- 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
- Past performance cannot guarantee future results
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.
PORTFOLIO MANAGEMENT PERSPECTIVE
"We are credit driven, which we believe is critical to achieve superior returns. We keep our eye on several areas, such as coupon, average life, sectors, sector weightings, and the benchmark, 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."
Diversification does not assure a profit or protect against loss.
A WORD ABOUT RISK
Investments in high yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default. 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. Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. 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. The value of municipal securities can be adversely affected by changes in financial condition of municipal issuers, lower revenues, and regulatory and political developments. The Fund is non-diversified, which means that it can invest a large percentage of its assets in the securities of any one or more issuers. This increases the Fund's potential risk exposure. The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund. 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.
As of December 31, 2015
|Class||A Shares||C Shares||Y Shares*|
Performance Inception Date
|Total Net Assets (millions)||$254.8||$152.0||$142.9|
|Initial Minimum Invest.||$1,000||$1,000||$5,000,000|
|Gross Expense Ratio||0.89%||1.65%||0.71%|
Initial minimum investment amounts for retirement plans are lower.
As of December 31, 2015
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).
Jonathan Chirunga, Portfolio Manager
Mr. Chirunga, a vice president, joined Pioneer in 2011 and has been an investment professional since 1996.
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.
|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.