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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, Amundi Asset 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, 2022
Date of reporting period: November 1, 2021 through April 30, 2022
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.
Pioneer Equity Income Fund
Semiannual Report | April 30, 2022
A: PEQIX | C: PCEQX | K: PEQKX | R: PQIRX | Y: PYEQX |
visit us: www.amundi.com/us
Pioneer Equity Income Fund | Semiannual
Report | 4/30/22 1
President’s
Letter
Dear Shareholders,
For two years now, investors have faced unprecedented challenges,
as the COVID-19 pandemic has not only dominated the headlines since March 2020, but has also led to significant changes in government
and central-bank policies, both in the US and abroad, and affected the everyday lives of each of us. With 2022 now well underway, the
situation, while improved, has continued to evolve.
Widespread distribution of the COVID-19 vaccines approved for emergency
use in late 2020 led to a general decline in virus-related hospitalizations in the US and had a positive effect on overall market sentiment
during most of the 2021 calendar year. The passage of two additional fiscal stimulus packages by US lawmakers in December 2020 and January
2021 also helped drive a strong market rally. Then, the late-2021 emergence of the highly infectious Omicron variant of the virus led
to surges in cases and hospitalizations, especially outside of the US, but also in certain areas of this country. That development contributed
to a slowdown in the global economic recovery, as some foreign governments reinstated strict virus-containment measures that had been
relaxed after the rollout of the vaccines. Many of those renewed restrictions were lifted as case numbers again began to decline during
the late-winter months, but it appears the possibility of further virus-containment measures could be with us for a while longer, given
that occasional surges in new cases have continued to arise, particularly in non-US locations.
In the US, while performance of most asset classes, especially
equities, was positive for the full 2021 calendar year, 2022, so far, has featured a less-friendly market environment. Volatility in the
fixed-income markets has remained high and we have seen negative returns for most asset classes. Meanwhile, equity markets, both domestic
and global, have experienced significant underperformance over the first several months of the year. Concerns over global supply chain
issues, rising inflation, the enactment of less-accommodative monetary policies from the Federal Reserve System (Fed), and partisan debates
in Washington, DC over future spending and tax policies, are among the many factors that have led to greater uncertainty and an increase
in market volatility. In addition, Russia’s recent incursion into Ukraine has resulted in even greater market volatility, as economic
sanctions placed on Russia by many Western countries have exacerbated the existing supply-chain issues and helped drive energy prices,
including gas prices, to very high levels.
In our view, the long-term impact on the global economy from COVID-19,
while currently unknown, is likely to be considerable, as it is clear that several industries have already felt greater effects than others,
and could continue to struggle for quite some time. Of course, geopolitical concerns, whether they are related to the conflict in Ukraine
or other crises in different areas of the globe, can always have an effect on the markets, and so our investment teams will remain vigilant
and continue to monitor the geopolitical landscape.
2 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
At the outset of the pandemic, we temporarily closed our offices
and instituted a work-from-home policy, but have since re-opened our US locations. However, we have been maintaining all the necessary
precautions, which at times may have us working more remotely than in person in order to ensure a safe working environment as new variants
of the COVID-19 virus continue to arise and spread. I am proud of the careful planning that has taken place. Throughout the pandemic,
our business has continued to operate without any disruption, and we all look forward to regaining a bit of normalcy after so many months
of remote working.
Since 1928, Amundi US’s investment process has been built
on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90
years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods
of market volatility.
At Amundi US, active management begins with our own fundamental,
bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration,
communicating frequently with the management teams of the companies and other entities issuing the securities, and working together to
identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each
and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
Today, as investors, we have many options. It is our view that
active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress.
As you consider your long-term investment goals, we encourage you
to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term
goals.
We greatly appreciate the trust you have placed in us and look
forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
June 2022
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.
Past performance is no guarantee of future results.
Pioneer Equity Income Fund | Semiannual Report | 4/30/22
3
Portfolio Management Discussion
| 4/30/22
In the following interview, Sammi Truong and John A. Carey discuss
the market environment for equities and the factors that affected the performance of Pioneer Equity Income Fund during the six-month period
ended April 30, 2022. Mr. Carey, Managing Director, Director of Equity Income, US, and a portfolio manager at Amundi Asset Management
US, Inc. (Amundi US), is responsible for the day-to-day management of the Fund’s portfolio, along with Ms. Truong, a vice president
and a portfolio manager at Amundi US, and Walter Hunnewell, Jr., a vice president and a portfolio manager at Amundi US.
Q | How did the Fund perform over the six-month period ended April 30, 2022? |
A | Pioneer Equity Income Fund’s Class A shares returned -2.79% at net asset value during the six-month period ended April 30, 2022, while the Fund’s benchmark, the Russell 1000 Value Index, returned -3.94%. During the same period, the average return of the 1,241 mutual funds in Morningstar’s Large Value Funds category was -2.30%. |
Q | How would you describe the market for equities during the six-month period ended April 30, 2022, particularly for the types of equities deemed appropriate for the Fund? |
A | The equity market, as measured by the Standard & Poor’s 500 Index (the S&P 500), initially rose and reached a record high in early January 2022, before pulling back by some 13% from the peak to the end of the period. The initial optimism among investors that the worst of the COVID-19 pandemic was behind us was replaced by inflation concerns and the potential consequences for the global economy. The persistency of inflation led the US Federal Reserve (Fed) to acknowledge that inflation is not “transitory,” paving the way for the first federal funds rate target range increase since 2018. The Fed subsequently began increasing the federal funds rate target before the end of the period, with more hikes expected to follow as 2022 progresses. The Fed’s actions led value stocks to outperform growth stocks, as measured by the Russell 1000 Value and Russell 1000 Growth indices. Growth stocks have typically been more susceptible to increases in the Fed’s discount rate, given the higher price-to-earnings ratios of growth-oriented companies, as well as their greater dependence on future earnings growth. (A basis point is equal to 1/100th of a percentage point; the price-to-earnings, or P/E ratio, measures the price of a stock divided by the company’s earnings per share.) |
4 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
During the period, COVID-19, with the emergence of the more virulent
Omicron variant towards the end of 2021, continued to wreak havoc on the global supply chains. The US saw its third wave of infections,
which delayed the economic reopening story and created further labor shortages, thus fueling wage growth. China also saw infections rise
and, with its “zero-COVID” policy, the government put the City of Shanghai in lockdown in late March, which dented consumption
and caused further constraints on manufacturing and trade.
Russia’s invasion of Ukraine during the late winter further
exacerbated inflationary pressures and increased the risk of an economic slowdown. Given the importance of Russia and Ukraine in the export
markets for wheat, fertilizer, oil and gas, the detrimental effects of the war and the coordinated sanctions placed on Russia by the US
and some European nations led to a spike in a number of commodity prices. In fact, US inflation data reached a level not seen in the last
40 years, and consumer confidence declined.
In the uncertain economic environment, investors gravitated towards
higher-quality names and showed a preference for dividend-paying* stocks.
Q | Could you please discuss the main factors affecting the Fund’s benchmark-relative performance during the six-month period ended April 30, 2022, and any investments or strategies significantly helping or hurting benchmark-relative returns? |
A | During the period, both sector allocation and security selection contributed positively to the Fund’s relative returns versus the Russell 1000 Value benchmark (the Russell Index). The Fund’s overweights to the strong-performing energy and materials sectors and underweight to the poor-performing financials sector aided relative performance. Those positives were partially offset by the Fund’s underweights to the outperforming consumer staples and utilities sectors, which investors’ viewed as more resilient areas during an economic slowdown. |
Individual stocks that were positive attributors to the Fund’s
benchmark-relative performance during the period included Reliance Steel & Aluminum, Nucor, and Newmont in materials, all beneficiaries
of commodity-price inflation. Marathon Petroleum and Valero Energy, both refiners, performed well due to low global inventories of refined
products as well as their input cost advantage over European refiners, which faced a spike in the natural-gas prices. Cerner, a provider
of
* Dividends are not guaranteed.
Pioneer Equity Income Fund | Semiannual
Report | 4/30/22 5
health-care information technology solutions and services, also
aided the Fund’s relative returns, as the company saw its share price rise on a takeover offer.
On the negative attributor side, Gorman-Rupp, a provider of industrial
pumps, saw its margins pressured by rising input costs, which the company has not been able fully to pass through to customers. The portfolio’s
positions in Johnson & Johnson (pharmaceutical) and ExxonMobil (energy) represented underweight allocations versus the Fund’s
benchmark, and so they were negative relative performance attributors over the six-month period. A number of the Fund’s financials
holdings, including State Street, T. Rowe Price, and PNC Financial Services, also saw downdrafts in share prices. During the six-month
period, market declines and outflows dented the assets under management at T. Rowe Price; State Street, meanwhile, expects net-interest-growth
to slow due to actions the company has been taking to improve capital ratios; and PNC Financial Services reported a decline in fees, given
weak capital markets.
Q | Could you highlight some of the more notable changes you made to the Fund’s portfolio during the six-month period ended April 30, 2022? |
A | Over the six-month period, we added 13 positions to the portfolio, and exited 10 positions. In health care, where we were active, we exited Gilead Sciences, Quest Diagnostics, and Medtronic, and initiated positions in Johnson & Johnson and Baxter. Medtronic and Gilead Sciences both experienced pipeline setbacks that we believe could limit their growth potential. Quest Diagnostics, we thought, was fully valued, as increased availability of COVID-19 rapid tests could temper demand for the company’s profitable molecular lab tests. Johnson & Johnson, we think, could see improvement in procedural volumes, albeit at an uneven pace given the uncertainties surrounding COVID-19. Baxter recently acquired a manufacturer of health-care equipment and devices, and we see opportunities for cost synergies from the acquisition to potentially improve margins. |
We boosted the Fund’s weighting in information technology,
adding four names during the period: International Business Machines (IBM), which has been undergoing a transformation that we think could
lead to an improved growth profile; and Qualcomm, Microchip Technology, and National Instruments, all of which have opportunities to profit
from strong semiconductor demand, in our opinion.
