,234,079
------------
Total Transportation $ 1,749,755
------------
Utilities - 3.0%
Electric Companies - 2.1%
23,000,000 Centrais Electricas Brasileiras SA $ 466,583
130,000 Ceske Energeticke Zavody AS* 328,674
139,000 Huaneng Power International, Inc. (A.D.R.)* 1,476,875
50,000 Korea Electric Power (A.D.R.)* 1,000,000
295,350 Tata Power Co. Ltd.* 482,781
------------
$ 3,754,913
------------
Natural Gas - 0.5%
92,100 Gas Authority of India Ltd. (G.D.R.)* $ 870,345
------------
Power Producers (Independent) - 0.4%
1,000,000 First Philippine Holdings Corp. $ 817,074
------------
Total Utilities $ 5,442,332
------------
TOTAL COMMON STOCKS
(Cost $139,244,250) $173,387,280
------------
WARRANTS - 0.2%
10,692,000 PT Lippo Bank, 4/15/02* $ 0
200,000 Queenbee Restaurant, 3/24/03* 62,195
629,000 Siam Commercial Bank, 5/10/02* 213,781
------------
TOTAL WARRANTS $ 275,976
------------
(Cost $131,686)
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $146,986,618) (a) (b) (c) $182,434,063
============
</TABLE>
The accompanying notes are an integral part of these financial statements. 17
<PAGE>
Pioneer Emerging Markets Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 11/30/99 (continued)
- --------------------------------------------------------------------------------
* Non-income producing security.
+ Investment held by the Fund representing 5% or more of the outstanding
voting stock of such company.
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 November 30, 1999, the
value of these securities amounted to $766,750 or 0.4% of total net assets.
(a) Distribution of investments by country of issue, as percentage of total
equity holdings, is as follows:
<TABLE>
<S> <C>
South Korea 16.7%
India 14.5
Mexico 11.8
Israel 9.7
Brazil 7.4
Taiwan 5.5
Malaysia 5.3
Indonesia 4.7
Hong Kong 4.5
Thailand 4.3
South Africa 3.9
Singapore 2.2
Philippines 1.9
Peoples Republic of China 1.8
Turkey 1.5
Others (individually less than 1%) 4.3
-----
100.0%
=====
</TABLE>
(b) At November 30, 1999, the net unrealized gain on investments based on cost
for federal income tax purposes of $147,206,329 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $46,545,082
Aggregate gross unrealized loss for all investments in
which there is an excess of tax cost over value (11,317,348)
-----------
Net unrealized gain $35,227,734
===========
</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
year ended November 30, 1999 aggregated $231,760,993 and $235,114,649,
respectively.
18 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Emerging Markets Fund
- --------------------------------------------------------------------------------
BALANCE SHEET 11/30/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investment in securities, at value (cost $146,986,618) $182,434,063
Cash 4,159
Foreign currencies, at value 3,960,995
Receivables -
Investment securities sold 7,017,891
Fund shares sold 631,156
Forward foreign currency settlement contracts--net 6,159
Dividends, interest and foreign taxes withheld 286,085
Other 6,450
------------
Total assets $194,346,958
------------
LIABILITIES:
Payables -
Investment securities purchased $ 4,846,920
Fund shares repurchased 1,681,039
Due to affiliates 337,009
Accrued expenses 262,109
Reserve for repatriation and capital gains taxes 1,845,027
Line of credit 4,309,000
------------
Total liabilities $ 13,281,104
------------
NET ASSETS:
Paid-in capital $203,145,602
Accumulated net investment loss (1,392,414)
Accumulated net realized loss on investments, futures contracts
and foreign currency transactions (54,237,232)
Net unrealized gain on investments (including reserve for repatriation
and capital gains taxes of $1,845,027) 33,602,418
Net unrealized loss on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies (52,520)
------------
Total net assets $181,065,854
============
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $91,091,830/6,600,312 shares) $ 13.80
============
Class B (based on $51,092,692/3,861,237 shares) $ 13.23
============
Class C (based on $11,656,410/888,110 shares) $ 13.12
============
Class Y (based on $27,224,922/1,945,990 shares) $ 13.99
============
MAXIMUM OFFERING PRICE:
Class A $ 14.64
============
</TABLE>
The accompanying notes are an integral part of these financial statements. 19
<PAGE>
Pioneer Emerging Markets Fund
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
For the Year Ended 11/30/99
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $144,308) $ 1,904,084
