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

                                   FORM N-CSR

                   CERTIFIED SHAREHOLDER REPORT OF REGISTERED
                        MANAGEMENT INVESTMENT COMPANIES



		Investment Company Act file number 811-08448

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


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


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


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


Date of fiscal year end:  November 30


Date of reporting period:  December 1, 2010 through November 30, 2011


Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

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


ITEM 1. REPORTS TO SHAREOWNERS.


                       Pioneer Emerging
                       Markets Fund
--------------------------------------------------------------------------------
                       Annual Report | November 30, 2011
--------------------------------------------------------------------------------




                       Ticker Symbols:

                       Class A   PEMFX
                       Class B   PBEFX
                       Class C   PCEFX
                       Class R   PEMRX
                       Class Y   PYEFX

                       [LOGO] PIONEER
                              Investments(R)



<PAGE>



                      visit us: us.pioneerinvestments.com
<PAGE>

Table of Contents


<TABLE>
<S>                                                                           <C>
Letter to Shareowners                                                          2

Portfolio Management Discussion                                                4

Portfolio Summary                                                              9

Prices and Distributions                                                      10

Performance Update                                                            11

Comparing Ongoing Fund Expenses                                               16

Schedule of Investments                                                       18

Financial Statements                                                          25

Notes to Financial Statements                                                 34

Report of Independent Registered Public Accounting Firm                       43

Approval of Investment Advisory Agreement                                     44

Trustees, Officers and Service Providers                                      48
</TABLE>


                   Pioneer Emerging Markets Fund | Annual Report | 11/30/11    1
<PAGE>

President's Letter

Dear Shareowner,

During the first three quarters of 2011, the U.S. economy struggled to gain
solid footing. The economy went through a soft patch in the first half, and the
second half, so far, has been highlighted by the U.S. government's battle over
the debt ceiling and Standard & Poor's downgrade of the U.S. Treasury's credit
rating from the top rating of "AAA" for the first time in history. After
rallying nicely in the first half, U.S. equity markets reacted sharply this
summer to the political stalemate and the downgrade. There has been continued
pressure on equities due to concerns about the growing European sovereign-debt
crisis and its potential impact on the global economy.

Despite legitimate reasons for concern, we believe there are also reasons for
optimism that the U.S. economy will continue to exhibit modest growth and is
not headed into a severe recession. Corporations continue to post solid
earnings and, for the most part, are maintaining their positive earnings
outlooks. They also have strong balance sheets with improved net leverage and
high cash levels. Auto production has rebounded following the Japanese
supply-chain interruptions caused by the earthquake and tsunami last spring.
Retail sales growth year-over-year has remained steady despite low consumer
confidence. And despite high unemployment in the U.S., private sector
employment has grown consistently, albeit modestly, since February 2010. There
are certainly risks to our outlook, including possible contagion from the
European sovereign-debt and banking crisis, the fiscal drag from federal and
state budget cuts in the U.S., as well as potential "negative feedback loops"
from capital-market volatility. But broadly speaking, we think the subpar
economic recovery is consistent with recoveries from other "balance
sheet"-caused recessions.

The difficult recovery process has been accompanied by wide market swings.
While this is a challenging environment, our investment professionals continue
to focus on finding good investment opportunities in both equity and bond
markets, using the same disciplined approach Pioneer has used since 1928. Our
approach is to identify undervalued individual securities with the greatest
potential for success, carefully weighing risk against reward. Our teams of
investment professionals continually monitor and analyze the relative
valuations of different sectors and securities globally to help build
portfolios that we believe can help you achieve your investment goals.


2    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. The strategy has generally performed well for many
investors. Our advice, as always, is to work closely with a trusted financial
advisor to discuss your goals and work together to develop an investment
strategy that meets your individual needs. There is no single best strategy
that works for every investor.

We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.

Sincerely,


/s/ Daniel K. Kingsbury


Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.


Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should
not be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.


                   Pioneer Emerging Markets Fund | Annual Report | 11/30/11    3
<PAGE>

Portfolio Management Discussion | 11/30/11

In the following interview, John Pollen, head of emerging markets equity at
Pioneer and portfolio manager of Pioneer Emerging Markets Fund, discusses the
investment environment and the Fund's performance during the 12 months ended
November 30, 2011. Mr. Pollen was responsible for the daily management of the
Fund through mid-December, 2011.*

Q Could you describe the investment environment for emerging market stocks
  during the 12 months ended November 30, 2011?

A Following a multi-year run of strong performance on both an absolute basis and
  relative to the global developed markets, emerging market equities delivered
  poor results during the past year ended November 30, 2011. The Morgan Stanley
  Capital International (MSCI) Emerging Markets Index1 -- the Fund's benchmark
  -- finished the 12-month period ended November 30, 2011, with a total return
  of -11.26%, well below the 1.46% return of the MSCI World Index, which tracks
  performance in the developed international markets.

  Two important factors contributed to the emerging markets' underperformance
  during the 12-month period. First, investors grew concerned about the economic
  outlook for the world's developing countries. During the first half of the
  Fund's annual reporting period, the prospect of rising inflation caused a
  number of emerging market central banks to boost interest rates, which weighed
  on growth expectations and depressed investor sentiment. Later in the Fund's
  fiscal year, signs of slowing growth in key emerging markets such as Brazil
  and China raised fears that economic problems in the developed markets had
  spread to the emerging economies. In combination, the different developments
  sparked investors to retreat from emerging market equities and resulted in
  outflows of cash from the asset class.

  The second factor weighing on the emerging equities asset class was the sharp
  decline in investors' appetite for risk during the period between May and
  November 2011. The debate in Washington over raising the U.S. debt ceiling and
  the ongoing debt crisis in Europe weighed heavily on any investments
  considered to be higher-risk in nature, including emerging market stocks. The
  MSCI Emerging Markets Index returned -19.26% in the final six months of the
  12-month period ended November 30, 2011, well below the -11.66% return of the
  MSCI World Index during that same six months.

  However, as we discuss below, we retain a positive long-term outlook for the
  emerging markets, despite the many recent challenges.


4    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

Q How did the Fund perform during the 12 months ended November 30, 2011?

A During the 12 months ended November 30, 2011, Pioneer Emerging Markets Fund
  Class A shares returned -17.44% at net asset value, while the Fund's
  benchmark, the MSCI Emerging Markets Index (the MSCI Index), returned -11.26%.
  During the same 12-month period, the average return of the 408 mutual funds in
  Lipper's Emerging Markets Funds category was -11.67%.

Q What were the leading causes of the Fund's underperformance of the MSCI Index
  benchmark during the 12 months ended November 30, 2011?

A The most important factor in the Fund's shortfall relative to the MSCI Index
  during the 12-month period was the underperformance of our stock picks in the
  financials sector. In that sector, the banking stocks China Minsheng Banking,
  State Bank of India, and Turkiye Garanti Bankasi (Turkey) were the largest
  detractors from the Fund's performance. Banking stocks, in general, were hit
  hard by concerns about the potential contagion effects of the European banking
  crisis. The Fund also lost some ground against the benchmark due to a position
  in the Indian infrastructure finance company Rural Electrification, which was
  dragged lower by scandals plaguing the Indian financials sector.

  The Fund's performance also was hurt by stock selection in energy, where the
  largest detractor was Petrominerales. The stock fell by nearly 50% during the
  time it was held in the portfolio because of company announcements of a
  decline in output, a suspension of drilling at two Colombian wells, and delays
  in drilling operations in Peru. Also weighing on the Fund's performance during
  the 12-month period were an underweight position in Russian natural gas
  company Gazprom, which performed relatively well, and a holding in Pacific
  Rubiales Energy (Canada), which declined early in the period after reporting
  disappointing 2010 profit results.

  The Fund also experienced underperformance in the consumer discretionary
  sector, where positions in auto-related stocks Tata Motors (India), Hyundai
  Mobis (Korea), and Bajaj Auto (India) were hurt by the slackening global
  demand for new cars.

Q What were the key factors that helped the Fund's performance during the 12
  months ended November 30, 2011?

A Our stock selection process worked well in a number of sectors during the
  period, including in industrials, telecom services, and materials. Within
  industrials, the Fund's top performer was Hyundai Heavy Industries, a Korean
  stock that performed well when the Fund owned it earlier in the reporting
  period. The Fund's underweight to the sector also proved helpful given
  industrials' meaningful underperformance during the 12-month period. In
  telecom services, Fund holdings in three Latin American wireless


                   Pioneer Emerging Markets Fund | Annual Report | 11/30/11    5
<PAGE>

  providers -- TIM Participacoes, Vivo Participacoes, and Millicom International
  Cellular -- comfortably outpaced the broader market, as the companies'
  defensive qualities enabled them to hold up well during the third quarter 2011
  downturn (July through September). And in materials, South African diversified
  mining company Exxaro Resources and gold miner IAMGOLD were key contributors
  to the Fund's performance.

Q How was the Fund positioned from a country and sector perspective as of
  November 30, 2011?

A The Fund's main overweights at the close of the 12-month period were in South
  Africa, Brazil, Turkey and India. Conversely, the key underweights were in
  Russia, Taiwan, Malaysia, Poland and Korea.

  On a sector basis, the Fund's positioning largely reflects our cautious
  overall view and our preference for stocks with predictable growth patterns
  and the ability to perform well in more difficult economic environments. The
  Fund's main sector overweights as of November 30, 2011, were in consumer
  staples, health care, telecom services, and utilities. The financials sector
  was easily the Fund's largest underweight, followed by the materials and
  consumer discretionary sectors. However, the Fund's positioning became
  slightly less defensive towards the end of the period as weak market
  performance presented opportunities for us to add to Fund positions in more
  economically sensitive stocks that had underperformed. We will remain on the
  lookout for further opportunities to rebalance the Fund's portfolio in the
  months ahead.

Q What is your broader view on the emerging markets?

A Although the emerging markets underperformed during the past year, we remain
  positive on the medium- and long-term outlook for the asset class. We believe,
  however, that investors' attitudes about risk are likely to be the primary
  drivers of market performance in the short term. The risks to the global
  economy have undoubtedly increased, and much appears to rest on the ability of
  European policymakers to craft a credible plan that addresses the region's
  debt problems. We are likely to maintain a defensive bias in the Fund's
  portfolio until we see further evidence that Europe's structural issues can be
  solved. That said, we still need to ensure that the Fund is able to
  participate in rising markets.

  We think that there are still many powerful reasons why emerging equity
  markets can move higher in the long term, such as faster economic growth,
  better government finances, higher reserves and lower valuations relative to
  the developed markets. In particular, governments in the emerging markets have
  much lower debt levels than governments in the developed markets. That is an
  issue currently in the spotlight and likely to remain so over the next several
  years. A healthier fiscal position and much stronger domestic


6    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

  demand could drive superior growth in the emerging markets for a multi-year
  period. Emerging countries are seeing some moderation in economic activity
  from very high levels, but we believe they are likely to maintain decent
  momentum as long as the developed world does not experience a severe
  recession.

  Valuations look increasingly attractive from both a relative and a historical
  perspective. At the end of November, the forward price-to-earnings (P/E) ratio
  for the MSCI Emerging Markets Index was 9.1, compared with 10.7 for the
  developed-market MSCI World Index. That discount level is the widest (based on
  month-end data) we've seen since February of 2009 and, with the exception of a
  brief period in September 2011, the absolute level of the P/E ratio for
  emerging markets is also at its lowest mark since February of 2009.

  Although there is a good case for arguing that emerging markets should trade
  at a premium to developed countries based on their stronger economic growth,
  the fact remains that the emerging markets are still considered higher-risk
  assets. As a result, they remain highly sensitive to the ebb and flow of
  financial liquidity and the overall global economic cycle. While we maintain
  our belief that investors should continue rebalancing their portfolios towards
  emerging markets as the region's share of global capitalization and economic
  growth increases, we retain our cautious bias in the near term.

  *Note to shareholders: Effective December 15, 2011, Sean Taylor, head of
  global emerging markets equity at Pioneer Investments, replaced John Pollen as
  portfolio manager of Pioneer Emerging Markets Equity Fund. Mr. Taylor leads
  Pioneer's global emerging markets equity team based in London.

  1 The MSCI information may only be used for your internal use, may not be
    reproduced or re-disseminated in any form and may not be used as a basis for
    or a component of any financial instruments or products or indices. None of
    the MSCI information is intended to constitute investment advice or a
    recommendation to make (or refrain from making) any kind of investment
    decision and may not be relied on as such. Historical data and analysis
    should not be taken as an indication or guarantee of any future performance
    analysis, forecast or prediction. The MSCI information is provided on an "as
    is" basis and the user of this information assumes the entire risk of any
    use made of this information. MSCI, each of its affiliates and each other
    person involved in or related to compiling, computing or creating any MSCI
    information (collectively, the "MSCI Parties") expressly disclaims all
    warranties (including, without limitation, any warranties of originality,
    accuracy, completeness, timeliness, non-infringement, merchantability and
    fitness for a particular purpose) with respect to this information. Without
    limiting any of the foregoing, in no event shall any MSCI Party have any
    liability for any direct, indirect, special, incidental, punitive,
    consequential (including, without limitation, lost profits) or any other
    damages.


                   Pioneer Emerging Markets Fund | Annual Report | 11/30/11    7
<PAGE>

Please refer to the Schedule of Investments on pages 18-24 for a full listing
of Fund securities.

Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.

At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.

These risks may increase share price volatility.

Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.

Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should
not be relied upon for any other purposes.


8    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

Portfolio Summary | 11/30/11

Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)


[THE DATA BELOW WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]

<TABLE>
<S>                                     <C>
Consumer Staples                        21.4%
Information Technology                  13.5%
Financials                              12.7%
Energy                                  11.3%
Telecommunication Services              11.0%
Materials                                9.4%
Utilities                                6.5%
Consumer Discretionary                   5.4%
Industrials                              4.5%
Health Care                              4.3%
</TABLE>


Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)


[THE DATA BELOW WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL.]

<TABLE>
<S>                                             <C>
Brazil                                          19.2%
South Korea                                     14.9%
South Africa                                    13.3%
Hong Kong                                       11.1%
People's Republic of China                       9.8%
India                                            6.7%
Taiwan                                           6.2%
Mexico                                           3.7%
Canada                                           2.5%
Indonesia                                        2.4%
Thailand                                         2.2%
Luxembourg                                       1.7%
Malaysia                                         1.7%
Turkey                                           1.5%
Russia                                           1.1%
Other (individually less than 1.0%)              2.0%
</TABLE>


10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*

<TABLE>
<S>    <C>                                                                 <C>
 1.    Fomento Economico Mexicano SA de CV (A.D.R.)                        3.66%
--------------------------------------------------------------------------------
 2.    Companhia de Bebidas Das SA                                         3.36
--------------------------------------------------------------------------------
 3.    Shoprite Holdings, Ltd.                                             3.31
--------------------------------------------------------------------------------
 4.    Samsung Electronics Co., Ltd.                                       3.19
--------------------------------------------------------------------------------
 5.    Taiwan Semiconductor Manufacturing Co. (A.D.R.)                     3.14
--------------------------------------------------------------------------------
 6.    Samsung Electronics Co., Ltd.                                       3.10
--------------------------------------------------------------------------------
 7.    Vodacom Group, Ltd.                                                 2.97
--------------------------------------------------------------------------------
 8.    China Mobile, Ltd.                                                  2.89
--------------------------------------------------------------------------------
 9.    ITC, Ltd.                                                           2.56
--------------------------------------------------------------------------------
10.    IAMGOLD Corp.                                                       2.53
--------------------------------------------------------------------------------
</TABLE>

* This list excludes temporary cash investments and derivative instruments. The
  portfolio is actively managed, and current holdings may be different. The
  holdings listed should not be considered recommendations to buy or sell any
  security listed.


