UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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(RULE 14a-101)
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Pioneer Bond Fund Pioneer Real Estate Shares
Pioneer Emerging Markets Fund Pioneer Research Fund
Pioneer Equity Income Fund Pioneer Select Growth Fund
Pioneer Equity Opportunity Fund Pioneer Select Value Fund
Pioneer Europe Select Equity Fund Pioneer Series Trust I
Pioneer Fund Pioneer Series Trust II
Pioneer Fundamental Growth Fund Pioneer Series Trust III
Pioneer High Yield Fund Pioneer Series Trust IV
Pioneer Ibbotson Allocation Series Pioneer Series Trust V
Pioneer Independence Fund Pioneer Series Trust VI
Pioneer International Equity Fund Pioneer Series Trust VII
Pioneer International Value Fund Pioneer Short Term Income Fund
Pioneer Mid Cap Growth Fund Pioneer Small Cap Value Fund
Pioneer Mid Cap Value Fund Pioneer Strategic Income Fund
Pioneer Money Market Trust Pioneer Tax Free Income Fund
Pioneer Protected Principal Trust Pioneer Value Fund
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March 2008
PIONEER ADVISORY
All Pioneer Open-End Mutual Funds
This advisory is to inform you of the upcoming proxy solicitation to all Pioneer
Funds shareholders. The record date for this proxy solicitation was February 14,
2008 and the shareholder meeting is expected to be held in May 2008.
There are five (5) proposals (summarized below) to be voted on by shareholders.
None of the proposals involve changes to a fund's investment objective, an
increase in management fee or name changes. Please note that Proposal 1 applies
to all funds, whereas other Proposals apply only to certain funds, and Proposal
3 consists of various sub-proposals specific to certain funds.
Important Information Regarding this Proxy Solicitation - New Internet
Procedures
The funds plan to utilize the new "notice and access" solicitation process to
the extent possible, as an alternative to the traditional approach of delivering
a printed set of proxy materials to all shareholders. This approach is expected
to reduce significantly the funds' printing and mailing costs and save paper.
Under this approach, the funds will mail shareholders a "notice of internet
availability of proxy materials," make the proxy statement (booklet) available
on-line and provide a printed proxy statement to any shareholder who requests
it. Shareholders will be able to vote by separately mailed proxy card, via the
internet or by telephone. Shareholders may obtain hard copies of the proxy
statement by calling a toll free number found on the notice or by requesting one
on-line.
Proposal 1
Elect Trustees. Shareholders are being asked to elect the Trustees for all
funds. Each of the nominees, except one, currently serves as a Trustee of some
or all of the Pioneer mutual funds.
Proposal 2 A
Adopt an Amended and Restated Declaration of Trust. Shareholders are being
asked to approve an amended Declaration of Trust for their funds.
Proposal 2 B
Approve the Reorganization of Certain Funds. The shareholders of two funds,
Pioneer International Value Fund and Pioneer Europe Select Equity Fund, that are
now organized as Massachusetts business trusts, are being asked to approve the
reorganization of those funds as Delaware statutory trusts.
Proposals 2A and 2B provide for a standard governing document (Declaration
of Trust) for each fund that will simplify administration and oversight and
grant the Trustees greater discretion to make decisions without the need and
expense of seeking shareholder approval.
Proposals 3-A to 3-R
Revise Fundamental Investment Policies. Shareholders are being asked to
approve changes to the "fundamental" investment policies of their funds. All
mutual funds are required by law to have "fundamental" policies, that is,
policies governing certain investment practices that may be changed only with
the approval of fund shareholders. Many of the funds have fundamental policies
that are not required by law or are more restrictive than the law requires, and
the policies vary, sometimes considerably, from fund to fund. At the meeting,
shareholders will be asked to approve revised fundamental policies, eliminate
other objectives that cannot be changed without shareholder approvals or approve
the reclassification of those investment objectives as non-fundamental. These
changes are intended to simplify compliance monitoring and provide additional
flexibility for the funds.
Proposal 4
Approve an Amended and Restated Management Agreement with Pioneer
Investment Management, Inc. Shareholders are being asked to approve an amended
and restated management agreement between their fund and the investment adviser,
Pioneer Investment Management, Inc. ("Pioneer"). The new management agreement
updates the terms of the existing management agreements to reflect current
industry practices and standardizes the terms for all the funds. There will be
no decrease in services and no increase in management fees as a result of the
new management agreement.
Proposal 5
Approve a Policy Allowing the Appointment of Unaffiliated Sub-Advisers and
Amendments to Sub-Advisory Agreements Without Shareholder Approval. Share-
holders are being asked to approve a policy for their funds whereby Pioneer may
appoint sub-advisers for the funds that are not affiliated with Pioneer and may
make material changes to a sub-advisory agreement, in each case without share-
holder approval, provided that the Trustees approve such appointments and
amendments.Shareholders of certain funds have already approved the use of such a
policy.
If you have any questions regarding this Pioneer proxy solicitation, please
contact your Pioneer relationship manager or call 1-800-622-9876
The Pioneer funds have filed relevant materials with the Securities and
Exchange Commission (SEC), including a preliminary proxy statement. The
information contained in these materials is not complete and may be changed.
Because the final proxy statement will contain important information,
shareholders are urged to read it carefully when it becomes available and before
voting. The preliminary proxy statement filed with the SEC is available, and
when filed with the SEC, the final proxy statement will be available free of
charge at the SEC's website, www.sec.gov, under filings for each Pioneer fund.
Shareholders of each fund also will be able to obtain copies of the final
documents, when available, by calling 1-866-884-2702 and providing the control
number on the proxy card or on the "notice of internet availability of proxy
materials" each shareholder will receive.
Before investing, consider the product's investment objectives, risks,
charges and expenses. Contact Pioneer Investments for a prospectus containing
this information. Please read it carefully. To obtain a prospectus and for other
information on any Pioneer fund, call 1-800-622-9876 or visit our website
pioneerinvestments.com. Neither Pioneer, nor its representatives are legal or
tax advisors. In addition, Pioneer does not provide advice or recommendations.
You should consider your client's financial needs, goals, and risk tolerance
before making any investment recommendations.