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Highlights

  • Patient, disciplined approach pursues strong long term returns and above-average yield

  • Dividend focus has kept volatility low and dividend yield high.

  • Socially responsible tradition of trying to avoid the stocks of companies whose primary business is alcohol or tobacco

  • Portfolio Manager John Carey, an industry veteran for over 30 years has managed the fund since its inception in 1990

  • *The performance data quoted represents past performance. Keep in mind that dividends are not guaranteed.

Pioneer Equity Income Fund manager's commentary


Strategy

FUND STRATEGY

The Fund seeks current income and long-term capital growth primarily through income-producing equity securities of U.S. companies. It invests primarily in stocks of companies that have a strong history of paying dividends, and uses fundamental research to identify those that are undervalued but possess solid assets, market leadership and management ownership.


PORTFOLIO MANAGEMENT PERSPECTIVE

"We are long-term investors in dividend-paying stocks. We look for well-established companies with exemplary dividend growth over the past three, five, and ten years and managements committed to continuing dividend payments, selecting securities currently selling at significant discounts to their intrinsic value and holding these issues until their value is fully reflected in the marketplace."

A WORD ABOUT RISK

At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.


Fund Facts

As of April 30, 2015

(load waived) (load adjusted)
Overall Morningstar RatingTM
(out of 1158 funds in the Large Value Category)

Morningstar proprietary ratings reflect risk-adjusted performance as of 4/30/15

The Overall Morningstar RatingTM is based on a weighted average of the star ratings assigned to a fund's three, five, and ten year (as applicable) time periods. The Morningstar Category identifies funds based on their underlying portfolio holdings. Classifications are based on portfolio statistics and compositions over the past three years. For funds less than three years old, category classifications are based on life of the fund. Pioneer Equity Income Fund was rated exclusively against U.S.-domiciled large value funds as follows: 3, 4 and 4 stars (load waived) and 2, 3 and 3 stars (load adjusted) among 1158, 1016 and 712 funds for the three-, five-, and 10-year periods ended 4/30/15, respectively. The Morningstar Rating is for Class A Shares only. Morningstar Load Waived ratings do not take into account Class A sales charges. Ratings may vary among share classes and are based on past performance, which is no guarantee of future results.

Please see a prospectus for complete information pertaining to load waived eligibility (such as large purchases or certain types of group plan participants). For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Each fund is rated exclusively against U.S. domiciled funds. The following copyright pertains only to Morningstar information. The Morningstar information contained herein 1) is proprietary to Morningstar; 2) may not be copied; and 3) is not warranted to be accurate, complete or timely. Morningstar is not responsible for any damages or losses arising from any use of this information. 2015 Morningstar, Inc. All Rights Reserved.

Class A SharesC SharesR SharesY Shares*
CUSIP 72366V10872366V30672366V50472366V405
Nasdaq Symbol PEQIXPCEQXPQIRXPYEQX
Inception Date/
Performance Inception Date
7/25/19901/31/19967/25/19907/25/1990
Total Net Assets (millions) $749.0$122.3$75.3$523.5
Initial Minimum Invest. (A) $1,000$1,000$0$5,000,000
Management Fee 0.60%0.60%0.60%0.60%
Gross Expense Ratio 1.09%1.80%1.43%0.79%

Initial minimum investment amounts for retirement plans are lower.
*Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.


Portfolio Characteristics

As of April 30, 2015

30-day SEC Yield
Class A
Class C
Class R
Class Y

1.71%
0.99%
1.53%
1.93%
Average P/E (Trailing) 25.2
Weighted Avg. Mkt. Capitalization (millions) $50,985
Median Market Capitalization (millions) $15,543
Total Holdings 101
Turnover 29%

P/E refers to the price of a stock divided by its earnings per share. Reflects weighted average of trailing 12-month price-to-earnings ratios of portfolio holdings. Average P/E ratio (Forecast) is the current price of a stock divided by the estimated one year projection of its earnings per share.
Market Capitalization reflects the total U.S.-denominated portion of the portfolio.
Turnover Ratio is the percentage of a fund's assets that have changed over a given period, usually a year. Mutual funds with higher turnover ratios tend to have higher expenses.
The 30-day SEC yield is based on the hypothetical annualized earning power (investment income only) of the Fund's portfolio securities during the period indicated.


Portfolio Management


John A. Carey, Portfolio Manager
Mr. Carey is an executive vice president at Pioneer. He joined Pioneer as an analyst in 1979.
Walter Hunnewell, Jr., Portfolio Manager
Mr. Hunnewell is a vice president at Pioneer. He joined the company in August 2001 and has been an investment professional since 1985.



Not FDIC insured May lose value No bank guarantee

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus and for information on any Pioneer fund, please download from our web site.

Neither Pioneer, nor its representatives, are legal or tax advisors. In addition, Pioneer does not provide advice or recommendations. The investments you choose should correspond to your needs, goals, and risk tolerance. For assistance in determining your financial situation, please consult an investment professional.

 
 

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it here.

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Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA. 02109. Underwriter of Pioneer mutual funds, Member SIPC © 2015 Pioneer Investments.