6 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
In industrials, we traded out of Caterpillar, Leidos Holdings,
Honeywell, and Fastenal, where we saw less potential for growth, and established portfolio positions in Raytheon Technologies, Stanley
Black & Decker, and Illinois Tool Works. We believe Raytheon Technologies could benefit from a recovery in the commercial aerospace
segment, while the market, in our view, appears to be undervaluing Stanley Black & Decker’s brand and long-term growth potential.
Illinois Tool Works, we believe, has opportunities to gain market share and improve margins.
Q | Did the Fund have any derivatives exposure during the six-month period ended April 30, 2022? |
A | No, the Fund held no derivatives during the period. |
Q | What is your outlook for equities heading into the second half of the Fund’s fiscal year? |
A | Geopolitical and macroeconomic risks remain elevated as the conflict between Russia and Ukraine drags on, contributing significantly to inflationary pressures, and a more aggressive response from the Fed with regard to tightening of monetary policy. We believe that the Fed’s achieving a “soft landing” for the US economy will be difficult and that the risks of a recession in late 2022 or 2023 have increased. |
After more than a decade of low interest rates and inflation following
the 2008/2009 global financial crisis, we anticipate a shift to a higher-interest-rate and inflationary environment. That could contribute
to a sustained resurgence of the value segment within equities, similar to what we experienced in the latter part of 2020 through the
first five months of 2021. In addition, we expect that a rising-rate environment could have a negative influence on stocks of mega-cap
growth companies, as higher interest rates have tended to increase the cost of capital for companies in the growth segment. (Cost of capital
represents a calculation of the minimum return a company would need to justify a capital-budgeting project, such as building a new factory.)
In addition, we continue to believe that the global economy should
gradually recover, and that the scarcity premium (or increases in valuations based on limited supply) for shares of companies that have
been able to demonstrate solid revenues and margins during times of lackluster economic growth in the years following the global financial
crisis may diminish. That, in turn, could further contribute to a market rotation into value stocks.
Pioneer Equity Income Fund | Semiannual
Report | 4/30/22 7
Looking at a rising-rate environment going forward, we believe
our focus on investing the Fund in what we consider to be quality value companies may be rewarded as we move deeper into 2022. Typically,
investors have tended to rotate from low-quality into high-quality stocks in the months following the first interest-rate hikes. Given
where we are in the current cycle, we think we may be entering a phase where shares of higher-quality companies could benefit, and those
are the types of companies in which we seek to invest the portfolio. Additionally, as market participants have become more focused on
assets featuring higher yields in a rising-rate environment, we believe dividend-paying companies may become more attractive to investors,
due to the return on capital that dividends represent; that factor could provide a tailwind for the Fund’s performance as 2022 progresses.
We have positioned the portfolio with overweight exposures
versus the Russell Index to those cyclical sectors that we expect to do well during an economic recovery, including materials and
consumer discretionary. Albeit at a slight underweight relative to the benchmark, the portfolio’s largest absolute sector
weight is in financials as of period-end, as we believe companies in that sector, such as lenders, could benefit from higher
interest rates.
To balance the Fund’s cyclical positioning, given the uncertain
trajectory of the economic recovery, the portfolio also has exposure to more defensive areas of the market, such as consumer staples and
health care. Lastly, we have maintained the Fund’s benchmark-relative underweight allocation to the interest-rate-sensitive utilities
sector, given the prospect of rising rates.
8 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
Please refer to the Schedule of Investments on pages 19–24
for a full listing of Fund securities.
All investments are subject to risk, including the possible loss
of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market
prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived
adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity
in the bond markets, the spread of infectious illness or other public health issues, armed conflict including Russia’s military invasion
of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, or adverse investor sentiment.
These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets securities involves
risks relating to interest rates, currency exchange rates, economic, and political conditions.
The Fund 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 the Fund 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 Amundi Asset Management US, Inc., 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.
Pioneer Equity Income Fund | Semiannual
Report | 4/30/22 9
Portfolio Summary |
4/30/22
Portfolio Diversification
(As a percentage of total investments)*
10 Largest Holdings
(As a percentage of total investments)*
1. | Sun Life Financial, Inc. | 2.10% |
2. | Reliance Steel & Aluminum Co. | 1.94 |
3. | JPMorgan Chase & Co. | 1.89 |
4. | Alexandria Real Estate Equities, Inc. | 1.85 |
5. | Marathon Petroleum Corp. | 1.83 |
6. | Verizon Communications, Inc. | 1.78 |
7. | Chubb, Ltd. | 1.77 |
8. | Chevron Corp. | 1.74 |
9. | Pfizer, Inc. | 1.72 |
10. | Nucor Corp. | 1.70 |
* | Excludes short term investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities. |
10 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
Prices and Distributions | 4/30/22
Net Assets Value per Share
Class | 4/30/22 | 10/31/21 |
A | $38.00 | $42.74 |
C | $37.28 | $42.01 |
K | $38.06 | $42.81 |
R | $38.91 | $43.67 |
Y | $38.59 | $43.35 |
Distributions per Share: 11/1/21–4/30/22
Net Investment | Short-Term | Long-Term | |
Class | Income | Capital Gains | Capital Gains |
A | $0.3207 | $ — | $3.2578 |
C | $0.1789 | $ — | $3.2578 |
K | $0.3888 | $ — | $3.2578 |
R | $0.2478 | $ — | $3.2578 |
Y | $0.3611 | $ — | $3.2578 |
Index Definitions
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 12–16.
Pioneer Equity Income Fund | Semiannual Report | 4/30/22
11
Performance Update | 4/30/22 | 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, 2022) | |||
Net | Public | Russell | |
Asset | Offering | 1000 | |
Value | Price | Value | |
Period | (NAV) | (POP) | Index |
10 years | 10.64% | 9.99% | 11.17% |
5 years | 8.29 | 7.01 | 9.06 |
1 year | 3.14 | -2.78 | 1.32 |
Expense Ratio |
(Per prospectus dated March 1, 2022) |
Gross |
1.02% |
Call 1-800-225-6292 or visit www.amundi.com/us 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. POP returns reflect deduction of maximum 5.75% sales charge. NAV 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.
Please refer to the financial highlights for a more current expense
ratio.
12 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
Performance Update | 4/30/22 | 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, 2022) | |||
Russell | |||
1000 | |||
If | If | Value | |
Period | Held | Redeemed | Index |
10 years | 9.84% | 9.84% | 11.17% |
5 years | 7.50 | 7.50 | 9.06 |
1 year | 2.37 | 1.44 | 1.32 |
Expense Ratio |
(Per prospectus dated March 1, 2022) |
Gross |
1.75% |
Call 1-800-225-6292 or visit www.amundi.com/us 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 subject to a 1% contingent
deferred sales charge (CDSC). “If Held” results represent the percent change in net asset value per share. “If Redeemed”
returns reflect deduction of the CDSC for the one-year period, assuming a complete redemption of shares at the last price calculated on
the last business day of the period, and no CDSC for the five- and 10-year periods. 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.
Please refer to the financial highlights for a more current expense
ratio.
Pioneer Equity Income Fund | Semiannual Report | 4/30/22
13
Performance Update | 4/30/22 | Class K Shares |
Investment Returns
The mountain chart on the right shows the change in value of a
$5 million 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, 2022) | ||
Net | Russell | |
Asset | 1000 | |
Value | Value | |
Period | (NAV) | Index |
10 years | 11.03% | 11.17% |
5 years | 8.68 | 9.06 |
1 year | 3.49 | 1.32 |
Expense Ratio |
(Per prospectus dated March 1, 2022) |
Gross |
0.66% |
Call 1-800-225-6292 or visit www.amundi.com/us 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 20, 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 20, 2012, would have been higher than the performance shown. For the period beginning December 20, 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.
Please refer to the financial highlights for a more current expense
ratio.
14 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
Performance Update | 4/30/22 | 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, 2022) | ||
Net | Russell | |
Asset | 1000 | |
Value | Value | |
Period | (NAV) | Index |
10 years | 10.25% | 11.17% |
5 years | 7.88 | 9.06 |
1 year | 2.77 | 1.32 |
Expense Ratio |
(Per prospectus dated March 1, 2022) |
Gross |
1.37% |
Call 1-800-225-6292 or visit www.amundi.com/us 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.
Please refer to the financial highlights for a more current expense
ratio.
Pioneer Equity Income Fund | Semiannual Report | 4/30/22
15
Performance Update | 4/30/22 | 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, 2022) | ||
Net | Russell | |
Asset | 1000 | |
Value | Value | |
Period | (NAV) | Index |
10 years | 10.94% | 11.17% |
5 years | 8.55 | 9.06 |
1 year | 3.38 | 1.32 |
Expense Ratio |
(Per prospectus dated March 1, 2022) |
Gross |
0.78% |
Call 1-800-225-6292 or visit www.amundi.com/us 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.
Please refer to the financial highlights for a more current expense
ratio.
16 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
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 ÷ $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, 2021 through April 30,
2022.
Share Class | A | C | K | R | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 11/1/21 | |||||
Ending Account Value | $972.10 | $968.50 | $973.60 | $970.60 | $973.00 |
(after expenses) on | |||||
4/30/22 | |||||
Expenses Paid | $4.79 | $8.44 | $3.18 | $6.35 | $3.77 |
During Period* |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.98%, 1.73%, 0.65%, 1.30%, and 0.77% for Class A, Class C, Class K, Class R, and Class Y 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 | 4/30/22
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, 2021 through April 30, 2022.