                   Pioneer Emerging Markets Fund | Annual Report | 11/30/11    9
<PAGE>

Prices and Distributions | 11/30/11


Net Asset Value per Share
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
     Class                          11/30/11                       11/30/10
--------------------------------------------------------------------------------
<S>                                  <C>                            <C>
       A                             $23.10                         $29.42
--------------------------------------------------------------------------------
       B                             $19.74                         $25.57
--------------------------------------------------------------------------------
       C                             $19.76                         $25.56
--------------------------------------------------------------------------------
       R                             $22.23                         $28.43
--------------------------------------------------------------------------------
       Y                             $25.16                         $31.73
--------------------------------------------------------------------------------
</TABLE>


Distributions per Share: 12/1/10-11/30/11
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                      Net
                   Investment            Short-Term             Long-Term
    Class            Income            Capital Gains          Capital Gains
--------------------------------------------------------------------------------
<S>                  <C>                  <C>                    <C>
      A              $ --                 $ --                   $1.1462
--------------------------------------------------------------------------------
      B              $ --                 $ --                   $1.1462
--------------------------------------------------------------------------------
      C              $ --                 $ --                   $1.1462
--------------------------------------------------------------------------------
      R              $ --                 $ --                   $1.1462
--------------------------------------------------------------------------------
      Y              $ --                 $ --                   $1.1462
--------------------------------------------------------------------------------
</TABLE>


The MSCI Emerging Markets Index measures the performance of emerging market
stocks. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any sales charges, fees or expenses.
It is not possible to invest directly in an index.

The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-15.


10    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

Performance Update | 11/30/11                                     Class A Shares

Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Emerging Markets Fund at public offering price,
compared to that of the Morgan Stanley Capital International (MSCI) Emerging
Markets Index.


<TABLE>
<CAPTION>
Average Annual Total Returns
(As of November 30, 2011)
--------------------------------------------------------------------------------
                                                 Net Asset     Public Offering
Period                                           Value (NAV)   Price (POP)
--------------------------------------------------------------------------------
<S>                                              <C>           <C>
 10 Years                                         12.56%        11.90%
 5 Years                                          -0.58         -1.75
 1 Year                                          -17.44        -22.17
--------------------------------------------------------------------------------

<CAPTION>
 Expense Ratio
 (Per prospectus dated April 1, 2011, as revised
 December 15, 2011)
--------------------------------------------------------------------------------
                                                 Gross         Net
--------------------------------------------------------------------------------
<S>                                              <C>           <C>
                                                   1.94%         1.94%
--------------------------------------------------------------------------------
</TABLE>


[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]


Value of $10,000 Investment

<TABLE>
<CAPTION>
               Pioneer Emerging         MSCI Emerging
               Markets Fund             Markets Index
<S>            <C>                      <C>
11/01          $ 9,425                  $10,000
11/02          $ 9,619                  $10,475
11/03          $13,768                  $14,714
11/04          $17,052                  $18,904
11/05          $23,161                  $25,066
11/06          $31,694                  $33,576
11/07          $46,601                  $48,737
11/08          $17,752                  $21,173
11/09          $33,043                  $39,195
11/10          $37,287                  $45,208
11/11          $30,785                  $39,993
</TABLE>


Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.

The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.

NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.

Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.


                  Pioneer Emerging Markets Fund | Annual Report | 11/30/11    11
<PAGE>

Performance Update | 11/30/11                                     Class B Shares

Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Emerging Markets Fund, compared to that of the
Morgan Stanley Capital International (MSCI) Emerging Markets Index.


<TABLE>
<CAPTION>
Average Annual Total Returns
(As of November 30, 2011)
--------------------------------------------------------------------------------
                                                 If            If
Period                                           Held          Redeemed
--------------------------------------------------------------------------------
<S>                                              <C>           <C>
 10 Years                                         11.64%        11.64%
 5 Years                                          -1.45         -1.45
 1 Year                                          -18.15        -21.24
--------------------------------------------------------------------------------

<CAPTION>
 Expense Ratio
 (Per prospectus dated April 1, 2011, as revised
 December 15, 2011)
--------------------------------------------------------------------------------
                                                 Gross         Net
--------------------------------------------------------------------------------
<S>                                              <C>           <C>
                                                   2.96%         2.85%
--------------------------------------------------------------------------------
</TABLE>


[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]


Value of $10,000 Investment

<TABLE>
<CAPTION>
               Pioneer Emerging         MSCI Emerging
               Markets Fund             Markets Index
<S>            <C>                      <C>
11/01          $10,000                  $10,000
11/02          $10,139                  $10,475
11/03          $14,411                  $14,714
11/04          $17,687                  $18,904
11/05          $23,839                  $25,066
11/06          $32,353                  $33,576
11/07          $47,165                  $48,737
11/08          $17,807                  $21,173
11/09          $32,854                  $39,195
11/10          $36,749                  $45,208
11/11          $30,080                  $39,993
</TABLE>


Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.

The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.

"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). Effective December 1, 2004, the period during which a CDSC is applied
to withdrawals was shortened to 5 years. The maximum CDSC for Class B shares is
4% and declines over five years. For more complete information, please see the
prospectus. Note: Shares purchased prior to December 1, 2004 remain subject to
the CDSC in effect at the time you purchased those shares. For performance
information for shares purchased prior to December 1, 2004, please visit
us.pioneerinvestments.com.

All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.

Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.

The net expense ratio reflects contractual expense limitations currently in
effect through April 1, 2013, for Class B shares. There can be no assurance
that Pioneer will extend the expense limitations beyond such time. Please see
the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.


12    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

Performance Update | 11/30/11                                     Class C Shares

Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Emerging Markets Fund, compared to that of the
Morgan Stanley Capital International (MSCI) Emerging Markets Index.


<TABLE>
<CAPTION>
Average Annual Total Returns
(As of November 30, 2011)
--------------------------------------------------------------------------------
                                                 If            If
Period                                           Held          Redeemed
--------------------------------------------------------------------------------
<S>                                              <C>           <C>
 10 Years                                         11.73%        11.73%
 5 Years                                          -1.37         -1.37
 1 Year                                          -18.04        -18.04
--------------------------------------------------------------------------------

<CAPTION>
 Expense Ratio
 (Per prospectus dated April 1, 2011, as revised
 December 15, 2011)
--------------------------------------------------------------------------------
                                                 Gross         Net
--------------------------------------------------------------------------------
<S>                                              <C>           <C>
                                                   2.76%         2.76%
--------------------------------------------------------------------------------
</TABLE>


[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]


Value of $10,000 Investment

<TABLE>
<CAPTION>
               Pioneer Emerging         MSCI Emerging
               Markets Fund             Markets Index
<S>            <C>                      <C>
11/01          $10,000                  $10,000
11/02          $10,140                  $10,475
11/03          $14,413                  $14,714
11/04          $17,729                  $18,904
11/05          $23,924                  $25,066
11/06          $32,477                  $33,576
11/07          $47,397                  $48,737
11/08          $17,912                  $21,173
11/09          $33,046                  $39,195
11/10          $36,982                  $45,208
11/11          $30,311                  $39,993
</TABLE>


Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.

The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.

Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not
reflect the 1% front-end sales charge in effect prior to February 1, 2004. If
you paid a 1% sales charge, your returns would be lower than those shown above.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.

Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.


                  Pioneer Emerging Markets Fund | Annual Report | 11/30/11    13
<PAGE>

Performance Update | 11/30/11                                     Class R Shares

Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Emerging Markets Fund, compared to that of the
Morgan Stanley Capital International (MSCI) Emerging Markets Index.


<TABLE>
<CAPTION>
Average Annual Total Returns
(As of November 30, 2011)
--------------------------------------------------------------------------------
                                                 If            If
Period                                           Held          Redeemed
--------------------------------------------------------------------------------
<S>                                              <C>           <C>
 10 Years                                         12.30%        12.30%
 5 Years                                          -0.78         -0.78
 1 Year                                          -17.62        -17.62
--------------------------------------------------------------------------------

<CAPTION>
 Expense Ratio
 (Per prospectus dated April 1, 2011, as revised
 December 15, 2011)
--------------------------------------------------------------------------------
                                                 Gross         Net
--------------------------------------------------------------------------------
<S>                                              <C>           <C>
                                                   2.10%         2.10%
--------------------------------------------------------------------------------
</TABLE>


[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]

Value of $10,000 Investment

<TABLE>
<CAPTION>
               Pioneer Emerging         MSCI Emerging
               Markets Fund             Markets Index
<S>            <C>                      <C>
11/01          $10,000                  $10,000
11/02          $10,151                  $10,475
11/03          $14,555                  $14,714
11/04          $17,954                  $18,904
11/05          $24,333                  $25,066
11/06          $33,165                  $33,576
11/07          $48,669                  $48,737
11/08          $18,500                  $21,173
11/09          $34,356                  $39,195
11/10          $38,713                  $45,208
11/11          $31,891                  $39,993
</TABLE>


Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.

The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.

The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on April 1, 2003, is based on the
performance of the Fund's Class A shares, reduced to reflect the higher
distribution and service fees of Class R shares. For the period beginning April
1, 2003, the actual performance of Class R shares is reflected. The performance
of Class R shares does not reflect the 1% CDSC that was in effect prior to July
1, 2004. Class R shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.

Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.


14    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

Performance Update | 11/30/11                                     Class Y Shares

Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Emerging Markets Fund, compared to that of the
Morgan Stanley Capital International (MSCI) Emerging Markets Index.


<TABLE>
<CAPTION>
Average Annual Total Returns
(As of November 30, 2011)
--------------------------------------------------------------------------------
                                                 If            If
Period                                           Held          Redeemed
--------------------------------------------------------------------------------
<S>                                              <C>           <C>
 10 Years                                         13.32%        13.32%
 5 Years                                          -0.06         -0.06
 1 Year                                          -16.96        -16.96
--------------------------------------------------------------------------------

 Expense Ratio
 (Per prospectus dated April 1, 2011, as revised
 December 15, 2011)
--------------------------------------------------------------------------------
                                                    Gross          Net
--------------------------------------------------------------------------------
                                                      1.44%         1.44%
--------------------------------------------------------------------------------
</TABLE>


[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]

Value of $5 Million Investment

<TABLE>
<CAPTION>
               Pioneer Emerging         MSCI Emerging
               Markets Fund             Markets Index
<S>            <C>                      <C>
11/01          $ 5,000,000              $ 5,000,000
11/02          $ 5,151,961              $ 5,237,729
11/03          $ 7,451,379              $ 7,357,059
11/04          $ 9,303,342              $ 9,451,894
11/05          $12,724,227              $12,532,942
11/06          $17,508,760              $16,788,224
11/07          $25,869,274              $24,368,546
11/08          $ 9,904,783              $10,586,617
11/09          $18,539,259              $19,597,630
11/10          $21,021,759              $22,603,980
11/11          $17,457,205              $19,996,338
</TABLE>


Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.

The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.

Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends and capital gains.
Other share classes are available for which performance and expenses will
differ.

Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.


                  Pioneer Emerging Markets Fund | Annual Report | 11/30/11    15
<PAGE>

Comparing Ongoing Fund Expenses


As a shareowner in the Fund, you incur two types of costs:

(1) ongoing costs, including management fees, distribution and/or service
    (12b-1) fees, and other Fund expenses; and

(2) transaction costs, including sales charges (loads) on purchase payments.

This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.


Using the Tables
--------------------------------------------------------------------------------
Actual Expenses

The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:

(1) Divide your account value by $1,000
    Example: an $8,600 account value [divided by] $1,000 = 8.6

(2) Multiply the result in (1) above by the corresponding share class's number
    in the third row under the heading entitled "Expenses Paid During Period"
    to estimate the expenses you paid on your account during this period.

Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Fund

Based on actual returns from June 1, 2011, through November 30, 2011.


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
 Share Class                   A           B           C           R           Y
-------------------------------------------------------------------------------------
<S>                        <C>         <C>         <C>         <C>         <C>
 Beginning Account Value   $1,000.00   $1,000.00   $1,000.00   $1,000.00   $1,000.00
 on 6/1/11
-------------------------------------------------------------------------------------
 Ending Account Value        $786.59     $783.55     $783.71     $785.39     $789.13
 (after expenses)
 on 11/30/11
-------------------------------------------------------------------------------------
 Expenses Paid                 $8.73      $12.74      $12.21       $9.85       $6.28
 During Period*
-------------------------------------------------------------------------------------
</TABLE>

* Expenses are equal to the Fund's annualized expense ratio of 1.95%, 2.85%,
  2.73%, 2.20% and 1.40% for Class A, Class B, Class C, Class R and Class Y
  shares, respectively, multiplied by the average account value over the
  period, multiplied by 183/365 (to reflect the one-half year period).


16    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>


Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.

You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.

Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads), that are charged at the time of the transaction. Therefore,
the table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.

Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Fund

Based on a hypothetical 5% return per year before expenses, reflecting the
period from June 1, 2011, through November 30, 2011.


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
 Share Class                   A           B           C           R           Y
-------------------------------------------------------------------------------------
<S>                        <C>         <C>         <C>         <C>         <C>
 Beginning Account Value   $1,000.00   $1,000.00   $1,000.00   $1,000.00   $1,000.00
 on 6/1/11
-------------------------------------------------------------------------------------
 Ending Account Value      $1,015.29   $1,010.78   $1,011.38   $1,014.04   $1,018.05
 (after expenses)
 on 11/30/11
-------------------------------------------------------------------------------------
 Expenses Paid                 $9.85      $14.37      $13.77      $11.11       $7.08
 During Period*
-------------------------------------------------------------------------------------
</TABLE>

* Expenses are equal to the Fund's annualized expense ratio of 1.95%, 2.85%,
  2.73%, 2.20% and 1.40% for Class A, Class B, Class C, Class R and Class Y
  shares, respectively, multiplied by the average account value over the
  period, multiplied by 183/365 (to reflect the one-half year period).


                  Pioneer Emerging Markets Fund | Annual Report | 11/30/11    17
<PAGE>

Schedule of Investments | 11/30/11


<TABLE>
<CAPTION>
-------------------------------------------------------------------------
 Shares                                                      Value
-------------------------------------------------------------------------
<S>            <C>                                           <C>
               PREFERRED STOCKS -- 10.1%
               ENERGY -- 1.5%
               Integrated Oil & Gas -- 1.5%
  495,197      Petrobras Brasileiro SA                       $  6,038,320
                                                             ------------
               Total Energy                                  $  6,038,320
-------------------------------------------------------------------------
               MATERIALS -- 1.0%
               Steel -- 1.0%
  182,205      Cia Vale Do Rio Doce SA                       $  3,932,678
                                                             ------------
               Total Materials                               $  3,932,678
-------------------------------------------------------------------------
               FOOD, BEVERAGE & TOBACCO -- 3.1%
               Brewers -- 3.1%
  369,081      Companhia de Bebidas Das SA                   $ 12,327,873
                                                             ------------
               Total Food, Beverage & Tobacco                $ 12,327,873
-------------------------------------------------------------------------
               BANKS -- 1.2%
               Diversified Banks -- 1.2%
  276,817      Banco Bradesco SA                             $  4,535,800
                                                             ------------
               Total Banks                                   $  4,535,800
-------------------------------------------------------------------------
               SEMICONDUCTORS -- 2.9%
   20,395      Samsung Electronics Co., Ltd.                 $ 11,349,914
                                                             ------------
               Total Semiconductors                          $ 11,349,914
-------------------------------------------------------------------------
               UTILITIES -- 0.4%
               Electric Utilities -- 0.4%
   76,100      Cia Paranaense de Energia SA                  $  1,535,635
                                                             ------------
               Total Utilities                               $  1,535,635
-------------------------------------------------------------------------
               TOTAL PREFERRED STOCKS
               (Cost $37,370,138)                            $ 39,720,220
-------------------------------------------------------------------------
               COMMON STOCKS -- 82.7%
               ENERGY -- 8.9%
               Coal & Consumable Fuels -- 1.0%
  916,000      China Shenhua Energy Co., Ltd.                $  4,048,365
-------------------------------------------------------------------------
               Integrated Oil & Gas -- 4.3%
   24,792      Ecopetrol SA (A.D.R.)                         $  1,046,718
   72,844      Lukoil Holding (A.D.R.)                          4,048,863
5,148,000      PetroChina Co., Ltd.                             6,682,225
  382,829      Petroleo Brasileiro SA                           5,106,363
                                                             ------------
                                                             $ 16,884,169
-------------------------------------------------------------------------
               Oil & Gas Exploration & Production -- 1.4%
2,903,000      CNOOC, Ltd.                                   $  5,599,047
-------------------------------------------------------------------------
               Oil & Gas Storage & Transportation -- 2.2%
1,154,636      Petronet LNG, Ltd.                            $  3,661,443
  292,282      Ultrapar Participacoes SA                        5,143,180
                                                             ------------
                                                             $  8,804,623
                                                             ------------
               Total Energy                                  $ 35,336,204
-------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.


