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Pioneer AMT-Free Municipal Fund

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 sticks to a disciplined strategy of buying long-term bonds that run very little risk of being called

  • * Past performance cannot guarantee future results


Strategy

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.

Diversification does not ensure a profit or protect against loss in a declining market.


PORTFOLIO MANAGEMENT PERSPECTIVE

"We stay fully invested in long-term, nationally diversified, investment grade municipal bonds. We like to take positions in bonds which are temporarily undervalued, thereby potentially enhancing total return when conditions are corrected."

Fund commentary with performance analysis

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 issuers 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 May 31, 2015

(load waived) (load adjusted)
Overall Morningstar RatingTM
(out of 191 muni national long funds)

Morningstar proprietary ratings reflect risk-adjusted performance as of 5/31/15

The Overall Morningstar RatingTM is based on a weighted average of the star ratings assigned to a fund's three, five, and ten year (as applicable) time periods. The Morningstar Category identifies funds based on their underlying portfolio holdings. Classifications are based on portfolio statistics and compositions over the past three years. For funds less than three years old, category classifications are based on life of the fund. Pioneer AMT-Free Municipal Fund was rated exclusively against U.S.-domiciled muni national long funds as follows: 5, 5 and 4 stars (load waived) and 3, 3 and 3 stars (load adjusted) among 191, 179 and 146 funds for the three-, five-, and 10-year periods ended 5/31/15, respectively. The Morningstar Rating is for Class A Shares only. Morningstar Load Waived ratings do not take into account Class A sales charges. Ratings may vary among share classes and are based on past performance, which is no guarantee of future results.

Please see a prospectus for complete information pertaining to load waived eligibility (such as large purchases or certain types of group plan participants). For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Each fund is rated exclusively against U.S. domiciled funds. The following copyright pertains only to Morningstar information. The Morningstar information contained herein 1) is proprietary to Morningstar; 2) may not be copied; and 3) is not warranted to be accurate, complete or timely. Morningstar is not responsible for any damages or losses arising from any use of this information. 2015 Morningstar, Inc. All Rights Reserved.

ClassA SharesC SharesY Shares*
CUSIP72387W70572387W88772387W747
Nasdaq SymbolPBMFXMNBCXPBYMX
Inception Date/
Performance Inception Date
9/30/199610/1/200312/13/2004
Total Net Assets (millions)$693.4$49.8$275.0
Initial Minimum Invest. (A)$1,000$1,000$5,000,000
Management Fee0.46%0.46%0.46%
Expense Ratio (Gross)0.85%1.60%0.65%
Expense Ratio (Net)0.82%1.60%0.55%

Initial minimum investment amounts for retirement plans are lower.
*Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.
The Net Expense ratio reflects contractual expense limitations currently in effect through 5/1/2016 and 5/1/2016 for Class A and Y Shares, respectively. There can be no assurance that Pioneer will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information.


Portfolio Characteristics

As of May 31, 2015

30-day SEC Yield With Expense Waiver
Class A
Class C
Class Y

2.26%
1.65%
2.65%
30-day SEC Yield Without Expense Waiver
Class A
Class C
Class Y

2.23%
1.65%
2.55%
Weighted Average Life of Securities8.75 Years
Weighted Average Maturity18.86 Years
Duration7.90 Years
Total Holdings256
Turnover29%

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. Duration is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows.

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, Portfolio Manager
Mr. Eurkus, a senior vice president and Director of Municipals, joined Pioneer in 2001 and has been an investment professional since 1969.
Jonathan Chirunga, Portfolio Manager
Mr. Chirunga, a vice president, joined Pioneer in 2011 and has been an investment professional since 1996.



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 or summary 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.

Neither Pioneer, nor its representatives, are legal or tax advisors. In addition, Pioneer does not provide advice or recommendations. The investments you choose should correspond to your needs, goals, and risk tolerance. For assistance in determining your financial situation, please consult an investment professional.

 
 

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it here.

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Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA. 02109. Underwriter of Pioneer mutual funds, Member SIPC © 2015 Pioneer Investments.