Share Class | A | C | K | R | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 11/1/21 | |||||
Ending Account Value | $1,019.93 | $1,016.21 | $1,021.57 | $1,018.34 | $1,020.97 |
(after expenses) on | |||||
4/30/22 | |||||
Expenses Paid | $4.91 | $8.65 | $3.26 | $6.51 | $3.86 |
During Period* |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.98%, 1.73%, 0.65%, 1.30%, and 0.77% for Class A, Class C, Class K, Class R, and Class Y 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 | 4/30/22
Schedule of Investments |
4/30/22 (unaudited)
Shares | Value | |
UNAFFILIATED ISSUERS — 99.8% | ||
COMMON STOCKS — 99.7% of Net Assets | ||
Aerospace & Defense — 1.3% | ||
279,677 | Raytheon Technologies Corp. | $ 26,544,144 |
Total Aerospace & Defense | $ 26,544,144 | |
Air Freight & Logistics — 0.7% | ||
135,123 | CH Robinson Worldwide, Inc. | $ 14,343,307 |
Total Air Freight & Logistics | $ 14,343,307 | |
Auto Components — 1.0% | ||
575,707 | BorgWarner, Inc. | $ 21,203,289 |
Total Auto Components | $ 21,203,289 | |
Automobiles — 1.2% | ||
1,062,189 | Ford Motor Co. | $ 15,040,596 |
411,871 | Honda Motor Co., Ltd. (A.D.R.) | 10,811,614 |
Total Automobiles | $ 25,852,210 | |
Banks — 6.3% | ||
987,879 | Bank of America Corp. | $ 35,247,523 |
193,578 | Citizens Financial Group, Inc. | 7,626,973 |
332,385 | JPMorgan Chase & Co. | 39,673,473 |
162,375 | M&T Bank Corp. | 27,058,170 |
142,238 | PNC Financial Services Group, Inc. | 23,625,732 |
Total Banks | $ 133,231,871 | |
Capital Markets — 3.6% | ||
243,158 | Bank of New York Mellon Corp. | $ 10,227,225 |
307,645 | Charles Schwab Corp. | 20,406,093 |
234,091 | Northern Trust Corp. | 24,123,078 |
166,418 | State Street Corp. | 11,145,013 |
86,119 | T Rowe Price Group, Inc. | 10,596,082 |
Total Capital Markets | $ 76,497,491 | |
Chemicals — 2.5% | ||
165,412 | Celanese Corp. | $ 24,305,639 |
153,832 | Corteva, Inc. | 8,874,568 |
127,277 | Dow, Inc. | 8,463,921 |
152,413 | DuPont de Nemours, Inc. | 10,048,589 |
Total Chemicals | $ 51,692,717 | |
Commercial Services & Supplies — 0.7% | ||
120,325 | MSA Safety, Inc. | $ 14,522,024 |
Total Commercial Services & Supplies | $ 14,522,024 | |
Containers & Packaging — 0.4% | ||
409,880 | Graphic Packaging Holding Co. | $ 8,935,384 |
Total Containers & Packaging | $ 8,935,384 |
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/22
19
Schedule of Investments |
4/30/22
(unaudited) (continued)
Shares | Value | ||
Diversified Telecommunication Services — 2.7% | |||
409,063 | AT&T, Inc. | $ 7,714,927 | |
234,724 | BCE, Inc. | 12,480,275 | |
806,180 | Verizon Communications, Inc. | 37,326,134 | |
Total Diversified Telecommunication Services | $ 57,521,336 | ||
Electric Utilities — 2.2% | |||
58,650 | American Electric Power Co., Inc. | $ 5,812,801 | |
289,752 | Eversource Energy | 25,324,325 | |
201,880 | NextEra Energy, Inc. | 14,337,518 | |
Total Electric Utilities | $ 45,474,644 | ||
Electrical Equipment — 0.9% | |||
202,549 | Emerson Electric Co. | $ 18,265,869 | |
Total Electrical Equipment | $ 18,265,869 | ||
Electronic Equipment, Instruments & | |||
Components — 2.2% | |||
56,007 | CDW Corp. | $ 9,139,222 | |
245,369 | Corning, Inc. | 8,634,535 | |
197,017 | National Instruments Corp. | 7,120,195 | |
177,527 | TE Connectivity, Ltd. | 22,151,819 | |
Total Electronic Equipment, Instruments & | |||
Components | $ 47,045,771 | ||
Energy Equipment & Services — 1.2% | |||
422,573 | Baker Hughes Co. | $ 13,108,215 | |
287,629 | Schlumberger, Ltd. | 11,220,407 | |
Total Energy Equipment & Services | $ 24,328,622 | ||
Equity Real Estate Investment Trusts (REITs) — 5.1% | |||
213,141 | Alexandria Real Estate Equities, Inc. | $ 38,825,764 | |
163,999 | Camden Property Trust | 25,729,803 | |
57,200 | Crown Castle International Corp. | 10,594,012 | |
73,232 | Digital Realty Trust, Inc. | 10,700,660 | |
373,300 | Healthcare Realty Trust, Inc. | 10,108,964 | |
73,102 | Prologis, Inc. | 11,717,520 | |
Total Equity Real Estate Investment Trusts (REITs) | $ 107,676,723 | ||
Food Products — 4.5% | |||
50,071 | Hershey Co. | $ 11,304,530 | |
111,410 | John B Sanfilippo & Son, Inc. | 8,649,872 | |
285,327 | McCormick & Co., Inc., Class VTG | 28,695,336 | |
429,952 | Mondelez International, Inc., Class A | 27,723,305 | |
138,812 | Nestle S.A. (A.D.R.) | 17,856,776 | |
Total Food Products | $ 94,229,819 |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
Shares | Value | |
Health Care Equipment & Supplies — 2.3% | ||
273,273 | Abbott Laboratories | $ 31,016,486 |
228,885 | Baxter International, Inc. | 16,264,568 |
Total Health Care Equipment & Supplies | $ 47,281,054 | |
Health Care Providers & Services — 4.6% | ||
157,880 | AmerisourceBergen Corp. | $ 23,885,665 |
57,145 | Anthem, Inc. | 28,682,790 |
229,448 | CVS Health Corp. | 22,056,836 |
47,430 | Humana, Inc. | 21,085,481 |
Total Health Care Providers & Services | $ 95,710,772 | |
Health Care Technology — 1.7% | ||
374,134 | Cerner Corp. | $ 35,033,908 |
Total Health Care Technology | $ 35,033,908 | |
Household Durables — 0.4% | ||
80,138 | Garmin, Ltd. | $ 8,794,344 |
Total Household Durables | $ 8,794,344 | |
Household Products — 1.7% | ||
93,177 | Clorox Co. | $ 13,368,104 |
135,939 | Procter & Gamble Co. | 21,825,007 |
Total Household Products | $ 35,193,111 | |
Insurance — 5.8% | ||
179,785 | Chubb, Ltd. | $ 37,116,613 |
210,405 | First American Financial Corp. | 12,268,715 |
485,479 | Lincoln National Corp. | 29,201,562 |
886,105 | Sun Life Financial, Inc. | 44,083,724 |
Total Insurance | $ 122,670,614 | |
IT Services — 4.4% | ||
45,773 | Accenture Plc, Class A | $ 13,748,378 |
68,588 | Automatic Data Processing, Inc. | 14,964,530 |
62,968 | Broadridge Financial Solutions, Inc. | 9,075,578 |
159,973 | Cognizant Technology Solutions Corp., Class A | 12,941,816 |
84,651 | Fidelity National Information Services, Inc. | 8,393,146 |
112,829 | International Business Machines Corp. | 14,917,122 |
139,379 | Paychex, Inc. | 17,663,501 |
Total IT Services | $ 91,704,071 | |
Machinery — 5.1% | ||
1,100,503 | Gorman-Rupp Co. | $ 35,062,026 |
44,595 | Illinois Tool Works, Inc. | 8,790,120 |
127,627 | Oshkosh Corp. | 11,797,840 |
362,176 | PACCAR, Inc. | 30,078,717 |
67,635 | Stanley Black & Decker, Inc. | 8,126,345 |
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/22
21
Schedule of Investments |
4/30/22
(unaudited) (continued)
Shares | Value | ||
Machinery (continued) | |||
244,261 | Timken Co. | $ 14,079,204 | |
Total Machinery | $ 107,934,252 | ||
Media — 3.3% | |||
714,254 | Comcast Corp., Class A | $ 28,398,739 | |
587,138 | Interpublic Group of Cos., Inc. | 19,152,442 | |
236,900 | Omnicom Group, Inc. | 18,035,197 | |
165,829 | Paramount Global, Class B | 4,828,940 | |
Total Media | $ 70,415,318 | ||
Metals & Mining — 7.1% | |||
169,744 | Kaiser Aluminum Corp. | $ 16,380,296 | |
293,084 | Materion Corp. | 24,956,103 | |
432,626 | Newmont Corp. | 31,516,804 | |
230,075 | Nucor Corp. | 35,611,009 | |
205,621 | Reliance Steel & Aluminum Co. | 40,764,363 | |
Total Metals & Mining | $ 149,228,575 | ||
Multiline Retail — 2.6% | |||
77,278 | Dollar General Corp. | $ 18,355,843 | |
130,384 | Kohl’s Corp. | 7,546,626 | |
124,457 | Target Corp. | 28,457,093 | |
Total Multiline Retail | $ 54,359,562 | ||
Multi-Utilities — 0.7% | |||
224,659 | CMS Energy Corp. | $ 15,431,827 | |
Total Multi-Utilities | $ 15,431,827 | ||
Oil, Gas & Consumable Fuels — 7.2% | |||
232,623 | Chevron Corp. | $ 36,445,046 | |
108,595 | ConocoPhillips | 10,372,994 | |
228,811 | Exxon Mobil Corp. | 19,506,138 | |
439,777 | Marathon Petroleum Corp. | 38,374,941 | |
200,304 | Phillips 66 | 17,378,375 | |
264,735 | Valero Energy Corp. | 29,512,658 | |
Total Oil, Gas & Consumable Fuels | $ 151,590,152 | ||
Pharmaceuticals — 6.4% | |||
258,002 | AstraZeneca Plc (A.D.R.) | $ 17,131,333 | |
104,660 | Eli Lilly & Co. | 30,574,326 | |
56,241 | Johnson & Johnson | 10,149,251 | |
102,812 | Merck KGaA (A.D.R.) | 3,810,213 | |
255,509 | Novo Nordisk AS (A.D.R.) | 29,128,026 | |
217,240 | Organon & Co. | 7,023,369 | |
736,952 | Pfizer, Inc. | 36,162,234 | |
Total Pharmaceuticals | $ 133,978,752 |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
Shares | Value | |
Road & Rail — 1.0% | ||
84,439 | Norfolk Southern Corp. | $ 21,775,129 |
Total Road & Rail | $ 21,775,129 | |
Semiconductors & Semiconductor Equipment — 5.0% | ||
169,734 | Analog Devices, Inc. | $ 26,203,535 |
58,136 | CMC Materials, Inc. | 10,401,112 |
75,396 | KLA Corp. | 24,070,927 |
127,203 | Microchip Technology, Inc. | 8,293,635 |
89,007 | QUALCOMM, Inc. | 12,433,388 |
144,629 | Texas Instruments, Inc. | 24,623,087 |
Total Semiconductors & Semiconductor Equipment | $ 106,025,684 | |
Specialty Retail — 0.3% | ||
112,613 | TJX Cos., Inc. | $ 6,900,925 |
Total Specialty Retail | $ 6,900,925 | |
Technology Hardware, Storage & Peripherals — 0.6% | ||
880,774 | Hewlett Packard Enterprise Co. | $ 13,572,727 |
Total Technology Hardware, Storage & Peripherals | $ 13,572,727 | |
Textiles, Apparel & Luxury Goods — 1.4% | ||
255,760 | Carter’s, Inc. | $ 21,545,222 |
168,876 | VF Corp. | 8,781,552 |
Total Textiles, Apparel & Luxury Goods | $ 30,326,774 | |
