```

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
    OF REGISTERED MANAGEMENT INVESTMENT COMPANY

  Investment Company Act file number 811-08448

                        Pioneer Emerging Markets Fund
               (Exact name of registrant as specified in charter)

                       60 State Street, Boston, MA 02109
              (Address of principal executive offices) (ZIP code)

            Terrence J. Cullen, Pioneer Investment Management, Inc.,
                       60 State Street, Boston, MA 02109
                    (Name and address of agent for service)

Registrant's telephone number, including area code:  (617) 742-7825

Date of fiscal year end:  November 30

Date of reporting period:  February 28, 2017

Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609.  The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.

<PAGE>
ITEM 1. Schedule of Investments.

File the schedules as of the close of the reporting period as set forth in
ss. 210.12-12  12-14 of Regulation S-X [17 CFR 210.12-12  12-14]. The
schedules need not be audited.
```

```

```

|                                                                                                                                                                                                    |                 |   |   | Pioneer Emerging Markets Fund                                                                                                                                                             |   |                                                                                                                                                                            |    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
|                                                                                                                                                                                                    |                 |   |   | Schedule of Investments 2/28/17 (unaudited)                                                                                                                                               |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | Shares               |   |   |                                                                                                                                                                                      |   | Value                                                                                                                                                                           |    |
|                                                                                                                                                                                                    |                 |   |   | PREFERRED STOCK - 3.8%                                                                                                                                                                    |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Technology Hardware & Equipment - 3.8%                                                                                                                                                |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Computer Hardware Storage & Peripherals - 3.8%                                                                                                                                        |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 2,959                |   |   | Samsung Electronics Co, Ltd.                                                                                                                                                              | $      | 3,907,219                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | TOTAL PREFERRED STOCK                                                                                                                                                                     |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | (Cost $3,007,057)                                                                                                                                                                         | $      | 3,907,219                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | COMMON STOCKS - 95.7%                                                                                                                                                                     |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Energy - 9.5%                                                                                                                                                                             |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Oil & Gas Equipment & Services - 6.5%                                                                                                                                             |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 1,287,097            |   |   | TMK PJSC (G.D.R.)                                                                                                                                                                         | $      | 6,694,161                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Integrated Oil & Gas - 1.1%                                                                                                                                                           |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 265,528              |   |   | Gazprom PJSC (A.D.R.)                                                                                                                                                                     | $      | 1,183,184                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Oil & Gas Refining & Marketing - 1.9%                                                                                                                                             |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 14,290,872           |   |   | KenolKobil, Ltd. Group                                                                                                                                                                    | $      | 1,958,483                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Total Energy                                                                                                                                                                              | $      | 9,835,828                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Materials - 4.0%                                                                                                                                                                          |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Diversified Metals & Mining - 4.0%                                                                                                                                                    |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 10,580,000           |   |   | MMG, Ltd. *                                                                                                                                                                               | $      | 4,164,317                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Total Materials                                                                                                                                                                           | $      | 4,164,317                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Capital Goods - 4.5%                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Construction & Engineering - 2.2%                                                                                                                                                     |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 3,595,000            |   |   | Beijing Urban Construction Design & Development Group Co, Ltd.                                                                                                                        | $      | 2,295,405                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Industrial Machinery - 2.3%                                                                                                                                                               |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 1,205,500            |   |   | China Conch Venture Holdings, Ltd. *                                                                                                                                                      | $      | 2,389,968                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Total Capital Goods                                                                                                                                                                       | $      | 4,685,373                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Automobiles & Components - 5.8%                                                                                                                                                       |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Auto Parts & Equipment - 5.8%                                                                                                                                                         |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 1,356,471            |   |   | Tupy SA                                                                                                                                                                                   | $      | 6,033,911                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Total Automobiles & Components                                                                                                                                                        | $      | 6,033,911                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Consumer Durables & Apparel - 4.2%                                                                                                                                                    |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Leisure Products - 4.2%                                                                                                                                                                   |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 9,775,000            |   |   | Goodbaby International Holdings, Ltd.                                                                                                                                                     | $      | 4,352,298                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Total Consumer Durables & Apparel                                                                                                                                                     | $      | 4,352,298                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Consumer Services - 0.0%+                                                                                                                                                                 |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Casinos & Gaming - 0.0%+                                                                                                                                                              |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 393                  |   |   | NagaCorp, Ltd.                                                                                                                                                                            | $      | 215                                                                                                                                                                             |    |
