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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08657
Pioneer Equity Income Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2014 through April 30, 2015
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Equity
Income Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2015
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PEQIX
Class C PCEQX
Class K PEQKX
Class R PQIRX
Class Y PYEQX
Class Z PEZQX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 17
Schedule of Investments 19
Financial Statements 26
Notes to Financial Statements 36
Trustees, Officers and Service Providers 45
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 1
President's Letter
Dear Shareowner,
At mid-year, economic conditions and government policies around the world are
far from homogeneous, and we expect them to continue to diverge. In the United
States, an ongoing economic expansion has brought the unemployment rate down to
levels where wage growth is likely to accelerate. Economic growth and fiscal
austerity have dramatically reduced the Federal budget deficit, while very
accommodative Federal Reserve System policies have kept interest rates
exceptionally low. In Europe and Japan, cyclical economic recoveries/expansions
appear to be gaining traction, buttressed by aggressive quantitative easing
policies of central banks as well as cheaper currencies. China's ongoing
transition from an infrastructure investment-driven to a consumer-driven economy
and the dramatic decline in the price of oil -- largely a result of U.S.
"fracking" -- have benefited some countries while burdening others. On balance,
though, the global economic outlook has continued to improve, although economic
and geopolitical "storm clouds" remain.
Today's market environment presents numerous opportunities as well as challenges
for investors. While we believe that the capital markets may already have priced
in some recent trends, such as the U.S. dollar's appreciation against a basket
of global currencies, it is worth noting that investment risks and opportunities
are not always aligned with the economic outlook.
Since 1928, Pioneer's investment professionals have focused on identifying and
capitalizing on the investment opportunities that present themselves in a
variety of ever-changing economic and market conditions, including those we face
today, while seeking to limit the risk of the permanent impairment of our
clients' capital. Our ongoing goal is to deliver competitive returns consistent
with our strategies' stated style and objectives and consistent with our
shareholders' expectations over a range of market conditions. We believe our
shareowners benefit from the experience and tenure of our investment teams, the
insights generated from extensive research resources, and our commitment to
prudent risk management.
2 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
We encourage you to work with your financial advisor to develop an overall
investment plan that addresses both your short- and long-term goals, and to
implement such a plan in a disciplined manner, as we do when managing the assets
our clients have entrusted to us.
We greatly appreciate your trust in us in the past and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 3
Portfolio Management Discussion | 4/30/15
In the following interview, John Carey, Executive Vice President and Director of
U.S. Portfolio Management at Pioneer Investments, discusses the investment
environment during the six-month period ended April 30, 2015, and Pioneer Equity
Income Fund's performance during the period. Mr. Carey is responsible for the
day-to-day management of Pioneer Equity Income Fund.
Q How would you describe the market for equities during the six-month period
ended April 30, 2015, particularly for the types of equities deemed
appropriate for the Fund?
A The stock market was quite choppy during the six-month period. As measured
by the Standard & Poor's 500 Index (+4.39%) and the Fund's benchmark, the
Russell 1000 Value Index (+2.89%), stocks went up and down at frequent
intervals, ending the period with a modest total return. Throughout the
period, investors, heeding signals from the Federal Reserve System (the
Fed), were nervous about the prospect of higher interest rates. The sharp
drop in the price of oil that continued during much of the period also
created anxiety, as opinions were mixed as to whether the decline was the
consequence of greater production, particularly from shale fields in the
United States, or was rather the result of slowing demand in a cooling
global economy. Then, too, daily stories of geopolitical issues ranging
from the Middle East, Africa, the Ukraine, and the Korean peninsula
reminded investors of the ever-present and largely imponderable risks
arising from international tension and instability. Greece and its
financial woes also kept investors on edge about prospects for the euro
region; and Brazil, Venezuela, and Argentina and their faltering economies
diminished investors' hopes for the emerging markets.
For value-oriented, dividend-paying stocks*, which are the focus of Pioneer
Equity Income Fund, the period saw a waxing and waning of investor
interest. In particular, the ever-present potential for the Fed to raise
interest rates made investors skittish about cyclical stocks as well as
utilities. During the six-month period, the Russell 1000 Growth Index, with
a total return of 6.54%, significantly outperformed the Russell 1000 Value
Index, which returned 2.89%. In a world economy that was sending mixed
signals about the sustainability of earnings growth, investors favored
companies appearing able to achieve earnings growth, regardless. Hence,
stocks in the biotechnology and information-technology industries, in
particular, attracted attention, and some with particular promise did
especially well
* Dividends are not guaranteed.
4 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
over the period. Nonetheless, certain stocks in other industries also
performed positively when investors perceived their prices to be supported
by stable earnings and dividends.
Q How did the Fund perform in that environment during the six-month period
ended April 30, 2015?
A Pioneer Equity Income Fund's Class A shares returned 4.16% at net asset
value during the six-month period ended April 30, 2015, while the Fund's
benchmark, the Russell 1000 Value Index (the Russell Index), returned
2.89%. During the same period, the average return of the 514 mutual funds
in Lipper's Equity Income Funds category was 2.96%, and the average return
of the 1,391 mutual funds in Morningstar's Large Value Funds category was
3.24%.
Q The Fund outperformed the Russell Index during the six-month period ended
April 30, 2015. Could you please discuss the most significant reasons for
the Fund's benchmark-relative outperformance?
A The Fund's strong benchmark-relative performance resulted from a
combination of favorable sector allocation decisions and successful stock
selection results. Energy was the worst-performing sector in the Russell
Index during the period, and the Fund was both quite underweight the sector
as well as invested in energy stocks that performed better than the sector
average. The Fund's underweights to ExxonMobil and Chevron were especially
contributory to the Fund's benchmark-relative performance during the
period.
The drop in the price of oil, so hurtful to results in the energy sector,
was helpful to results in consumer discretionary, as investors figured that
consumers would spend their savings at the gas pump on everything from
clothes to entertainment to household appliances. The Fund was overweight
consumer discretionary and invested in stocks in the sector that performed
better than the sector average. A position in Cedar Fair was a big winner
for the portfolio in the sector. Also benefiting the Fund's performance was
a premium acquisition offer made for Kraft Foods, a company in the consumer
staples sector. Meanwhile, in information technology, the Fund's position
in Microchip Technology contributed positively to benchmark-relative
returns.
On the negative side, the Fund's overweight to the underperforming
utilities sector detracted from benchmark-relative performance, as did
stock selections in financials, industrials, and health care. A position in
Canadian Imperial Bank of Commerce, which was dragged down by concerns that
the energy slump would restrain economic growth in natural-resources-heavy
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 5
Canada, was a notable underperformer for the Fund in financials. In
industrials, the portfolio's holdings of Gorman-Rupp, MSA Safety, and
Canadian National Railway all declined in share price while the Industrials
sector as a whole actually showed an above-average gain. And in health
care, the Fund's underweights to strong performers Pfizer and UnitedHealth
Group were the main causes of underperformance in the sector.
Q Could you highlight some of the changes you made to the Fund's portfolio
during the six-month period ended April 30, 2015?
A The Fund added nine positions and eliminated 12 during the six-month
period. In financials, we added American Express, Citizens Financial,
JPMorgan Chase, and Progressive, while eliminating PNC Financial Services,
Prudential Financial, and the aforementioned Canadian Imperial Bank of
Commerce. In the cases of American Express and Citizens Financial, in
particular, but also JPMorgan Chase and Progressive, we saw prospects for
improvement from the companies' current earnings levels. With respect to
purchases of Broadcom and International Business Machines (IBM) in
information technology, BHP Billiton in materials, Kohls in consumer
discretionary, and Raytheon in industrials, we similarly estimated earnings
potential ahead of what the companies' share prices appeared to reflect.