Interest (net of foreign taxes withheld of $1,113) 238,712
-----------
Total investment income $ 2,142,796
-----------
EXPENSES:
Management fees $ 1,624,774
Transfer agent fees
Class A 374,640
Class B 210,488
Class C 101,874
Class Y 5,570
Distribution fees
Class A 181,585
Class B 397,743
Class C 89,063
Administrative fees 14,894
Custodian fees 270,091
Registration fees 57,158
Professional fees 90,512
Printing 49,867
Fees and expenses of nonaffiliated trustees 25,610
Miscellaneous 36,585
-----------
Total expenses $ 3,530,454
Less fees paid indirectly (37,561)
-----------
Net expenses $ 3,492,893
-----------
Net investment loss $(1,350,097)
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Investments $ 4,526,989
Futures contracts 144,350
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (1,867,264) $ 2,804,075
----------- -----------
Change in net unrealized loss from:
Investments $57,089,049
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 995,344 $58,084,393
----------- -----------
Net gain on investments and foreign currency
transactions $60,888,468
-----------
Net increase in net assets resulting from operations $59,538,371
===========
</TABLE>
20 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Emerging Markets Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
For the Years Ended 11/30/99 and 11/30/98
<TABLE>
<CAPTION>
Year Ended Year Ended
11/30/99 11/30/98
<S> <C> <C>
FROM OPERATIONS:
Net investment loss $ (1,350,097) $ (508,125)
Net realized gain (loss) on investments, futures
contracts and foreign currency transactions 2,804,075 (60,156,630)
Change in net unrealized loss on investments and
foreign currency transactions 58,084,393 (9,788,485)
------------ ------------
Net increase (decrease) in net assets resulting from
operations $ 59,538,371 $(70,453,240)
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net realized gain:
Class A ($0.00 and $1.40 per share, respectively) $ - $ (9,049,452)
Class B ($0.00 and $1.40 per share, respectively) - (6,941,023)
Class C ($0.00 and $1.40 per share, respectively) - (1,316,526)
Class Y ($0.00 and $0.15 per share, respectively) - (19,972)
------------ ------------
Total distributions to shareholders $ - $(17,326,973)
------------ ------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $189,422,052 $192,933,742
Reinvestment of distributions - 12,603,272
Cost of shares repurchased (193,508,476) (162,719,585)
------------ ------------
Net increase (decrease) in net assets resulting
from fund share transactions $ (4,086,424) $ 42,817,429
------------ ------------
Net increase (decrease) in net assets $ 55,451,947 $(44,962,784)
NET ASSETS:
Beginning of year 125,613,907 170,576,691
------------ ------------
End of year (including accumulated net investment loss
of $1,392,414 and $1,185,831, respectively) $181,065,854 $125,613,907
============ ============
</TABLE>
<TABLE>
<CAPTION>
'99 Shares '99 Amount '98 Shares '98 Amount
<S> <C> <C> <C> <C>
CLASS A
Shares sold 13,457,290 $ 139,753,516 13,942,933 $ 160,340,967
Reinvestment of distributions - - 579,650 7,318,213
Less shares repurchased (15,527,823) (158,319,918) (11,929,436) (126,018,352)
----------- ------------- ----------- -------------
Net increase (decrease) (2,070,533) $ (18,566,402) 2,593,147 $ 41,640,828
=========== ============= =========== =============
CLASS B
Shares sold 2,174,781 $ 23,059,774 1,676,837 $ 19,436,392
Reinvestment of distributions - - 377,852 4,655,749
Less shares repurchased (2,546,532) (25,753,021) (2,806,525) (30,267,194)
----------- ------------- ----------- -------------
Net decrease (371,751) $ (2,693,247) (751,836) $ (6,175,053)
=========== ============= =========== =============
CLASS C
Shares sold 427,313 $ 4,608,232 1,081,822 $ 10,948,240
Reinvestment of distributions - - 49,729 609,339
Less shares repurchased (974,574) (8,869,386) (600,103) (6,206,936)
----------- ------------- ----------- -------------
Net increase (decrease) (547,261) $ (4,261,154) 531,448 $ 5,350,643
=========== ============= =========== =============
CLASS Y*
Shares sold 1,855,799 $ 22,000,530 162,101 $ 2,208,143
Reinvestment of distributions - - 1,834 19,971
Less shares repurchased (50,089) (566,151) (23,655) (227,103)
----------- ------------- ----------- -------------
Net increase 1,805,710 $ 21,434,379 140,280 $ 2,001,011
=========== ============= =========== =============
</TABLE>
* Class Y shares were first publicly offered April 9, 1998.