18    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
 Shares                                                            Value
-------------------------------------------------------------------------------
<S>             <C>                                                <C>
                MATERIALS -- 7.7%
                Construction Materials -- 1.5%
  1,848,000     China National Building Material Co., Ltd.         $  2,242,671
  2,130,200     PT Indocement Tunggal Prakarsa Tbk                    3,641,267
                                                                   ------------
                                                                   $  5,883,938
-------------------------------------------------------------------------------
                Diversified Metals & Mining -- 2.5%
    342,288     Exxaro Resources, Ltd.                             $  7,612,756
    924,000     Jiangxi Copper Co.                                    2,209,619
                                                                   ------------
                                                                   $  9,822,375
-------------------------------------------------------------------------------
                Fertilizers & Agricultural Chemicals -- 0.5%
     32,314     Sociedad Quimica y Minera de Chile SA (A.D.R.)     $  1,852,885
-------------------------------------------------------------------------------
                Gold -- 2.3%
    460,210     IAMGOLD Corp.                                      $  9,287,038
-------------------------------------------------------------------------------
                Precious Metals & Minerals -- 0.4%
     56,956     Fresnillo Plc                                      $  1,541,028
-------------------------------------------------------------------------------
                Steel -- 0.5%
     91,933     Vale SA (A.D.R.)                                   $  2,010,575
                                                                   ------------
                Total Materials                                    $ 30,397,839
-------------------------------------------------------------------------------
                CAPITAL GOODS -- 1.6%
                Aerospace & Defense -- 1.6%
    169,050     Korea Aerospace Industries, Ltd.*                  $  6,328,971
                                                                   ------------
                Total Capital Goods                                $  6,328,971
-------------------------------------------------------------------------------
                TRANSPORTATION -- 2.5%
                Air Freight & Couriers -- 1.0%
     20,491     Hyundai Glovis Co., Ltd.                           $  4,104,517
-------------------------------------------------------------------------------
                Airlines -- 1.5%
  2,578,000     AirAsia BHD                                        $  3,100,129
     44,205     Copa Holdings SA                                      2,853,875
                                                                   ------------
                                                                   $  5,954,004
                                                                   ------------
                Total Transportation                               $ 10,058,521
-------------------------------------------------------------------------------
                AUTOMOBILES & COMPONENTS -- 2.1%
                Automobile Manufacturers -- 1.3%
    630,400     PT Astra International Tbk                         $  5,068,189
-------------------------------------------------------------------------------
                Motorcycle Manufacturers -- 0.8%
     91,555     Bajaj Auto, Ltd.                                   $  2,982,860
                                                                   ------------
                Total Automobiles & Components                     $  8,051,049
-------------------------------------------------------------------------------
                CONSUMER DURABLES & APPAREL -- 0.9%
                Apparel, Accessories & Luxury Goods -- 0.9%
    971,340     Titan Industries, Ltd.                             $  3,385,306
                                                                   ------------
                Total Consumer Durables & Apparel                  $  3,385,306
-------------------------------------------------------------------------------
</TABLE>


The accompanying notes are an integral part of these financial statements.


                  Pioneer Emerging Markets Fund | Annual Report | 11/30/11    19
<PAGE>

Schedule of Investments | 11/30/11 (continued)


<TABLE>
<CAPTION>
----------------------------------------------------------------------------
 Shares                                                         Value
----------------------------------------------------------------------------
<S>            <C>                                              <C>
               CONSUMER SERVICES -- 0.0%+
               Casinos & Gaming -- 0.0%+
       39      Wynn Macau, Ltd.                                 $        115
                                                                ------------
               Total Consumer Services                          $        115
----------------------------------------------------------------------------
               RETAILING -- 2.1%
               Apparel Retail -- 2.1%
   98,673      Cia Hering SA                                    $  2,089,905
  625,589      Mr Price Group, Ltd.                                6,175,281
                                                                ------------
                                                                $  8,265,186
                                                                ------------
               Total Retailing                                  $  8,265,186
----------------------------------------------------------------------------
               FOOD & DRUG RETAILING -- 4.5%
               Food Retail -- 3.9%
  114,142      BIM Birlesik Magazalar AS                        $  3,239,629
  720,376      Shoprite Holdings, Ltd.                            12,130,208
                                                                ------------
                                                                $ 15,369,837
----------------------------------------------------------------------------
               Hypermarkets & Supercenters -- 0.6%
    9,824      E-Mart Co., Ltd.*                                $  2,524,099
                                                                ------------
               Total Food & Drug Retailing                      $ 17,893,936
----------------------------------------------------------------------------
               FOOD, BEVERAGE & TOBACCO -- 9.8%
               Packaged Foods & Meats -- 3.0%
7,657,600      Charoen Pokphand Foods Plc                       $  8,178,019
  120,107      Tiger Brands, Ltd.                                  3,627,295
                                                                ------------
                                                                $ 11,805,314
----------------------------------------------------------------------------
               Soft Drinks -- 3.4%
  196,522      Fomento Economico Mexicano SA de CV (A.D.R.)     $ 13,404,766
----------------------------------------------------------------------------
               Tobacco -- 3.4%
2,406,268      ITC, Ltd.                                        $  9,370,322
   63,058      Korea Tobacco Co.*                                  4,260,400
                                                                ------------
                                                                $ 13,630,722
                                                                ------------
               Total Food, Beverage & Tobacco                   $ 38,840,802
----------------------------------------------------------------------------
               HOUSEHOLD & PERSONAL PRODUCTS -- 2.3%
               Household Products -- 2.3%
   19,480      LG Household & Health Care, Ltd.                 $  9,183,761
                                                                ------------
               Total Household & Personal Products              $  9,183,761
----------------------------------------------------------------------------
               HEALTH CARE EQUIPMENT & SERVICES -- 2.2%
               Health Care Facilities -- 2.2%
3,220,752      Life Healthcare Group Holdings, Ltd.             $  8,511,714
                                                                ------------
               Total Health Care Equipment & Services           $  8,511,714
----------------------------------------------------------------------------
               PHARMACEUTICALS & BIOTECHNOLOGY -- 1.9%
               Biotechnology -- 1.4%
   89,495      Seegene, Inc.*                                   $  5,332,578
----------------------------------------------------------------------------
</TABLE>


The accompanying notes are an integral part of these financial statements.


20    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
 Shares                                                            Value
-------------------------------------------------------------------------------
<S>            <C>                                                 <C>
               Pharmaceuticals -- 0.5%
  233,393      Lupin, Ltd.                                         $  2,145,651
                                                                   ------------
               Total Pharmaceuticals & Biotechnology               $  7,478,229
-------------------------------------------------------------------------------
               BANKS -- 4.8%
               Diversified Banks -- 4.8%
  332,859      Banco Itau SA (A.D.R.)                              $  5,924,890
2,974,000      China Construction Bank Corp.                          2,120,588
  221,082      HDFC Bank, Ltd.                                        1,898,845
6,055,000      Industrial and Commercial Bank of China, Ltd.          3,590,852
1,170,100      Malayan Banking Berhad Co.                             3,099,579
  678,041      Turkiye Garanti Bankasi AS                             2,326,711
                                                                   ------------
                                                                   $ 18,961,465
                                                                   ------------
               Total Banks                                         $ 18,961,465
-------------------------------------------------------------------------------
               INSURANCE -- 1.9%
               Life & Health Insurance -- 1.9%
1,073,000      Ping An Insurance (Group) Co. of China, Ltd.        $  7,448,985
                                                                   ------------
               Total Insurance                                     $  7,448,985
-------------------------------------------------------------------------------
               REAL ESTATE -- 3.9%
               Real Estate Development -- 1.8%
1,700,000      China Overseas Land & Investment, Ltd.              $  2,997,008
6,147,000      Soho China, Ltd.                                       4,207,448
                                                                   ------------
                                                                   $  7,204,456
-------------------------------------------------------------------------------
               Real Estate Operating Companies -- 2.1%
  816,288      BR Malls Participacoes SA                           $  8,265,350
                                                                   ------------
               Total Real Estate                                   $ 15,469,806
-------------------------------------------------------------------------------
               SOFTWARE & SERVICES -- 1.9%
               Data Processing & Outsourced Services -- 1.6%
  370,396      Redecard SA                                         $  6,247,347
-------------------------------------------------------------------------------
               IT Consulting & Other Services -- 0.3%
   52,625      Tata Consultancy Services, Ltd.                     $  1,145,983
                                                                   ------------
               Total Software & Services                           $  7,393,330
-------------------------------------------------------------------------------
               TECHNOLOGY HARDWARE & EQUIPMENT -- 1.9%
               Computer Hardware -- 1.0%
5,568,000      Legend Holdings, Ltd.                               $  3,990,274
-------------------------------------------------------------------------------
               Electronic Components -- 0.9%
1,913,000      E Ink Holdings, Inc.                                $  3,532,459
                                                                   ------------
               Total Technology Hardware & Equipment               $  7,522,733
-------------------------------------------------------------------------------
               SEMICONDUCTORS -- 5.9%
               Semiconductors -- 5.9%
   12,872      Samsung Electronics Co., Ltd.                       $ 11,708,110
  891,276      Taiwan Semiconductor Manufacturing Co. (A.D.R.)       11,515,286
                                                                   ------------
                                                                   $ 23,223,396
                                                                   ------------
               Total Semiconductors                                $ 23,223,396
-------------------------------------------------------------------------------
</TABLE>


The accompanying notes are an integral part of these financial statements.


                  Pioneer Emerging Markets Fund | Annual Report | 11/30/11    21
<PAGE>

Schedule of Investments | 11/30/11 (continued)


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
 Shares                                                                  Value
-------------------------------------------------------------------------------------
<S>                 <C>                                                  <C>
                    TELECOMMUNICATION SERVICES -- 10.2%
                    Integrated Telecommunication Services -- 2.4%
  2,263,800         Chunghwa Telecom Co., Ltd.                           $  7,490,407
     74,845         Telephonica Brasil SA (A.D.R.)                          2,018,570
                                                                         ------------
                                                                         $  9,508,977
-------------------------------------------------------------------------------------
                    Wireless Telecommunication Services -- 7.8%
  1,076,500         China Mobile, Ltd.                                   $ 10,611,990
     56,185         Millicom International Cellular SA (A.D.R.)             6,073,314
    129,225         Tim Participacoes SA (A.D.R.)                           3,076,847
    964,665         Vodacom Group, Ltd.                                    10,879,167
                                                                         ------------
                                                                         $ 30,641,318
                                                                         ------------
                    Total Telecommunication Services                     $ 40,150,295
-------------------------------------------------------------------------------------
                    UTILITIES -- 5.7%
                    Electric Utilities -- 3.5%
     90,223         Cemig SA (A.D.R.)                                    $  1,581,609
    898,000         CLP Holdings, Ltd.                                      7,975,295
    546,500         Hongkong Electric Holdings, Ltd.                        4,062,304
                                                                         ------------
                                                                         $ 13,619,208
-------------------------------------------------------------------------------------
                    Water Utilities -- 2.2%
13,848,000          Guangdong Investment, Ltd.                           $  8,790,645
                                                                         ------------
                    Total Utilities                                      $ 22,409,853
-------------------------------------------------------------------------------------
                    TOTAL COMMON STOCKS
                    (Cost $318,442,007)                                  $326,311,496
-------------------------------------------------------------------------------------
                    RIGHTS/WARRANTS -- 0.0%+
                    HOUSEHOLD & PERSONAL PRODUCTS -- 0.0%+
                    Personal Products -- 0.0%+
       562          Hypermarca SA Warrants*                              $      9,588
                                                                         ------------
                    Total Household & Personal Products                  $      9,588
-------------------------------------------------------------------------------------
                    TOTAL RIGHTS/WARRANTS
                    (Cost $0)                                            $      9,588
-------------------------------------------------------------------------------------
Principal
Amount ($)
-------------------------------------------------------------------------------------
                    CORPORATE BONDS -- 0.1%
                    HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
                    Personal Products -- 0.1%
       562          Hypermarcas SA Sao Paulo, 11.3%, 10/15/18 (c)        $    290,600
       562          Hypermarcas SA, Floating Rate Note, 10/15/15 (c)          307,333
                                                                         ------------
                    Total Household & Personal Products                  $    597,933
-------------------------------------------------------------------------------------
</TABLE>


The accompanying notes are an integral part of these financial statements.


22    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>


<TABLE>
<CAPTION>
--------------------------------------------------------------------
Principal
Amount ($)                                              Value
--------------------------------------------------------------------
<S>            <C>                                      <C>
               TOTAL CORPORATE BONDS
               (Cost $661,450)                          $    597,933
--------------------------------------------------------------------
               TOTAL INVESTMENT IN SECURITIES -- 92.9%
               (Cost $356,473,595) (a)(b)               $366,639,237
--------------------------------------------------------------------
               OTHER ASSETS AND LIABILITIES -- 7.1%     $ 27,916,646
--------------------------------------------------------------------
               TOTAL NET ASSETS -- 100.0%               $394,555,883
====================================================================
</TABLE>

(A.D.R.) American Depositary Receipt

*        Non-income producing security.

+        Rounds to less than 0.1%.

(a)      At November 30, 2011, the net unrealized gain on investments based on
         cost for federal income tax purposes of $361,347,822 was as follows:

<TABLE>
<S>                                                                                    <C>
           Aggregate gross unrealized gain for all investments in which there is an
             excess of value over tax cost                                             $22,963,014
           Aggregate gross unrealized loss for all investments in which there is an
             excess of tax cost over value                                             (17,671,599)
                                                                                       -----------
           Net unrealized gain                                                         $ 5,291,415
                                                                                       ===========
</TABLE>

(b)      Distributions of investments by country of issue (excluding temporary
         cash investments) as a percentage of total investment in securities, is
         as follows:


<TABLE>
<S>                                                    <C>
           Brazil                                      19.2%
           South Korea                                 14.9%
           South Africa                                13.3%
           Hong Kong                                   11.1%
           People's Republic of China                   9.8%
           India                                        6.7%
           Taiwan                                       6.2%
           Mexico                                       3.7%
           Canada                                       2.5%
           Indonesia                                    2.4%
           Thailand                                     2.2%
           Luxembourg                                   1.7%
           Malaysia                                     1.7%
           Turkey                                       1.5%
           Russia                                       1.1%
           Other (individually less than 1.0%)          2.0%
                                                      -----
                                                      100.0%
                                                      =====
</TABLE>

(c)      Security is valued using fair value methods (other than prices supplied
         by independent pricing services). See Notes to Financial Statements --
         Note 1A.

Purchases and sales of securities (excluding temporary cash investments) for
the year ended November 30, 2011 aggregated $995,182,540 and $1,184,376,884,
respectively.


The accompanying notes are an integral part of these financial statements.