Sales during the period included positions we thought had reached
reasonable value, for example American Water Works, PNC Financial Services,
and Hewlett-Packard; other positions where we felt prospects had become
less certain, such as Coca-Cola Enterprises, CSX, and Macy's; and, finally,
stocks we just thought had less-compelling prospects than names we wished
to purchase.
Q Did the Fund hold any derivatives during the six-month period ended April
30, 2015?
A No. The Fund had no investments in derivatives during the period.
Q The Fund typically places an emphasis on dividend-paying stocks. Would you
describe the environment for dividends as positive or negative during the
six-month period ended April 30, 2015?
A On the whole, dividend-paying stocks continue to find investors in a
low-interest-rate environment. However, the Fed has indicated its intent to
raise interest rates, and that has made investors more cautious about
stocks that derive a major part of their attractiveness from the dividends
they pay rather than high earnings growth. Utilities and REITs (real estate
investment trusts) have come under occasional pressure when investors have
felt interest-rate increases might be coming sooner rather
6 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
than later. The fact is, though, that as we write this letter, the Fed has
still not acted, and commentators are quite mixed in their views as to when
exactly the Fed will act. We would note that most estimates are for rather
modest increases in interest rates if and when they do come. Our own view
is that dividends on many stocks, and the potential growth in dividends,
may permit dividend-paying stocks to continue competing with other asset
classes in a moderately-rising interest-rate environment.
Q What is your outlook for the equity markets as we approach the middle of
2015?
A The stock market often sees rotation between sectors and industries with
different valuation and earnings characteristics. While growth stocks did
better than value stocks during the six-month period ended April 30, 2015,
there have been many other periods in the history of the U.S. stock market
when value has done better than growth. So-called macroeconomic factors,
such as currency exchange rates, commodities prices, inventory levels,
capacity utilization, employment levels, and interest rates, can push
corporate results around and affect the behavior of equity investors. There
can also be reactions among investors to news of political upheavals and
war, as well as natural disasters.
Most important to watch, we have always thought, is the level of earnings
companies are able to achieve. Right now, we are cautious on the outlook
for earnings, primarily because consumer spending, the most important
contributor to the U.S. economy, has at least temporarily slowed, despite
lower gasoline prices. We also note many economic issues in foreign
economies and the issues' adverse effects on earnings of the U.S.
multinational companies. At the same time, equity valuations as measured by
price-to-earnings multiples are somewhat above their long-term averages,
suggesting that many stocks are at least fairly valued if not expensive.
While we are, then, cautious for the near term, we think, as always, that a
longer-term expectation can still be quite positive. We meet almost every
day with the managements of companies whose stocks we hold in one or
another of our portfolios here at Pioneer, and we hear many of those
managements describe exciting business opportunities. The key of course is
to buy shares with potential for total return over time, and the task for
us is to do careful analysis of the expectations built into the prices of
shares. Our objective is to manage the portfolio in a way that takes into
account both risks and opportunities.
Thank you for your support.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 7
Please refer to the Schedule of Investments on pages 19-25 for a full listing of
Fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The portfolio invests in REIT securities, the value of which can fall for a
variety of reasons, such as declines in rental income, fluctuating interest
rates, poor property management, environmental liabilities, uninsured damage,
increased competition, or changes in real estate tax laws.
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.
These risks may increase share price volatility.
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.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
Portfolio Summary | 4/30/15
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 89.3%
International Common Stocks 7.0%
Depository Receipts for International Stocks 3.7%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 20.0%
Consumer Staples 15.8%
Health Care 12.8%
Materials 11.0%
Utilities 9.3%
Industrials 9.3%
Consumer Discretionary 8.6%
Information Technology 7.7%
Energy 3.9%
Telecommunication Services 1.6%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. The Valspar Corp. 3.91%
------------------------------------------------------------------------------
2. Kraft Foods Group, Inc. 2.57
------------------------------------------------------------------------------
3. The Gorman-Rupp Co. 2.49
------------------------------------------------------------------------------
4. Wells Fargo & Co. 2.31
------------------------------------------------------------------------------
5. Cedar Fair LP 2.31
------------------------------------------------------------------------------
6. The Chubb Corp. 2.22
------------------------------------------------------------------------------
7. Becton Dickinson and Co. 2.22
------------------------------------------------------------------------------
8. US Bancorp/MN 2.19
------------------------------------------------------------------------------
9. Mondelez International, Inc. 1.99
------------------------------------------------------------------------------
10. General Electric Co. 1.88
------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 9
Prices and Distributions | 4/30/15
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/15 10/31/14
--------------------------------------------------------------------------------
A $34.33 $36.47
--------------------------------------------------------------------------------
C $33.85 $36.03
--------------------------------------------------------------------------------
K $34.37 $36.52
--------------------------------------------------------------------------------
R $34.76 $36.88
--------------------------------------------------------------------------------
Y $34.63 $36.77
--------------------------------------------------------------------------------
Z $34.39 $36.53
--------------------------------------------------------------------------------
Distributions per Share: 11/1/14-4/30/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.4610 $ -- $3.1476
--------------------------------------------------------------------------------
C $0.3440 $ -- $3.1476
--------------------------------------------------------------------------------
K $0.5251 $ -- $3.1476
--------------------------------------------------------------------------------
R $0.3899 $ -- $3.1476
--------------------------------------------------------------------------------
Y $0.5131 $ -- $3.1476
--------------------------------------------------------------------------------
Z $0.4830 $ -- $3.1476
--------------------------------------------------------------------------------
The Russell 1000 Value Index is an unmanaged index that measures the performance
of large-cap U.S. value stocks. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-16.
10 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
Performance Update | 4/30/15 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Equity Income Fund at public
offering price during the periods shown, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of April 30, 2015)
--------------------------------------------------------------------------------
Net Public Russell
Asset Offering 1000
Value Price Value
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 7.58% 6.94% 7.51%
5 Years 13.40 12.07 13.39
1 Year 9.14 2.86 9.31
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.09%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Equity Russell 1000
Income Fund Value Index
4/30/2005 $ 9,425 $10,000
4/30/2006 $10,885 $11,831
4/30/2007 $13,198 $13,977
4/30/2008 $12,206 $12,723
4/30/2009 $ 7,787 $ 7,735
4/30/2010 $10,436 $11,005
4/30/2011 $12,718 $12,682
4/30/2012 $13,005 $12,812
4/30/2013 $15,307 $15,606
4/30/2014 $17,931 $18,867
4/30/2015 $19,569 $20,624
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 11
Performance Update | 4/30/15 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Equity Income Fund during the
periods shown, compared to that of the Russell 1000 Value Index.
Average Annual Total Returns
(As of April 30, 2015)
--------------------------------------------------------------------------------
Russell
1000
If If Value
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 6.77% 6.77% 7.51%
5 Years 12.56 12.56 13.39
1 Year 8.34 8.34 9.31
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.80%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Equity Russell 1000
Income Fund Value Index
4/30/2005 $10,000 $10,000
4/30/2006 $11,458 $11,831
4/30/2007 $13,787 $13,977
4/30/2008 $12,655 $12,723
4/30/2009 $ 8,008 $ 7,735
4/30/2010 $10,652 $11,005
4/30/2011 $12,882 $12,682
4/30/2012 $13,073 $12,812
4/30/2013 $15,277 $15,606
4/30/2014 $17,765 $18,867
4/30/2015 $19,246 $20,624
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
Performance Update | 4/30/15 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class K shares of Pioneer Equity Income Fund during the
periods shown, compared to that of the Russell 1000 Value Index.