|                                                                                                                                                                                                    |                 |   |   | Total Consumer Services                                                                                                                                                                   | $      | 215                                                                                                                                                                             |    |
|                                                                                                                                                                                                    |                 |   |   | Media - 4.4%                                                                                                                                                                              |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Cable & Satellite - 4.4%                                                                                                                                                              |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 28,464               |   |   | Naspers, Ltd.                                                                                                                                                                             | $      | 4,555,679                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Total Media                                                                                                                                                                               | $      | 4,555,679                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Food, Beverage & Tobacco - 9.4%                                                                                                                                                       |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Brewers - 4.0%                                                                                                                                                                            |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 38,749               |   |   | Anheuser-Busch InBev SA/NV                                                                                                                                                                | $      | 4,193,420                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Packaged Foods & Meats - 5.4%                                                                                                                                                         |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 2,761,754            |   |   | Marfrig Global Foods SA *                                                                                                                                                                 | $      | 5,549,890                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Total Food, Beverage & Tobacco                                                                                                                                                        | $      | 9,743,310                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Banks - 24.1%                                                                                                                                                                             |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Diversified Banks - 24.1%                                                                                                                                                                 |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 3,891,000            |   |   | China Construction Bank Corp.                                                                                                                                                             | $      | 3,198,617                                                                                                                                                                       |    |
|                                                                                                                                                                                                    | 3,223,148            |   |   | Eurobank Ergasias SA                                                                                                                                                                      |   | 2,151,578                                                                                                                                                                       |    |
|                                                                                                                                                                                                    | 196                  |   |   | HDFC Bank, Ltd.                                                                                                                                                                           |   | 4,230                                                                                                                                                                           |    |
|                                                                                                                                                                                                    | 66,484               |   |   | HDFC Bank, Ltd. (A.D.R.)                                                                                                                                                                  |   | 4,766,238                                                                                                                                                                       |    |
|                                                                                                                                                                                                    | 415                  |   |   | Mega Financial Holding Co., Ltd.                                                                                                                                                          |   | 323                                                                                                                                                                             |    |
|                                                                                                                                                                                                    | 5,494,989            |   |   | National Bank of Greece SA                                                                                                                                                                |   | 1,397,565                                                                                                                                                                       |    |
|                                                                                                                                                                                                    | 4,010,379            |   |   | Philippine National Bank *                                                                                                                                                                |   | 4,565,320                                                                                                                                                                       |    |
|                                                                                                                                                                                                    | 83,464               |   |   | Shinhan Financial Group Co., Ltd.                                                                                                                                                         |   | 3,423,497                                                                                                                                                                       |    |
|                                                                                                                                                                                                    | 278,195,244          |   |   | United Bank for Africa Plc                                                                                                                                                                |   | 4,561,139                                                                                                                                                                       |    |
|                                                                                                                                                                                                    | 20,959,731           |   |   | Zenith Bank Plc                                                                                                                                                                           |   | 1,009,658                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      | $      | 25,078,165                                                                                                                                                                      |    |
|                                                                                                                                                                                                    |                 |   |   | Total Banks                                                                                                                                                                               | $      | 25,078,165                                                                                                                                                                      |    |
|                                                                                                                                                                                                    |                 |   |   | Diversified Financials - 0.0%+                                                                                                                                                            |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Consumer Finance - 0.0%+                                                                                                                                                                  |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 2,753                |   |   | Credito Real SAB de CV SOFOM ER                                                                                                                                                           | $      | 3,408                                                                                                                                                                           |    |
|                                                                                                                                                                                                    |                 |   |   | Total Diversified Financials                                                                                                                                                              | $      | 3,408                                                                                                                                                                           |    |
