497 1 multi111615prosup497e.txt PROSPECTUS SUPPLEMENT Filed Pursuant to Rule 497(e) of the Securities Act of 1933 November 16, 2015 Pioneer Funds Supplement to the Prospectus and Summary Prospectus, 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 November 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, 2015 Pioneer Emerging Markets Fund April 1, 2015 Pioneer Equity Income Fund March 1, 2015 Pioneer Flexible Opportunities Fund March 1, 2015 Pioneer Floating Rate Fund March 1, 2015 Pioneer Fund May 1, 2015 Pioneer Fundamental Growth Fund August 1, 2015 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 Equity 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, 2015 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 Pioneer U.S. Government Money Market Fund November 13, 2015 Pioneer Investment Management, Inc. (the "Adviser"), each fund's investment adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A. ("UniCredit"). On November 11, 2015, UniCredit announced that it signed a binding master agreement with Banco Santander and affiliates of Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the "Transaction"). The Transaction, as previously announced by UniCredit, will establish a holding company, with the name Pioneer Investments, to be owned by UniCredit (50%) and the Private Equity Firms (50% between them). The holding company will control Pioneer's U.S. operations, including the Adviser. The holding company also will own 66.7% of Pioneer's and SAM's combined operations outside the U.S., while Banco Santander will own directly the remaining 33.3% stake. The closing of the Transaction is expected to happen in 2016, subject to certain regulatory and other approvals. Under the Investment Company Act of 1940, completion of the Transaction will cause each fund's current investment advisory agreement with the Adviser to terminate. Accordingly, each fund's Board of Trustees will be asked to approve a new investment advisory agreement. If approved by the Board, each fund's new investment advisory agreement will be submitted to the shareholders of the fund for their approval. 28978-00-1115 (C) 2015 Pioneer Funds Distributor, Inc. Underwriter of Pioneer mutual funds Member SIPC