The accompanying notes are an integral part of these financial statements. 21
<PAGE>
Pioneer Emerging Markets Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 11/30/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended Year Ended
11/30/99 11/30/98
<S> <C> <C>
CLASS A
Net asset value, beginning of year $ 8.79 $ 14.42
------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.09) $ 0.00
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions 5.10 (4.23)
------- -------
Net increase (decrease) from investment operations $ 5.01 $ (4.23)
Distributions to shareholders:
Net investment income - -
Net realized gain - (1.40)
------- -------
Net increase (decrease) in net asset value $ 5.01 $ (5.63)
------- -------
Net asset value, end of year $ 13.80 $ 8.79
======= =======
Total return* 57.00% (32.19)%
Ratio of net expenses to average net assets+ 2.44% 2.26%
Ratio of net investment income (loss) to average net assets+ (0.73)% 0.07%
Portfolio turnover rate 180% 195%
Net assets, end of year (in thousands) $91,092 $76,257
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 2.44% 2.27%
Net investment income (loss) (0.73)% 0.06%
Ratios assuming waiver of management fees and assumption of
expenses by PIM and reduction for fees paid indirectly:
Net expenses 2.40% 2.25%
Net investment income (loss) (0.69)% 0.08%
</TABLE>
<TABLE>
<CAPTION>
Year Ended Year Ended Year Ended
11/30/97 11/30/96 11/30/95
<S> <C> <C> <C>
CLASS A
Net asset value, beginning of year $ 13.94 $ 11.56 $ 12.24
------- ------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.05) $ (0.07) $ 0.04
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions 1.40 2.45 (0.53)
------- ------- -------
Net increase (decrease) from investment operations $ 1.35 $ 2.38 $ (0.49)
Distributions to shareholders:
Net investment income - - (0.06)
Net realized gain (0.87) - (0.13)
------- ------- -------
Net increase (decrease) in net asset value $ 0.48 $ 2.38 $ (0.68)
------- ------- -------
Net asset value, end of year $ 14.42 $ 13.94 $ 11.56
======= ======= =======
Total return* 10.37% 20.59% (4.07)%
Ratio of net expenses to average net assets+ 2.23% 2.28% 2.27%
Ratio of net investment income (loss) to average net assets+ (0.40)% (0.61)% 0.24%
Portfolio turnover rate 140% 143% 247%
Net assets, end of year (in thousands) $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 2.25% 3.00% 3.95%
Net investment income (loss) (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 2.19% 2.25% 2.25%
Net investment income (loss) (0.36)% (0.58)% 0.27%
</TABLE>
* Assumes initial investment at net asset value at the beginning of each period,
reinvestment of 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.
+ Ratio assuming no reduction for fees paid indirectly.