|                                                                                                                                                                                                    |                 |   |   | Insurance - 0.2%                                                                                                                                                                          |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Life & Health Insurance - 0.2%                                                                                                                                                        |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 73,325               |   |   | China Life Insurance Co., Ltd.                                                                                                                                                            | $      | 224,008                                                                                                                                                                         |    |
|                                                                                                                                                                                                    |                 |   |   | Total Insurance                                                                                                                                                                           | $      | 224,008                                                                                                                                                                         |    |
|                                                                                                                                                                                                    |                 |   |   | Real Estate - 0.0%+                                                                                                                                                                       |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Real Estate Services - 0.0% +                                                                                                                                                             |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 67,333               |   |   | China Overseas Property Holdings, Ltd.                                                                                                                                                    | $      | 12,120                                                                                                                                                                          |    |
|                                                                                                                                                                                                    |                 |   |   | Total Real Estate                                                                                                                                                                         | $      | 12,120                                                                                                                                                                          |    |
|                                                                                                                                                                                                    |                 |   |   | Software & Services - 8.0%                                                                                                                                                            |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Internet Software & Services - 5.4%                                                                                                                                                   |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 42,795               |   |   | Alibaba Group Holding, Ltd. (A.D.R.)                                                                                                                                                      | $      | 4,403,606                                                                                                                                                                       |    |
|                                                                                                                                                                                                    | 547,031              |   |   | ChinaCache International Holdings, Ltd. (A.D.R.) *                                                                                                                                        |   | 1,181,587                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      | $      | 5,585,193                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | IT Consulting & Other Services - 2.6%                                                                                                                                                 |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 37,093,000           |   |   | China ITS Holdings Co., Ltd.                                                                                                                                                              | $      | 2,728,143                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Total Software & Services                                                                                                                                                             | $      | 8,313,336                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Technology Hardware & Equipment - 4.3%                                                                                                                                                |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Electronic Manufacturing Services - 4.3%                                                                                                                                                  |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 1,530,886            |   |   | Hon Hai Precision Industry Co., Ltd.                                                                                                                                                      | $      | 4,469,733                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Total Technology Hardware & Equipment                                                                                                                                                 | $      | 4,469,733                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Semiconductors & Semiconductor Equipment - 8.7%                                                                                                                                       |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Semiconductor Equipment - 4.6%                                                                                                                                                            |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 243,217              |   |   | Wonik IPS Co., Ltd.                                                                                                                                                                       | $      | 4,795,475                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Semiconductors - 4.1%                                                                                                                                                                     |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 689,000              |   |   | Taiwan Semiconductor Manufacturing Co., Ltd.                                                                                                                                              | $      | 4,217,088                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Total Semiconductors & Semiconductor Equipment                                                                                                                                        | $      | 9,012,563                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Telecommunication Services - 8.2%                                                                                                                                                         |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Wireless Telecommunication Services - 8.2%                                                                                                                                                |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 8,744,240            |   |   | Global Telecom Holding SAE *                                                                                                                                                              | $      | 3,378,456                                                                                                                                                                       |    |
|                                                                                                                                                                                                    | 1,670,771            |   |   | TIM Participacoes SA                                                                                                                                                                      |   | 5,208,528                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      | $      | 8,586,984                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Total Telecommunication Services                                                                                                                                                          | $      | 8,586,984                                                                                                                                                                       |    |
|                                                                                                                                                                                                    |                 |   |   | Utilities - 0.4%                                                                                                                                                                          |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Electric Utilities - 0.4%                                                                                                                                                                 |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 11,329               |   |   | Korea Electric Power Corp. *                                                                                                                                                              | $      | 434,024                                                                                                                                                                         |    |
|                                                                                                                                                                                                    |                 |   |   | Total Utilities                                                                                                                                                                           | $      | 434,024                                                                                                                                                                         |    |
