Filed pursuant to Rule 497(e) of
                                                the Securities Act of 1933


                                                        March 1, 2016

                                   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 Equity Income Fund                             March 1, 2016
Pioneer Floating Rate Fund                             March 1, 2016
Pioneer Flexible Opportunities Fund                    March 1, 2016
Pioneer Global High Yield Fund                         March 1, 2016
Pioneer Global Multisector Income Fund                 March 1, 2016
Pioneer High Yield Fund                                March 1, 2016
Pioneer Mid Cap Value Fund                             March 1, 2016


Pioneer Investment Management, Inc. (the "Adviser"), the 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 the fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, the fund's Board of Trustees will be asked to approve
a new investment advisory agreement. If approved by the Board, the fund's
new investment advisory agreement will be submitted to the shareholders of
the fund for their approval.




                                                              29231-00-0216
                                   (c) 2016 Pioneer Funds Distributor, Inc.
                                        Underwriter of Pioneer mutual funds