22 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Emerging Markets Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 11/30/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended Year Ended
11/30/99 11/30/98
<S> <C> <C>
CLASS B
Net asset value, beginning of year $ 8.49 $ 14.09
------- -------
Increase (decrease) from investment operations:
Net investment loss $ (0.17) $ (0.12)
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions 4.91 (4.08)
------- -------
Net increase (decrease) from investment operations $ 4.74 $ (4.20)
Distributions to shareholders:
Net investment income - -
Net realized gain - (1.40)
------- -------
Net increase (decrease) in net asset value $ 4.74 $ (5.60)
------- -------
Net asset value, end of year $ 13.23 $ 8.49
======= =======
Total return* 55.83% (32.79)%
Ratio of net expenses to average net assets+ 3.20% 3.09%
Ratio of net investment income (loss) to average net assets+ (1.53)% (0.84)%
Portfolio turnover rate 180% 195%
Net assets, end of year (in thousands) $51,093 $35,954
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 3.20% 3.10%
Net investment loss (1.53)% (0.85)%
Ratios assuming waiver of management fees and assumption of
expenses by PIM and reduction for fees paid indirectly:
Net expenses 3.18% 3.08%
Net investment loss (1.51)% (0.83)%
</TABLE>
<TABLE>
<CAPTION>
Year Ended Year Ended Year Ended
11/30/97 11/30/96 11/30/95
<S> <C> <C> <C>
CLASS B
Net asset value, beginning of year $ 13.73 $ 11.47 $12.19
------- ------- ------
Increase (decrease) from investment operations:
Net investment loss $ (0.14) $ (0.03) $(0.04)
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions 1.37 2.29 (0.52)
------- ------- ------
Net increase (decrease) from investment operations $ 1.23 $ 2.26 $(0.56)
Distributions to shareholders:
Net investment income - - (0.03)
Net realized gain (0.87) - (0.13)
------- ------- ------
Net increase (decrease) in net asset value $ 0.36 $ 2.26 $(0.72)
------- ------- ------
Net asset value, end of year $ 14.09 $ 13.73 $11.47
======= ======= ======
Total return* 9.61% 19.70% (4.62)%
Ratio of net expenses to average net assets+ 2.94% 3.00% 3.00%
Ratio of net investment income (loss) to average net assets+ (1.10)% (1.47)% 0.47%
Portfolio turnover rate 140% 143% 247%
Net assets, end of year (in thousands) $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 2.95% 3.66% 4.57%
Net investment loss (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 2.90% 2.96% 2.96%
Net investment loss (1.06)% (1.43)% (0.43)%
</TABLE>
* Assumes initial investment at net asset value at the beginning of each period,
reinvestment of 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.
+ Ratio 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 11/30/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended Year Ended Year Ended 1/31/96 to
11/30/99 11/30/98 11/30/97 11/30/96
<S> <C> <C> <C> <C>
CLASS C
Net asset value, beginning of period $ 8.47 $ 14.08 $ 13.73 $13.22
------- ------- ------- ------
Increase (decrease) from investment operations:
Net investment loss $ (0.29) $ (0.08) $ (0.13) $(0.09)
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions 4.94 (4.13) 1.35 0.60
------- ------- ------- ------
Net increase (decrease) from investment operations $ 4.65 $ (4.21) $ 1.22 $ 0.51
Distributions to shareholders:
Net realized gain - (1.40) (0.87) -
------- ------- ------- ------
Net increase (decrease) in net asset value $ 4.65 $ (5.61) $ 0.35 $ 0.51
------- ------- ------- ------
Net asset value, end of period $ 13.12 $ 8.47 $ 14.08 $13.73
======= ======= ======= ======
Total return* 54.90% (32.90)% 9.53% 3.86%
Ratio of net expenses to average net assets+ 3.82% 3.32% 2.89% 2.91%**
Ratio of net investment loss to average net assets+ (2.09)% (1.08)% (1.09)% (1.51)%**
Portfolio turnover rate 180% 195% 140% 143%
Net assets, end of period (in thousands) $11,656 $12,162 $12,730 $5,566
Ratios assuming no waiver of management fees by PIM and no
reduction for fees paid indirectly:
Net expenses 3.82% 3.33% 2.90% 3.48%**
Net investment loss (2.09)% (1.09)% (1.10)% (2.08)%**
Ratios assuming waiver of management fees by PIM and
reduction for fees paid indirectly:
Net expenses 3.80% 3.31% 2.85% 2.86%**
Net investment loss (2.07)% (1.07)% (1.05)% (1.46)%**
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of 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.