Average Annual Total Returns
(As of April 30, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Value
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 7.68% 7.51%
5 Years 13.61 13.39
1 Year 9.53 9.31
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.69%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Equity Russell 1000
Income Fund Value Index
4/30/2005 $10,000 $10,000
4/30/2006 $11,550 $11,831
4/30/2007 $14,005 $13,977
4/30/2008 $12,953 $12,723
4/30/2009 $ 8,263 $ 7,735
4/30/2010 $11,074 $11,005
4/30/2011 $13,496 $12,682
4/30/2012 $13,800 $12,812
4/30/2013 $16,269 $15,606
4/30/2014 $19,141 $18,867
4/30/2015 $20,966 $20,624
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 19, 2012, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception on December 19, 2012, would have been higher than the performance
shown. For the period beginning December 19, 2012, the actual performance of
Class K shares is reflected. Class K shares are not subject to sales charges and
are available for limited groups of eligible investors, including institutional
investors. All results are historical and assume the reinvestment of dividends
and capital gains.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 13
Performance Update | 4/30/15 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Equity Income Fund during the
periods shown, compared to that of the Russell 1000 Value Index.
Average Annual Total Returns
(As of April 30, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Value
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 7.31% 7.51%
5 Years 13.04 13.39
1 Year 8.73 9.31
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.43%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Equity Russell 1000
Income Fund Value Index
4/30/2005 $10,000 $10,000
4/30/2006 $11,534 $11,831
4/30/2007 $13,957 $13,977
4/30/2008 $12,887 $12,723
4/30/2009 $ 8,203 $ 7,735
4/30/2010 $10,973 $11,005
4/30/2011 $13,338 $12,682
4/30/2012 $13,595 $12,812
4/30/2013 $15,951 $15,606
4/30/2014 $18,628 $18,867
4/30/2015 $20,253 $20,624
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class R shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
Performance Update | 4/30/15 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Equity Income Fund during the
periods shown, compared to that of the Russell 1000 Value Index.
Average Annual Total Returns
(As of April 30, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Value
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 8.00% 7.51%
5 Years 13.80 13.39
1 Year 9.43 9.31
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.79%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Equity Russell 1000
Income Fund Value Index
4/30/2005 $ 5,000,000 $ 5,000,000
4/30/2006 $ 5,798,448 $ 5,915,248
4/30/2007 $ 7,058,928 $ 6,988,586
4/30/2008 $ 6,551,773 $ 6,361,663
4/30/2009 $ 4,199,053 $ 3,867,406
4/30/2010 $ 5,655,573 $ 5,502,449
4/30/2011 $ 6,923,763 $ 6,340,853
4/30/2012 $ 7,106,922 $ 6,406,173
4/30/2013 $ 8,394,069 $ 7,802,957
4/30/2014 $ 9,865,210 $ 9,433,418
4/30/2015 $10,795,362 $10,344,999
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 15
Performance Update | 4/30/15 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class Z shares of Pioneer Equity Income Fund during the
periods shown, compared to that of the Russell 1000 Value Index.
Average Annual Total Returns
(As of April 30, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset 1000
Value Value
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 7.84% 7.51%
5 Years 13.68 13.39
1 Year 9.28 9.31
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.88%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Equity Russell 1000
Income Fund Value Index
4/30/2005 $10,000 $10,000
4/30/2006 $11,550 $11,831
4/30/2007 $14,005 $13,977
4/30/2008 $12,995 $12,723
4/30/2009 $ 8,319 $ 7,735
4/30/2010 $11,202 $11,005
4/30/2011 $13,701 $12,682
4/30/2012 $14,044 $12,812
4/30/2013 $16,570 $15,606
4/30/2014 $19,460 $18,867
4/30/2015 $21,267 $20,624
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for Class Z shares for periods prior to the inception of Class
Z shares on July 6, 2007, is the net asset value performance of the Fund's Class
A shares. The performance does not reflect differences in expenses, including
the Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares
are generally higher than those of Class Z shares, the performance for Class Z
shares prior to their inception on July 6, 2007, would have been higher than the
performance shown. For the period beginning July 6, 2007, the actual performance
of Class Z shares is reflected. Class Z shares are not subject to sales charges
and are available for limited groups of eligible investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
16 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Equity Income Fund
Based on actual returns from November 1, 2014, through April 30, 2015.
-----------------------------------------------------------------------------------
Share Class A C K R Y Z
-----------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/14
-----------------------------------------------------------------------------------
Ending Account $1,041.60 $1,037.40 $1,043.10 $1,039.60 $1,042.70 $1,042.10
Value (after
expenses) on
4/30/15
-----------------------------------------------------------------------------------
Expenses Paid $ 5.32 $ 9.04 $ 3.39 $ 7.08 $ 3.90 $ 4.56
During Period*
-----------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.05%,
1.79%, 0.67% 1.40%, 0.77%, and 0.90%, for Class A, Class C, Class K, Class
R, Class Y and Class Z shares, respectively, multiplied by the average
account value over the period multiplied by 181/365 (to reflect the
one-half year period).
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Equity Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2014, through April 30, 2015.
-----------------------------------------------------------------------------------
Share Class A C K R Y Z
-----------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/14
-----------------------------------------------------------------------------------
Ending Account $1,019.59 $1,015.92 $1,021.47 $1,017.85 $1,020.98 $1,020.33
Value (after
expenses) on
4/30/15
-----------------------------------------------------------------------------------
Expenses Paid $ 5.26 $ 8.95 $ 3.36 $ 7.00 $ 3.86 $ 4.51
During Period*
-----------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.05%,
1.79%, 0.67% 1.40%, 0.77%, and 0.90%, for Class A, Class C, Class K, Class
R, Class Y and Class Z shares, respectively, multiplied by the average
account value over the period multiplied by 181/365 (to reflect the
one-half year period).
