| Highlights |
- The municipal bond category has been among the top performing fixed-income asset classes, on a tax-equivalent basis, over the last five years ended December, 2006*
- The asset class has had default rates of between 0.5% 1.0% over the last 30 years, the lowest fixed income default rate, next to U.S. Treasuries*
- May offer investors a steady flow of federally tax-free income
- Nationally diversified to enhance liquidity and improve balance of risk/return versus individual issues and statespecific investments. Offers the flexibility of investing in undervalued issues to pursue above-average total return through sector diversification
- Investment professionals since 1969 and 1982 respectively, Portfolio Managers David Eurkus and Tim Pynchon are among the most experienced bond managers in the industry. They are supported by the extensive resources of Pioneer's fixed-income team
- *Past performance cannot guarantee future results. (Source: Lehman Bros. 12/31/06)
| Strategy |
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FUND STRATEGY The Fund seeks high current income exempt from federal income taxes, consistent with the preservation of capital, primarily through a nationally diversified portfolio of investment-grade tax-exempt bonds. It has the flexibility to invest a portion of assets in below-investment-grade municipal bonds to enhance yield and total return potential. |  |
MANAGER'S PERSPECTIVE
"We use a relative value approach to help increase opportunities for enhanced returns which may offer investors a steady flow of tax-free income. We consider both top-down and bottom-up factors in security selection."
David Eurkus, Lead Portfolio Manager
A WORD ABOUT RISK
When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Fund will generally rise. Investments in the fund are subject to possible loss due to the financial failure of underlying securities and their inability to meet their debt obligations. A portion of income may be subject to local, state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax. At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. These risks may increase share price volatility.
| Fund Facts |
As of January 31, 2010
| Class | A Shares | B Shares | C Shares | Y Shares* |
| CUSIP | 723887105 | 723887204 | 723887303 | 723887402 |
| Nasdaq Symbol | MOMTX | PBMTX | PCMTX | PYMTX |
| Inception Date | 1/18/1977 | 4/28/1995 | 1/31/1996 | 1/18/1977 |
| Total Net Assets (millions) | $332.2 | $8.4 | $13.7 | $54.5 |
| Initial Minimum Investment | $1,000 | $1,000 | $1,000 | $5,000,000 |
| Management Fee | 0.50% | 0.50% | 0.50% | 0.50% |
| Total Expense Ratio (Gross) | 0.92% | 1.69% | 1.66% | 0.57% |
| Total Expense Ratio (Net) | 0.89% | 1.69% | 1.66% | 0.57% |
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Initial minimum investment amounts for retirement plans are lower. |
| Portfolio Characteristics |
As of January 31, 2010
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The 30-day SEC yield is based on the hypothetical annualized earning power (investment income only) of the Fund's portfolio securities during the period indicated.
The Average Maturity of certain funds might not be a useful measure if they contain securities with principal paydowns, such as mortgage passthroughs. Instead, market participants calculate Average Life, which reflects the average time to receipt of principal payments (scheduled principal payments and projected prepayments).
| Portfolio Management |
David Eurkus, Lead Portfolio Manager
Mr. Eurkus joined Pioneer as a senior vice president in 2001 and has been an investment professional since 1970.
Timothy Pynchon, Portfolio Manager
Mr. Pynchon joined Pioneer as a vice president in 2000 and has been an investment professional since 1982.
| Not FDIC insured | May lose value | No bank guarantee |
Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus containing this information. Read it carefully. To obtain a free prospectus and for information on any Pioneer fund, please download from our web site.