January 16, 2008



                           Pioneer Equity Income Fund
                         Supplement to the JUly 6, 2007
                            Class Z Shares Prospectus



The following supplements the section entitled
"Basic information about the fund - Principal investment strategies":

The fund may invest up to 20% of its total assets in equity and debt securities
of non-U.S. corporate issuers and debt securities of non-U.S. government
issuers. The fund will not invest more than 5% of its total assets in the
securities of emerging markets issuers. Investing in non-U.S. issuers may
involve unique risks compared to investing in securities of U.S. issuers. These
risks are more pronounced for issuers in emerging markets or to the extent the
fund invests significantly in one region or country. These risks may include:

o    Less information about non-U.S. issuers or markets may be available due to
     less rigorous disclosure or accounting standards or regulatory practices
o    Many non-U.S. markets are smaller, less liquid and more volatile.
     Pioneer may not be able to sell the fund's portfolio
     securities at times, in amounts and at prices it considers reasonable
o    Adverse effect of currency exchange rates or controls on the value of the
     fund's investments or its ability to convert non-U.S. currencies to
     U.S. dollars
o    The economies of non-U.S. countries may grow at slower rates than expected
     or may experience a downturn or recession
o    Economic, political and social developments may adversely affect the
     securities markets
o    Withholding and other non-U.S. taxes may decrease the fund's return


                                                                   21609-00-0108
                                        (C) 2008 Pioneer Funds Distributor, Inc.
                                             Underwriter of Pioneer mutual funds
                                                                     Member SIPC