18 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
Schedule of Investments | 4/30/15 (unaudited)
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
COMMON STOCKS -- 99.9%
ENERGY -- 3.9%
Oil & Gas Equipment & Services -- 0.1%
95,096 Frank's International NV* $ 1,977,997
--------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.6%
304,500 Occidental Petroleum Corp. $ 24,390,450
--------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.3%
145,820 Marathon Oil Corp. $ 4,535,002
--------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.4%
213,015 Marathon Petroleum Corp. $ 20,996,889
--------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.5%
155,006 Kinder Morgan, Inc./DE $ 6,657,508
------------
Total Energy $ 58,557,846
--------------------------------------------------------------------------------
MATERIALS -- 11.1%
Diversified Chemicals -- 2.2%
198,157 EI du Pont de Nemours & Co. $ 14,505,092
340,000 The Dow Chemical Co. 17,340,000
------------
$ 31,845,092
--------------------------------------------------------------------------------
Specialty Chemicals -- 5.2%
4,755 Givaudan SA $ 8,986,710
200,454 Johnson Matthey Plc 10,289,779
716,600 The Valspar Corp. 58,116,261
------------
$ 77,392,750
--------------------------------------------------------------------------------
Paper Packaging -- 1.6%
250,000 MeadWestvaco Corp. $ 12,200,000
254,381 Sonoco Products Co. 11,368,287
------------
$ 23,568,287
--------------------------------------------------------------------------------
Diversified Metals & Mining -- 2.1%
180,000 BHP Billiton, Ltd. (A.D.R.) $ 9,232,200
255,100 Compass Minerals International, Inc. 22,532,983
------------
$ 31,765,183
------------
Total Materials $164,571,312
--------------------------------------------------------------------------------
CAPITAL GOODS -- 6.0%
Aerospace & Defense -- 0.1%
20,000 Raytheon Co. $ 2,080,000
--------------------------------------------------------------------------------
Industrial Conglomerates -- 1.9%
1,029,984 General Electric Co. $ 27,891,967
--------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.5%
113,222 PACCAR, Inc. $ 7,399,058
--------------------------------------------------------------------------------
Industrial Machinery -- 2.5%
1,363,363 The Gorman-Rupp Co.+ $ 36,960,771
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 19
Schedule of Investments | 4/30/15 (unaudited) (continued)
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.0%
190,192 Rexel SA $ 3,599,127
184,056 Wolseley Plc 10,936,554
------------
$ 14,535,681
------------
Total Capital Goods $ 88,867,477
--------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 2.4%
Office Services & Supplies -- 0.6%
192,664 MSA Safety, Inc. $ 8,812,451
--------------------------------------------------------------------------------
Diversified Support Services -- 1.4%
300,000 G&K Services, Inc. $ 21,180,000
--------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.4%
95,096 Randstad Holding NV $ 5,699,153
------------
Total Commercial Services & Supplies $ 35,691,604
--------------------------------------------------------------------------------
TRANSPORTATION -- 1.0%
Railroads -- 1.0%
221,477 Canadian National Railway Co. $ 14,289,696
------------
Total Transportation $ 14,289,696
--------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.7%
Household Appliances -- 1.7%
380,383 Electrolux AB $ 11,437,033
77,979 Whirlpool Corp. 13,693,112
------------
$ 25,130,145
------------
Total Consumer Durables & Apparel $ 25,130,145
--------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.3%
Hotels, Resorts & Cruise Lines -- 1.0%
290,357 InterContinental Hotels Group Plc $ 12,494,115
60,765 InterContinental Hotels Group Plc (A.D.R.) 2,589,197
------------
$ 15,083,312
--------------------------------------------------------------------------------
Leisure Facilities -- 2.3%
607,087 Cedar Fair LP $ 34,257,919
------------
Total Consumer Services $ 49,341,231
--------------------------------------------------------------------------------
MEDIA -- 1.7%
Movies & Entertainment -- 0.8%
500,000 Regal Entertainment Group $ 11,000,000
--------------------------------------------------------------------------------
Publishing -- 0.9%
114,100 John Wiley & Sons, Inc. (Class A) $ 6,490,008
142,644 Meredith Corp. 7,423,194
------------
$ 13,913,202
------------
Total Media $ 24,913,202
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
RETAILING -- 2.0%
Department Stores -- 1.7%
185,000 Kohl's Corp. $ 13,255,250
156,606 Nordstrom, Inc. 11,833,149
------------
$ 25,088,399
--------------------------------------------------------------------------------
Apparel Retail -- 0.3%
72,983 Foot Locker, Inc. $ 4,338,839
------------
Total Retailing $ 29,427,238
--------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 14.6%
Soft Drinks -- 2.6%
353,400 Dr. Pepper Snapple Group, Inc. $ 26,356,572
323,033 The Coca-Cola Co. 13,102,218
------------
$ 39,458,790
--------------------------------------------------------------------------------
Packaged Foods & Meats -- 12.0%
533,153 Campbell Soup Co. $ 23,837,271
293,287 General Mills, Inc. 16,230,503
80,712 John B Sanfilippo & Son, Inc. 4,197,831
301,010 Kellogg Co. 19,062,963
450,600 Kraft Foods Group, Inc. 38,188,350
100,000 McCormick & Co., Inc. 7,530,000
769,000 Mondelez International, Inc. 29,506,530
503,396 Pinnacle Foods, Inc. 20,412,708
204,399 The Hershey Co. 18,788,356
------------
$177,754,512
------------
Total Food, Beverage & Tobacco $217,213,302
--------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 1.2%
Household Products -- 1.2%
167,210 The Clorox Co. $ 17,740,981
------------
Total Household & Personal Products $ 17,740,981
--------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 5.9%
Health Care Equipment -- 3.9%
163,900 Abbott Laboratories $ 7,608,238
234,100 Becton Dickinson and Co. 32,977,667
1,026,557 Smith & Nephew Plc 17,596,708
------------
$ 58,182,613
--------------------------------------------------------------------------------
Health Care Distributors -- 2.0%
149,887 Cardinal Health, Inc. $ 12,641,470
509,300 Owens & Minor, Inc. 17,173,596
------------
$ 29,815,066
------------
Total Health Care Equipment & Services $ 87,997,679
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 21
Schedule of Investments | 4/30/15 (unaudited) (continued)
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 7.0%
Pharmaceuticals -- 7.0%
161,663 AstraZeneca Plc (A.D.R.) $ 11,070,682
246,583 Eli Lilly & Co. 17,721,920
428,557 GlaxoSmithKline Plc (A.D.R.) 19,777,906
438,405 Merck & Co., Inc. 26,111,402
71,322 Novartis AG (A.D.R.) 7,260,580
339,116 Pfizer, Inc. 11,506,206
95,096 Roche Holding AG (A.D.R.) 3,412,044
149,269 Zoetis, Inc. 6,630,529
------------
$103,491,269
------------
Total Pharmaceuticals, Biotechnology & Life Sciences $103,491,269
--------------------------------------------------------------------------------
BANKS -- 9.1%
Diversified Banks -- 5.9%
931,564 Bank of America Corp. $ 14,839,815
95,662 JPMorgan Chase & Co. 6,051,578
758,700 US Bancorp/MN 32,525,469
622,400 Wells Fargo & Co. 34,294,240
------------
$ 87,711,102
--------------------------------------------------------------------------------
Regional Banks -- 1.6%
406,915 BB&T Corp. $ 15,580,775
299,847 Citizens Financial Group, Inc. 7,811,014
------------
$ 23,391,789
--------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.6%
978,343 New York Community Bancorp, Inc. $ 16,817,716
530,000 People's United Financial, Inc. 8,008,300
------------
$ 24,826,016
------------
Total Banks $135,928,907
--------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.7%
Consumer Finance -- 1.0%
204,781 American Express Co. $ 15,860,288
--------------------------------------------------------------------------------
Asset Management & Custody Banks -- 2.1%
263,511 Federated Investors, Inc. (Class B) $ 9,064,778
65,000 Northern Trust Corp. 4,754,750
225,754 State Street Corp. 17,410,148
------------
$ 31,229,676
--------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.6%
232,759 Morgan Stanley Co. $ 8,684,238
------------
Total Diversified Financials $ 55,774,202
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
INSURANCE -- 4.2%
Property & Casualty Insurance -- 4.2%
335,587 The Chubb Corp. $ 33,004,981
283,525 The Progressive Corp. 7,558,776
223,272 The Travelers Companies, Inc. 22,575,032
------------
$ 63,138,789
------------
Total Insurance $ 63,138,789
--------------------------------------------------------------------------------
REAL ESTATE -- 2.9%
Hotel REIT -- 0.6%
293,416 Chesapeake Lodging Trust $ 9,315,958
--------------------------------------------------------------------------------
Office REIT -- 0.4%
68,671 Alexandria Real Estate Equities, Inc. $ 6,343,827
--------------------------------------------------------------------------------
Residential REIT -- 0.7%
128,333 Camden Property Trust $ 9,635,242
--------------------------------------------------------------------------------
Retail REIT -- 0.5%
331,872 Kimco Realty Corp. $ 7,998,115
--------------------------------------------------------------------------------
Specialized REIT -- 0.7%
359,003 Outfront Media, Inc. $ 10,310,566
------------
Total Real Estate $ 43,603,708
--------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.9%
IT Consulting & Other Services -- 1.0%
89,674 International Business Machines Corp. $ 15,360,259
--------------------------------------------------------------------------------
Systems Software -- 0.9%
276,629 Microsoft Corp. $ 13,455,235
------------
Total Software & Services $ 28,815,494
--------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.5%
Computer Storage & Peripherals -- 0.5%
252,890 EMC Corp. $ 6,805,270
------------
Total Technology Hardware & Equipment $ 6,805,270
--------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 5.4%
Semiconductor Equipment -- 0.3%
81,814 Cabot Microelectronics Corp.* $ 3,869,802
--------------------------------------------------------------------------------
Semiconductors -- 5.1%
110,684 Analog Devices, Inc. $ 6,844,699
341,672 Broadcom Corp. 15,103,611
288,426 Linear Technology Corp. 13,305,091
523,502 Microchip Technology, Inc. 24,947,488
717,266 NVIDIA Corp. 15,919,719
------------
$ 76,120,608
------------
Total Semiconductors & Semiconductor Equipment $ 79,990,410
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 23
Schedule of Investments | 4/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.0%
Integrated Telecommunication Services -- 1.0%
2,400,000 Singapore Telecommunications, Ltd. $ 8,028,999
140,000 Verizon Communications, Inc. 7,061,600
--------------
$ 15,090,599
--------------
Total Telecommunication Services $ 15,090,599
----------------------------------------------------------------------------------
UTILITIES -- 9.4%
Electric Utilities -- 3.0%
273,068 American Electric Power Co., Inc. $ 15,529,377
210,000 Eversource Energy 10,239,600
114,020 NextEra Energy, Inc.* 11,508,039
200,000 Westar Energy, Inc. 7,530,000
--------------
$ 44,807,016
----------------------------------------------------------------------------------
Gas Utilities -- 3.2%
352,330 AGL Resources, Inc. $ 17,711,629
230,200 National Fuel Gas Co. 14,836,390
622,877 Questar Corp. 14,600,237
--------------
$ 47,148,256
----------------------------------------------------------------------------------
Multi-Utilities -- 3.2%
442,569 Alliant Energy Corp. $ 26,762,147
498,500 Ameren Corp. 20,408,590
--------------
$ 47,170,737
--------------
Total Utilities $ 139,126,009
----------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $1,043,643,157) $1,485,506,370
----------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.9%
(Cost $1,043,643,157) (a) $1,485,506,370
----------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.1% $ 1,321,893
----------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,486,828,263
----------------------------------------------------------------------------------
* Non-income producing security.