Trading Companies & Distributors — 1.0% | ||
170,202 | Ferguson Plc | $ 21,225,891 |
Total Trading Companies & Distributors | $ 21,225,891 | |
Water Utilities — 0.6% | ||
282,367 | Essential Utilities, Inc. | $ 12,638,747 |
Total Water Utilities | $ 12,638,747 | |
TOTAL COMMON STOCKS | ||
(Cost $1,500,926,471) | $2,099,157,410 | |
SHORT TERM INVESTMENTS — 0.1% | ||
of Net Assets | ||
Open-End Fund — 0.1% | ||
2,079,646(a) | Dreyfus Government Cash Management, | |
Institutional Shares, 0.24% | $ 2,079,646 | |
TOTAL SHORT TERM INVESTMENTS | ||
(Cost $2,079,646) | $ 2,079,646 | |
TOTAL INVESTMENTS IN UNAFFILIATED | ||
ISSUERS — 99.8% | ||
(Cost $1,503,006,117) | $2,101,237,056 | |
OTHER ASSETS AND LIABILITIES — 0.2% | $ 3,583,339 | |
NET ASSETS — 100.0% | $ 2,104,820,395 |
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/22
23
Schedule of Investments |
4/30/22
(unaudited) (continued)
(A.D.R.) | American Depositary Receipts. |
(a) | Rate periodically changes. Rate disclosed is the 7-day yield at April 30, 2022. |
Purchases and sales of securities (excluding short term investments)
for the six months ended April 30, 2022, aggregated $226,742,382 and $481,571,763, respectively.
The Fund is permitted to engage in purchase and sale transactions
(“cross trades”) with certain funds and accounts for which Amundi Asset Management US, Inc. (the “Adviser”) serves
as the Fund’s investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted
by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the six months ended April
30, 2022, the Fund did not engage in any cross trade activity.
At April 30, 2022, the net unrealized appreciation on investments
based on cost for federal tax purposes of $1,493,759,282 was as follows:
Aggregate gross unrealized appreciation for all investments in which | |
there is an excess of value over tax cost | $648,268,339 |
Aggregate gross unrealized depreciation for all investments in which | |
there is an excess of tax cost over value | (40,790,565) |
Net unrealized appreciation | $607,477,774 |
Various inputs are used in determining the value of the Fund’s investments.
These inputs are summarized in the three broad levels below.
Level 1 – unadjusted 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 risks, 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.
The following is a summary of the inputs used as of April 30, 2022,
in valuing the Fund’s investments:
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | $2,099,157,410 | $ — | $ — | $ 2,099,157,410 |
Open-End Fund | 2,079,646 | — | — | 2,079,646 |
Total Investments in Securities | $ 2,101,237,056 | $ — | $ — | $ 2,101,237,056 |
During the six months ended April 30, 2022, there were no transfers
in or out of Level 3.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
Statement of Assets and Liabilities
| 4/30/22
(unaudited)
ASSETS: | |
Investments in unaffiliated issuers, at value (cost $1,503,006,117) | $2,101,237,056 |
Receivables — | |
Fund shares sold | 4,125,171 |
Dividends | 3,798,722 |
Interest | 593 |
Other assets | 68,270 |
Total assets | $2,109,229,812 |
LIABILITIES: | |
Payables — | |
Fund shares repurchased | $ 3,642,030 |
Trustees’ fees | 8,717 |
Transfer agent fees | 463,266 |
Due to affiliates | |
Management fees | 141,198 |
Other due to affiliates | 92,779 |
Accrued expenses | 61,427 |
Total liabilities | $ 4,409,417 |
NET ASSETS: | |
Paid-in capital | $1,344,774,788 |
Distributable earnings | 760,045,607 |
Net assets | $2,104,820,395 |
NET ASSET VALUE PER SHARE: | |
No par value (unlimited number of shares authorized) | |
Class A (based on $800,352,080/21,062,818 shares) | $ 38.00 |
Class C (based on $58,621,877/1,572,613 shares) | $ 37.28 |
Class K (based on $265,888,774/6,985,707 shares) | $ 38.06 |
Class R (based on $47,569,016/1,222,547 shares) | $ 38.91 |
Class Y (based on $932,388,648/24,161,471 shares) | $ 38.59 |
MAXIMUM OFFERING PRICE PER SHARE: | |
Class A (based on $38.00 net asset value per share/100%-5.75% | |
maximum sales charge) | $ 40.32 |
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/22
25
Statement of Operations (unaudited)
FOR THE SIX MONTHS ENDED 4/30/22
INVESTMENT INCOME: | ||
Dividends from unaffiliated issuers (net of foreign taxes | ||
withheld $450,821) | $ 26,279,898 | |
Interest from unaffiliated issuers | 1,298 | |
Total Investment Income | $ 26,281,196 | |
EXPENSES: | ||
Management fees | $ 6,976,599 | |
Administrative expenses | 303,328 | |
Transfer agent fees | ||
Class A | 303,827 | |
Class C | 23,490 | |
Class K | 965 | |
Class R | 38,025 | |
Class Y | 607,156 | |
Distribution fees | ||
Class A | 1,074,311 | |
Class C | 324,056 | |
Class R | 130,116 | |
Shareowner communications expense | 86,732 | |
Custodian fees | 13,610 | |
Registration fees | 33,366 | |
Professional fees | 68,279 | |
Printing expense | 12,666 | |
Trustees’ fees | 53,286 | |
Miscellaneous | 83,535 | |
Total expenses | $ 10,133,347 | |
Net investment income | $ 16,147,849 | |
REALIZED AND UNREALIZED GAIN (LOSS) | ||
ON INVESTMENTS: | ||
Net realized gain (loss) on 17,579 litigation impact check: | ||
Investments in unaffiliated issuers | $ 151,393,175 | |
Other assets and liabilities denominated in | ||
foreign currencies | 11,190 | $ 151,404,365 |
Change in net unrealized appreciation (depreciation) on: | ||
Investments in unaffiliated issuers | $ (223,127,504) | |
Other assets and liabilities denominated in | ||
foreign currencies | (71,451) | $ (223,198,955) |
Net realized and unrealized gain (loss) on investments | $ (71,794,590) | |
Net decrease in net assets resulting from operations | $ (55,646,741) |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
Statements of Changes in Net Assets
Six Months | ||
Ended | ||
4/30/22 | Year Ended | |
(unaudited) | 10/31/21 | |
FROM OPERATIONS: | ||
Net investment income (loss) | $ 16,147,849 | $ 37,116,576 |
Net realized gain (loss) on investments | 151,404,365 | 304,259,079 |
Change in net unrealized appreciation (depreciation) | ||
on investments | (223,198,955) | 400,911,231 |
Net increase (decrease) in net assets resulting | ||
from operations | $ (55,646,741) | $ 742,286,886 |
DISTRIBUTIONS TO SHAREOWNERS: | ||
Class A ($3.58 and $0.51 per share, respectively) | $ (73,359,952) | $ (10,879,688) |
Class C ($3.44 and $0.23 per share, respectively) | (5,560,938) | (429,702) |
Class K ($3.65 and $0.66 per share, respectively) | (25,288,925) | (4,998,039) |
Class R ($3.51 and $0.36 per share, respectively) | (4,327,223) | (494,558) |
Class Y ($3.62 and $0.61 per share, respectively) | (93,023,229) | (17,502,322) |
Total distributions to shareowners | $ (201,560,267) | $ (34,304,309) |
FROM FUND SHARE TRANSACTIONS: | ||
Net proceeds from sales of shares | $ 182,336,368 | $ 350,124,705 |
Reinvestment of distributions | 195,446,078 | 32,866,468 |
Cost of shares repurchased | (445,090,820) | (659,754,688) |
Net decrease in net assets resulting from | ||
Fund share transactions | $ (67,308,374) | $ (276,763,515) |
Net increase (decrease) in net assets | $ (324,515,382) | $ 431,219,062 |
NET ASSETS: | ||
Beginning of period | $ 2,429,335,777 | $ 1,998,116,715 |
End of period | $ 2,104,820,395 | $ 2,429,335,777 |
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/22
27
Statements of Changes in Net Assets
(continued)
Six Months | Six Months | |||
Ended | Ended | Year | Year | |
4/30/22 | 4/30/22 | Ended | Ended | |
Shares | Amount | 10/31/21 | 10/31/21 | |
(unaudited) | (unaudited) | Shares | Amount | |
Class A | ||||
Shares sold | 1,021,938 | $ 41,198,173 | 1,840,812 | $ 71,380,092 |
Reinvestment of distributions | 1,808,321 | 69,812,590 | 264,905 | 10,273,488 |
Less shares repurchased | (2,350,132) | (94,687,448) | (3,955,134) | (153,561,574) |
Net increase | ||||
(decrease) | 480,127 | $ 16,323,315 | (1,849,417) | $ (71,907,994) |
Class C | ||||
Shares sold | 100,405 | $ 3,989,094 | 168,926 | $ 6,383,845 |
Reinvestment of distributions | 139,161 | 5,259,533 | 10,637 | 403,033 |
Less shares repurchased | (336,849) | (13,386,791) | (740,854) | (27,843,581) |
Net decrease | (97,283) | $ (4,138,164) | (561,291) | $ (21,056,703) |
Class K | ||||
Shares sold | 1,023,169 | $ 41,521,115 | 1,517,751 | $ 59,128,204 |
Reinvestment of distributions | 644,622 | 24,952,340 | 126,464 | 4,921,056 |
Less shares repurchased | (1,708,097) | (69,208,430) | (2,324,329) | (93,092,387) |
Net decrease | (40,306) | $ (2,734,975) | (680,114) | $ (29,043,127) |
Class R | ||||
Shares sold | 90,812 | $ 3,702,405 | 141,256 | $ 5,612,247 |
Reinvestment of distributions | 109,614 | 4,325,950 | 12,371 | 490,863 |
Less shares repurchased | (214,711) | (8,773,056) | (420,892) | (16,741,500) |
Net decrease | (14,285) | $ (744,701) | (267,265) | $ (10,638,390) |
Class Y | ||||
Shares sold | 2,249,709 | $ 91,925,581 | 5,356,572 | $ 207,620,317 |
Reinvestment of distributions | 2,322,440 | 91,095,665 | 425,848 | 16,778,028 |
Less shares repurchased | (6,355,319) | (259,035,095) | (9,217,632) | (368,515,646) |
Net increase | ||||
(decrease) | (1,783,170) | $ (76,013,849) | (3,435,212) | $(144,117,301) |
The accompanying notes are an integral part of these financial statements.
