Form N-CSRS PIONEER EQUITY INCOME For: Apr 30

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July 1, 2022 10:23 AM EDT

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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

Logo

Description automatically generated with low confidence

visit us: www.amundi.com/us


Table of Contents
President’s Letter	2
Portfolio Management Discussion	4
Portfolio Summary	10
Prices and Distributions	11
Performance Update	12
Comparing Ongoing Fund Expenses	17
Schedule of Investments	19
Financial Statements	25
Notes to Financial Statements	34
Trustees, Officers and Service Providers	46

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.

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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

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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.

How did the Fund perform over the six-month period ended April 30, 2022?

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%.

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?

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.)

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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.

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?

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

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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.

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?

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.

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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.

Did the Fund have any derivatives exposure during the six-month period ended April 30, 2022?

No, the Fund held no derivatives during the period.

What is your outlook for equities heading into the second half of the Fund’s fiscal year?

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

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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.

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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

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Portfolio Summary | 4/30/22

Portfolio Diversification

(As a percentage of total investments)*

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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

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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

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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%

Chart

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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

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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%

Chart, surface chart

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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.

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.

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

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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%

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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 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.

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

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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%

Chart

Description automatically generated

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.

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.

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

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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%

Chart, surface chart

Description automatically generated

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.

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.

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

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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

Table of Contents

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*

18 Pioneer Equity Income Fund | Semiannual Report | 4/30/22

Table of Contents

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

Table of Contents

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

Table of Contents


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

Table of Contents

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

Table of Contents


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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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.

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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)

(c)

Not annualized.

(d)

Annualized.

The accompanying notes are an integral part of these financial statements.

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	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)

(c)

Not annualized.

(d)

Annualized.

The accompanying notes are an integral part of these financial statements.

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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)

(c)

Not annualized.

(d)

Annualized.

The accompanying notes are an integral part of these financial statements.

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	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)

(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.

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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

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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

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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).

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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,

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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

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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.

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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.

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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.

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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

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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

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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

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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.

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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
FactFone^SMfor 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.

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A black and white sign

Description automatically generated with low confidence

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

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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

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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.

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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.

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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.

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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.

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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”

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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”

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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”

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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.

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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.

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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.

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(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.

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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.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) , exactly as set forth below:

Filed herewith.

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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;

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:

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;

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:

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

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Form N-CSRS PIONEER EQUITY INCOME For: Apr 30

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