(A.D.R.) American Depositary Receipts.
REIT Real Estate Investment Trust.
+ Investment held by the Fund representing 5% or more of the
outstanding voting stock of such company.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
(a) At April 30, 2015, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $1,028,854,659 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 465,302,740
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (8,651,029)
-------------
Net unrealized appreciation $ 456,651,711
=============
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended April 30, 2015 aggregated $153,844,855 and $212,985,951,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services or broker-dealers)
as Level 3.
The following is a summary of the inputs used as of April 30, 2015, in valuing
the Fund's investments:
----------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------
Common Stocks $1,485,506,370 $-- $-- $1,485,506,370
----------------------------------------------------------------------------------
Total $1,485,506,370 $-- $-- $1,485,506,370
==================================================================================
During the six months ended April 30, 2015, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 25
Statement of Assets and Liabilities | 4/30/15 (unaudited)
ASSETS:
Investment in securities of unaffiliated issuers, at value
(cost $1,036,686,393) $1,448,545,599
Investment in securities of affiliated issuers, at value (cost $6,956,764) 36,960,771
---------------------------------------------------------------------------------------------
Total investments in securities, at value (cost $1,043,643,157) $1,485,506,370
Foreign currency (cost $449,700) 457,512
Receivables --
Fund shares sold 1,303,183
Dividends 2,228,309
Other assets 73,738
---------------------------------------------------------------------------------------------
Total assets $1,489,569,112
=============================================================================================
LIABILITIES:
Payables --
Fund shares repurchased $ 901,550
Net unrealized depreciation on forward foreign currency contracts 110
Due to affiliates 443,953
Due to custodian 1,320,140
Trustee fees 6,822
Accrued expenses 68,274
---------------------------------------------------------------------------------------------
Total liabilities $ 2,740,849
=============================================================================================
NET ASSETS:
Paid-in capital $ 991,114,302
Undistributed net investment income 16,312,304
Accumulated net realized gain on investments 37,656,403
Net unrealized appreciation on investments 441,863,213
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (117,959)
---------------------------------------------------------------------------------------------
Total net assets $1,486,828,263
=============================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $748,867,088/21,815,289 shares) $ 34.33
Class C (based on $122,328,050/3,613,666 shares) $ 33.85
Class K (based on $15,685,908/456,334 shares) $ 34.37
Class R (based on $75,296,863/2,166,042 shares) $ 34.76
Class Y (based on $523,527,276/15,116,331 shares) $ 34.63
Class Z (based on $1,123,078/32,658 shares) $ 34.39
MAXIMUM OFFERING PRICE:
Class A ($34.33 (divided by) 94.25%) $ 36.42
=============================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
Statement of Operations (unaudited)
For the Six Months Ended 4/30/15
INVESTMENT INCOME:
Dividends (including income from affiliated issuers of
$279,704 and net of foreign tax withheld of $117,979) $23,594,713
---------------------------------------------------------------------------------------------
Total investment income $ 23,594,713
=============================================================================================
EXPENSES:
Management fees $ 4,501,879
Transfer agent fees and expenses
Class A 225,473
Class B* 1,154
Class C 23,181
Class K 706
Class R 2,012
Class Y 983
Class Z 519
Distribution fees
Class A 955,313
Class B* 2,832
Class C 599,447
Class R 194,139
Shareholder communications expense 761,144
Administrative reimbursement 213,288
Custodian fees 14,253
Registration fees 46,246
Professional fees 37,395
Printing expense 11,254
Fees and expenses of nonaffiliated Trustees 34,934
Miscellaneous 55,853
---------------------------------------------------------------------------------------------
Total expenses $ 7,682,005
---------------------------------------------------------------------------------------------
Net investment income $ 15,912,708
=============================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $37,946,181
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (124,793) $ 37,821,388
---------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 8,152,407
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (15,725) $ 8,136,682
---------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 45,958,070
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 61,870,778
=============================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 27
Statements of Changes in Net Assets
----------------------------------------------------------------------------------------------
Six Months
Ended
4/30/15 Year Ended
(unaudited) 10/31/14
----------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 15,912,708 $ 38,775,202
Net realized gain on investments and foreign
currency transactions 37,821,388 128,186,771
Change in net unrealized appreciation on investments
and foreign currency transactions 8,136,682 8,751,709
----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 61,870,778 $ 175,713,682
==============================================================================================
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.46 and $0.80 per share, respectively) $ (10,512,970) $ (18,352,204)
Class B* ($0.00 and $0.40 per share, respectively) -- (135,583)
Class C ($0.34 and $0.55 per share, respectively) (1,217,970) (1,761,651)
Class K ($0.53 and $0.94 per share, respectively) (197,470) (97,088)
Class R ($0.39 and $0.67 per share, respectively) (887,854) (1,598,587)
Class Y ($0.51 and $0.91 per share, respectively) (7,606,721) (12,885,265)
Class Z ($0.48 and $0.85 per share, respectively) (18,421) (52,341)
Net realized gain:
Class A ($3.15 and $1.15 per share, respectively) $ (66,682,486) $ (26,460,393)
Class B* ($0.00 and $1.15 per share, respectively) -- (449,286)
Class C ($3.15 and $1.15 per share, respectively) (10,128,292) (3,553,217)
Class K ($3.15 and $1.15 per share, respectively) (961,946) (3,933)
Class R ($3.15 and $1.15 per share, respectively) (6,797,737) (2,944,529)
Class Y ($3.15 and $1.15 per share, respectively) (43,627,159) (15,774,041)
Class Z ($3.15 and $1.15 per share, respectively) (116,535) (94,442)
----------------------------------------------------------------------------------------------
Total distributions to shareowners $ (148,755,561) $ (84,162,560)
----------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 202,901,746 $ 309,566,344
Reinvestment of distributions 131,980,168 74,758,846
Cost of shares repurchased (258,706,090) (460,644,848)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ 76,175,824 $ (76,319,658)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (10,708,959) $ 15,231,464
NET ASSETS:
Beginning of period 1,497,537,222 1,482,305,758
----------------------------------------------------------------------------------------------
End of period $ 1,486,828,263 $1,497,537,222
----------------------------------------------------------------------------------------------
Undistributed net investment income $ 16,312,304 $ 20,841,002
==============================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
-------------------------------------------------------------------------------------------
'15 Shares '15 Amount
(unaudited) (unaudited) '14 Shares '14 Amount
-------------------------------------------------------------------------------------------
Class A
Shares sold 1,938,251 $ 67,704,548 3,386,585 $ 118,220,828
Reinvestment of distributions 2,157,440 74,005,829 1,259,648 43,052,042
Less shares repurchased (3,388,894) (117,561,928) (7,588,919) (265,225,868)
-------------------------------------------------------------------------------------------
Net increase (decrease) 706,797 $ 24,148,449 (2,942,686) $ (103,952,998)
===========================================================================================
Class B*
Shares sold or exchanged -- $ -- 11,816 $ 402,086
Reinvestment of distributions -- -- 16,387 551,481
Less shares repurchased (284,163) (10,448,255) (147,775) (5,102,064)
