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Pioneer Equity Income Fund

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 November 30, 2014

ClassA SharesC SharesR SharesY Shares*
CUSIP72366V10872366V30672366V50472366V405
Nasdaq SymbolPEQIXPCEQXPQIRXPYEQX
Inception Date/
Performance Inception Date
7/25/19901/31/19967/25/19907/25/1990
Total Net Assets (millions)$791.1$118.4$82.0$516.5
Initial Minimum Investment$1,000$1,000$0$5,000,000
Management Fee0.60%0.60%0.60%0.60%
Gross Expense Ratio1.13%1.87%1.44%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 November 30, 2014

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

1.84%
1.19%
1.67%
2.29%
Average P/E (Trailing)22.9
Weighted Avg. Mkt. Capitalization (millions)$59,156
Median Market Capitalization (millions)$15,922
Total Holdings103
Turnover21%

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.
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 the course of a given time 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 © 2014 Pioneer Investments.