                  Pioneer Emerging Markets Fund | Annual Report | 11/30/11    23
<PAGE>

Schedule of Investments | 11/30/11 (continued)

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.)
  Level 3 -- significant unobservable inputs (including the Fund's own
             assumptions in determining fair value of investments)

Generally, equity securities are categorized as Level 1, fixed income
securities and senior loans as Level 2 and securities valued using fair value
methods (other than prices supplied by independent pricing services) as Level
3. See Notes to Financial Statements -- Note 1A.

The following is a summary of the inputs used as of November 30, 2011, in
valuing the Fund's assets:


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
                                   Level 1           Level 2           Level 3      Total
------------------------------------------------------------------------------------------------
<S>                                <C>               <C>               <C>          <C>
 Preferred Stocks*                 $  28,370,306     $ 11,349,914      $     --     $ 39,720,220
 Common Stocks*                       83,384,163     242,927,333             --     326,311,496
 Rights/Warrants                              --           9,588             --           9,588
 Corporate Bonds                              --              --        597,933         597,933
------------------------------------------------------------------------------------------------
 Total                             $ 111,754,469     $254,286,835      $597,933     $366,639,237
================================================================================================
 Other Financial Instruments**     $          --     $    (7,858)            --     $    (7,858)
================================================================================================
</TABLE>

*  Level 2 securities are valued by independent pricing services using fair
   value factors.

** Other financial instruments include foreign exchange contracts.

Following is a reconciliation of assets using significant unobservable inputs
(Level 3):


<TABLE>
<CAPTION>
--------------------------------------------------------------------
                                                          Corporate
                                                          Bonds
--------------------------------------------------------------------
<S>                                                       <C>
 Balance as of 11/30/10                                   $     --
 Realized gain (loss)(1)                                        --
 Change in unrealized appreciation (depreciation)(2)       (63,517)
 Net purchases (sales)                                          --
 Transfers in and out of Level 3*                          661,450
--------------------------------------------------------------------
 Balance as of 11/30/11                                   $597,933
====================================================================
</TABLE>

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 gain (loss) on investments in the Statement of
  Operations.

* Transfers are calculated on the beginning of period values.


The accompanying notes are an integral part of these financial statements.


24    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

Statement of Assets and Liabilities | 11/30/11


<TABLE>
<S>                                                                       <C>
ASSETS:
  Investment in securities, at value (cost $356,473,595)                  $366,639,237
  Cash                                                                      23,095,726
  Foreign currencies, at value (cost $2,344,864)                             2,326,991
  Receivables --
   Investment securities sold                                                8,353,503
   Fund shares sold                                                          1,301,838
   Dividends                                                                   486,585
   Due from Pioneer Investment Management, Inc.                                 86,026
  Other                                                                         86,315
---------------------------------------------------------------------------------------
     Total assets                                                         $402,376,221
---------------------------------------------------------------------------------------
LIABILITIES:
  Payables --
   Investment securities purchased                                        $  5,901,242
   Fund shares repurchased                                                   1,447,043
  Due to affiliates                                                            230,277
  Accrued expenses                                                             233,918
  Forward foreign currency settlement contracts, net                             7,858
---------------------------------------------------------------------------------------
     Total liabilities                                                    $  7,820,338
---------------------------------------------------------------------------------------
NET ASSETS:
  Paid-in capital                                                         $388,338,256
  Accumulated net investment loss                                             (428,008)
  Accumulated net realized loss on investments and foreign currency
   transactions                                                             (3,508,653)
  Net unrealized gain on investments                                        10,165,642
  Net unrealized loss on forward foreign currency contracts and other
   assets and liabilities denominated in foreign currencies                    (11,354)
---------------------------------------------------------------------------------------
     Total net assets                                                     $394,555,883
---------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
  Class A (based on $207,934,743/9,000,808 shares)                        $      23.10
  Class B (based on $10,353,848/524,606 shares)                           $      19.74
  Class C (based on $37,323,584/1,888,986 shares)                         $      19.76
  Class R (based on $73,346,855/3,299,920 shares)                         $      22.23
  Class Y (based on $65,596,853/2,607,280 shares)                         $      25.16
MAXIMUM OFFERING PRICE:
  Class A ($23.10 [divided by] 94.25%)                                    $      24.51
=======================================================================================
</TABLE>


The accompanying notes are an integral part of these financial statements.


                  Pioneer Emerging Markets Fund | Annual Report | 11/30/11    25
<PAGE>

Statement of Operations

For the Year Ended 11/30/11

<TABLE>
<S>                                                             <C>                  <C>
INVESTMENT INCOME:
  Dividends (net of foreign taxes withheld of $664,186)         $  13,661,864
  Income from securities loaned, net                                   66,723
---------------------------------------------------------------------------------------------------
     Total investment income                                                         $  13,728,587
---------------------------------------------------------------------------------------------------
EXPENSES:
  Management fees                                               $   6,244,675
  Transfer agent fees
   Class A                                                            522,446
   Class B                                                             75,498
   Class C                                                            104,688
   Class R                                                             53,748
   Class Y                                                              5,792
  Distribution fees
   Class A                                                            708,182
   Class B                                                            155,862
   Class C                                                            516,980
   Class R                                                            519,496
  Shareholder communications expense                                1,015,627
  Administrative reimbursements                                       160,696
  Custodian fees                                                      655,704
  Registration fees                                                    82,073
  Professional fees                                                    98,051
  Printing expense                                                     38,837
  Fees and expenses of nonaffiliated Trustees                          18,980
  Miscellaneous                                                        48,312
---------------------------------------------------------------------------------------------------
     Total expenses                                                                  $  11,025,647
     Less fees waived and expenses reimbursed by Pioneer
       Investment Management, Inc.                                                        (119,062)
---------------------------------------------------------------------------------------------------
     Net expenses                                                                    $  10,906,585
---------------------------------------------------------------------------------------------------
       Net investment income                                                         $   2,822,002
---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
  Net realized gain (loss) on:
   Investments                                                  $  76,896,892
   Forward foreign currency contracts and other assets and
     liabilities denominated in foreign currencies                 (4,378,405)       $  72,518,487
---------------------------------------------------------------------------------------------------
  Change in net unrealized loss on:
   Investments                                                  $(162,070,070)
   Forward foreign currency contracts and other assets and
     liabilities denominated in foreign currencies                    (54,465)       $(162,124,535)
---------------------------------------------------------------------------------------------------
  Net loss on investments and foreign currency transactions                          $ (89,606,048)
---------------------------------------------------------------------------------------------------
  Net decrease in net assets resulting from operations                               $ (86,784,046)
===================================================================================================
</TABLE>


The accompanying notes are an integral part of these financial statements.


26    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

Statement of Changes in Net Assets


<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
                                                                   Year                Year
                                                                   Ended               Ended
                                                                   11/30/11            11/30/10
----------------------------------------------------------------------------------------------------
<S>                                                                <C>                 <C>
FROM OPERATIONS:
Net investment income                                              $   2,822,002       $    226,970
Net realized gain on investments and foreign currency
  transactions                                                        72,518,487         64,665,017
Change in net unrealized gain (loss) on investments and foreign
  currency transactions                                             (162,124,535)         2,260,049
----------------------------------------------------------------------------------------------------
   Net increase (decrease) in net assets resulting from
     operations                                                    $ (86,784,046)      $ 67,152,036
----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
   Class A ($0.00 and $0.04 per share, respectively)               $          --       $   (617,079)
   Class R ($0.00 and $0.03 per share, respectively)                          --           (102,942)
   Class Y ($0.00 and $0.14 per share, respectively)                          --           (390,487)
----------------------------------------------------------------------------------------------------
Net realized gain:
   Class A ($1.15 and $0.00 per share, respectively)               $  (9,879,762)      $         --
   Class B ($1.15 and $0.00 per share, respectively)                    (569,117)                --
   Class C ($1.15 and $0.00 per share, respectively)                  (2,058,349)                --
   Class R ($1.15 and $0.00 per share, respectively)                  (3,639,324)                --
   Class Y ($1.15 and $0.00 per share, respectively)                  (2,937,555)                --
----------------------------------------------------------------------------------------------------
     Total distributions to shareowners                            $ (19,084,107)      $ (1,110,508)
----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares                       $  81,929,355       $191,361,734
Reinvestment of distributions                                         15,219,613            749,770
Cost of shares repurchased                                          (236,606,825)      (272,365,688)
----------------------------------------------------------------------------------------------------
   Net decrease in net assets resulting from
     Fund share transactions                                       $(139,457,857)      $(80,254,184)
----------------------------------------------------------------------------------------------------
   Net decrease in net assets                                      $(245,326,010)      $(14,212,656)
NET ASSETS:
Beginning of year                                                    639,881,893        654,094,549
----------------------------------------------------------------------------------------------------
End of year                                                        $ 394,555,883       $639,881,893
----------------------------------------------------------------------------------------------------
Accumulated net investment loss and distributions in excess
  of net investment income, respectively                           $    (428,008)      $    (61,166)
====================================================================================================
</TABLE>


The accompanying notes are an integral part of these financial statements.


                  Pioneer Emerging Markets Fund | Annual Report | 11/30/11    27
<PAGE>

Statement of Changes in Net Assets (continued)


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
                                     '11 Shares    '11 Amount      '10 Shares    '10 Amount
------------------------------------------------------------------------------------------------
<S>                                  <C>           <C>             <C>           <C>
Class A
Shares sold                           1,638,378    $ 47,421,836     3,633,812    $  98,305,865
Reinvestment of distributions           388,417       8,646,297        21,748          575,134
Less shares repurchased              (4,577,821)   (133,802,347)   (7,697,566)    (199,145,646)
------------------------------------------------------------------------------------------------
   Net decrease                      (2,551,026)   $(77,734,214)   (4,042,006)   $(100,264,647)
================================================================================================
Class B
Shares sold or exchanged                 40,100    $  1,012,111        93,022    $   2,165,838
Reinvestment of distributions            28,670         545,327            --               --
Less shares repurchased                (336,322)     (8,406,115)     (400,178)      (9,243,095)
------------------------------------------------------------------------------------------------
   Net decrease                        (267,552)   $ (6,848,677)     (307,156)   $  (7,077,257)
================================================================================================
Class C
Shares sold                             247,875    $  6,171,885       500,509    $  11,700,062
Reinvestment of distributions            88,112       1,677,724            --               --
Less shares repurchased                (826,385)    (20,408,945)     (751,257)     (17,241,398)
------------------------------------------------------------------------------------------------
   Net decrease                        (490,398)   $(12,559,336)     (250,748)   $  (5,541,336)
================================================================================================
Class R
Shares sold                             574,882    $ 15,906,572     1,949,517    $  50,694,423
Reinvestment of distributions           164,656       3,525,277         3,788           96,945
Less shares repurchased              (1,637,994)    (44,529,740)   (1,083,344)     (27,770,992)
------------------------------------------------------------------------------------------------
   Net increase (decrease)             (898,456)   $(25,097,891)      869,961    $  23,020,376
================================================================================================
Class Y
Shares sold                             370,970    $ 11,416,951     1,026,150    $  28,496,880
Reinvestment of distributions            34,034         824,988         2,689           76,357
Less shares repurchased                (937,678)    (29,459,678)     (652,806)     (18,964,557)
------------------------------------------------------------------------------------------------
   Net increase (decrease)             (532,674)   $(17,217,739)      376,033    $   9,608,680
================================================================================================
</TABLE>


The accompanying notes are an integral part of these financial statements.


28    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>


Financial Highlights
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
                                                                                             Year          Year
                                                                                             Ended         Ended
                                                                                             11/30/11      11/30/10
---------------------------------------------------------------------------------------------------------------------
<S>                                                                                          <C>           <C>
Class A
Net asset value, beginning of period                                                         $  29.42      $ 26.11
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income                                                                       $   0.18      $  0.03
 Net realized and unrealized gain (loss) on investments and foreign currency transactions       (5.35)        3.32
---------------------------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations                                         $  (5.17)     $  3.35
Distributions to shareowners:
 Net investment income                                                                       $     --      $  (0.04)
 Net realized gain                                                                              (1.15)           --
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                                                   $  (6.32)     $   3.31
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period                                                               $  23.10      $  29.42
=====================================================================================================================
Total return*                                                                                  (17.44)%       12.85%
Ratio of net expenses to average net assets+                                                     1.95%         1.94%
Ratio of net investment income to average net assets+                                            0.58%         0.09%
Portfolio turnover rate                                                                           191%           91%
Net assets, end of period (in thousands)                                                     $207,935      $339,834
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
 reduction for fees paid indirectly:
 Net expenses                                                                                    1.95%         1.94%
 Net investment income                                                                           0.58%         0.09%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction
 for fees paid indirectly:
 Net expenses                                                                                    1.95%         1.94%
 Net investment income                                                                           0.58%         0.09%
=====================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
                                                                                             Year         Year        Year
                                                                                             Ended        Ended       Ended
                                                                                             11/30/09     11/30/08    11/30/07
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                          <C>          <C>         <C>
Class A
Net asset value, beginning of period                                                         $  14.20     $  38.29    $  29.06
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income                                                                       $   0.09     $   0.33    $   0.05
 Net realized and unrealized gain (loss) on investments and foreign currency transactions       12.00       (24.03)      13.40
--------------------------------------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations                                         $  12.10     $ (23.70)   $  13.45
Distributions to shareowners:
 Net investment income                                                                       $  (0.19)    $     --    $  (0.07)
 Net realized gain                                                                                 --        (0.39)      (4.15)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                                                   $  11.91     $ (24.09)   $   9.23
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period                                                               $  26.11     $  14.20    $  38.29
================================================================================================================================
Total return*                                                                                   86.13%      (61.91)%     47.03%
Ratio of net expenses to average net assets+                                                     1.95%        1.86%       1.79%
Ratio of net investment income to average net assets+                                            0.49%        0.99%       0.17%
Portfolio turnover rate                                                                            68%          54%         45%
Net assets, end of period (in thousands)                                                     $407,113     $180,675    $497,008
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
 reduction for fees paid indirectly:
 Net expenses                                                                                    1.99%        1.86%       1.79%
 Net investment income                                                                           0.45%        0.99%       0.17%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction
 for fees paid indirectly:
 Net expenses                                                                                    1.95%        1.86%       1.78%
 Net investment income                                                                           0.49%        0.99%       0.18%
================================================================================================================================
</TABLE>

* Assumes initial investment at net asset value at the beginning of each period,
  reinvestment of all distributions, the complete redemption of the investment
  at net asset value at the end of each period, and no sales charges. Total
  return would be reduced if sales charges were taken into account.
+ Ratios with no reduction for fees paid indirectly.


The accompanying notes are an integral part of these financial statements.