28 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
Financial Highlights
Six Months | ||||||
Ended | Year | Year | Year | Year | Year | |
4/30/22 | Ended | Ended | Ended | Ended | Ended | |
(unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Class A | ||||||
Net asset value, beginning of period | $ 42.74 | $ 31.38 | $ 35.59 | $ 34.39 | $ 35.68 | $ 33.76 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.26 | $ 0.55 | $ 0.58 | $ 0.72 | $ 0.72 | $ 0.55 |
Net realized and unrealized gain (loss) on investments | (1.42) | 11.32 | (3.35) | 2.85 | (0.04) | 5.58 |
Net increase (decrease) from investment operations | $ (1.16) | $ 11.87 | $ (2.77) | $ 3.57 | $ 0.68 | $ 6.13 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.32) | $ (0.51) | $ (0.61) | $ (0.79) | $ (0.57) | $ (0.51) |
Net realized gain | (3.26) | — | (0.83) | (1.58) | (1.40) | (3.70) |
Total distributions | $ (3.58) | $ (0.51) | $ (1.44) | $ (2.37) | $ (1.97) | $ (4.21) |
Net increase (decrease) in net asset value | $ (4.74) | $ 11.36 | $ (4.21) | $ 1.20 | $ (1.29) | $ 1.92 |
Net asset value, end of period | $ 38.00 | $ 42.74 | $ 31.38 | $ 35.59 | $ 34.39 | $ 35.68 |
Total return (b) | (2.79)%(c) | 37.99% | (8.00)% | 11.15% | 1.84% | 19.68%(d) |
Ratio of net expenses to average net assets | 0.98%(e) | 1.02% | 1.06% | 1.00% | 1.00% | 1.02% |
Ratio of net investment income (loss) to average net assets | 1.28%(e) | 1.41% | 1.78% | 2.14% | 2.00% | 1.62% |
Portfolio turnover rate | 10%(c) | 25% | 8% | 23% | 27% | 33% |
Net assets, end of period (in thousands) | $800,352 | $879,753 | $703,864 | $884,809 | $835,012 | $858,764 |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | 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. |
(c) | Not annualized. |
(d) | If the Fund had not recognized gains in the settlement of class action lawsuits during the year ended October 31, 2017, the total return would have been 19.64%. |
(e) | Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/22 29
Financial Highlights (continued)
Six Months | ||||||
Ended | Year | Year | Year | Year | Year | |
4/30/22 | Ended | Ended | Ended | Ended | Ended | |
(unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Class C | ||||||
Net asset value, beginning of period | $ 42.01 | $ 30.85 | $ 35.00 | $ 33.80 | $ 35.06 | $ 33.24 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.10 | $ 0.27 | $ 0.35 | $ 0.46 | $ 0.48 | $ 0.30 |
Net realized and unrealized gain (loss) on investments | (1.39) | 11.12 | (3.29) | 2.79 | (0.05) | 5.47 |
Net increase (decrease) from investment operations | $ (1.29) | $ 11.39 | $ (2.94) | $ 3.25 | $ 0.43 | $ 5.77 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.18) | $ (0.23) | $ (0.38) | $ (0.47) | $ (0.29) | $ (0.25) |
Net realized gain | (3.26) | — | (0.83) | (1.58) | (1.40) | (3.70) |
Total distributions | $ (3.44) | $ (0.23) | $ (1.21) | $ (2.05) | $ (1.69) | $ (3.95) |
Net increase (decrease) in net asset value | $ (4.73) | $ 11.16 | $ (4.15) | $ 1.20 | $ (1.26) | $ 1.82 |
Net asset value, end of period | $ 37.28 | $ 42.01 | $ 30.85 | $ 35.00 | $ 33.80 | $ 35.06 |
Total return (b) | (3.15)%(c) | 37.00% | (8.64)% | 10.27% | 1.14% | 18.77% |
Ratio of net expenses to average net assets | 1.73%(d) | 1.75% | 1.75% | 1.78% | 1.72% | 1.75% |
Ratio of net investment income (loss) to average net assets | 0.53%(d) | 0.69% | 1.11% | 1.38% | 1.35% | 0.89% |
Portfolio turnover rate | 10%(c) | 25% | 8% | 23% | 27% | 33% |
Net assets, end of period (in thousands) | $58,622 | $70,156 | $68,832 | $103,483 | $111,558 | $148,417 |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | 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. |
(c) | Not annualized. |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
30 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
Six Months | ||||||
Ended | Year | Year | Year | Year | Year | |
4/30/22 | Ended | Ended | Ended | Ended | Ended | |
(unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Class K | ||||||
Net asset value, beginning of period | $ 42.81 | $ 31.44 | $ 35.65 | $ 34.47 | $ 35.75 | $ 33.81 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.32 | $ 0.70 | $ 0.71 | $ 0.83 | $ 0.85 | $ 0.67 |
Net realized and unrealized gain (loss) on investments | (1.42) | 11.33 | (3.36) | 2.85 | (0.04) | 5.60 |
Net increase (decrease) from investment operations | $ (1.10) | $ 12.03 | $ (2.65) | $ 3.68 | $ 0.81 | $ 6.27 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.39) | $ (0.66) | $ (0.73) | $ (0.92) | $ (0.69) | $ (0.63) |
Net realized gain | (3.26) | — | (0.83) | (1.58) | (1.40) | (3.70) |
Total distributions | $ (3.65) | $ (0.66) | $ (1.56) | $ (2.50) | $ (2.09) | $ (4.33) |
Net increase (decrease) in net asset value | $ (4.75) | $ 11.37 | $ (4.21) | $ 1.18 | $ (1.28) | $ 1.94 |
Net asset value, end of period | $ 38.06 | $ 42.81 | $ 31.44 | $ 35.65 | $ 34.47 | $ 35.75 |
Total return (b) | (2.64)%(c) | 38.49% | (7.62)% | (11.53)% | 2.21% | 20.12% |
Ratio of net expenses to average net assets | 0.65%(d) | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
Ratio of net investment income (loss) to average net assets | 1.61%(d) | 1.77% | 2.18% | 2.46% | 2.38% | 1.96% |
Portfolio turnover rate | 10%(c) | 25% | 8% | 23% | 27% | 33% |
Net assets, end of period (in thousands) | $265,889 | $300,778 | $242,250 | $276,921 | $212,103 | $94,915 |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | 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. |
(c) | Not annualized. |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/22 31
Financial Highlights (continued)
Six Months | ||||||
Ended | Year | Year | Year | Year | Year | |
4/30/22 | Ended | Ended | Ended | Ended | Ended | |
(unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Class R | ||||||
Net asset value, beginning of period | $ 43.67 | $ 32.04 | $ 36.28 | $ 34.98 | $ 36.24 | $ 34.24 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.20 | $ 0.43 | $ 0.48 | $ 0.61 | $ 0.56 | $ 0.43 |
Net realized and unrealized gain (loss) on investments | (1.45) | 11.56 | (3.42) | 2.90 | (0.02) | 5.65 |
Net increase (decrease) from investment operations | $ (1.25) | $ 11.99 | $ (2.94) | $ 3.51 | $ 0.54 | $ 6.08 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.25) | $ (0.36) | $ (0.47) | $ (0.63) | $ (0.40) | $ (0.38) |
Net realized gain | (3.26) | — | (0.83) | (1.58) | (1.40) | (3.70) |
Total distributions | $ (3.51) | $ (0.36) | $ (1.30) | $ (2.21) | $ (1.80) | $ (4.08) |
Net increase (decrease) in net asset value | $ (4.76) | $ 11.63 | $ (4.24) | $ 1.30 | $ (1.26) | $ 2.00 |
Net asset value, end of period | $ 38.91 | $ 43.67 | $ 32.04 | $ 36.28 | $ 34.98 | $ 36.24 |
Total return (b) | (2.94)%(c) | 37.54% | (8.33)% | 10.71% | 1.42% | 19.19% |
Ratio of net expenses to average net assets | 1.30%(d) | 1.37% | 1.41% | 1.39% | 1.44% | 1.41% |
Ratio of net investment income (loss) to average net assets | 0.96%(d) | 1.07% | 1.44% | 1.77% | 1.55% | 1.24% |
Portfolio turnover rate | 10%(c) | 25% | 8% | 23% | 27% | 33% |
Net assets, end of period (in thousands) | $47,569 | $54,015 | $48,198 | $69,435 | $74,323 | $92,870 |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | 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. |
(c) | Not annualized. |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
32 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
Six Months | ||||||
Ended | Year | Year | Year | Year | Year | |
4/30/22 | Ended | Ended | Ended | Ended | Ended | |
(unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Class Y | ||||||
Net asset value, beginning of period | $ 43.35 | $ 31.82 | $ 36.05 | $ 34.82 | $ 36.10 | $ 34.10 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.30 | $ 0.66 | $ 0.69 | $ 0.81 | $ 0.86 | $ 0.64 |
Net realized and unrealized gain (loss) on investments | (1.44) | 11.48 | (3.42) | 2.88 | (0.08) | 5.65 |
Net increase (decrease) from investment operations | $ (1.14) | $ 12.14 | $ (2.73) | $ 3.69 | $ 0.78 | $ 6.29 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.36) | $ (0.61) | $ (0.67) | $ (0.88) | $ (0.66) | $ (0.59) |
Net realized gain | (3.26) | — | (0.83) | (1.58) | (1.40) | (3.70) |
Total distributions | $ (3.62) | $ (0.61) | $ (1.50) | $ (2.46) | $ (2.06) | $ (4.29) |
Net increase (decrease) in net asset value | $ (4.76) | $ 11.53 | $ (4.23) | $ 1.23 | $ (1.28) | $ 2.00 |
Net asset value, end of period | $ 38.59 | $ 43.35 | $ 31.82 | $ 36.05 | $ 34.82 | $ 36.10 |
Total return (b) | (2.70)%(c) | 38.36% | (7.76)% | 11.41% | 2.09% | 19.99%(d) |
Ratio of net expenses to average net assets | 0.77%(e) | 0.78% | 0.77% | 0.78% | 0.76% | 0.77% |
Ratio of net investment income (loss) to average net assets | 1.49%(e) | 1.65% | 2.08% | 2.37% | 2.37% | 1.86% |
Portfolio turnover rate | 10%(c) | 25% | 8% | 23% | 27% | 33% |
Net assets, end of period (in thousands) | $ 932,389 | $1,124,634 | $934,973 | $1,302,212 | $1,255,700 | $1,030,526 |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | 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. |
(c) | Not annualized. |
(d) | If the Fund had not recognized gains in the settlement of class action lawsuits during the year ended October 31, 2017, the total return would have been 19.96%. |
(e) | Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer Equity Income Fund | Semiannual Report | 4/30/22 33
Notes to Financial Statements |
4/30/22
(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.
The Fund offers five classes of shares designated as Class A, Class
C, Class K, Class R and Class Y shares. 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 of Trustees 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 or Class Y
shares.
Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary
of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”).
Amundi Distributor US, Inc., an affiliate of the Adviser, serves as the Fund’s distributor (the “Distributor”).
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04,
Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”),
which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications
due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at
