https://www.sec.gov/Archives/edgar/data/921023/000092102317000017/em072617reorgsupp.txtTYPE>497
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em072617reorgsupp.txt
LIQUIDATION SUPPLEMENT
July 26, 2017
Pioneer Emerging Markets Fund
Supplement to Summary Prospectus, Prospectus and Statement of Additional
Information
dated April 1, 2017
The Board of Trustees of Pioneer Emerging Markets Fund has approved the
reorganization of the fund with and into Pioneer Global Equity Fund (the
"Reorganization"). Each fund is managed by Amundi Pioneer Asset Management,
Inc. ("Amundi Pioneer"). The Reorganization, which does not require shareholder
approval, is subject to the satisfaction of certain conditions, and is expected
to be completed in the fourth quarter of 2017.
Following is a brief description of certain aspects of the Reorganization:
. Pioneer Emerging Markets Fund and Pioneer Global Equity Fund have a
similar investment objective.
. Pioneer Emerging Markets Fund invests primarily in securities of issuers
located in emerging markets. In contrast, Pioneer Global Equity Fund
invests in securities of issuers located throughout the world, including
issuers located in international developed markets and the United
States, in addition to issuers located in emerging markets.
. The combined fund will pay a lower management fee rate than the
management fee rate paid by Pioneer Emerging Markets Fund.
. The expense ratio of each class of shares of the combined fund is
expected to be lower than the expense ratio of the corresponding class
of shares of Pioneer Emerging Markets Fund.
. The Reorganization generally is not expected to result in income, gain
or loss being recognized for federal income tax purposes by either fund
or by the shareholders of either fund as a direct result of the
Reorganization.
Shareholders of Pioneer Emerging Markets Fund who determine that they do not
wish to become shareholders of Pioneer Global Equity Fund may (a) redeem their
shares of Pioneer Emerging Markets Fund prior to the Reorganization's closing
date ("Closing Date") or (b) exchange their shares of Pioneer Emerging Markets
Fund prior to the Closing Date for shares of another Pioneer fund by contacting
Amundi Pioneer or their investment professional or financial intermediary. Any
contingent deferred sales charge that applies to your Class A or Class C shares
will be waived in connection with a redemption of your shares of Pioneer
Emerging Markets Fund prior to the Closing Date. Please note that a redemption
or an exchange of shares of Pioneer Emerging Markets Fund will be a taxable
event and a shareholder may recognize a gain or loss for federal income tax
purposes in connection with that transaction.
Prior to consummation of the Reorganization, you will be sent an Information
Statement containing important information about the Reorganization, including
the date on which the Reorganization is expected to occur. Each fund's summary
prospectus, prospectus and statement of additional information is available
free upon request at
https://us.pioneerinvestments.com or by calling
1-800-225-6292...