|                                                                                                                                                                                                    |                 |   |   | TOTAL COMMON STOCKS                                                                                                                                                                       |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | (Cost $105,068,553)                                                                                                                                                                       | $      | 99,505,272                                                                                                                                                                      |    |
|                                                                                                                                                                                                    | Principal Amount ($) |   |   |                                                                                                                                                                                      |   |
|                                                                                                                                                                                                    |                 |   |   | CORPORATE BOND - 0.0%+                                                                                                                                                                    |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 0.0%+                                                                                                                                |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Pharmaceuticals - 0.0%+                                                                                                                                                                   |   |                                                                                                                                                                            |    |
| BRL                                                                                                                                                                                                     | 562,000              |   |   | Hypermarcas SA, 11.3%, 10/15/18 (c)                                                                                                                                                       | $      | 47,710                                                                                                                                                                          |    |
|                                                                                                                                                                                                    |                 |   |   | TOTAL CORPORATE BOND                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | (Cost $179,342)                                                                                                                                                                           | $      | 47,710                                                                                                                                                                          |    |
|                                                                                                                                                                                                    | Shares               |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | RIGHT / WARRANT - 0.0%+                                                                                                                                                                   |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Food, Beverage & Tobacco - 0.0%+                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Packaged Foods & Meats - 0.0%+                                                                                                                                                        |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | 39,707               |   |   | Flour Mills of Nigeria Plc, 12/31/49 (c)                                                                                                                                                  | $      |                              - |    |
|                                                                                                                                                                                                    |                 |   |   | TOTAL RIGHTS / WARRANTS                                                                                                                                                                   |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | (Cost $0)                                                                                                                                                                                 | $      |                              - |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | TOTAL INVESTMENT IN SECURITIES - 99.5%                                                                                                                                                    |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | (Cost $108,254,952) (a)                                                                                                                                                                   | $      | 103,460,201                                                                                                                                                                     |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | OTHER ASSETS & LIABILITIES - 0.5%                                                                                                                                                     | $      | 503,868                                                                                                                                                                         |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                 | $      | 103,964,069                                                                                                                                                                     |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | +                    |   |   | Amount rounds to less than 0.1%.                                                                                                                                                          |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | *                    |   |   | Non-income producing security.                                                                                                                                                            |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | (A.D.R.)             |   |   | American Depositary Receipts.                                                                                                                                                             |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | (G.D.R.)             |   |   | Global Depositary Receipts.                                                                                                                                                               |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | (a)                  |   |   | At February 28, 2017, the net unrealized depreciation on investments based on                                                                                                             |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | cost for federal income tax purposes of $108,254,952 was as follows:                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Aggregate gross unrealized appreciation for all investments in which                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | there is an excess of value over tax cost                                                                                                                                                 | $      |               14,503,498                                                                                  |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Aggregate gross unrealized depreciation for all investments in which                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | there is an excess of tax cost over value                                                                                                                                                 |   |             (19,298,249)                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Net unrealized depreciation                                                                                                                                                               | $      |               (4,794,751)                                                                                 |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | (b)                  |   |   | Distributions of investments by country of domicile (excluding temporary cash investments) as                                                                                             |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | a percentage of total investment in securities, is as follows:                                                                                                                            |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   | Brazil                                                                                                                                                                                    |   |                          16.3                      |  % |
|                                                                                                                                                                                                    |                 |   |   | Cayman Islands                                                                                                                                                                            |   |                          14.6                      |    |
|                                                                                                                                                                                                    |                 |   |   | South Korea                                                                                                                                                                               |   |                          12.1                      |    |
|                                                                                                                                                                                                    |                 |   |   | Taiwan                                                                                                                                                                                    |   |                            8.4           |    |
|                                                                                                                                                                                                    |                 |   |   | Russia                                                                                                                                                                                    |   |                            7.6           |    |
|                                                                                                                                                                                                    |                 |   |   | China                                                                                                                                                                                     |   |                            5.5           |    |