the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related
34 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
contract modifications that occur during the period from March
12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and
other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.
The Fund is an investment company and follows investment company
accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). U.S. GAAP requires the
management of the Fund to 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 gain or loss
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:
A. Security Valuation
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.
Equity securities that have traded on an exchange are valued by
using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation,
or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if
both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent
third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent
third party pricing services using a variety of techniques and methods.
Shares of open-end registered investment companies (including money
market funds) are valued at such funds’ net asset value. Shares of exchange-listed closed-end funds are valued by using the last
sale price on the principal exchange where they are traded.
The value of foreign securities is translated into U.S. dollars
based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity 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
Pioneer Equity Income Fund | Semiannual
Report | 4/30/22 35
determined as of such times. The Fund may use a fair value model
developed by an independent pricing service to value non-U.S. equity securities.
Forward foreign currency exchange contracts are valued daily using
the foreign exchange rate or, for longer term forward contract positions, the spot currency rate and the forward points on a daily basis,
in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued
by interpolation.
Shares of open-end registered investment companies (including money
market mutual funds) are valued at such funds’ net asset value. Shares of exchange-listed closed-end funds are valued by using the
last sale price on the principal exchange where they are traded.
Securities for which independent pricing services or broker-dealers
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 the Adviser pursuant to procedures adopted by the Fund’s Board
of Trustees. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees.
The Adviser’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, 2022, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance industry
valuation model).
36 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
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 and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional
shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.
Security transactions are recorded as of trade date. Gains and
losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars.
Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates.
Net realized gains and losses on foreign currency transactions,
if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign
currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes
in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the
market prices of those securities, but are included with the net realized and unrealized gain or loss on investments.
D. 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 net taxable income and net realized capital
gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of October 31, 2021, the Fund did
not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable,
Pioneer Equity Income Fund | Semiannual
Report | 4/30/22 37
would be recorded as an income tax expense on the Statement of
Operations. Tax returns filed within the prior three years remain 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. GAAP. Distributions in excess of
net investment income or net realized gains are temporary over distributions 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.
A portion of the dividend income recorded by the Fund is from distributions
by publicly traded real estate investment trusts (“REITs”), and such distributions for tax purposes may also consist of capital
gains and return of capital. The actual return of capital and capital gains portions of such distributions will be determined by formal
notifications from the REITs subsequent to the calendar year-end. Distributions received from the REITs that are determined to be a return
of capital are recorded by the Fund as a reduction of the cost basis of the securities held and those determined to be capital gain are
reflected as such on the Statement of Operations.
The tax character of current year distributions payable will be
determined at the end of the current taxable year. The tax character of distributions paid during the year ended October 31, 2021 was
as follows:
2021 | |
Distributions paid from: | |
Ordinary income | $34,304,309 |
Total | $34,304,309 |
The following shows the components of distributable earnings (losses)
on a federal income tax basis at October 31, 2021:
2021 | |
Distributable earnings/(losses): | |
Undistributed ordinary income | $ 5,203,128 |
Undistributed long-term capital gains | 181,589,253 |
Net unrealized appreciation | 830,460,234 |
Total | $1,017,252,615 |
38 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
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, partnerships and common stock holdings.
As of the date of this report, a significant portion of the Fund’s
net asset value is attributable to net unrealized capital gains on portfolio securities. If the Fund realizes capital gains in excess
of realized capital losses and any available capital loss carryforwards in any fiscal year, it generally will be required to distribute
that excess to shareholders. You may receive distributions that are attributable to appreciation that was present in the Fund’s
portfolio securities at the time you made your investment but had not been realized at that time, or that are attributable to capital
gains or other income that, although realized by the Fund, had not yet been distributed at the time you made your investment. Unless you
purchase shares through a tax-advantaged account (such as an IRA or 401(k) plan), these distributions will be taxable to you. You should
consult your tax adviser about the tax consequences of your investment in the Fund.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade
date. The Distributor earned $23,595 in underwriting commissions on the sale of Class A shares during the six months ended April
30, 2022.
F. 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 5). Class K and Class Y shares do
not pay distribution fees. All expenses and fees paid to the Fund’s transfer agent 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 4).
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 and Class Y shares can reflect different transfer agent
and distribution expense rates.
Pioneer Equity Income Fund | Semiannual
Report | 4/30/22 39
G. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions,
recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, armed conflict including
Russia’s military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures,
lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread.
Interest rates are very low, which means there is more risk that they may go up. A general rise in interest rates could adversely affect
the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund. Rates of inflation have
recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money.
As inflation increases, the real value of the Fund’s assets can decline as can the value of the Fund’s distributions.
The global pandemic of the novel coronavirus respiratory disease
designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial
markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many
instruments has been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly
large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity
of the Fund’s investments. Following Russia’s recent invasion of Ukraine, Russian securities have lost all, or nearly all,
their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions.
Governments and central banks, including the U.S. Federal Reserve,
have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have
resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact
on the economy and securities markets, may not be known for some time.
40 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
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 and sectors.
The Fund’s investments in foreign markets and countries with
limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include
disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability,
reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization
or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of
rule of law or currency exchange restrictions. Lack of information and less market regulation also may affect the value of these securities.
Withholding and other non-U.S. taxes may decrease the Fund’s return. Non-U.S. issuers may be located in parts of the world that
have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing
directly in non- U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying
security.
Russia launched a large-scale invasion of Ukraine on February 24,
2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued
broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have
lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States
and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The
extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions,
market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could
have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in
the Fund, particularly with respect to securities and commodities, such as oil and natural gas, as well as other sectors with exposure
to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors
globally.