-------------------------------------------------------------------------------------------
Net decrease (284,163) $ (10,448,255) (119,572) $ (4,148,497)
===========================================================================================
Class C
Shares sold 492,010 $ 16,784,553 557,786 $ 19,152,401
Reinvestment of distributions 235,290 7,957,934 110,592 3,720,045
Less shares repurchased (327,014) (11,185,733) (545,471) (18,857,316)
-------------------------------------------------------------------------------------------
Net increase 400,286 $ 13,556,754 122,907 $ 4,015,130
===========================================================================================
Class K
Shares sold 174,545 $ 6,064,414 321,601 $ 11,597,482
Reinvestment of distributions 33,179 1,139,785 2,819 100,616
Less shares repurchased (48,505) (1,677,369) (30,712) (1,095,715)
-------------------------------------------------------------------------------------------
Net increase 159,219 $ 5,526,830 293,708 $ 10,602,383
===========================================================================================
Class R
Shares sold 214,229 $ 7,575,262 365,050 $ 12,872,885
Reinvestment of distributions 216,835 7,527,013 129,561 4,463,805
Less shares repurchased (408,183) (14,264,285) (829,085) (29,056,585)
-------------------------------------------------------------------------------------------
Net increase (decrease) 22,881 $ 837,990 (334,474) $ (11,719,895)
===========================================================================================
Class Y
Shares sold 2,998,660 $ 104,631,503 4,181,507 $ 146,976,992
Reinvestment of distributions 1,190,774 41,216,659 658,068 22,725,568
Less shares repurchased (2,955,062) (103,197,429) (3,914,688) (139,019,101)
-------------------------------------------------------------------------------------------
Net increase 1,234,372 $ 42,650,733 924,887 $ 30,683,459
===========================================================================================
Class Z
Shares sold 3,972 $ 141,466 9,802 $ 343,670
Reinvestment of distributions 3,869 132,948 4,268 145,289
Less shares repurchased (10,791) (371,091) (65,295) (2,288,199)
-------------------------------------------------------------------------------------------
Net decrease (2,950) $ (96,677) (51,225) $ (1,799,240)
===========================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 29
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/15 Ended Ended Ended Ended Ended
(unaudited) 10/31/14 10/31/13 10/31/12 10/31/11 10/31/10
-----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 36.47 $ 34.35 $ 27.96 $ 26.19 $ 23.92 $ 20.24
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.33 $ 0.96 $ 0.75 $ 1.05 $ 0.48 $ 0.46
Net realized and unrealized gain (loss) on investments 1.14 3.11 6.53 1.56 2.20 3.63
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.47 $ 4.07 $ 7.28 $ 2.61 $ 2.68 $ 4.09
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.46) $ (0.80) $ (0.89) $ (0.84) $ (0.41) $ (0.40)
Net realized gain (3.15) (1.15) -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.61) $ (1.95) $ (0.89) $ (0.84) $ (0.41) $ (0.40)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.14) $ 2.12 $ 6.39 $ 1.77 $ 2.27 $ 3.69
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 34.33 $ 36.47 $ 34.35 $ 27.96 $ 26.19 $ 23.92
===================================================================================================================================
Total return* 4.16% 12.33% 26.52% 10.09% 11.26% 20.36%
Ratio of net expenses to average net assets 1.05%** 1.09% 1.10% 1.14% 1.15% 1.19%
Ratio of net investment income (loss) to average net assets 2.11%** 2.56% 2.39% 3.86% 1.78% 1.93%
Portfolio turnover rate 21%** 29% 26% 49% 24% 15%
Net assets, end of period (in thousands) $748,867 $769,869 $826,039 $679,254 $630,087 $606,693
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/15 Ended Ended Ended Ended Ended
(unaudited) 10/31/14 10/31/13 10/31/12 10/31/11 10/31/10
-----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 36.03 $ 33.94 $ 27.64 $ 25.91 $ 23.66 $ 20.01
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.18 $ 0.62 $ 0.47 $ 0.84 $ 0.27 $ 0.32
Net realized and unrealized gain (loss) on investments 1.13 3.17 6.50 1.54 2.20 3.55
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.31 $ 3.79 $ 6.97 $ 2.38 $ 2.47 $ 3.87
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.34) $ (0.55) $ (0.67) $ (0.65) $ (0.22) $ (0.22)
Net realized gain (3.15) (1.15) -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.49) $ (1.70) $ (0.67) $ (0.65) $ (0.22) $ (0.22)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.18) $ 2.09 $ 6.30 $ 1.73 $ 2.25 $ 3.65
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 33.85 $ 36.03 $ 33.94 $ 27.64 $ 25.91 $ 23.66
===================================================================================================================================
Total return* 3.74% 11.57% 25.61% 9.26% 10.45% 19.46%
Ratio of net expenses to average net assets 1.79%** 1.80% 1.84% 1.86% 1.91% 1.96%
Ratio of net investment income (loss) to average net assets 1.34%** 1.83% 1.62% 3.13% 1.02% 1.17%
Portfolio turnover rate 21%** 29% 26% 49% 24% 15%
Net assets, end of period (in thousands) $122,328 $115,762 $104,890 $ 77,219 $ 70,683 $66,536
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 31
Financial Highlights (continued)
--------------------------------------------------------------------------------------------
Six Months
Ended Year
4/30/15 Ended 12/20/12
(unaudited) 10/31/14 to 10/31/13
--------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 36.52 $ 34.38 $ 28.30
--------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.46 $ 0.96 $ 0.03
Net realized and unrealized gain (loss)
on investments 1.07 3.27 6.63
--------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ 1.53 $ 4.23 $ 6.66
--------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.53) $ (0.94) $ (0.58)
Net realized gain (3.15) (1.15) --
--------------------------------------------------------------------------------------------
Total distributions $ (3.68) $ (2.09) $ (0.58)
--------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.15) $ 2.14 $ 6.08
--------------------------------------------------------------------------------------------
Net asset value, end of period $ 34.37 $ 36.52 $ 34.38
============================================================================================
Total return* 4.31% 12.82% 23.72%(a)
Ratio of net expenses to average net assets 0.67%** 0.69% 0.66%**
Ratio of net investment income (loss) to
average net assets 2.44%** 2.24% 1.84%**
Portfolio turnover rate 21%** 29% 26%
Net assets, end of period (in thousands) $15,686 $10,849 $ 117
============================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) Not annualized.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/15 Ended Ended Ended Ended Ended
(unaudited) 10/31/14 10/31/13 10/31/12 10/31/11 10/31/10
-----------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 36.88 $ 34.71 $ 28.24 $ 26.45 $ 24.14 $ 20.43
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.29 $ 0.88 $ 0.72 $ 1.03 $ 0.36 $ 0.44
Net realized and unrealized gain (loss) on investments 1.13 3.11 6.54 1.52 2.28 3.62
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.42 $ 3.99 $ 7.26 $ 2.55 $ 2.64 $ 4.06
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.39) $ (0.67) $ (0.79) $ (0.76) $ (0.33) $ (0.35)
Net realized gain (3.15) (1.15) -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.54) $ (1.82) $ (0.79) $ (0.76) $ (0.33) $ (0.35)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.12) $ 2.17 $ 6.47 $ 1.79 $ 2.31 $ 3.71
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 34.76 $ 36.88 $ 34.71 $ 28.24 $ 26.45 $ 24.14
===================================================================================================================================
Total return* 3.96% 11.95% 26.13% 9.76% 10.96% 20.03%
Ratio of net expenses to average net assets 1.40%** 1.43% 1.41% 1.41% 1.48% 1.44%
Ratio of net investment income (loss) to average net assets 1.76%** 2.22% 2.09% 3.62% 1.46% 1.68%
Portfolio turnover rate 21%** 29% 26% 49% 24% 15%
Net assets, end of period (in thousands) $ 75,297 $ 79,042 $ 85,986 $ 79,557 $ 78,159 $67,450
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 33
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/15 Ended Ended Ended Ended Ended
(unaudited) 10/31/14 10/31/13 10/31/12 10/31/11 10/31/10
-----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 36.77 $ 34.62 $ 28.17 $ 26.38 $ 24.09 $ 20.37
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.39 $ 0.98 $ 0.78 $ 1.05 $ 0.44 $ 0.49