|                                                                                                                                                                                                    |                 |   |   | Nigeria                                                                                                                                                                                   |   |                            5.4           |    |
|                                                                                                                                                                                                    |                 |   |   | India                                                                                                                                                                                     |   |                            4.6           |    |
|                                                                                                                                                                                                    |                 |   |   | Philippines                                                                                                                                                                               |   |                            4.4           |    |
|                                                                                                                                                                                                    |                 |   |   | South Africa                                                                                                                                                                              |   |                            4.4           |    |
|                                                                                                                                                                                                    |                 |   |   | Belgium                                                                                                                                                                                   |   |                            4.1           |    |
|                                                                                                                                                                                                    |                 |   |   | Hong Kong                                                                                                                                                                                 |   |                            4.0           |    |
|                                                                                                                                                                                                    |                 |   |   | Greece                                                                                                                                                                                    |   |                            3.4           |    |
|                                                                                                                                                                                                    |                 |   |   | Egypt                                                                                                                                                                                     |   |                            3.3           |    |
|                                                                                                                                                                                                    |                 |   |   | Kenya                                                                                                                                                                                     |   |                            1.9           |    |
|                                                                                                                                                                                                    |                 |   |   | Other (individually less than 1%)                                                                                                                                                         |   |                              - |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   | 100.0                                                                                                                                                                           |  % |
|                                                                                                                                                                                                    | (c)                  |   |   | Security is valued using fair value methods (other than prices supplied by independent pricing services or broker-dealers).  See Notes to Financial Statements — Note 1A. |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | NOTE:                |   |   | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                                                                 |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    | BRL                  |   |   | Brazilian Real                                                                                                                                                                            |   |                                                                                                                                                                            |    |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.                                              |                 |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
| Level 1 – quoted prices in active markets for identical securities                                                                                                                                |                 |   |   |
| Level 2 – other significant observable inputs (Including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) See Notes to Financial Statements - Note 1A. |                 |
| Level 3 – significant unobservable inputs (Including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements - Note 1A.                            |                 |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |
| The following is a summary of the inputs used as of February 28, 2017, in valuing the Fund’s investments:                                                                                         |                 |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                      |   |                                                                                                                                                                            |    |

|                                                                                     |   |   |                                                          |                                                                                                                                                                          | Level 1 |       |   | Level 2 |     |       | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|------------|--------|---------|----------|------------|---------|--------|--------|--------|--------|
|                                                                                     |   |   | Preferred Stock                                               |                                                                                                                                                                          | $       | -          |   |    |     | 3,907,219  |    |   | $      | -      |   |   | $ | 3,907,219 |   |
|                                                                                     |   |   | Common Stocks*                                                |                                                                                                                                                                          |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |
|                                                                                     |   |   |   Banks                                             |                                                                                                                                                                          |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |
|                                                                                     |   |   |     Diversified Banks                     |                                                                                                                                                                          |    | 4,766,238  |   |    |     | 20,311,927 |    |   |   | -      |   |   |   | 25,078,165 |   |
|                                                                                     |   |   |   Diversified Financials                            |                                                                                                                                                                          |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |
|                                                                                     |   |   |     Consumer Finance                      |                                                                                                                                                                          |    | 3,408      |   |    |     | -          |    |   |   | -      |   |   |   | 3,408 |   |
|                                                                                     |   |   |   Software & Services                           |                                                                                                                                                                          |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |
|                                                                                     |   |   |     Internet Software & Services      |                                                                                                                                                                          |    | 5,585,193  |   |    |     | -          |    |   |   | -      |   |   |   | 5,585,193 |   |
|                                                                                     |   |   | All other Common Stocks                                       |                                                                                                                                                                          |    | -          |   |    |     | 68,838,506 |    |   |   | -      |   |   |   | 68,838,506 |   |
|                                                                                     |   |   | Corporate Bond                                                |                                                                                                                                                                          |    | -          |   |    |     | -          |    |   |   | 47,710 |   |   |   | 47,710 |   |
|                                                                                     |   |   | Right/Warrant                                                 |                                                                                                                                                                          |    | -          |   |    |     | -          | **      |   |   | -      |   |   |   | - |   |
