497 1 multi072514prosupp497.txt MULTI-FUND PROSPECTUS SUPPLEMENT REGARDING B SHARES JULY 25, 2014 PIONEER FUNDS SUPPLEMENT TO THE PROSPECTUSES AND SUMMARY PROSPECTUSES, AS IN EFFECT AND AS MAY BE AMENDED FROM TIME TO TIME, FOR FUND DATE OF PROSPECTUS Pioneer AMT-Free Municipal Fund May 1, 2014 Pioneer Bond Fund November 1, 2013 Pioneer Classic Balanced Fund December 1, 2013 Pioneer Core Equity Fund May 1, 2014 Pioneer Disciplined Growth Fund December 31, 2013 Pioneer Disciplined Value Fund November 1, 2013 Pioneer Emerging Markets Fund April 1, 2014 Pioneer Equity Income Fund March 1, 2014 (as revised March 12, 2014) Pioneer Fund May 1, 2014 Pioneer Fundamental Growth Fund August 1, 2013 Pioneer Global Equity Fund December 31, 2013 Pioneer Global High Yield Fund March 1, 2014 Pioneer Government Income Fund December 1, 2013 Pioneer High Yield Fund March 1, 2014 Pioneer Ibbotson Aggressive Allocation Fund December 1, 2013 Pioneer Ibbotson Conservative Allocation Fund December 1, 2013 Pioneer Ibbotson Growth Allocation Fund December 1, 2013 Pioneer Ibbotson Moderate Allocation Fund December 1, 2013 Pioneer International Value Fund April 1, 2014 Pioneer Mid Cap Value Fund March 1, 2014 Pioneer Oak Ridge Large Cap Growth Fund April 1, 2014 Pioneer Oak Ridge Small Cap Growth Fund April 1, 2014 Pioneer Real Estate Shares May 1, 2014 Pioneer Select Mid Cap Growth Fund April 1, 2014 Pioneer Short Term Income Fund December 31, 2013 Pioneer Strategic Income Fund February 1, 2014
IMPORTANT NOTICE TO CLASS B SHAREHOLDERS As of the close of business on November 10, 2014 (the "Conversion Date"), all outstanding Class B shares of the Pioneer funds will be converted to Class A shares. Shareholders may continue to hold their Class B shares until the Conversion Date. Prior to the Conversion Date, redemptions of Class B shares are subject to any applicable contingent deferred sales charges (CDSCs). Class A shares acquired through the conversion will not be subject to CDSCs, nor will any sales charges be assessed in connection with the conversion. After the Conversion Date, subsequent purchases of Class A shares will be subject to sales charges as described in each fund's prospectus. As of the Conversion Date, each fund's prospectus is revised by eliminating all references to Class B shares. 27916-00-0714 (Copyright)2014 PIONEER FUNDS DISTRIBUTOR, INC. UNDERWRITER OF PIONEER MUTUAL FUNDS MEMBER SIPC