Pioneer Equity Income

Objective And Strategy

Objective
Current income and long-term growth of capital.

Strategy
Invests primarily in high-quality stocks of U.S. companies with strong history of paying dividends. Emphasis on S&P 500 & reg; companies with typical market caps greater than $5B. Pursues a value style of investing, using fundamental research to identify undervalued companies with solid assets, low debt, market leadership and management ownership. Focuses on quality and price of individual issuers, not on economic sector or market timing strategies. Seeks dividend income to enhance total return potential and lower share-price volatility. Emphasis on sectors with above-average dividend yields, such as utilities, energy, financial services, communications services.

Principle Risks

* This portfolio is subject to the risks of investing in low-grade corporate bonds that have a higher default risk, less liquidity and greater sensitivity to changes in the economy than investment-grade bonds. High-yield bonds are rated lower because there is a greater risk associated with the issuer's ability to pay principal and interest.

* The portfolio invests substantial assets in real estate investment trusts (REITS) that present risks not associated with investing in stock.