|                                                                                     |   |   | Total                                                         |                                                                                                                                                                          | $       | 10,354,839 |   |    | $        | 93,057,652 |    |   | $      | 47,710 |   |   | $ | 103,460,201 |   |
|                                                                                     |   |   |                                                          |                                                                                                                                                                          |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |
|                                                                                     |   |   | Other Financial Instruments                                   |                                                                                                                                                                          |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |
|                                                                                     |   |   | Unrealized appreciation on forward foreign currency contracts |                                                                                                                                                                          | $       | -          |   |    | $        | 397,516    |    |   | $      | -      |   |   | $ | 397,516 |   |
|                                                                                     |   |   | Unrealized depreciation on forward foreign currency contracts |                                                                                                                                                                          |    | -          |   |    |     | (306,438   | )       |   |   | -      |   |   |   | (306,438 | ) |
|                                                                                     |   |   | Unrealized appreciation on Futures Contracts                  |                                                                                                                                                                          |    | 153,842    |   |    |     | -          |    |   |   | -      |   |   |   | 153,842 |   |
|                                                                                     |   |   | Total Other Financial Instruments                             |                                                                                                                                                                          | $       | 153,842    |   |    | $        | 91,078     |    |   | $      | -      |   |   | $ | 244,920 |   |
|                                                                                     |   |   |                                                          |                                                                                                                                                                          |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |
|                                                                                     |   | *      |                                                          | Level 2 securities are valued using inputs/data furnished by independent pricing services using fair value factors.                                                           |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                     |   |   |                                                          |                                                                                                                                                                          |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                     |   | **     |                                                          | Security is value at $0.                                                                                                                                                      |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                     |   |   |                                                          |                                                                                                                                                                          |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |   |
| Following is a reconciliation of assets using significant unobservable inputs (Level 3): |   |   |                                                          |                                                                                                                                                                          |    |       |   |    |     |       |    |   |   |   |   |   |
|                                                                                     |   |   |                                                          |                                                                                                                                                                          |    | Corporate  |   |    | Rights/  |       |    |   |   |   |   |   |   |   |
|                                                                                     |   |   |                                                          |                                                                                                                                                                          |    | Bonds      |   |    | Warrants |       |    | Total  |   |   |   |   |   |
|                                                                                     |   |   |                                                          | Balance as of 11/30/16                                                                                                                                                        |    | $          | 43,347 |    |     |       | -       | ***    |   | $      | 43,347 |   |   |   |   |   |
|                                                                                     |   |   |                                                          | Realized gain (loss)1                                                                                                                                                         |    |       | -      |    |     |       | -       |   |   |   | -      |   |   |   |   |   |
|                                                                                     |   |   |                                                          | Change in unrealized appreciation (depreciation)2                                                                                                                             |    |       | 4,363  |    |     |       | -       |   |   |   | 4,363  |   |   |   |   |   |
|                                                                                     |   |   |                                                          | Purchases                                                                                                                                                                     |    |       | -      |    |     |       | -       |   |   |   | -      |   |   |   |   |   |
|                                                                                     |   |   |                                                          | Sales                                                                                                                                                                         |    |       | -      |    |     |       | -       |   |   |   | -      |   |   |   |   |   |
|                                                                                     |   |   |                                                          | Changes between Level 3**                                                                                                                                                     |    |       | -      |    |     |       | -       |   |   |   | -      |   |   |   |   |   |
|                                                                                     |   |   |                                                          | Balance as of 2/28/17                                                                                                                                                         |    | $          | 47,710 |    |     |       | -       | ***    |   | $      | 47,710 |   |   |   |   |   |
|                                                                                     |   |   |                                                          |                                                                                                                                                                          |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                     |   |   | 1                                                             | Realized gain (loss) on these securities is included in the net realized gain (loss) on investments in the Statement of Operations.                                           |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                     |   |   |                                                          |                                                                                                                                                                          |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                     |   |   | 2                                                             | Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) on investments in the Statement of Operations. |    |       |   |    |     |
|                                                                                     |   |   |                                                          |                                                                                                                                                                          |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                     |   |   | **                                                            | Transfers are calculated on the beginning of period values. During the period ended February 28, 2017, there were no transfers between Levels 1, 2 and 3.                     |    |       |   |    |     |       |    |   |   |
|                                                                                     |   |   |                                                          |                                                                                                                                                                          |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                     |   |   | ***                                                           | Security is valued at $0.                                                                                                                                                     |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                     |   |   |                                                          |                                                                                                                                                                          |    |       |   |    |     |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                     |   |   |                                                          | Net change in unrealized depreciation of Level 3 investments still held and considered Level 3 as of 2/28/17                                                                  |    | $          | 4,363  |    |     |       |    |   |   |   |   |   |   |   |   |   |