May 15, 2000
SUPPLEMENT TO THE CLASS Y SHARES PROSPECTUS OF
PIONEER EMERGING MARKETS FUND
DATED MARCH 29, 2000
The following supplements the corresponding sections of the prospectus. Please
refer to the prospectus for the full text of the supplemented section.
<TABLE>
<CAPTION>
BASIC INFORMATION ABOUT THE FUND
FEES AND EXPENSES
ANNUAL FUND OPERATING EXPENSES
PAID FROM THE ASSETS OF THE FUND
as a percentage of average daily net assets CLASS Y
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<S> <C>
Management Fee 1.25%
Distribution and Service (12b-1) Fee 0.00%
Other Expenses 0.43%
Total Annual Fund Operating Expenses 1.68%
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<CAPTION>
EXAMPLE
NUMBER OF YEARS YOU OWN YOUR SHARES
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1 3 5 10
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<S> <C> <C> <C> <C>
Class Y $171 $530 $913 $1,987
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</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
FOR THE
YEAR ENDED
NOVEMBER 30,
1999
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<S> <C>
RATIOS/SUPPLEMENTAL DATA
Ratio of net expenses to average net assets+ 1.68%
Ratio of net investment income (loss) to average
net assets+ (0.71)%
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.61%
Net investment income (loss) (0.64)%
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+ Ratio assuming no reduction for fees paid indirectly.
</TABLE>
8531-00-0500
(C)Pioneer Funds Distributor, Inc.
Underwriter of Pioneer mutual funds