+ Ratio assuming no reduction for fees paid indirectly.
24 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Emerging Markets Fund
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FINANCIAL HIGHLIGHTS 11/30/99
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<TABLE>
<CAPTION>
Year Ended 4/9/98 to
11/30/99 11/30/98
<S> <C> <C>
CLASS Y
Net asset value, beginning of period $ 8.85 $ 14.55
------- -------
Increase (decrease) from investment operations:
Net investment income $ 0.01 $ -
Net realized and unrealized gain (loss) on investments,
futures contracts and foreign currency transactions 5.13 (5.55)
------- -------
Net increase (decrease) from investment operations $ 5.14 $ (5.55)
Distributions to shareholders:
Net realized gain - (0.15)
------- -------
Net increase (decrease) in net asset value $ 5.14 $ (5.70)
------- -------
Net asset value, end of period $ 13.99 $ 8.85
======= =======
Total return* 58.08% (38.32)%
Ratio of net expenses to average net assets+ 2.51% 1.75%**
Ratio of net investment income (loss) to average net assets+ (1.07)% 0.06%**
Portfolio turnover rate 180% 195%
Net assets, end of period (in thousands) $27,225 $ 1,241
Ratios assuming reduction for fees paid indirectly:
Net expenses 2.41% 1.75%**
Net investment income (loss) (0.97)% 0.06%**
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
+ Ratio assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements. 25
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Pioneer Emerging Markets Fund
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NOTES TO FINANCIAL STATEMENTS 11/30/99
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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 on 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
26
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Pioneer Emerging Markets Fund
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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 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 India, and the Fund may be
unable to sell portfolio securities until the registration process is
completed.
B. 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 value of the contract.
The use of futures contracts involves, to varying degrees, elements of
market risk which may exceed the amounts recognized by the Fund. Changes in
value of the contracts may not directly correlate to the changes in value
of the underlying securities. These risks may decrease the effectiveness of
the Fund's hedging and trading strategies and potentially result in a loss.
As of November 30, 1999, the Fund had no outstanding futures contracts.
27
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Pioneer Emerging Markets Fund
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NOTES TO FINANCIAL STATEMENTS 11/30/99 (continued)
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C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions 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.
D. 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 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 November 30, 1999, the fund had no outstanding portfolio hedges. The
Funds gross forward foreign currency settlement contracts receivable and
payable were $1,502,130 and $1,495,971, respectively, resulting in a net
receivable of $6,159.
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.
28
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Pioneer Emerging Markets Fund
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In addition to the requirements of the Internal Revenue Code, the Fund may
also be required to pay local taxes on the recognition of capital gains
and/or the repatriation of foreign currencies in certain countries. During
the year ended November 30, 1999, the Fund paid no such taxes.
In determining the daily net asset value, the Fund estimates the reserve
for such taxes, if any, associated with investments in certain countries.
The estimated reserve for capital gains is based on the net unrealized
appreciation on certain portfolio securities, the holding period of such
securities and the related tax rates, tax loss carryforward (if applicable)
and other such factors. As of November 30, 1999, the Fund had a reserve of
$1,834,842 related to capital gains. The estimated reserve for 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
November 30, 1999, the Fund had a reserve of $10,185 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.
At November 30, 1999, the Fund has reclassified $1,143,514 and $1,867,264
from paid-in capital to accumulated net investment loss and accumulated net
realized loss on investments, futures contracts and foreign currency
transactions, respectively. The 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.
F. Fund Shares
The Fund records sales and repurchases of its 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 $24,835 in
underwriting commissions on the sale of fund shares during the year ended
November 30, 1999.
29
<PAGE>
Pioneer Emerging Markets Fund
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NOTES TO FINANCIAL STATEMENTS 11/30/99 (continued)
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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.
