| Highlights |
- Seeks to provide high current income exempt from regular federal income taxes
- Emphasis on below investment grade and unrated municipal bonds, which generally offer higher current yields than higher rated securities, but are also subject to greater risk
- Benefits from the strengths of Pioneer's credit research process and global research platform
- Portfolio managers David Eurkus and Timothy Pynchon have over 36 years and 20 years of industry experience respectively, and have managed both investment-grade and high yield municipal bonds
- Past performance cannot guarantee future results
| Strategy |
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FUND STRATEGY The Fund seeks to maximize total return through a combination of income, which is exempt from federal income tax, and capital appreciation. The Fund invests primarily in "high yield" municipal securities. |  |
MANAGER'S PERSPECTIVE
"Our investment philosophy involves two key elements: first, we are value investors, and our intention is to buy and hold. Second, we are credit driven, which we believe is critical to achieve superior returns. We keep our eye on several areas, such as duration, average life, sector weightings, and the benchmark indices, but our strategy is to seek good credits presenting good relative value in the market that will lead to a stable and well-diversified portfolio year after year."
Timothy Pynchon, Lead Portfolio Manager
A WORD ABOUT RISK
Investments in high yield or lower-rated securities are subject to greater-than-average 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. 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. 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. Prepayment risk is the chance that mortgage-backed bonds will be paid off early if falling interest rates prompt homeowners to refinance their mortgages. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation associated with falling interest rates. 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.
| Fund Facts |
As of June 30, 2010
| Class | A Shares | C Shares | Y Shares* |
| CUSIP | 72387N846 | 72387N838 | 72387N820 |
| Nasdaq Symbol | PIMAX | HICMX | HIMYX |
| Inception Date | 10/17/2006 | 10/17/2006 | 10/17/2006 |
| Total Net Assets (millions) | $239.4 | $145.0 | $55.8 |
| Initial Minimum Investment | $1,000 | $1,000 | $5,000,000 |
| Management Fee | 0.50% | 0.50% | 0.50% |
| Total Expense Ratio (Gross) | 1.28% | 1.98% | 1.04% |
| Total Expense Ratio (Net) | 0.90% | 1.80% | 1.04% |
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Initial minimum investment amounts for retirement plans are lower. |
| Portfolio Characteristics |
As of June 30, 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 |
Timothy Pynchon, Lead Portfolio Manager
Mr. Pynchon joined Pioneer as a vice president in 2000 and has been an investment professional since 1982.
David Eurkus, Portfolio Manager
Mr. Eurkus joined Pioneer as a senior vice president in 2001 and has been an investment professional since 1970.
| 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.