                    Pioneer Emerging Markets Fund | Annual Report | 11/30/11  29
<PAGE>


Financial Highlights (continued)


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
                                                                                             Year        Year
                                                                                             Ended       Ended
                                                                                             11/30/11    11/30/10
-------------------------------------------------------------------------------------------------------------------
<S>                                                                                          <C>         <C>
Class B
Net asset value, beginning of period                                                         $ 25.57     $ 22.86
-------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income (loss)                                                                $ (0.10)    $ (0.20)
 Net realized and unrealized gain (loss) on investments and foreign currency transactions      (4.58)       2.91
-------------------------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations                                         $ (4.68)    $  2.71
Distributions to shareowners:
 Net investment income                                                                       $    --     $    --
 Net realized gain                                                                             (1.15)         --
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                                                   $ (5.83)    $  2.71
-------------------------------------------------------------------------------------------------------------------
Net asset value, end of period                                                               $ 19.74     $ 25.57
===================================================================================================================
Total return*                                                                                 (18.15)%     11.86%
Ratio of net expenses to average net assets+                                                    2.85%       2.85%
Ratio of net investment income (loss) to average net assets+                                   (0.35)%     (0.79)%
Portfolio turnover rate                                                                          191%         91%
Net assets, end of period (in thousands)                                                     $10,354     $20,254
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
 reduction for fees paid indirectly:
 Net expenses                                                                                   3.06%       2.96%
 Net investment income (loss)                                                                  (0.56)%     (0.91)%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
 fees paid indirectly:
 Net expenses                                                                                   2.85%       2.85%
 Net investment income (loss)                                                                  (0.35)%     (0.79)%
===================================================================================================================
</TABLE>


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
                                                                                             Year         Year        Year
                                                                                             Ended        Ended       Ended
                                                                                             11/30/09     11/30/08    11/30/07
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                          <C>          <C>         <C>
Class B
Net asset value, beginning of period                                                         $ 12.39      $ 33.84     $ 26.19
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income (loss)                                                                $ (0.03)#    $  0.02     $ (0.19)
 Net realized and unrealized gain (loss) on investments and foreign currency transactions      10.50       (21.08)      11.99
--------------------------------------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations                                         $ 10.47      $(21.06)    $ 11.80
Distributions to shareowners:
 Net investment income                                                                       $    --      $    --     $    --
 Net realized gain                                                                                --        (0.39)      (4.15)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                                                   $ 10.47      $(21.45)    $  7.65
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period                                                               $ 22.86      $ 12.39     $ 33.84
================================================================================================================================
Total return*                                                                                  84.50%      (61.25)%     45.78%
Ratio of net expenses to average net assets+                                                    2.85%        2.75%       2.65%
Ratio of net investment income (loss) to average net assets+                                   (0.37)%       0.06%      (0.67)%
Portfolio turnover rate                                                                           68%          54%         45%
Net assets, end of period (in thousands)                                                     $25,130      $16,323     $64,562
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
 reduction for fees paid indirectly:
 Net expenses                                                                                   3.13%        2.75%       2.65%
 Net investment income (loss)                                                                  (0.65)%       0.06%      (0.67)%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
 fees paid indirectly:
 Net expenses                                                                                   2.85%        2.74%       2.63%
 Net investment income (loss)                                                                  (0.37)%       0.07%      (0.65)%
================================================================================================================================
</TABLE>

* Assumes initial investment at net asset value at the beginning of each period,
  reinvestment of all distributions, the complete redemption of the investment
  at net asset value at the end of each period, and no sales charges. Total
  return would be reduced if sales charges were taken into account.
+ Ratios with no reduction for fees paid indirectly.


The accompanying notes are an integral part of these financial statements.


30  Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
                                                                                             Year         Year
                                                                                             Ended        Ended
                                                                                             11/30/11     11/30/10
--------------------------------------------------------------------------------------------------------------------
<S>                                                                                          <C>          <C>
Class C
Net asset value, beginning of period                                                         $ 25.56      $ 22.84
--------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income (loss)                                                                $ (0.05)     $ (0.17)
 Net realized and unrealized gain (loss) on investments and foreign currency transactions      (4.60)        2.89
--------------------------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations                                         $ (4.65)     $  2.72
Distributions to shareowners:
 Net investment income                                                                       $    --      $    --
 Net realized gain                                                                             (1.15)          --
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                                                   $ (5.80)     $  2.72
--------------------------------------------------------------------------------------------------------------------
Net asset value, end of period                                                               $ 19.76      $ 25.56
====================================================================================================================
Total return*                                                                                 (18.04)%      11.91%
Ratio of net expenses to average net assets+                                                    2.73%        2.76%
Ratio of net investment income (loss) to average net assets+                                   (0.20)%      (0.70)%
Portfolio turnover rate                                                                          191%          91%
Net assets, end of period (in thousands)                                                     $37,324      $60,809
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
 reduction for fees paid indirectly:
 Net expenses                                                                                   2.73%        2.76%
 Net investment income (loss)                                                                  (0.20)%      (0.70)%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
 fees paid indirectly:
 Net expenses                                                                                   2.73%        2.76%
 Net investment income (loss)                                                                  (0.20)%      (0.70)%
====================================================================================================================
</TABLE>


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
                                                                                             Year         Year        Year
                                                                                             Ended        Ended       Ended
                                                                                             11/30/09     11/30/08    11/30/07
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                          <C>          <C>         <C>
Class C
Net asset value, beginning of period                                                         $ 12.38      $ 33.78     $ 26.12
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income (loss)                                                                $ (0.06)#    $  0.06     $ (0.17)
 Net realized and unrealized gain (loss) on investments and foreign currency transactions      10.52       (21.07)      11.98
--------------------------------------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations                                         $ 10.46      $(21.01)    $ 11.81
Distributions to shareowners:
 Net investment income                                                                       $    --      $    --     $    --
 Net realized gain                                                                                --        (0.39)      (4.15)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                                                   $ 10.46      $(21.40)    $  7.66
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period                                                               $ 22.84      $ 12.38     $ 33.78
================================================================================================================================
Total return*                                                                                  84.49%      (62.21)%     45.94%
Ratio of net expenses to average net assets+                                                    2.85%        2.65%       2.57%
Ratio of net investment income (loss) to average net assets+                                   (0.39)%       0.20%      (0.59)%
Portfolio turnover rate                                                                           68%          54%         45%
Net assets, end of period (in thousands)                                                     $60,066      $34,242     $99,966
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
 reduction for fees paid indirectly:
 Net expenses                                                                                   2.89%        2.65%       2.57%
 Net investment income (loss)                                                                  (0.43)%       0.20%      (0.59)%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
 fees paid indirectly:
 Net expenses                                                                                   2.85%        2.64%       2.56%
 Net investment income (loss)                                                                  (0.39)%       0.21%      (0.58)%
================================================================================================================================
</TABLE>


* Assumes initial investment at net asset value at the beginning of each period,
  reinvestment of all distributions, the complete redemption of the investment
  at net asset value at the end of each period, and no sales charges. Total
  return would be reduced if sales charges were taken into account.
+ Ratios with no reduction for fees paid indirectly.
# The amount shown for a share outstanding does not correspond with the
  aggregate gain on investments for the period due to the timing of sales and
  repurchases of shares in relation to fluctuating market values of the
  investments of the Fund.


The accompanying notes are an integral part of these financial statements.


                    Pioneer Emerging Markets Fund | Annual Report | 11/30/11  31
<PAGE>


Financial Highlights (continued)


<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
                                                                                             Year         Year
                                                                                             Ended        Ended
                                                                                             11/30/11     11/30/10
---------------------------------------------------------------------------------------------------------------------
<S>                                                                                          <C>          <C>
Class R
Net asset value, beginning of period                                                         $ 28.43      $  25.26
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income (loss)                                                                $  0.10      $  (0.01)
 Net realized and unrealized gain (loss) on investments and foreign currency transactions      (5.15)         3.21
---------------------------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations                                         $ (5.05)     $   3.20
Distributions to shareowners:
 Net investment income                                                                       $    --      $  (0.03)
 Net realized gain                                                                             (1.15)           --
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                                                   $ (6.20)     $   3.17
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period                                                               $ 22.23      $  28.43
=====================================================================================================================
Total return*                                                                                 (17.62)%       12.68%
Ratio of net expenses to average net assets+                                                    2.20%         2.10%
Ratio of net investment income (loss) to average net assets+                                    0.33%        (0.02)%
Portfolio turnover rate                                                                          191%           91%
Net assets, end of period (in thousands)                                                     $73,347      $119,358
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
 reduction for fees paid indirectly:
 Net expenses                                                                                   2.28%         2.10%
 Net investment income (loss)                                                                   0.25%        (0.02)%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
 fees paid indirectly:
 Net expenses                                                                                   2.20%         2.10%
 Net investment income (loss)                                                                   0.33%        (0.02)%
=====================================================================================================================
</TABLE>


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
                                                                                             Year         Year        Year
                                                                                             Ended        Ended       Ended
                                                                                             11/30/09     11/30/08    11/30/07
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                          <C>          <C>         <C>
Class R
Net asset value, beginning of period                                                         $ 13.80      $ 37.32     $ 28.52
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income (loss)                                                                $  0.12      $  0.16     $  0.09
 Net realized and unrealized gain (loss) on investments and foreign currency transactions      11.56       (23.29)      13.00
--------------------------------------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations                                         $ 11.68      $(23.13)    $ 13.09
Distributions to shareowners:
 Net investment income                                                                       $ (0.21)     $    --     $ (0.14)
 Net realized gain                                                                                --        (0.39)      (4.15)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                                                   $ 11.46      $(23.52)    $  8.80
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period                                                               $ 25.26      $ 13.80     $ 37.32
================================================================================================================================
Total return*                                                                                  85.71%      (61.99)%     46.75%
Ratio of net expenses to average net assets+                                                    2.17%        2.13%       2.06%
Ratio of net investment income (loss) to average net assets+                                    0.19%        0.78%      (0.26)%
Portfolio turnover rate                                                                           68%          54%         45%
Net assets, end of period (in thousands)                                                     $84,064      $25,341     $26,316
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
 reduction for fees paid indirectly:
 Net expenses                                                                                   2.17%        2.13%       2.06%
 Net investment income (loss)                                                                   0.19%        0.78%      (0.26)%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
 fees paid indirectly:
 Net expenses                                                                                   2.17%        2.13%       2.06%
 Net investment income (loss)                                                                   0.19%        0.78%      (0.26)%
================================================================================================================================
</TABLE>

* Assumes initial investment at net asset value at the beginning of each period,
  reinvestment of all distributions, and the complete redemption of the
  investment at net asset value at the end of each period.
+ Ratios with no reduction for fees paid indirectly.


The accompanying notes are an integral part of these financial statements.


32  Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
                                                                                             Year         Year
                                                                                             Ended        Ended
                                                                                             11/30/11     11/30/10
-------------------------------------------------------------------------------------------------------------------
<S>                                                                                          <C>          <C>
Class Y
Net asset value, beginning of period                                                         $ 31.73      $ 28.12
-------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income                                                                       $  0.38      $  0.17
 Net realized and unrealized gain (loss) on investments and foreign currency transactions      (5.80)        3.58
-------------------------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations                                         $ (5.42)     $  3.75
Distributions to shareowners:
 Net investment income                                                                       $    --      $ (0.14)
 Net realized gain                                                                             (1.15)          --
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                                                   $ (6.57)     $  3.61
-------------------------------------------------------------------------------------------------------------------
Net asset value, end of period                                                               $ 25.16      $ 31.73
===================================================================================================================
Total return*                                                                                 (16.96)%      13.39%
Ratio of net expenses to average net assets+                                                    1.40%        1.44%
Ratio of net investment income to average net assets+                                           1.13%        0.60%
Portfolio turnover rate                                                                          191%          91%
Net assets, end of period (in thousands)                                                     $65,597      $99,627
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
 reduction for fees paid indirectly:
 Net expenses                                                                                   1.40%        1.44%
 Net investment income                                                                          1.13%        0.06%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
 fees paid indirectly:
 Net expenses                                                                                   1.40%        1.44%
 Net investment income                                                                          1.13%        0.60%
===================================================================================================================
</TABLE>


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
                                                                                             Year         Year        Year
                                                                                             Ended        Ended       Ended
                                                                                             11/30/09     11/30/08    11/30/07
-------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                          <C>          <C>         <C>
Class Y
Net asset value, beginning of period                                                         $ 15.35      $ 41.10     $ 30.95
-------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income                                                                       $  0.22      $  0.35     $  0.25
 Net realized and unrealized gain (loss) on investments and foreign currency transactions      12.90       (25.71)      14.26
-------------------------------------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations                                         $ 13.12      $(25.36)    $ 14.51
Distributions to shareowners:
 Net investment income                                                                       $ (0.35)     $    --     $ (0.21)
 Net realized gain                                                                                --        (0.39)      (4.15)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                                                   $ 12.77      $(25.75)    $ 10.15
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period                                                               $ 28.12      $ 15.35     $ 41.10
===============================================================================================================================
Total return*                                                                                  87.18%      (61.71)%     47.75%
Ratio of net expenses to average net assets+                                                    1.42%        1.38%       1.32%
Ratio of net investment income to average net assets+                                           1.03%        1.45%       0.68%
Portfolio turnover rate                                                                           68%          54%         45%
Net assets, end of period (in thousands)                                                     $77,721      $37,445     $70,870
Ratios with no waiver of fees and assumption of expenses by the Adviser and no
 reduction for fees paid indirectly:
 Net expenses                                                                                   1.42%        1.38%       1.32%
 Net investment income                                                                          1.03%        1.45%       0.68%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
 fees paid indirectly:
 Net expenses                                                                                   1.42%        1.38%       1.32%
 Net investment income                                                                          1.03%        1.45%       0.68%
===============================================================================================================================
</TABLE>

* Assumes initial investment at net asset value at the beginning of each period,
  reinvestment of all distributions and the complete redemption of the
  investment at net asset value at the end of each period.
+ Ratios with no reduction for fees paid indirectly.


The accompanying notes are an integral part of these financial statements.


                    Pioneer Emerging Markets Fund | Annual Report | 11/30/11  33
<PAGE>

Notes to Financial Statements | 11/30/11


1. Organization and Significant Accounting Policies

Pioneer Emerging Markets Fund (the Fund) is a Delaware statutory trust
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is
long-term growth of capital.

The Fund offers five classes of shares designated as Class A, Class B, Class C,
Class R, and Class Y shares. Effective as of the close of business on December
31, 2009, Class B shares are no longer offered to new or existing shareholders,
except that dividends and/or capital gain distributions may continue to be
reinvested in Class B shares, and shareholders may exchange their Class B
shares for Class B shares of other Pioneer funds, as permitted by existing
exchange privileges. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes
can bear different rates of class-specific fees and expenses such as transfer
agent and distribution fees. Differences in class-specific fees and expenses
will result in differences in net investment income and, therefore, the payment
of different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares. Class B shares convert to Class A shares
approximately eight years after the date of purchase.

The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gains and losses on investments during the
reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:


34    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

A. Security Valuation

   Security transactions are recorded as of trade date. The net asset value of
   the Fund is computed once daily, on each day the New York Stock Exchange
   (NYSE) is open, as of the close of regular trading on the NYSE. In computing
   the net asset value, securities that have traded on an exchange are valued
   using the last sale price on the principal exchange where they are traded.
   Securities that have not traded on the date of valuation, or securities for
   which sale prices are not available, generally are valued using the mean
   between the last bid and asked prices. Short-term fixed income securities
   with remaining maturities of sixty days or less generally are valued at
   amortized cost. Money market mutual funds are valued at net asset value.

   The Fund invests primarily in securities of non-U.S. issuers. The principal
   exchanges and markets for such securities have closing times prior to the
   close of the NYSE. However, the value of these securities may be influenced
   by changes in global markets occurring after the closing times of the local
   exchanges and markets up to the time the Fund determines its net asset value.
   Consequently, the Board of Trustees of the Fund has determined that daily
   adjustments to the valuation of securities of non-U.S. issuers by utilizing
   an independent pricing service that supplies an appropriate fair value factor
   is appropriate for the Fund.

   Securities for which market prices and/or quotations are not readily
   available or are considered to be unreliable are valued using fair value
   methods pursuant to procedures adopted by the Board of Trustees. The Fund may
   use fair value methods if it is determined that a significant event has
   occurred after the close of the exchange or market on which the security
   trades and prior to the determination of the Fund's net asset value. Examples
   of a significant event might include political or economic news, corporate
   restructurings, natural disasters, terrorist activity or trading halts. Thus,
   the valuation of the Fund's securities may differ from exchange prices.

   At November 30, 2011, two securities were valued using fair value methods (in
   addition to securities that were valued using prices supplied by independent
   pricing services) representing 0.15% of net assets. Inputs used when applying
   fair value methods to value a security may include credit ratings, the
   financial condition of the company, current market conditions and comparable
   securities.