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 November 30, 1999, $190,502 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 $76,516 in transfer agent fees payable to PSC at November 30,
1999.
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
30
<PAGE>
Pioneer Emerging Markets Fund
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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 $69,991 in distribution fees payable to PFD at November 30,
1999.
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 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 year ended November 30, 1999,
CDSCs in the amount of $206,512 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 year ended November 30, 1999,
the Fund's expenses were reduced by $37,561 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 year ended
November 30, 1999 was $506,888. The average daily shares outstanding during the
year were 12,453,377 resulting in an average borrowing per
31
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Pioneer Emerging Markets Fund
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NOTES TO FINANCIAL STATEMENTS 11/30/99 (continued)
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share of $0.04. The related weighted average annualized interest rate for the
year was 5.58%, and the total interest expense on such borrowings was $28,445.
7. Affiliated Companies
The Fund's investments in certain companies 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 November 30, 1999:
<TABLE>
<CAPTION>
Dividend
Affiliate Purchases Sales Income Value
- ---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Paramount Publishing Group $1,920,147 $ -- $ -- $1,818,580
- ---------------------------------------------------------------------------
</TABLE>
32
<PAGE>
Pioneer Emerging Markets Fund
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
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To the Shareowners and the Board of Trustees of Pioneer Emerging Markets Fund:
We have audited the accompanying balance sheet, including the schedule of
investments, of Pioneer Emerging Markets Fund (the Fund) as of November 30,
1999, and the related statement of operations, the statements of changes in net
assets, and the financial highlights for the periods presented. These financial
statements and the 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, 1999 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, 1999, the results of its
operations, the changes in its net assets, and the financial highlights for the
periods presented, in conformity with generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
January 7, 2000
33
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Pioneer Emerging Markets Fund
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TRUSTEES, OFFICERS AND SERVICE PROVIDERS
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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 President
Margaret B.W. Graham Mark H. Madden, Vice President
John W. Kendrick Eric W. Reckard, Treasurer
Marguerite A. Piret Joseph P. Barri, Secretary
David D. Tripple
Stephen K. West
John Winthrop
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Public Accountants
Arthur Andersen LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Hale and Dorr LLP
Shareowner Services and Transfer Agent
Pioneering Services Corporation
34
<PAGE>
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THE PIONEER FAMILY OF MUTUAL FUNDS
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For information about any Pioneer mutual fund, please contact your investment
representative, or call Pioneer at 1-800-225-6292. Ask for a free fund
information kit, which includes a fund prospectus. Please read the prospectus
carefully before you invest or send money.
Growth Funds Income Funds
United States Taxable
Pioneer Capital Growth Fund Pioneer America Income Trust
Pioneer Growth Shares Pioneer Bond Fund
Pioneer Micro-Cap Fund Pioneer Limited Maturity Bond Fund
Pioneer Mid-Cap Fund Pioneer Strategic Income Fund
Pioneer Small Company Fund
Pioneer Tax-Managed Fund Tax-Free
Pioneer Tax-Free Income Fund
International/Global
Pioneer Emerging Markets Fund Money Market Fund
Pioneer Europe Fund Pioneer Cash Reserves Fund*
Pioneer Indo-Asia Fund
Pioneer International Growth Fund
Pioneer World Equity Fund
Growth and Income Funds
Pioneer Fund
Pioneer II
Pioneer Balanced Fund
Pioneer Equity-Income Fund
Pioneer Real Estate Shares
*An investment in the Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. Although the Fund seeks
to preserve the value of your investment at $1 per share, it is possible to
lose money by investing in the Fund.
35
<PAGE>
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PROGRAMS AND SERVICES FOR PIONEER SHAREOWNERS
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Your investment representative 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.
FactFoneSM
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.
36
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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.)
37
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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
FactFoneSM 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.
[Graphic: PIONEER Logo]
Pioneer Investment Management, Inc.
60 State Street 7245-00-0100
Boston, Massachusetts 02109 (C) Pioneer Funds Distributor, Inc.
www.pioneerfunds.com [Recycle logo] Printed on Recycled Paper
