Pioneer Equity Income Fund Marks 25 Year Anniversary

BOSTON--(BUSINESS WIRE)-- In July, Pioneer Equity Income Fund marked its 25th anniversary. John Carey, Portfolio Manager, guided the fund to the 25th percentile of the Morningstar Large Cap Value category since inception through August 31, 2015, and an overall Four Star rating from Morningstar.1 Importantly, the fund experienced only 73.45% of the equity market’s downside, as measured by the fund’s downside capture ratio, during periods of market declines between August 1, 1990 and August 31, 2015, mitigating potential losses for its shareholders.2

Pioneer Equity Income Fund is an actively managed strategy focused on high-quality dividend-paying stocks3. The fund has been led since its inception by Portfolio Manager John Carey. Walter Hunnewell Jr. joined John as a Portfolio Manager on the fund in 2001. As Portfolio Managers, they managed $1.49 billion in the strategy as of July 31, 2015.

“Pioneer Equity Income Fund has a long history of competitive performance and a compelling record of protecting assets during down markets,” said Lisa Jones, Chief Executive Officer of Pioneer Investment Management USA Inc., the U.S. division of Pioneer Investments.4 Jones added: “Given the strong investor need for income-producing investments and wealth preservation, this strategy is as important for investors today as it was 25 years ago.”

John Carey said: "We look for well-established companies with exemplary dividend growth and managements that are committed to continuing dividend payments. Our focus is on selecting securities currently selling at attractive discounts to their intrinsic value and holding these issues until their value is fully reflected in the marketplace. For investors with a long-term time horizon, we believe this approach works well across a full market cycle.”

Based on Lipper rankings, the Pioneer Equity Income Fund ranked in the 22nd percentile of Lipper’s Equity Income category from inception (July 31, 1990) through August 31, 2015. Additional details on Lipper rankings for different time periods are below.

About Pioneer Investments

Pioneer Investments is the trade name for Pioneer Global Asset Management S.p.A. and its subsidiaries. Pioneer Investments is a global investment firm with offices in 28 countries, 2,000 employees and approximately $245.4 billion in assets under management as of August 31, 2015, of which approximately $68.5 billion was managed in the U.S. Pioneer Investment Management, Inc. is the investment advisory subsidiary of Pioneer Investment Management USA Inc. Pioneer Investment Management USA Inc. is the North American operating subsidiary of Pioneer Global Asset Management S.p.A., a wholly-owned subsidiary of UniCredit S.p.A.

1

As of August 31, 2015:

Fund Class A Shares

Category %Rank 1-Year

Category %Rank 3-Year

Category %Rank 5-Year

Category %Rank 10-Year

Category % Rank Lifetime

MorningstarLarge Value

Pioneer Equity IncomeFundInception: 7/25/1990

5%62/1387

39%470/1193

26%271/1056

24%178/741

25% 86/344

As of August 31, 2015:

MorningstarRatingsfor AllPeriods

Morningstar OverallRating

3 Years

5 Years

10 Years

Fund Class AShares

Category

Load Waived

Load Adjusted

# of Funds

Load Waived

Load Adjusted

# of Funds

Load Waived

Load Adjusted

# of Funds

Load Waived

Load Adjusted

# of Funds

PioneerEquityIncome Fund

Large Value

4

3

1193

3

2

1193

4

3

1056

4

4

741

The Overall Morningstar Ratings™ are based on a weighted average of the star ratings assigned to a fund’s three-year, five-year, and ten-year (as applicable) time periods. The ratings are for Class A shares only.

The performance data quoted represents past performance, which is no guarantee of future results. Please see a prospectus for complete information pertaining to load waived eligibility (such as large purchases or certain types of group plans participants). Morningstar load waived ratings are based on the standard Morningstar rating methodology with the exception that they are recalculated without the effects of the front load sales charge. Class A shares performance includes a maximum 5.75% or 4.50% sales charge for equity and fixed income funds, respectively. Ratings are based on past performance. Morningstar proprietary ratings reflect risk-adjusted performance as of 8/31/2015. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

2 The reference to downside capture ratio refers to Morningstar data calculating the fund’s Downside Market Capture Ratio of 73.45% from August 1, 1990 (first measured date after inception) through August 31, 2015. Upside/Downside Market Capture ratio is a measure of a fund’s relative performance versus a market index during periods when the index had only positive or negative returns. An upside market capture ratio of 110 indicates outperformance of the index by 10% during periods of when the index increased. A downside market capture ratio of 90 indicates outperformance of the index by 10% during periods when the index declined. Pioneer Equity Income Fund’s downside capture ratio of 73.45% means the fund lost less than the Standard & Poor’s 500 Index during periods when the market declined.

S&P 500 Index is a measure of the performance of U.S. large-cap stocks. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike mutual fund returns, do not reflect any fees or expenses associated with a mutual fund. It is not possible to invest directly in an index.

3Dividends are not guaranteed.

4Pioneer Equity Income Fund Class A shares

Average annual total return (Class A) for the Pioneer Equity Income Fund as of 6/30/15:

											Net Asset Value (NAV)				Public Offering Price (POP)
							YTD through 6/30/15				-.77%				-6.48%
							YTD through 8/31/15				-3.32%				-8.89%
							1-Year				3.43%				-2.52%
							5-Year				15.51%				14.14%
							10- Year				7.16%				6.52%
							Life of Fund (since July 1990)				9.60%				9.34%

NAV results represent the percent change in Net Asset Value per share. POP returns reflect deduction of maximum 5.75% sales charge. All results are historical and assume reinvestment of dividends and capital gains.

Gross Expense Ratio: 1.09%

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. 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.

As of August 31, 2015:

Fund Class A Shares

Category %Rank 1-Year

Category %Rank 3-Year

Category % Rank 5-Year

Category %Rank 10-Year

Category %Rank Lifetime

LipperEquityIncome

Pioneer Equity IncomeFundNote: first data point7/31/90

5%21/495

8%26/364

12%33/285

44%80/181

22%5/22

Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results.

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. containing this information. Read it carefully.

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

A Word About Risk:

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 sectors that are interrelated or have common risks, making them more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.

These risks may increase share price volatility.

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

© 2015 Pioneer Investments, Member of the UniCredit Banking Group, Register of Banking Groups

Not FDIC InsuredMay lose valueNo bank guarantee

View source version on businesswire.com: http://www.businesswire.com/news/home/20150911005793/en/

Pioneer Investments
Geoff Smith, 617-422-4758
[email protected]

Source: Pioneer Investments

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