| Highlights |
- Actively managed multi-sector bond fund that applies a consistent, value-oriented total return approach
- Avoids investing in securities whose interest is subject to the alternative minimum tax (AMT)
- Invests in a nationally diversified portfolio of municipal bonds seeking to enhance liquidity and risk/return potential versus individual issues and state-specific investments
- Focuses on a research-driven approach to uncover attractive relative values and quality issues with competitive yields. Fund manager David Eurkus stick to a disciplined strategy of buying long-term bonds that run very little risk of being called
- * Past performance cannot guarantee future results
| Strategy |
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FUND STRATEGY The Fund seeks to maximize current income exempt from federal income taxes, consistent with the preservation of capital, primarily through investment-grade tax-exempt bonds. The Fund invests in a nationally diversified portfolio of municipal bonds. |  |
MANAGER'S PERSPECTIVE
"We stay fully invested in long-term municipal bonds with a very long-term approach to portfolio management. We like to take positions in bonds which are temporarily undervalued, thereby enhancing total return when conditions are corrected."
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. Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 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. A portion of income may be subject to local, state and federal income tax. Capital gains, if any, are subject to capital gains tax. These risks may increase share price volatility.
| Fund Facts |
As of June 30, 2010
| Class | A Shares | B Shares | C Shares | Y Shares* |
| CUSIP | 72387W705 | 72387W804 | 72387W887 | 72387W747 |
| Nasdaq Symbol | PBMFX | PBMUX | MNBCX | PBYMX |
| Inception Date | 9/30/1996 | 9/30/1996 | 10/1/2003 | 12/13/2004 |
| Total Net Assets (millions) | $799.6 | $11.5 | $41.0 | $85.1 |
| 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) | 0.88% | 1.71% | 1.64% | 0.58% |
| Total Expense Ratio (Net) | 0.82% | 1.71% | 1.64% | 0.55% |
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Initial minimum investment amounts for retirement plans are lower. |
| Portfolio Characteristics |
As of June 30, 2010
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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.