Net realized and unrealized gain (loss) on investments 1.13 3.23 6.67 1.67 2.37 3.74
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.52 $ 4.21 $ 7.45 $ 2.72 $ 2.81 $ 4.23
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.51) $ (0.91) $ (1.00) $ (0.93) $ (0.52) $ (0.51)
Net realized gain (3.15) (1.15) -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.66) $ (2.06) $ (1.00) $ (0.93) $ (0.52) $ (0.51)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.14) $ 2.15 $ 6.45 $ 1.79 $ 2.29 $ 3.72
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 34.63 $ 36.77 $ 34.62 $ 28.17 $ 26.38 $ 24.09
===================================================================================================================================
Total return* 4.27% 12.67% 26.98% 10.47% 11.73% 20.98%
Ratio of net expenses to average net assets 0.77%** 0.79% 0.76% 0.77% 0.75% 0.72%
Ratio of net investment income (loss) to average net assets 2.36%** 2.85% 2.68% 4.20% 2.16% 2.38%
Portfolio turnover rate 21%** 29% 26% 49% 24% 15%
Net assets, end of period (in thousands) $523,527 $510,416 $448,509 $322,567 $238,647 $148,995
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/15 Ended Ended Ended Ended Ended
(unaudited) 10/31/14 10/31/13 10/31/12 10/31/11 10/31/10
-----------------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 36.53 $ 34.38 $ 27.98 $ 26.21 $ 23.95 $ 20.27
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.45 $ 1.54 $ 0.84 $ 0.93 $ 0.30 $ 0.38
Net realized and unrealized gain (loss) on investments 1.04 2.61 6.51 1.74 2.48 3.80
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.49 $ 4.15 $ 7.35 $ 2.67 $ 2.78 $ 4.18
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.48) $ (0.85) $ (0.95) $ (0.90) $ (0.52) $ (0.50)
Net realized gain (3.15) (1.15) -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.63) $ (2.00) $ (0.95) $ (0.90) $ (0.52) $ (0.50)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.14) $ 2.15 $ 6.40 $ 1.77 $ 2.26 $ 3.68
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 34.39 $ 36.53 $ 34.38 $ 27.98 $ 26.21 $ 23.95
===================================================================================================================================
Total return* 4.21% 12.58% 26.80% 10.31% 11.67% 20.84%
Ratio of net expenses to average net assets 0.90%** 0.88% 0.87% 0.87% 0.85% 0.81%
Ratio of net investment income (loss) to average net assets 2.28%** 2.94% 2.58% 3.98% 2.05% 2.25%
Portfolio turnover rate 21%** 29% 26% 49% 24% 15%
Net assets, end of period (in thousands) $ 1,123 $ 1,301 $ 2,985 $ 2,553 $ 1,653 $ 505
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 35
Notes to Financial Statements | 4/30/15 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Equity Income Fund (the Fund) is a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is current
income and long-term growth of capital from a portfolio consisting primarily of
income producing equity securities of U.S. corporations.
During the period covered by this report, the Fund offered six classes of shares
designated as Class A, Class C, Class K, Class R, Class Y and Class Z shares.
Class K shares commenced operations on December 20, 2012. The Fund ceased to
offer Class B shares on November 10, 2014. Class B shares were converted to
Class A shares as of the close of business on November 10, 2014. Each class of
shares represents an interest in the same portfolio of investments of the Fund
and has identical rights (based on relative net asset values) to assets and
liquidation proceeds. Share classes can bear different rates of class-specific
fees and expenses such as transfer agent and distribution fees. Differences in
class-specific fees and expenses will result in differences in net investment
income and, therefore, the payment of different dividends from net investment
income earned by each class. The Amended and Restated Declaration of Trust of
the Fund gives the Board the flexibility to specify either per-share voting or
dollar-weighted voting when submitting matters for shareholder approval. Under
per-share voting, each share of a class of the Fund is entitled to one vote.
Under dollar-weighted voting, a shareholder's voting power is determined not by
the number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class K, Class Y or Class Z
shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
36 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In
computing the net asset value, securities that have traded on an exchange
are valued at the last sale price on the principal exchange where they are
traded. Securities that have not traded on the date of valuation, or
securities for which sale prices are not available, generally are valued at
the mean between the last bid and asked prices. Shares of money market
mutual funds are valued at such funds' net asset value.
Trading in foreign securities is substantially completed each day at
various times prior to the close of the NYSE. The values of such securities
used in computing the net asset value of the Fund's shares are determined
as of such times.
Securities for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued by a fair valuation
team comprised of certain personnel of Pioneer Investment Management, Inc.,
(PIM), the Fund's investment adviser, pursuant to procedures adopted by the
Fund's Board of Trustees. PIM's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. PIM's fair
valuation team is responsible for monitoring developments that may impact
fair valued securities and for discussing and assessing fair values on an
ongoing basis, and at least quarterly, with the Valuation Committee of the
Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
At April 30, 2015, there were no securities that were valued using fair
value methods (other than securities that were valued using prices supplied
by independent pricing services or broker-dealers).
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 37
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income, including
interest on income bearing cash accounts, is recorded on the accrual basis.
Dividend and interest income are reported net of unrecoverable foreign
taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. As of
October 31, 2014, the Fund did not accrue any interest or penalties with
respect to unrecognized tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years are subject to examination by
Federal and State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
during the year ended October 31, 2014 was as follows:
-----------------------------------------------------------------------------------
2014
-----------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 34,882,719
Long-term capital gain 49,279,841
-----------------------------------------------------------------------------------
Total $ 84,162,560
===================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2014:
38 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
-----------------------------------------------------------------------------------
2014
-----------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 5,889,102
Undistributed long term capital gain 128,312,572
Net unrealized appreciation 448,397,070
-----------------------------------------------------------------------------------
Total $582,598,744
===================================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales and tax basis
adjustments on Real Estate Investment Trust (REIT) holdings and
partnerships.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $45,465 in underwriting commissions on the sale of
Class A shares during the six months ended April 30, 2015.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C and Class R shares of the Fund,
respectively (see Note 4). Class K, Class Y and Class Z shares do not pay
distribution fees. All expenses and fees paid to the transfer agent,
Pioneer Investment Management Shareholder Services, Inc. (PIMSS), for its
services are allocated among the classes of shares based on the number of
accounts in each class and the ratable allocation of related out-of-pocket
expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class K, Class R, Class Y
and Class Z shares can reflect different transfer agent and distribution
expense rates.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 39
F. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political or regulatory developments or other
risks affecting those industries or sectors. The Fund's prospectus contains
unaudited information regarding the Fund's principal risks. Please refer to
that document when considering the Fund's principal risks.
G. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
is recorded in the Fund's financial statements. The Fund records realized
gains and losses at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 8).
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.60% of
the Fund's average daily net assets up to $10 billion and 0.575% on assets over
$10 billion. For the six months ended April 30, 2015, the effective management
fee (excluding waivers and/or assumption of expenses) was equivalent to 0.60% of
the Fund's average daily net assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting, and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$52,332, in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2015.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
40 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
For the six months ended April 30, 2015, such out-of-pocket expenses by class
of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $314,729
Class B 607
Class C 57,815
Class K 103
Class R 93,016
Class Y 293,844
Class Z 1,030
--------------------------------------------------------------------------------
Total $761,144
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $372,383 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2015.
4. Distribution and Service Plans
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class C and Class R
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class C shares. The fee for Class C
shares consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Pursuant to the Plan, the
Fund further pays PFD 0.50% of the average daily net assets attributable to
Class R shares for distribution services. Included in "Due to affiliates"
reflected on the Statement of Assets and Liabilities is $19,238 in distribution
fees payable to PFD at April 30, 2015.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class K, Class R, Class
Y and Class Z shares) may be subject to a contingent deferred sales charge
(CDSC). A CDSC of 1.00% may be imposed on redemptions of certain net asset value
purchases of Class A shares within 12 months of purchase. Redemptions of Class C
shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the
lower of cost or market value of shares being
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 41
redeemed. Shares purchased as part of an exchange remain subject to any CDSC
that applied to the original purchase of those shares. There is no CDSC for
Class K, Class R, Class Y or Class Z shares. Proceeds from the CDSCs are paid to
PFD. For the six months ended April 30, 2015, CDSCs in the amount of $2,452 were
paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended April 30, 2015, the Fund's expenses
were not reduced under such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect during the six months ended April 30, 2015 was in the
amount of $215 million. Under such facility, depending on the type of loan,
interest on borrowings is payable at the London Interbank Offered Rate
(LIBOR) plus 0.85% (0.90% prior to February 12, 2014) on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date,
(b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus the
overnight Euro dollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in the credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth
in the credit agreement. For the six months ended April 30, 2015, the Fund
had no borrowings under the credit facility.
7. Affiliated Companies
The Fund's investments in certain companies may exceed 5% of the outstanding
voting stock of those companies. Such companies are deemed affiliates of the
Fund for financial reporting purposes. The following summarizes transactions
with affiliates of the Fund for the six months ended April 30, 2015:
----------------------------------------------------------------------------------------------
Beginning Corporate
Balance Purchases Sales Actions Ending Dividend
Affiliates (shares) (shares) (shares) (shares) (shares) Income Value
----------------------------------------------------------------------------------------------
The Gorman-
Rupp Co. 1,433,678 -- (70,315) -- 1,363,363 $279,704 $36,960,771
42 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
8. Forward Foreign Currency Contracts
During the six months ended April 30, 2015, the Fund had entered into various
forward foreign currency contracts that obligate the Fund to deliver or take
delivery of currencies at specified future maturity dates. Alternatively, prior
to the settlement date of a forward foreign currency contract, the Fund may
close out such contract by entering into an offsetting contract. The average
value of contracts open during the six months ended April 30, 2015 was
$1,517,813. There were no open forward foreign currency contracts at April 30,
2015.
9. Additional Disclosures about Derivative Instruments and Hedging Activities:
The effect of derivative instruments on the Statement of Operations for the six
months ended April 30, 2015 was as follows:
--------------------------------------------------------------------------------------------------
Change in
Derivatives Not Unrealized
Accounted for as Realized Appreciation or
Hedging Instruments Location of Gain Gain (Loss) (Depreciation)
Under Accounting or (Loss) on on Derivatives on Derivatives
Standards Codification Derivatives Recognized Recognized Recognized
(ASC) 185 in Income in Income in Income
--------------------------------------------------------------------------------------------------
Forward Foreign Net realized gain (loss) on
Currency Contracts forward foreign currency contracts $(139,669)
10. Change in Independent Registered Public Accounting Firm
The Board of Trustees of the Fund, with the approval and recommendation of the
Audit Committee, appointed Deloitte & Touche LLP to serve as the Fund's
independent registered public accounting firm for the fiscal year ending October
31, 2014. Deloitte & Touche LLP replaced Ernst & Young LLP, which resigned as
the Fund's independent registered public accounting firm, effective upon
completion of the audit of the Fund's financial statements for the fiscal year
ended October 31, 2013.
During the periods that Ernst & Young LLP served as the Fund's independent
registered public accounting firm, including the Fund's fiscal years ended
October 31, 2013 and October 31, 2012, Ernst & Young LLP's reports on the
financial statements of the Fund have not contained an adverse opinion or
disclaimer of opinion and have not been qualified or modified as to uncertainty,
audit scope or accounting principles. Further, there have been no disagreements
with Ernst & Young LLP on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure, which, if not
resolved to the satisfaction of Ernst & Young LLP would have caused Ernst &
Young LLP to make reference to the subject matter of the disagreement in
connection with its report on the financial statements. In addition, there have
been no reportable events of the kind described in Item 304 (a)(1)(v) of
Regulation S-K under the Securities Exchange Act of 1934.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 43
11. Conversion of Class B Shares
As of the close of business on November 10, 2014 (the "Conversion Date"), all
outstanding Class B shares of the Fund were converted to Class A shares.
12. Subsequent Event
As of the close of business on August 7, 2015 (the "Conversion Date"), all
outstanding Class Z shares of the Fund will be converted to Class Y shares.
Shareholders may continue to hold their Class Z shares until the Conversion. No
sales charges or other charges will be assessed in connection with the
Conversion.
ADDITIONAL INFORMATION
PIM, the Fund's investment adviser, is currently an indirect, wholly-owned
subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it
signed a preliminary and exclusive 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").
Pursuant to the preliminary agreement, the Transaction will entail the
establishment of 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 completion of the Transaction is subject to the
signing of a definitive agreement, as well as certain regulatory and corporate
approvals, and other conditions.
Under the Investment Company Act of 1940, completion of the Transaction
will cause the Fund's investment advisory agreement with the Adviser to
terminate. In connection with the Transaction, the Fund's Board of Trustees
will be asked to approve a new investment advisory agreement for the Fund. If
approved by the Board, the Fund's new investment advisory agreement will be
submitted to the shareholders of the Fund for their approval.
44 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 45
This page for your notes.
46 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
This page for your notes.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 47
This page for your notes.
48 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
This page for your notes.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 49
This page for your notes.
50 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
This page for your notes.
Pioneer Equity Income Fund | Semiannual Report | 4/30/15 51
This page for your notes.
52 Pioneer Equity Income Fund | Semiannual Report | 4/30/15
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2015 Pioneer Investments 19381-09-0615
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Not applicable.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
Not applicable.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
Not applicable.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
Not applicable.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Fund. For the
period ended April 30, 2015, there were
no services provided to an affiliate that required the
Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
Not applicable.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Equity Income Fund
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date June 26, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date June 26, 2015
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date June 26, 2015
* Print the name and title of each signing officer under his or her signature.