   Dividend income is recorded on the ex-dividend date, except that certain
   dividends from foreign securities where the ex-dividend date may have passed
   are recorded as soon as the Fund becomes aware of the ex-dividend data in the
   exercise of reasonable diligence. Interest income, including interest on
   income-bearing cash accounts, is recorded on the accrual basis. Dividend and
   interest income are reported net of unrecoverable foreign taxes withheld at
   the applicable country rates.


                  Pioneer Emerging Markets Fund | Annual Report | 11/30/11    35
<PAGE>

   Gains and losses on sales of investments are calculated on the identified
   cost method for both financial reporting and federal income tax purposes.


B. Foreign Currency Translation

   The books and records of the Fund are maintained in U.S. dollars. Amounts
   denominated in foreign currencies are translated into U.S. dollars using
   current exchange rates.

   Net realized gains and losses on foreign currency transactions, if any,
   represent, among other things, the net realized gains and losses on foreign
   currency contracts, disposition of foreign currencies and the difference
   between the amount of income accrued and the U.S. dollars actually received.
   Further, the effects of changes in foreign currency exchange rates on
   investments are not segregated in the Statement of Operations from the
   effects of changes in market price of those securities but are included with
   the net realized and unrealized gain or loss on investments.


C. Forward Foreign Currency Contracts

   The Fund may enter into forward foreign currency contracts (contracts) for
   the purchase or sale of a specific foreign currency at a fixed price on a
   future date. All contracts are marked to market daily at the applicable
   exchange rates, and any resulting unrealized gains or losses are recorded in
   the Fund's financial statements. The Fund records realized gains and losses
   at the time a portfolio hedge is offset by entry into a closing transaction
   or extinguished by delivery of the currency. Risks may arise upon entering
   into these contracts from the potential inability of counterparties to meet
   the terms of the contract and from unanticipated movements in the value of
   foreign currencies relative to the U.S. dollar (see Note 6).


D. Federal Income Taxes

   It is the Fund's policy to comply with the requirements of the Internal
   Revenue Code applicable to regulated investment companies and to distribute
   all of its taxable income and net realized capital gains, if any, to its
   share-owners. Therefore, no federal income tax provision is required. Tax
   years for the prior three fiscal years remain subject to examination by
   federal and state tax authorities.

   In addition to the requirements of the Internal Revenue Code, the Fund may
   also be required to pay local taxes on the recognition of capital gains
   and/or the repatriation of foreign currencies in certain countries. During
   the year ended November 30, 2011, the Fund paid no such taxes.

   In determining the daily net asset value, the Fund estimates the reserve for
   such taxes, if any, associated with investments in certain countries. The
   estimated reserve for the capital gains is based on the net unrealized
   appreciation on certain portfolio securities, the holding period of such
   securities and the


36    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

   related tax rates, tax loss carryforward (if applicable) and other such
   factors. As of November 30, 2011, the Fund had no reserve related to capital
   gains.

   The amounts and characterizations of distributions to shareowners for
   financial reporting purposes are determined in accordance with federal income
   tax rules. Therefore, the sources of the Fund's distributions may be shown in
   the accompanying financial statements as from or in excess of net investment
   income or as from net realized gain on investment transactions, or as from
   paid-in capital, depending on the type of book/tax differences that may
   exist.

   The Fund has elected to defer approximately $428,008 of currency losses
   recognized between November 1, 2011 and November 30, 2011 to its fiscal year
   ending November 30, 2012.

   At November 30, 2011, the Fund reclassified $3,188,844 to decrease
   undistributed net investment income, $4,378,405 to decrease accumulated net
   realized loss and $1,189,561 to decrease paid-in capital, to reflect
   permanent book/tax differences. The reclassification has no impact on the net
   assets of the Fund and presents the Fund's capital accounts on a tax basis.

   Under the recently enacted Regulated Investment Company Modernization Act of
   2010, the Fund will be permitted to carry forward capital losses incurred in
   taxable years beginning after December 22, 2010 for an unlimited period.
   However, any losses incurred during those future years will be required to be
   utilized prior to the losses incurred in pre-enactment tax years. As a result
   of this ordering rule, pre-enactment capital loss carryforwards may be more
   likely to expire unused. Additionally, post-enactment capital losses that are
   carried forward will retain their character as either short-term or long-term
   capital losses rather than being considered all short-term as under previous
   law.

   The tax character of distributions paid during the years ended November 30,
   2011 and November 30, 2010 was as follows:


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                                                           2011            2010
--------------------------------------------------------------------------------
<S>                                                 <C>              <C>
   Distributions paid from:
   Ordinary income                                  $        --      $1,110,508
   Long-term capital gain                            19,084,107              --
--------------------------------------------------------------------------------
    Total                                           $19,084,107      $1,110,508
================================================================================
</TABLE>

  The following shows the components of distributable earnings on a federal
  income tax basis at November 30, 2011:


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                                                                           2011
--------------------------------------------------------------------------------
<S>                                                                  <C>
   Distributable earnings:
   Undistributed long-term gain                                      $1,365,574
   Post-October currency loss deferred                                 (428,008)
   Net unrealized gain                                                5,280,061
--------------------------------------------------------------------------------
    Total                                                            $6,217,627
================================================================================
</TABLE>


                   Pioneer Emerging Markets Fund | Annual Report | 11/30/11   37
<PAGE>

   The difference between book-basis and tax-basis net unrealized gain is
   attributable to the tax deferral of losses on wash sales.


E. Fund Shares

   The Fund records sales and repurchases of its shares as of trade date.
   Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund
   and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
   earned $33,180 in underwriting commissions on the sale of Class A shares
   during the year ended November 30, 2011.


F. Class Allocations

   Income, common expenses and realized and unrealized gains and losses are
   calculated at the Fund level and allocated daily to each class of shares
   based on its respective percentage of adjusted net assets at the beginning of
   the day.

   Distribution fees are calculated based on the average daily net asset value
   attributable to Class A, Class B, Class C and Class R shares of the Fund,
   respectively (see Note 4). Class Y shares do not pay distribution fees. All
   expenses and fees paid to the transfer agent, Pioneer Investment Management
   Shareholder Services, Inc. (PIMSS), for its services are allocated among the
   classes of shares based on the number of accounts in each class and the
   ratable allocation of related out-of-pocket expenses (see Note 3).

   Distributions to shareowners are recorded as of the ex-dividend date.
   Distributions paid by the Fund with respect to each class of shares are
   calculated in the same manner and at the same time except that net investment
   income dividends to Class A, Class B, Class C, Class R and Class Y shares can
   reflect different transfer agent and distribution expense rates.


G. Risks

   The Fund's investments in emerging markets or countries with limited or
   developing markets may subject the Fund to a greater degree of risk than
   investments in a developed market. Risks associated with these developing
   markets include political, social or economic factors and may affect the
   price of the Fund's investments and income generated by these investments, as
   well as the Fund's ability to repatriate such amounts. At times, the Fund's
   investments may represent industries or industry sectors that are
   interrelated or have common risks, making the Fund more susceptible to any
   economic, political or regulatory developments or other risks affecting those
   industries and sectors. The Fund's prospectus contains unaudited information
   regarding the Fund's principal risks. Please refer to that document when
   considering the Fund's principal risks.


38    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

H. Securities Lending

   The Fund lends securities in its portfolio to certain broker-dealers or other
   institutional investors. When entering into a securities loan transaction,
   the Fund typically receives cash collateral from the borrower equal to at
   least the value of the securities loaned, which is invested in temporary
   investments. Credit Suisse AG, New York Branch, as the Fund's securities
   lending agent, manages the Fund's securities lending collateral. The income
   earned on the investment of collateral is shared with the borrower and the
   lending agent in payment of any rebate due to the borrower with respect to
   the securities loan, and in compensation for the lending agent's services to
   the Fund. The Fund also continues to receive payments in lieu of dividends or
   interest on the securities loaned. Gain or loss on the value of the loaned
   securities that may occur during the term of the loan will be for the account
   of the Fund. The amount of the collateral is required to be adjusted daily to
   reflect any price fluctuation in the value of the loaned securities. If the
   required market value of the collateral is less than the value of the loaned
   securities, the borrower is required to deliver additional collateral for the
   account of the Fund prior to the close of business on that day. The Fund has
   the right, under the lending agreement, to terminate the loan and recover the
   securities from the borrower with prior notice. The Fund is required to
   return the cash collateral to the borrower and could suffer a loss if the
   value of the collateral, as invested, has declined.


I. Repurchase Agreements

   With respect to repurchase agreements entered into by the Fund, the value of
   the underlying securities (collateral), including accrued interest, is
   required to be equal to or in excess of the repurchase price. The collateral
   for all repurchase agreements is held in safekeeping in the customer-only
   account of the Fund's custodian or a subcustodian of the Fund. The Fund's
   investment adviser, Pioneer Investment Management, Inc. (PIM), is responsible
   for determining that the value of the collateral remains at least equal to
   the repurchase price.


2. Management Agreement

PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at an annual rate of 1.15% of
the Fund's average daily net assets up to $1 billion, and 1.10% of the Fund's
average daily net assets over $1 billion. For the year ended November 30, 2011,
the effective management fee was 1.15% of the Fund's average daily net assets.

PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.95%, 2.85%, 2.85% and 2.20% of the
average daily net assets attributable to Class A, Class B, Class C and Class R
shares, respectively. Fees waived and expenses reimbursed during the year


                  Pioneer Emerging Markets Fund | Annual Report | 11/30/11    39
<PAGE>

ended November 30, 2011 are reflected on the Statement of Operations. Class Y
shares do not have an expense limitation. These expense limitations are in
effect through April 1, 2013. There can be no assurance that PIM will extend
the expense limitation agreement for a class of shares beyond the date referred
to above.

In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$11,810 in management fees, administrative costs and certain other
reimbursements payable to PIM at November 30, 2011.


3. Transfer Agent

PIMSS, a wholly-owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.

In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the year ended November 30, 2011, such out-of-pocket expenses by class of
shares were as follows:


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
 Shareholder Communications:
--------------------------------------------------------------------------------
<S>                                                                  <C>
 Class A                                                             $  468,605
 Class B                                                                 35,848
 Class C                                                                 88,867
 Class R                                                                384,240
 Class Y                                                                 38,067
--------------------------------------------------------------------------------
  Total                                                              $1,015,627
================================================================================
</TABLE>


Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $215,026 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at November 30, 2011.


4. Distribution and Service Plans

The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B, Class C
and Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the
average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD
1.00% of the average daily net assets attributable to Class B and Class C
shares. The fee for Class B and Class C shares consists of a 0.25% service fee
and a 0.75% distribution fee paid as compensation for personal services and/or
account maintenance services or distribution services with regard to Class B
and Class C


40    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

shares. Pursuant to the Plan, the Fund further pays PFD 0.50% of the average
daily net assets attributable to Class R shares for distribution services.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $3,441 in distribution fees payable to PFD at November 30, 2011.

The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.

In addition, redemptions of each class of shares (except Class R and Class Y
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 12 months of purchase. Class B shares that are redeemed
within five years of purchase are subject to a CDSC at declining rates
beginning at 4.00%, based on the lower of cost or market value of shares being
redeemed. Redemptions of Class C shares within one year of purchase are subject
to a CDSC of 1.00%, based on the lower of cost or market value of shares being
redeemed. Shares purchased as part of an exchange remain subject to any CDSC
that applied to the original purchase of those shares. There is no CDSC for
Class R or Class Y shares. Proceeds from the CDSCs are paid to PFD. For the
year ended November 30, 2011, CDSCs in the amount of $28,010 were paid to PFD.


5. Expense Offset Arrangements

The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses, due to interest earned
on cash held by PIMSS. For the year ended November 30, 2011, the Fund's
expenses were not reduced under such arrangements.


6. Forward Foreign Currency Contracts

At November 30, 2011, the Fund had entered into various forward foreign
currency contracts that obligate the Fund to deliver or take delivery of
currencies at specified future maturity dates. Alternatively, prior to the
settlement date of a forward foreign currency contract, the Fund may close out
such contract by entering into an offsetting contract. The average value of
contracts open during the year ended November 30, 2011 was $37,225,688. At
November 30, 2011, the Fund had no outstanding portfolio hedges. At November
30, 2011, the Fund's gross forward currency settlement contracts receivable and
payable were $3,438,032 and $3,445,890, respectively, resulting in a net
payable of $7,858.


                  Pioneer Emerging Markets Fund | Annual Report | 11/30/11    41
<PAGE>

7. Line of Credit Facility

The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a $165 million committed, unsecured revolving line of
credit facility. Borrowings are used solely for temporary or emergency
purposes. The Fund may borrow up to the lesser of the amount available under
the facility or the limits set for borrowing by the Fund's prospectus and the
1940 Act. Interest on borrowings is payable at the higher of the London
Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25% on an
annualized basis or the Federal Funds Rate on the borrowing date plus 1.25% on
an annualized basis. The Funds pay an annual commitment fee for this facility.
The commitment fee is allocated among participating Funds based on an
allocation schedule set forth in the credit agreement. At November 30, 2011,
the Fund had no borrowings under this agreement.


8. Additional Disclosures about Derivative Instruments and Hedging Activities

Values of derivative instruments as of November 30, 2011 were as follows:

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments                      Asset Derivatives 2011        Liabilities Derivatives 2011
Under Accounting                         --------------------------    -----------------------------
Standards Codification                   Balance Sheet                 Balance Sheet
(ASC) 815                                Location            Value     Location           Value
----------------------------------------------------------------------------------------------------
<S>                                      <C>                 <C>       <C>                <C>
 Forward Foreign Exchange Contracts*     Receivables         $--       Payables           $7,858
----------------------------------------------------------------------------------------------------
    Total                                                    $--                          $7,858
====================================================================================================
</TABLE>

* Forward Foreign exchange contracts are shown as a net payable on the
  Statement of Assets and Liabilities.


The effect of derivative instruments on the Statement of Operations for the
year ended November 30, 2011 was as follows:


<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
Derivatives Not                                                                              Change in
Accounted for as                                                             Realized        Unrealized
Hedging Instruments                                                          Loss on         Loss on
Under Accounting           Location of Gain or (Loss)                        Derivatives     Derivatives
Standards Codification     on Derivatives Recognized                         Recognized      Recognized
(ASC) 815                  in Income                                         in Income       in Income
----------------------------------------------------------------------------------------------------------
<S>                        <C>                                               <C>             <C>
 Forward Foreign           Net realized loss on forward foreign currency     $(919,290)
  Exchange Contracts       contracts and other assets and liabilities
                           denominated in foreign currencies

 Forward Foreign           Change in unrealized loss on forward foreign                      $(7,858)
  Exchange Contracts       currency contracts and other assets and
                           liabilities denominated in foreign currencies
</TABLE>


42    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

Report of Independent Registered Public Accounting Firm


To the Board of Trustees and Shareowners of
Pioneer Emerging Markets Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Emerging Markets Fund (the "Fund"), including the schedule of investments, as
of November 30, 2011, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Fund's internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of November 30, 2011, by correspondence
with the custodian and brokers or by other appropriate auditing procedures
where replies were not received. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Emerging Markets Fund at November 30, 2011, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and financial highlights for each of
the five years in the period then ended, in conformity with U.S. generally
accepted accounting principles.




                                                      /s/ Ernst & Young LLP



Boston, Massachusetts
January 25, 2012


                  Pioneer Emerging Markets Fund | Annual Report | 11/30/11    43
<PAGE>

Approval of Investment Advisory Agreement

Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Emerging Markets Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether
to renew the investment advisory agreement for the Fund.

The contract review process began in March 2011 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2011, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement. The
contract review materials were provided to the Trustees in July 2011 and
September 2011. After reviewing and discussing the materials, the Trustees
submitted a request for additional information to PIM, and materials were
provided in response to this request. Meetings of the Independent Trustees of
the Fund were held in July, September, October, and November, 2011 to review
and discuss the contract review materials. In addition, the Trustees took into
account the information related to the Fund provided to the Trustees at each
regularly scheduled meeting.