Pioneer Equity Income Fund | Semiannual
Report | 4/30/22 41
As of the date of this report, a significant portion of the Fund’s
net asset value is attributable to net unrealized capital gains on portfolio securities. If the Fund realizes capital gains in excess
of realized capital losses and any available capital loss carryforwards in any fiscal year, it generally will be required to distribute
that excess to shareholders. You may receive distributions that are attributable to appreciation that was present in the Fund’s
portfolio securities at the time you made your investment but had not been realized at that time, or that are attributable to capital
gains or other income that, although realized by the Fund, had not yet been distributed at the time you made your investment. Unless you
purchase shares through a tax-advantaged account (such as an IRA or 401(k) plan), these distributions will be taxable to you. You should
consult your tax adviser about the tax consequences of your investment in the Fund.
The Portfolio may invest 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.
With the increased use of technologies such as the Internet to
conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established
business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent
limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot
control the cybersecurity plans and systems put in place by service providers to the Fund such as the Fund’s custodian and accounting
agent, and the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers,
retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises control. Each of these
may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches
at the Adviser or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations,
potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to
trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized
access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational
damage, or additional compliance costs. Such costs and losses may not be
42 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
covered under any insurance. In addition, maintaining vigilance
against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.
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.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees
payable under the Fund’s Investment Management Agreement with the Adviser are calculated daily and paid monthly 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, 2022, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.60% (annualized) 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 $202,396 in management
fees, administrative costs and certain other reimbursements payable to the Adviser at April 30, 2022.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses
the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the six
months ended April 30, 2022, the Fund paid $53,286 in Trustees’ compensation, which is reflected on Statement of Operations
as Trustees’ fees. At April 30, 2022, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities
of $8,717.
4. Transfer Agent
For the period from January 1, 2021 to November 21, 2021, DST Asset
Manager Solutions, Inc. served as the transfer agent to the Portfolio at negotiated rates. Effective November 22, 2021, BNY Mellon Investment
Servicing (US) Inc. serves as the transfer agent to the Portfolio at negotiated rates. Transfer agent fees and payables shown on the Statement
of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Portfolio’s
omnibus relationship contracts.
Pioneer Equity Income Fund | Semiannual
Report | 4/30/22 43
In addition, the Fund reimbursed the transfer agent for out-of-pocket
expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing
phone calls. For the six months ended April 30, 2022, such out-of-pocket expenses by class of shares were as follows:
Shareowner Communications | |
Class A | $54,883 |
Class C | 4,368 |
Class K | 1,424 |
Class R | 609 |
Class Y | 25,448 |
Total | $86,732 |
5. Distribution and Service Plans
The Fund has adopted a distribution plan (the “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 the Distributor 0.25% of the Fund’s 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 the Distributor 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 the Distributor 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 $31,581 in distribution fees payable to the Distributor at April 30, 2022.
The Fund also has adopted a separate service plan for Class R shares
(the “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 Class A and Class C 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 redeemed. Shares purchased as part of an exchange
44 Pioneer Equity Income Fund | Semiannual Report | 4/30/22
remain subject to any CDSC that applied to the original purchase
of those shares. There is no CDSC for Class R or Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the six months
ended April 30, 2022, CDSCs in the amount of $6,201 were paid to the Distributor.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family
of Funds, participates in a committed, unsecured revolving line of credit (“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 credit facility or the limits
set for borrowing by the Fund’s prospectus and the 1940 Act. Effective February 2, 2022, the Fund participates in a facility in
the amount of $380 million. Prior to February 2, 2022, the Fund participated in a facility in the amount of $450 million. Under such facility,
depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (“LIBOR”) plus a credit
spread. The Fund also pays both an upfront fee and an annual commitment fee to participate in the credit facility. The upfront fee in
the amount of 0.10% of the total credit facility and the commitment fee in the amount of 0.25% of the daily unused portion of each lender’s
commitment are allocated among participating funds based on an allocation schedule set forth in the credit agreement. For the six months
ended April 30, 2022, the Fund had no borrowings under the credit facility.
7. Changes in Custodian and Sub-Administrator, and Transfer Agent
Effective November 22, 2021, The Bank of New York Mellon Corporation
(“BNY Mellon”) serves as the Fund’s Custodian and Sub-Administrator.
Effective November 22, 2021, BNY Mellon Investment Servicing (US)
Inc. serves as the Fund’s shareholder servicing and transfer agent.
Pioneer Equity Income Fund | Semiannual
Report | 4/30/22 45
Trustees, Officers and Service Providers
Trustees | Officers |
Thomas J. Perna, Chairman John E. Baumgardner, Jr. Diane Durnin Benjamin M. Friedman Lisa M. Jones Craig C. MacKay Lorraine H. Monchak Marguerite A. Piret Fred J. Ricciardi Kenneth J. Taubes |
Lisa M. Jones, President and Chief Executive Officer Anthony J. Koenig, Jr., Treasurer and Chief Financial and Accounting Officer Christopher J. Kelley, Secretary and Chief Legal Officer |
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
The Bank of New York Mellon Corporation
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
BNY Mellon Investment Servicing (US) 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 www.amundi.com/us.
This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
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How to Contact Amundi
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 |
FactFoneSM for automated fund yields, prices, | |
account information and transactions | 1-800-225-4321 |
Retirement plans information | 1-800-622-0176 |
Write
to us:
Amundi
P.O. Box 9897
Providence, R.I. 02940-8097
Our toll-free fax | 1-800-225-4240 |
Our internet e-mail address | [email protected]/us |
(for general questions about Amundi only) | |
Visit our web site: www.amundi.com/us. |
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with
the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT.
Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
Amundi Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State
Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2022 Amundi Asset Management US, Inc. 19381-16-0622
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)).
Mr. Fred J. Ricciardi, 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.
N/A
(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.
N/A
(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.
N/A
(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.
N/A
(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 Amundi Asset Management US, Inc., 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 CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES | |
I. AUDIT SERVICES | Services that are directly | o Accounting research assistance | |
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. AUDIT-RELATED | Services which are not | o AICPA attest and agreed-upon procedures | |
SERVICES | prohibited under Rule | o Technology control assessments | |
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 DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE |
SUBCATEGORIES | ||
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 DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE |
SUBCATEGORIES | ||
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 DESCRIPTION | SPECIFIC PROHIBITED SERVICE |
SUBCATEGORIES | ||
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.
N/A
.
(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.
N/A
(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.
N/A
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.
N/A
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).
N/A
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.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies.
(a) If the registrant is a closed-end management investment company, provide
the following dollar amounts of income and compensation related to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities lending
activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification
that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that
are not included in the revenue split, including a description of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2);
and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount
in paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the
fee is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number
the exhibits in the sequence indicated.
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 and Chief Executive Officer
Date July 1, 2022
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 and Chief Executive Officer
Date July 1, 2022
By (Signature and Title)* /s/ Anthony J. Koenig, Jr.
Anthony J. Koenig, Jr., Managing Director, Chief Operations Officer &
Treasurer of the Funds
Date July 1, 2022
* Print the name and title of each signing officer under his or her signature.
CODE
OF ETHICS
FOR
SENIOR
OFFICERS
Policy
This Code of Ethics for Senior Officers
(this “Code”) sets forth the policies, practices and values expected to be exhibited by Senior Officers of the Pioneer Funds
(collectively, the “Funds” and each, a “Fund”). This Code does not apply generally to officers and employees of
service providers to the Funds, including Amundi Asset Management US, Inc., and Amundi Distributor US, Inc. (collectively, “Amundi
US”), unless such officers and employees are also Senior Officers.
The term “Senior Officers”
shall mean the principal executive officer, principal financial officer, principal accounting officer and controller of the Funds, although
one person may occupy more than one such office. Each Senior Officer is identified by title in Exhibit A to this Code.
The Chief Compliance Officer (“CCO”)
of the Pioneer Funds is primarily responsible for implementing and monitoring compliance with this Code, subject to the overall supervision
of the Board of Trustees of the Funds (the “Board”). The CCO has the authority to interpret this Code and its applicability
to particular situations. Any questions about this Code should be directed to the CCO or his or her designee.
Purpose
The purposes of this Code are to:
· | Promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
· | Promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Fund; |
1 | Last revised January 2021 |
· | Promote compliance with applicable laws and governmental rules and regulations; |
· | Promote the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and |
· | Establish accountability for adherence to the Code. |
Each Senior Officer should adhere
to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts
of interest.
Responsibilities
of Senior Officers
Conflicts of
Interest
A “conflict of interest”
occurs when a Senior Officer’s private interests interfere in any way – or even appear to interfere – with the interests
of or his/her service to a Fund. A conflict can arise when a Senior Officer takes actions or has interests that may make it difficult
to perform his or her Fund work objectively and effectively. Conflicts of interest also arise when a Senior Officer or a member of his/her
family receives improper personal benefits as a result of the Senior Officer’s position with the Fund.
Certain conflicts of interest arise
out of the relationships between Senior Officers and the Fund and already are subject to conflict of interest provisions in the Investment
Company Act of 1940, as amended (the “ICA”), and the Investment Advisers Act of 1940, as amended (the “IAA”).
For example, Senior Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other
property) with the Funds because of their status as “affiliated persons” of the Funds. The Fund’s and Amundi US’ compliance
programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not
intended to, repeat or replace such policies and procedures, and such conflicts fall outside of the parameters of this Code.
Although typically not presenting
an opportunity for improper personal benefit, conflicts arise as a result of the contractual relationship between the Fund and Amundi
US because the Senior Officers are officers or employees of both. As a result, this Code recognizes that Senior Officers will, in the
normal course of their duties (whether formally for a Fund or for Amundi US, or for both), be involved in establishing policies and implementing
decisions that will have different effects on Amundi US and the Fund. The participation of Senior Officers in such activities is inherent
in the contractual relationship between a Fund and Amundi US and is consistent with the performance by the Senior Officers of their duties
as officers of the Fund and, if addressed in conformity with the provisions of the ICA and the IAA, will be deemed to have been handled
ethically. In addition, it is recognized by the Board that Senior Officers may also be officers of investment companies other than the
Pioneer Funds.
