497 1 multi072715prosuppsales497e.txt PROSPECTUS SUPPLEMENT JULY 27, 2015 Filed Pursuant to Rule 497(e) of the Securities Act of 1933 PIONEER FUNDS Supplement to the Statutory Prospectuses, as in effect and as may be amended from time to time, for: FUND DATE OF PROSPECTUS Pioneer Absolute Return Bond Fund December 31, 2014 Pioneer AMT-Free Municipal Fund April 1, 2015 Pioneer Bond Fund October 1, 2014 Pioneer Cash Reserves Fund May 1, 2015 Pioneer Classic Balanced Fund July 1, 2015 Pioneer Core Equity Fund May 1, 2015 Pioneer Disciplined Growth Fund December 31, 2014 Pioneer Disciplined Value Fund December 31, 2014 Pioneer Dynamic Credit Fund August 1, 2014 Pioneer Emerging Markets Fund April 1, 2015 Pioneer Emerging Markets Local Currency Debt Fund March 1, 2015 Pioneer Equity Income Fund March 1, 2015 Pioneer Flexible Opportunities Fund March 1, 2015 (formerly, Pioneer Multi-Asset Real Return Fund) Pioneer Floating Rate Fund March 1, 2015 Pioneer Fund May 1, 2015 Pioneer Fundamental Growth Fund August 1, 2014 Pioneer Global Equity Fund July 1, 2015 Pioneer Global High Yield Fund March 1, 2015 Pioneer Global Multisector Income Fund March 1, 2015 Pioneer Government Income Fund December 1, 2014 Pioneer High Income Municipal Fund December 31, 2014 Pioneer High Yield Fund March 1, 2015 Pioneer International Value Fund April 1, 2015 Pioneer Long/Short Bond Fund December 31, 2014 (as revised June 1, 2015) Pioneer Long/Short Opportunistic Credit Fund December 31, 2014 (as revised June 1, 2015) Pioneer Mid Cap Value Fund March 1, 2015 Pioneer Multi-Asset Income Fund December 1, 2014 Pioneer Multi-Asset Ultrashort Income Fund August 1, 2014 Pioneer Real Estate Shares May 1, 2015 Pioneer Select Mid Cap Growth Fund April 1, 2015 Pioneer Short Term Income Fund December 1, 2014 Pioneer Solutions - Balanced Fund July 1, 2015 Pioneer Solutions - Conservative Fund July 1, 2015 Pioneer Solutions - Growth Fund July 1, 2015 Pioneer Strategic Income Fund February 1, 2015
THE FOLLOWING CHANGES HAVE BEEN MADE TO THE PROSPECTUSES FOR THE ABOVE LISTED FUNDS. PLEASE REFER TO THE PROSPECTUS FOR THE MAIN TEXT OF EACH SECTION. SALES CHARGES The paragraph entitled "Investment of $500,000 or more and certain retirement plans" in the "Sales charges" section is deleted. The following bulleted sentences replace the corresponding information under the heading "Class A purchases at net asset value are available to:" in the section entitled "Sales charges." CLASS A PURCHASES AT NET ASSET VALUE ARE AVAILABLE TO: oGroup employer-sponsored retirement plans with at least $500,000 in total plan assets. Waivers for group employer-sponsored retirement plans do not apply to traditional IRAs, Roth IRAs, SEPs, SARSEPs, SIMPLE IRAs, KEOGHs, individual 401(k) or individual 403(b) plans, or to brokerage relationships in which sales charges are customarily imposed; oGroup employer-sponsored retirement plans with accounts established with Pioneer on or before March 31, 2004 with 100 or more eligible employees or at least $500,000 in total plan assets; 28746-00-0715 (Copyright)2015 PIONEER FUNDS DISTRIBUTOR, INC. UNDERWRITER OF PIONEER MUTUAL FUNDS MEMBER SIPC