At a meeting held on November 29, 2011, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.

Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Fund. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Fund, including PIM's compliance and legal resources and personnel. The
Trustees also considered the substantial attention and high priority given by
PIM's senior management to the Pioneer fund complex. In addition, the


44    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

Trustees considered PIM's plans to increase resources in its investment
management function and other enhancements to PIM's advisory capabilities.

The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.

Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory
agreement.

Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fifth quintile of its Morningstar
category for the one, three and five year periods ended June 30, 2011. (In all
quintile rankings referred to throughout this disclosure, first quintile is
most favorable to the Fund's shareowners. Thus, highest relative performance
would be first quintile and lowest relative expenses would also be first
quintile.) The Trustees discussed the Fund's performance record and PIM's plan
for improving the Fund's performance. The Trustees agreed that they would
closely monitor the implementation of PIM's plan for improving the Fund's
performance.

Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees and expense ratios of its peer group of
funds as classified by Morningstar and also to the expense ratios of a peer
group of funds selected on the basis of criteria determined by the Independent
Trustees for this purpose using data provided by Strategic Insight Mutual Trust
Research and Consulting, LLC (Strategic Insight), an independent third party.

The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2011 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees also considered the breakpoint in the management fee schedule and
the reduced fee rate on assets over $1 billion. The Trustees considered that
the Fund's expense ratio for the twelve months ended June 30, 2011 was in the
fifth quintile relative to its Strategic Insight peer group for the comparable


                  Pioneer Emerging Markets Fund | Annual Report | 11/30/11    45
<PAGE>

period. The Trustees considered the impact of the Fund's transfer agency and
other non-management fee expenses on the Fund's expense ratio. The Trustees
considered the contractual expense limitation agreed to by PIM with respect to
the Fund. The Trustees noted that the Fund's expense ratio was slightly less
than expense cap and that the expense cap would expire on April 1, 2012.

The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds,
U.S. registered investment companies (in a sub-advisory capacity), and
unaffiliated foreign and domestic separate accounts. The Trustees also
considered PIM's costs in providing services to the Fund and to its other
clients and considered the differences in management fees and profit margins
for PIM's Fund and non-Fund services. In evaluating the fees associated with
PIM's client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the
different entrepreneurial risks associated with PIM's management of the Fund
and the other client accounts. The Trustees concluded that the management fee
payable by the Fund to PIM was reasonable in relation to the nature and quality
of the services provided by PIM.

Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.

Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify,


46    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

rarely identifiable on a Fund-by-Fund basis, and that, among other factors that
may be relevant, are the following: fee levels, expense subsidization,
investment by PIM in research and analytical capabilities and PIM's commitment
and resource allocation to the Funds. The Trustees noted that profitability
also may be an indicator of the availability of any economies of scale,
although profitability may vary for other reasons particularly, for example
during the recent difficult periods for financial markets, as the level of
services was maintained notwithstanding a significant decline in PIM's fee
revenues from the Funds. Accordingly, the Trustees concluded that economies of
scale, if any, were being appropriately shared with the Fund.

Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered the character and amount of fees paid by the
Fund, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
also considered the benefits to the Fund and to PIM and its affiliates from the
use of "soft" commission dollars generated by the Fund to pay for research and
brokerage services. The Trustees considered the intangible benefits to PIM by
virtue of its relationship with the Fund and the other Pioneer funds. The
Trustees concluded that the receipt of these benefits was reasonable in the
context of the overall relationship between PIM and the Fund.

Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.


                  Pioneer Emerging Markets Fund | Annual Report | 11/30/11    47
<PAGE>

Trustees, Officers and Service Providers

Investment Adviser
Pioneer Investment Management, Inc.


Custodian
Brown Brothers Harriman & Co.


Independent Registered Public Accounting Firm
Ernst & Young LLP


Principal Underwriter
Pioneer Funds Distributor, Inc.


Legal Counsel
Bingham McCutchen LLP


Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.


Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.


Trustees and Officers

The Fund's Trustees and officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees, except
Mr. West, serves as a trustee of each of the 55 U.S. registered investment
portfolios for which Pioneer serves as investment adviser (the "Pioneer
Funds"). Mr. West serves as a trustee of 44 U.S. registered investment
portfolios for which Pioneer serves as investment adviser. The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.

The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.


48    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>


Interested Trustees


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                            Position Held            Length of Service
Name and Age                with the Fund            and Term of Office
--------------------------------------------------------------------------------
<S>                         <C>                      <C>
John F. Cogan, Jr. (85)*    Chairman of the Board,   Trustee since 1994.
                            Trustee and President    Serves until a successor
                                                     trustee is elected or
                                                     earlier retirement or
                                                     removal.
--------------------------------------------------------------------------------
Daniel K. Kingsbury (53)*   Trustee and Executive    Trustee since 2007.
                            Vice President           Serves until a successor
                                                     trustee is elected or
                                                     earlier retirement or
                                                     removal.
--------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
                                                                                               Other Directorships
Name and Age                Principal Occupation                                               Held by this Trustee
--------------------------------------------------------------------------------------------------------------------
<S>                         <C>                                                                <C>
John F. Cogan, Jr. (85)*    Non-Executive Chairman and a director of Pioneer Investment        None
                            Management USA Inc. ("PIM-USA"); Chairman and a director of
                            Pioneer; Chairman and Director of Pioneer Institutional Asset
                            Management, Inc. (since 2006); Director of Pioneer Alternative
                            Investment Management Limited (Dublin) (until October 2011);
                            President and a director of Pioneer Alternative Investment
                            Management (Bermuda) Limited and affiliated funds; Deputy
                            Chairman and a director of Pioneer Global Asset Management S.p.A.
                            ("PGAM") (until April 2010); Director of PIOGLOBAL Real Estate
                            Investment Fund (Russia) (until June 2006); Director of Nano-C,
                            Inc. (since 2003); Director of Cole Management Inc. (2004 -
                            2011); Director of Fiduciary Counseling, Inc.; President and
                            Director of Pioneer Funds Distributor, Inc. ("PFD") (until May
                            2006); President of all of the Pioneer Funds; and Of Counsel,
                            Wilmer Cutler Pickering Hale and Dorr LLP
--------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (53)*   Director, CEO and President of PIM-USA (since February 2007);      None
                            Director and President of Pioneer and Pioneer Institutional Asset
                            Management, Inc. (since February 2007); Executive Vice President
                            of all of the Pioneer Funds (since March 2007); Director of
                            PGAM (2007 - 2010); Head of New Europe Division, PGAM (2000 -
                            2005); and Head of New Markets Division, PGAM (2005 - 2007)
--------------------------------------------------------------------------------------------------------------------
</TABLE>

* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers
  or directors of the Fund's investment adviser and certain of its affiliates.


                    Pioneer Emerging Markets Fund | Annual Report | 11/30/11  49
<PAGE>


Independent Trustees


<TABLE>
<CAPTION>
------------------------------------------------------------------
                     Position Held    Length of Service
Name and Age         with the Fund    and Term of Office
------------------------------------------------------------------
<S>                  <C>              <C>
David R. Bock (67)   Trustee          Trustee since 2005.
                                      Serves until a successor
                                      trustee is elected or
                                      earlier retirement or
                                      removal.
------------------------------------------------------------------
Mary K. Bush (63)    Trustee          Trustee since 1997.
                                      Serves until a successor
                                      trustee is elected or
                                      earlier retirement or
                                      removal.
</TABLE>


<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
                                                                                            Other Directorships
Name and Age         Principal Occupation                                                   Held by this Trustee
----------------------------------------------------------------------------------------------------------------------------
<S>                  <C>                                                                    <C>
David R. Bock (67)   Managing Partner, Federal City Capital Advisors (corporate             Director of Enterprise
                     advisory services company) (1997 - 2004 and 2008 - present);           Community Investment, Inc.
                     Interim Chief Executive Officer, Oxford Analytica, Inc. (privately     (privately held affordable
                     held research and consulting company) (2010); Executive Vice           housing finance company)
                     President and Chief Financial Officer, I-trax, Inc. (publicly traded   (1985 - 2010); Director of
                     health care services company) (2004 - 2007); and Executive             Oxford Analytica, Inc. (2008
                     Vice President and Chief Financial Officer, Pedestal Inc. (internet-   - present); Director of The
                     based mortgage trading company) (2000 - 2002)                          Swiss Helvetia Fund, Inc.
                                                                                            (closed-end fund) (2010 -
                                                                                            present); and Director of
                                                                                            New York Mortgage Trust
                                                                                            (publicly traded mortgage
                                                                                            REIT) (2004 - 2009)
----------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (63)    Chairman, Bush International, LLC (international financial             Director of Marriott
                     advisory firm) (1991 - present); Senior Managing Director,             International, Inc. (2008 -
                     Brock Capital Group, LLC (strategic business advisors) (2010 -         present); Director of
                     present); Managing Director, Federal Housing Finance Board             Discover Financial Services
                     (oversight of Federal Home Loan Bank system) (1989 - 1991);            (credit card issuer and
                     Vice President and Head of International Finance, Federal              electronic payment services)
                     National Mortgage Association (1988 - 1989); U.S. Alternate            (2007 - present); Former
                     Executive Director, International Monetary Fund (1984 - 1988);         Director of Briggs & Stratton
                     Executive Assistant to Deputy Secretary of the U.S. Treasury,          Co. (engine manufacturer)
                     U.S. Treasury Department (1982 - 1984); and Vice President             (2004 - 2009); Former
                     and Team Leader in Corporate Banking, Bankers Trust Co.                Director of UAL Corporation
                     (1976 - 1982)                                                          (airline holding company)
                                                                                            (2006 - 2010); Director of
                                                                                            ManTech International
                                                                                            Corporation (national security,
----------------------------------------------------------------------------------------------------------------------------
</TABLE>


50  Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>


<TABLE>
<CAPTION>
----------------------------------------------------------------------
                            Position Held   Length of Service
Name and Age                with the Fund   and Term of Office
----------------------------------------------------------------------
<S>                         <C>             <C>
Mary K. Bush (continued)
----------------------------------------------------------------------
Benjamin M. Friedman (67)   Trustee         Trustee since 2008.
                                            Serves until a successor
                                            trustee is elected or
                                            earlier retirement or
                                            removal.
----------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
                                                                                           Other Directorships
Name and Age                Principal Occupation                                           Held by this Trustee
-------------------------------------------------------------------------------------------------------------------------
<S>                         <C>                                                            <C>
Mary K. Bush (continued)                                                                   defense, and intelligence
                                                                                           technology firm) (2006 -
                                                                                           present); Member, Board of
                                                                                           Governors, Investment
                                                                                           Company Institute (2007 -
                                                                                           present); Member, Board of
                                                                                           Governors, Independent
                                                                                           Directors Council (2007 -
                                                                                           present); Former Director of
                                                                                           Brady Corporation (2000 -
                                                                                           2007); Former Director of
                                                                                           Mortgage Guaranty Insurance
                                                                                           Corporation (1991 - 2006);
                                                                                           Former Director of Millennium
                                                                                           Chemicals, Inc. (commodity
                                                                                           chemicals) (2002 - 2005);
                                                                                           Former Director, R.J. Reynolds
                                                                                           Tobacco Holdings, Inc. (tobacco)
                                                                                           (1999-2005); and Former Director
                                                                                           of Texaco, Inc. (1997 - 2001)
-------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (67)   William Joseph Maier Professor of Political Economy, Harvard   Trustee, Mellon Institutional
                            University (1972 - present)                                    Funds Investment Trust and
                                                                                           Mellon Institutional Funds
                                                                                           Master Portfolio (oversaw
                                                                                           17 portfolios in fund
                                                                                           complex) (1989 - 2008)
-------------------------------------------------------------------------------------------------------------------------
</TABLE>


                   Pioneer Emerging Markets Fund | Annual Report | 11/30/11  51
<PAGE>

Independent Trustees (continued)


<TABLE>
<CAPTION>
----------------------------------------------------------------------
                            Position Held   Length of Service
Name and Age                with the Fund   and Term of Office
----------------------------------------------------------------------
<S>                         <C>             <C>
Margaret B.W. Graham (64)   Trustee         Trustee since 1994.
                                            Serves until a successor
                                            trustee is elected or
                                            earlier retirement or
                                            removal.
----------------------------------------------------------------------
Thomas J. Perna (61)        Trustee         Trustee since 2006.
                                            Serves until a successor
                                            trustee is elected or
                                            earlier retirement or
                                            removal.
----------------------------------------------------------------------
Marguerite A. Piret (63)    Trustee         Trustee since 1994.
                                            Serves until a successor
                                            trustee is elected or
                                            earlier retirement or
                                            removal.
----------------------------------------------------------------------
Stephen K. West (83)        Trustee         Trustee since 1994.
                                            Serves until a successor
                                            trustee is elected or
                                            earlier retirement or
                                            removal.
----------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Other Directorships
Name and Age                Principal Occupation                                                    Held by this Trustee
-----------------------------------------------------------------------------------------------------------------------------------
<S>                         <C>                                                                     <C>
Margaret B.W. Graham (64)   Founding Director, Vice President and Corporate Secretary, The          None
                            Winthrop Group, Inc. (consulting firm) (1982 - present);
                            Desautels Faculty of Management, McGill University (1999 -
                            present); and Manager of Research Operations and Organizational
                            Learning, Xerox PARC, Xerox's Advance Research Center (1990 - 1994)
-----------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (61)        Chairman and Chief Executive Officer, Quadriserv, Inc. (technology      Director, Broadridge Financial
                            products for securities lending industry) (2008 - present);             Solutions, Inc. (investor
                            private investor (2004 - 2008); and Senior Executive Vice President,    communications and securities
                            The Bank of New York (financial and securities services) (1986 - 2004)  processing provider for
                                                                                                    financial services industry)
                                                                                                    (2009 - present); and
                                                                                                    Director, Quadriserv, Inc.
                                                                                                    (2005 - present)
-----------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (63)    President and Chief Executive Officer, Newbury, Piret & Company,        Director of New America
                            Inc. (investment banking firm) (1981 - present)                         High Income Fund, Inc.
                                                                                                    (closed-end investment
                                                                                                    company) (2004 - present);
                                                                                                    and member, Board of Governors,
                                                                                                    Investment Company Institute
                                                                                                    (2000 - 2006)
-----------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (83)        Senior Counsel, Sullivan & Cromwell LLP (law firm) (1998 -              Director, The Swiss Helvetia
                            present); and Partner, Sullivan & Cromwell LLP (prior to 1998)          Fund, Inc. (closed-end
                                                                                                    investment company); and
                                                                                                    Director, AMVESCAP, PLC
                                                                                                    (investment manager)
                                                                                                    (1997 - 2005)
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>