Other conflicts of interest are
covered by this Code, even if such conflicts of interest are not subject to provisions of the ICA or the IAA. In reading the following
examples of conflicts of interest under this Code, Senior Officers should keep in mind that such a list cannot ever be exhaustive or cover
every possible scenario. It follows that the overarching principle is that the personal interest of a Senior Officer should not be placed
improperly before the interest of a Fund.
2 | Last revised January 2021 |
Each Senior Officer must:
· | Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Senior Officer would benefit personally to the detriment of the Fund; |
· | Not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Senior Officer rather than the benefit of the Fund; and |
· | Report at least annually any affiliations or other relationships that give rise to conflicts of interest. |
Any material conflict of interest
situation should be approved by the CCO, his or her designee or the Board. Examples of these include:
· | Service as a director on the board of any public or private company; |
· | The receipt of any gift with a value in excess of an amount established from time to time by Amundi US’ Business Gift and Entertainment Policy from any single non-relative person or entity. Customary business lunches, dinners and entertainment at which both the Senior Officer and the giver are present, and promotional items of insignificant value are exempt from this prohibition; |
· | The receipt of any entertainment from any company with which a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; |
· | Any ownership interest in, or any consulting or employment relationship with, any of a Fund’s service providers other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and |
· | A direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer’s employment, such as compensation or equity ownership. |
Corporate Opportunities
Senior Officers may not (a) take
for themselves personally opportunities that are discovered through the use of a Fund’s property, information or position; (b) use
a Fund’s property, information, or position for personal gain; or (c) compete with a Fund. Senior Officers owe a duty to the Funds
to advance their legitimate interests when the opportunity to do so arises.
3 | Last revised January 2021 |
Confidentiality
Senior Officers should maintain
the confidentiality of information entrusted to them by the Funds, except when disclosure is authorized or legally mandated. Confidential
information includes all non-public information that might be of use to competitors, or harmful to the Funds, if disclosed.
Fair dealing
with Fund shareholders, suppliers, and competitors
Senior Officers should endeavor
to deal fairly with the Funds’ shareholders, suppliers, and competitors. Senior Officers should not take unfair advantage of anyone
through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.
Senior Officers should not knowingly misrepresent or cause others to misrepresent facts about a Fund to others, whether within or outside
the Fund, including to the Board, the Funds’ auditors or to governmental regulators and self-regulatory organizations.
Compliance with
Law
Each Senior Officer must not knowingly
violate any law, rule and regulation applicable to his or her activities as an officer of the Funds. In addition, Senior Officers are
responsible for understanding and promoting compliance with the laws, rules and regulations applicable to his or her particular position
and by persons under the Senior Officer’s supervision. Senior Officers should endeavor to comply not only with the letter of the
law, but also with the spirit of the law.
Disclosure
Each Senior Officer should familiarize
himself or herself with the disclosure requirements generally applicable to the Funds. Each Senior Officer should, to the extent appropriate
within his or her area of responsibility, consult with other officers of the Funds and Amundi US with the goal of promoting full, fair,
accurate, timely and understandable disclosure in the reports and documents a Fund files with, or submits to, the SEC and in other public
communications made by the Funds.
Initial
and Annual Certifications
Upon becoming a Senior Officer
the Senior Officer is required to certify that he or she has received, read, and understands this Code. On an annual basis, each Senior
Officer must certify that he or she has complied with all of the applicable requirements of this Code.
Administration
and Enforcement of the Code
Report of Violations
Amundi US relies on each Senior
Officer to report promptly if he or she knows of any conduct by a Senior Officer in violation of this Code. All violations or suspected
violations of this Code must be reported to the CCO or a member of Amundi US’ Legal and Compliance Department. Failure to do so
is itself a violation of this Code.
4 | Last revised January 2021 |
Investigation
of Violations
Upon notification of a violation
or suspected violation, the CCO or other members of Amundi US’ Compliance Department will take all appropriate action to investigate
the potential violation reported. If, after such investigation, the CCO believes that no violation has occurred, the CCO and Compliance
Department is not required to take no further action. Any matter the CCO believes is a violation will be reported to the Independent Trustees.
If the Independent Trustees concur that a violation has occurred, they will inform and make a recommendation to the full Board. The Board
shall be responsible for determining appropriate action. The Funds, their officers and employees, will not retaliate against any Senior
Officer for reports of potential violations that are made in good faith and without malicious intent.
The CCO or his or her designee
is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret
this Code in any particular situation. The CCO or his or her designee shall make inquiries regarding any potential conflict of interest.
Violations and
Sanctions
Compliance with this Code is expected
and violations of its provisions will be taken seriously and could result in disciplinary action. In response to violations of the Code,
the Board may impose such sanctions as it deems appropriate within the scope of its authority over Senior Officers, including termination
as an officer of the Funds.
Waivers from
the Code
The Independent Trustees will consider
any approval or waiver sought by any Senior Officer.
The Independent Trustees will be
responsible for granting waivers, as appropriate. Any change to or waiver of this Code will, to the extent required, be disclosed as provided
by SEC rules.
Other
Policies and Procedures
This Code shall be the sole Code
of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered
investment companies thereunder. The Funds’ and Amundi US’ Codes of Ethics under Rule 17j-1 under the ICA and Rule 204A-1
of the IAA are separate requirements applying to the Senior Officers and others, and are not a part of this Code. To the extent any other
policies and procedures of the Funds or Amundi US overlap or conflict with the provisions of the Code, they are superseded by this Code.
Scope
of Responsibilities
A Senior Officer’s responsibilities
under this Code are limited to Fund matters over which the Senior Officer has direct responsibility or control, matters in which the Senior
Officer routinely participates, and matters with which the Senior Officer is otherwise involved. In addition, a Senior Officer is responsible
for matters of which the Senior Officer has actual knowledge.
5 | Last revised January 2021 |
Amendments
This
Code other than Exhibit A may not be amended except in a writing that is specifically approved or ratified by a majority vote of the Board,
including a majority of the Independent Trustees.
Confidentiality
All reports and records prepared
or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise
required by law or this Code, such matters shall not be disclosed to anyone other than the Board and their counsel, or to Amundi US’
Legal and Compliance Department.
Internal
Use
This Code is intended solely for
the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal
conclusion.
6 | Last revised January 2021 |
Exhibit
A – Senior Officers of the Pioneer Funds (Effective as of August 14, 2008)
President (Principal Executive Officer)
Treasurer (Principal Financial Officer)
Code of Ethics for Senior Officers
CERTIFICATION PURSUANT TO RULE 30a-2(a)
UNDER THE 1940 ACT AND SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Lisa M. Jones, certify that:
1. I have reviewed this report on Form N-CSR of Pioneer Equity Income Fund;
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:
a. Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;
b. Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;
c. Evaluated the effectiveness of the registrant’s disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and
d. Disclosed in this report any change in the registrants internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer and I have disclosed to the
registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent
functions):
a. All significant deficiencies in the design or operation of internal controls
over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize,
and report financial information; and
b. Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control over financial reporting.
Date: July 1, 2022
/s/ Lisa M. Jones
Lisa M. Jones
President and Chief Executive Officer
CERTIFICATION PURSUANT TO RULE 30a-2(a)
UNDER THE 1940 ACT AND SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Anthony J. Koenig, Jr., certify that:
1. I have reviewed this report on Form N-CSR of Pioneer Equity Income Fund;
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;
4. The registrants other certifying officer and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;
b. Designed such internal control over financial reporting, or caused such
internal control over financial reporting to
be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;
c. Evaluated the effectiveness of the registrant’s disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and
d. Disclosed in this report any change in the registrants internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer and I have disclosed to the
registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent
functions):
a. All significant deficiencies in the design or operation of internal controls
over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize,
and report financial information; and
b. Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control over financial reporting.
Date: July 1, 2022
/s/ Anthony J. Koenig, Jr.
Anthony J. Koenig, Jr.
Managing Director, Chief Operations Officer & Treasurer of the
Funds
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY
ACT OF 2002
I, Lisa M. Jones, certify that, to the best of my knowledge:
1. The Form N-CSR (the Report) of Pioneer Equity Income Fund fully complies
for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of
1934; and
2. The information contained in the Report fairly presents, in all material
respects, the financial condition and results of the operations of the Fund.
Date: July 1, 2022
/s/ Lisa M. Jones
Lisa M. Jones
President and Chief Executive Officer
This certification is being furnished pursuant to Rule 30a-2(b) under the
Investment Company Act of 1940, as amended, and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities
and Exchange Commission.
A signed original of this written statement required by section 906 has
been provided to the Fund and will be retained by the Fund and furnished to the Securities Exchange Commission or its staff upon request.
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY
ACT OF 2002
I, Anthony J. Koenig, Jr., certify that, to the best of my knowledge:
1. The Form N-CSR (the Report) of Pioneer Equity Income Fund fully complies
for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of
1934; and
2. The information contained in the Report fairly presents, in all material
respects, the financial condition and results of the operations of the Fund.
Date: July 1, 2022
/s/ Anthony J. Koenig, Jr.
Anthony J. Koenig, Jr.
Managing Director, Chief Operations Officer & Treasurer of the
Funds
This certification is being furnished pursuant to Rule 30a-2(b) under the
Investment Company Act of 1940, as amended, and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities
and Exchange Commission.
A signed original of this written statement required by section 906 has
been provided to the Fund and will be retained by the Fund and furnished to the Securities Exchange Commission or its staff upon request.
Source: streetinsider.com