52  Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>


Fund Officers

<TABLE>
<CAPTION>
--------------------------------------------------------------------------
                             Position Held         Length of Service
Name and Age                 with the Fund         and Term of Office
--------------------------------------------------------------------------
<S>                          <C>                   <C>
Christopher J. Kelley (46)   Secretary             Since 2010. Serves at
                                                   the discretion of the
                                                   Board.
--------------------------------------------------------------------------
Carol B. Hannigan (50)       Assistant Secretary   Since 2010. Serves at
                                                   the discretion of the
                                                   Board.
--------------------------------------------------------------------------
Thomas Reyes (49)            Assistant Secretary   Since 2010. Serves at
                                                   the discretion of the
                                                   Board.
--------------------------------------------------------------------------
Mark E. Bradley (52)         Treasurer             Since 2008. Serves at
                                                   the discretion of the
                                                   Board.
--------------------------------------------------------------------------
Luis I. Presutti (46)        Assistant Treasurer   Since 2000. Serves at
                                                   the discretion of the
                                                   Board.
--------------------------------------------------------------------------
Gary Sullivan (53)           Assistant Treasurer   Since 2002. Serves at
                                                   the discretion of the
                                                   Board.
--------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
                                                                                                       Other Directorships
Name and Age                 Principal Occupation                                                      Held by this Officer
-----------------------------------------------------------------------------------------------------------------------------
<S>                          <C>                                                                       <C>
Christopher J. Kelley (46)   Vice President and Associate General Counsel of Pioneer since             None
                             January 2008 and Secretary of all of the Pioneer Funds since
                             June 2010; Assistant Secretary of all of the Pioneer Funds from
                             September 2003 to May 2010; and Vice President and Senior
                             Counsel of Pioneer from July 2002 to December 2007
-----------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (50)       Fund Governance Director of Pioneer since December 2006 and               None
                             Assistant Secretary of all the Pioneer Funds since June 2010;
                             Manager -- Fund Governance of Pioneer from December 2003 to
                             November 2006; and Senior Paralegal of Pioneer from January
                             2000 to November 2003
-----------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (49)            Counsel of Pioneer since June 2007 and Assistant Secretary of             None
                             all the Pioneer Funds since June 2010; and Vice President and
                             Counsel at State Street Bank from October 2004 to June 2007
-----------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (52)         Vice President -- Fund Accounting, Administration and Controllership      None
                             Services of Pioneer; Treasurer of all of the Pioneer Funds since
                             March 2008; Deputy Treasurer of Pioneer from March 2004 to February
                             2008; and Assistant Treasurer of all of the Pioneer Funds from March
                             2004 to February 2008
-----------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (46)        Assistant Vice President -- Fund Accounting, Administration and           None
                             Controllership Services of Pioneer; and Assistant Treasurer of all
                             of the Pioneer Funds
-----------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (53)           Fund Accounting Manager -- Fund Accounting, Administration                None
                             and Controllership Services of Pioneer; and Assistant Treasurer of
                             all of the Pioneer Funds
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>


                   Pioneer Emerging Markets Fund | Annual Report | 11/30/11  53
<PAGE>

Fund Officers (continued)


<TABLE>
<CAPTION>
---------------------------------------------------------------------
                        Position Held         Length of Service
Name and Age            with the Fund         and Term of Office
---------------------------------------------------------------------
<S>                     <C>                   <C>
David F. Johnson (32)   Assistant Treasurer   Since 2009. Serves at
                                              the discretion of the
                                              Board.
---------------------------------------------------------------------
Jean M. Bradley (59)    Chief Compliance      Since 2010. Serves at
                        Officer               the discretion of the
                                              Board.
---------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
                                                                                            Other Directorships
Name and Age            Principal Occupation                                                Held by this Officer
------------------------------------------------------------------------------------------------------------------
<S>                     <C>                                                                 <C>
David F. Johnson (32)   Fund Administration Manager -- Fund Accounting, Administration      None
                        and Controllership Services since November 2008; Assistant
                        Treasurer of all of the Pioneer Funds since January 2009; and
                        Client Service Manager -- Institutional Investor Services at State
                        Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (59)    Chief Compliance Officer of Pioneer and of all the Pioneer Funds    None
                        since March 2010; Director of Adviser and Portfolio Compliance
                        at Pioneer since October 2005; and Senior Compliance Officer
                        for Columbia Management Advisers, Inc. from October 2003 to
                        October 2005
------------------------------------------------------------------------------------------------------------------
</TABLE>


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60    Pioneer Emerging Markets Fund | Annual Report | 11/30/11
<PAGE>

How to Contact Pioneer

We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.


Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms                                                 1-800-225-6292

FactFone(SM) for automated fund yields, prices,
account information and transactions                              1-800-225-4321

Retirement plans information                                      1-800-622-0176


Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014


Our toll-free fax                                                 1-800-225-4240


Our internet e-mail address                   ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)


Visit our web site: us.pioneerinvestments.com





This report must be preceded or accompanied by a prospectus.

The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.




ITEM 2. CODE OF ETHICS.

(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party.  If
the registrant has not adopted such a code of ethics, explain why it has not
done so.

The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.

(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:

        (1) Honest and ethical conduct, including the ethical handling of actual
        or apparent conflicts of interest between personal and professional
        relationships;

        (2) Full, fair, accurate, timely, and understandable disclosure in
        reports and documents that a registrant files with, or submits to, the
        Commission and in other public communications made by the registrant;

        (3) Compliance with applicable governmental laws, rules, and
        regulations;

        (4) The prompt internal reporting of violations of the code to an
        appropriate person or persons identified in the code; and

        (5) Accountability for adherence to the code.

(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.

The registrant has made no amendments to the code of ethics during the period
covered by this report.

(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.

Not applicable.

(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.

Not applicable.

(f) The registrant must:

        (1) File with the Commission, pursuant to Item 10(a), a copy of its code
        of ethics that applies to the registrant's principal executive officer,
        principal financial officer, principal accounting officer or controller,
        or persons performing similar functions, as an exhibit to its annual
        report on this Form N-CSR (see attachment);

        (2) Post the text of such code of ethics on its Internet website and
        disclose, in its most recent report on this Form N-CSR, its Internet
        address and the fact that it has posted such code of ethics on its
        Internet website; or

        (3) Undertake in its most recent report on this Form N-CSR to provide to
        any person without charge, upon request, a copy of such code of ethics
        and explain the manner in which such request may be made.
	See Item 10(2)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1)  Disclose that the registrant's board of trustees has determined that
         the registrant either:

    (i)  Has at least one audit committee financial expert serving on its audit
         committee; or

    (ii) Does not have an audit committee financial expert serving on its audit
         committee.

The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.

    (2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:

    (i)  Accept directly or indirectly any consulting, advisory, or other
         compensatory fee from the issuer; or

    (ii) Be an "interested person" of the investment company as defined in
         Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.

    (3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.

Not applicable.


ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.

Audit Fees
Fees for audit services provided to the Fund, including fees
associated with the filings of its Form N-1A, totaled
approximately $40,886 in 2011 and approximately
$40,886 in 2010.

(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.

Audit-Related Fees
There were no fees for audit-related services
provided to the Fund during the fiscal years ended
November 30, 2011 and 2010.

(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.

Tax Fees
Fees for tax compliance services, primarily for tax returns,
totaled $8,290 in 2011 and $8,290 in 2010.

(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.

Other Fees
There were no fees for other services
provided to the Fund during the fiscal years ended
November 30, 2011 and 2010.

(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

 PIONEER FUNDS
            APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
                       PROVIDED BY THE INDEPENDENT AUDITOR

                  SECTION I - POLICY PURPOSE AND APPLICABILITY

The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.

The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.

Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).

In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.

Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
<PAGE>
<TABLE>
<CAPTION>
                               SECTION II - POLICY

---------------- -------------------------------- -------------------------------------------------
SERVICE           SERVICE CATEGORY DESCRIPTION      SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
<S>              <C>                              <C>
I.  AUDIT        Services that are directly       o Accounting research assistance
SERVICES         related to performing the        o SEC consultation, registration
                 independent audit of the Funds     statements, and reporting
                                                  o Tax accrual related matters
                                                  o Implementation of new accounting
                                                    standards
                                                  o Compliance letters (e.g. rating agency
                                                    letters)
                                                  o Regulatory reviews and assistance
                                                    regarding financial matters
                                                  o Semi-annual reviews (if requested)
                                                  o Comfort letters for closed end
                                                    offerings
---------------- -------------------------------- -------------------------------------------------
II.              Services which are not           o AICPA attest and agreed-upon procedures
AUDIT-RELATED    prohibited under Rule            o Technology control assessments
SERVICES         210.2-01(C)(4) (the "Rule")      o Financial reporting control assessments
                 and are related extensions of    o Enterprise security architecture
                 the audit services support the     assessment
                 audit, or use the
                 knowledge/expertise gained
                 from the audit procedures as a
                 foundation to complete the
                 project.  In most cases, if
                 the Audit-Related Services are
                 not performed by the Audit
                 firm, the scope of the Audit
                 Services would likely
                 increase.  The Services are
                 typically well-defined and
                 governed by accounting
                 professional standards (AICPA,
                 SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
<CAPTION>
 ------------------------------------- ------------------------------------
<S>                                    <C>
   AUDIT COMMITTEE APPROVAL POLICY               AUDIT COMMITTEE
                                                REPORTING POLICY
 ------------------------------------- ------------------------------------
<S>                                    <C>
 o "One-time" pre-approval             o A summary of all such
   for the audit period for all          services and related fees
   pre-approved specific service         reported at each regularly
   subcategories.  Approval of the       scheduled Audit Committee
   independent auditors as               meeting.
   auditors for a Fund shall
   constitute pre approval for
   these services.
 ------------------------------------- ------------------------------------
 o "One-time" pre-approval             o A summary of all such
   for the fund fiscal year within       services and related fees
   a specified dollar limit              (including comparison to
   for all pre-approved                  specified dollar limits)
   specific service subcategories        reported quarterly.

 o Specific approval is
   needed to exceed the
   pre-approved dollar limit for
   these services (see general
   Audit Committee approval policy
   below for details on obtaining
   specific approvals)

 o Specific approval is
   needed to use the Fund's
   auditors for Audit-Related
   Services not denoted as
   "pre-approved", or
   to add a specific service
   subcategory as "pre-approved"
 ------------------------------------- ------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- --------------------------- -----------------------------------------------
   SERVICE CATEGORY          SERVICE CATEGORY        SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
                               DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
<S>                     <C>                         <C>
III. TAX SERVICES       Services which are not      o Tax planning and support
                        prohibited by the Rule,     o Tax controversy assistance
                        if an officer of the Fund   o Tax compliance, tax returns, excise
                        determines that using the     tax returns and support
                        Fund's auditor to provide   o Tax opinions
                        these services creates
                        significant synergy in
                        the form of efficiency,
                        minimized disruption, or
                        the ability to maintain a
                        desired level of
                        confidentiality.
----------------------- --------------------------- -----------------------------------------------

------------------------------------- -------------------------
  AUDIT COMMITTEE APPROVAL POLICY         AUDIT COMMITTEE
                                          REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval             o A summary of
  for the fund fiscal  year             all such services and
  within a specified dollar limit       related fees
  				        (including comparison
  			                to specified dollar
  			                limits) reported
  			                quarterly.

o Specific approval is
  needed to exceed the
  pre-approved dollar limits for
  these services (see general
  Audit Committee approval policy
  below for details on obtaining
  specific approvals)

o Specific approval is
  needed to use the Fund's
  auditors for tax services not
  denoted as pre-approved, or to add a specific
  service subcategory as
  "pre-approved"
------------------------------------- -------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- --------------------------- -----------------------------------------------
   SERVICE CATEGORY          SERVICE CATEGORY        SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
                               DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
<S>                     <C>                         <C>
IV.  OTHER SERVICES     Services which are not      o Business Risk Management support
                        prohibited by the Rule,     o Other control and regulatory
A. SYNERGISTIC,         if an officer of the Fund     compliance projects
UNIQUE QUALIFICATIONS   determines that using the
                        Fund's auditor to provide
                        these services creates
                        significant synergy in
                        the form of efficiency,
                        minimized disruption,
                        the ability to maintain a
                        desired level of
                        confidentiality, or where
                        the Fund's auditors
                        posses unique or superior
                        qualifications to provide
                        these services, resulting
                        in superior value and
                        results for the Fund.
----------------------- --------------------------- -----------------------------------------------
<CAPTION>
--------------------------------------- ------------------------
    AUDIT COMMITTEE APPROVAL POLICY         AUDIT COMMITTEE
                                            REPORTING POLICY
------------------------------------- --------------------------
<S>                                   <C>
o "One-time" pre-approval             o A summary of
  for the fund fiscal year within       all such services and
  a specified dollar limit              related fees
  			               (including comparison
  			                to specified dollar
  				        limits) reported
                                        quarterly.
o Specific approval is
  needed to exceed the
  pre-approved dollar limits for
  these services (see general
  Audit Committee approval policy
  below for details on obtaining
  specific approvals)

o Specific approval is
  needed to use the Fund's
  auditors for "Synergistic" or
  "Unique Qualifications" Other
  Services not denoted as
  pre-approved to the left, or to
  add a specific service
  subcategory as "pre-approved"
------------------------------------- --------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- ------------------------- -----------------------------------------------
   SERVICE CATEGORY         SERVICE CATEGORY        SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
                              DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
<S>                     <C>                       <C>
PROHIBITED  SERVICES    Services which result     1. Bookkeeping or other services
                        in the auditors losing       related to the accounting records or
                        independence status          financial statements of the audit
                        under the Rule.              client*
                                                  2. Financial information systems design
                                                     and implementation*
                                                  3. Appraisal or valuation services,
                                                     fairness* opinions, or
                                                     contribution-in-kind reports
                                                  4. Actuarial services (i.e., setting
                                                     actuarial reserves versus actuarial
                                                     audit work)*
                                                  5. Internal audit outsourcing services*
                                                  6. Management functions or human
                                                     resources
                                                  7. Broker or dealer, investment
                                                     advisor, or investment banking services
                                                  8. Legal services and expert services
                                                     unrelated to the audit
                                                  9. Any other service that the Public
                                                     Company Accounting Oversight Board
                                                     determines, by regulation, is
                                                     impermissible
----------------------- ------------------------- -----------------------------------------------
<CAPTION>
------------------------------------------- ------------------------------
     AUDIT COMMITTEE APPROVAL POLICY               AUDIT COMMITTEE
                                                  REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be              o A summary of all
  performed with the exception of the(*)      services and related
  services that may be permitted              fees reported at each
  if they would not be subject to audit       regularly scheduled
  procedures at the audit client (as          Audit Committee meeting
  defined in rule 2-01(f)(4)) level           will serve as continual
  the firm providing the service.             confirmation that has
  				              not provided any
                                              restricted services.
------------------------------------------- ------------------------------
</TABLE>
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
  make an assessment to determine that any proposed projects will not impair
  independence.

o Potential services will be classified into the four non-restricted service
  categories and the "Approval of Audit, Audit-Related, Tax and Other
  Services" Policy above will be applied. Any services outside the specific
  pre-approved service subcategories set forth above must be specifically
  approved by the Audit Committee.

o At least quarterly, the Audit Committee shall review a report summarizing the
  services by service category, including fees, provided by the Audit firm as
  set forth in the above policy.

--------------------------------------------------------------------------------


    (2) Disclose the percentage of services described in each of paragraphs (b)
   through (d) of this Item that were approved by the audit committee pursuant
   to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

Non-Audit Services
Beginning with non-audit service contracts entered into on
or after May 6, 2003, the effective date of the new SEC
pre-approval rules, the Fund's audit committee is required
to pre-approve services to affiliates defined by SEC rules
to the extent that the services are determined to have a
direct impact on the operations or financial reporting of the
Fund.  For the years ended November 30, 2011 and 2010,
there were no services provided to an affiliate that required
the Fund's audit committee pre-approval.

(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.

N/A

(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.

The aggregate non-audit fees for the Fund and affiliates, as
previously defined, totaled approximately $8,290 in 2011
and $8,290 in 2010.

(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.

The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.

Item 5. Audit Committee of Listed Registrants

(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
 audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.

N/A

(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.

N/A

Item 6. Schedule of Investments.

File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.

Included in Item 1


ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.

Not applicable to open-end management investment companies.



Item 8. Portfolio Managers of Closed-End Management Investment
        Companies.

(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.


Not applicable to open-end management investment companies.


Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.

(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.

Not applicable to open-end management investment companies.


Item 10. Submission of Matters to a Vote of Security Holders.

Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.


There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.


ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.

The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.


(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.

The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:

In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose.  Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.


ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.

(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.



(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).

Filed herewith.


<PAGE>


                                   SIGNATURES

                          [See General Instruction F]


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant) Pioneer Emerging Markets Fund


By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President

Date January 27, 2012


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.


By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President

Date January 27, 2012


By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer

Date January 27, 2012

* Print the name and title of each signing officer under his or her signature.