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1. Tax-Exempt Investing:
Keep More of What You Earn
Pioneer AMT-Free Municipal Fund As of June 30, 2019
Y: PBYMX A: PBMFX C: MNBCX amundipioneer.com/us
For more information, please speak with your financial advisor or visit amundipioneer.com/us
Fact: Multiple Factors Make Municipal Bonds Attractive
Municipal bonds have long been a favorite of high-net-worth investors as a source of tax-free income, but now they
have a much broader appeal.
• Sound Fundamentals – Attractive tax-exempt/tax-equivalent yields, lower supply, healthy demand and the improving
credit quality of states, make municipal bonds attractive.
• Default Rates – Default rates on municipals are very low and are expected to remain that way.
• Taxes – In 2018, the reduction in state and local tax (SALT) deductibility and marginal reductions to income tax rates
continued to create a need for tax-exempt income.
Opportunity: Pioneer AMT-Free Municipal Fund
This actively managed investment-grade municipal fund is nationally diversified* and managed with a relative
value approach.
• Disciplined Strategy of typically buying investment grade municipal bonds with an active management and
relative value approach across credits, sectors and coupon structures
• Nationally Diversified across sectors deemed vital to the economy, such as hospitals/healthcare, power,
energy and education
• No Alternative Minimum Tax (AMT) – 0% of AMT bonds historically
*Diversification does not ensure a profit or protect against loss.
Keep More of What You Earn
$0
$100
$200
$300
$400
Dollars
Hypothetical Taxable Investment Yielding 4% Hypothetical Tax-Free Investment Yielding 4%
Take HomePaid in Taxes for Investors subject to the 33% Federal Income Tax Rate
Take Home
$333
Paid in Taxes
$110
Take Home
$223
Paid in Taxes
$0
This is a hypothetical example and is for illustrative purposes only. It is not meant to represent performance of any Amundi Pioneer product.
Hypothetical
Investment Scenario
Initial Investment: $100,000
Yield: 4%
Holding Period: 12 months
Monthly Earnings: $333
Regular Federal Income Tax
Rate: 33%

2. Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer mutual funds, Member SIPC
©2019 Amundi Pioneer Asset Management amundipioneer.com/us
26056-29-0719
Not FDIC insured May lose value No bank guarantee
Strong Long-Term Performance
Morningstar Ratings and Rankings within Municipal National Long Category
Y Share as of 6/30/19
Overall
1-Year 3-Year 5-Year 10-Year
Ranking Rating Ranking Rating Ranking Rating Ranking
★★★★ 28%
(31/169)
★★★ 45%
(63/147)
★★★★ 21%
(21/131)
★★★★★ 6%
(6/111)
Ratings and rankings are based on past performance, which is no guarantee of future results. Star ratings do not reflect the effect of any applicable sales load. The Morningstar RatingTM
for
funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate
accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a
Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding
consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the
bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if
applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns,
and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the
10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Rankings are based on average annual total returns for listed
periods and do not take into effect any applicable sales load. The Morningstar Rating and ranking are for Class Y shares; other classes may have different performance characteristics.
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. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. © 2019 Morningstar, Inc
All Rights Reserved.
Average Annual Total Returns
As of 6/30/19
YTD 1-Year 3-Year 5-Year 10-Year
Since Inception
(9/30/96)
Pioneer AMT-Free Municipal Fund (Y Share) 6.12% 7.01% 2.44% 4.38% 6.23% 5.26%
BBG Barclays US Municipal Bond Index (Benchmark) 5.09% 6.71% 2.55% 3.64% 4.72% 5.03%
MSTAR Municipal National Long Category Average 5.78% 6.57% 2.36% 3.62% 4.82% 4.37%
Gross Expense Ratio (Y): 0.65%; Net Expense Ratio (Y): 0.55% Contractual expense waiver for class Y shares expire 5/1/20.
Call 1-800-225-6292 or visit amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance
data quoted. Data represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed,
may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors. Initial investments are subject to a $5 million investment
minimum, which may be waived in some circumstances. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which
performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial
statements for more information. Pioneer AMT-Free Municipal Fund was created on 12/13/2004 through the reorganization of SafeCo Municipal Bond Fund, the predecessor fund. The performance
of the Fund’s Class A shares is the NAV performance of the predecessor fund’s Class A (inception 9/30/1996) prior to the reorganization, and has been restated to reflect differences in any
applicable sales charges (but not differences in expenses). Performance for periods prior to the inception of Class Y Shares on 11/10/06 reflects the NAV performance of the Fund’s Class A Shares.
The performance of Class Y Shares does not reflect differences in expenses, including the 12b-1 fees applicable to Class A Shares. Since fees for Class A Shares are generally higher than those of
Class Y, the performance shown for the Class Y Shares prior to their inception would have been higher.
The BBG Barclays US Municipal Bond Index is a broad measure of the municipal bond market. The Morningstar Municipal National Long Category Average represents the average annual returns
for municipal national long bond funds within the Morningstar universe. Indices are unmanaged and their returns assume reinvestment of dividends, and unlike Fund returns, do not reflect any
fees or expenses. You cannot invest directly in an index.
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. 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, federal and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax.
These risks may increase share price volatility.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your advisor or Amundi Pioneer for a prospectus or summary
prospectus containing this information. Read it carefully.
Individuals are encouraged to seek advice from their financial, legal, tax and other appropriate advisers before making any investment or financial decisions or purchasing any financial, securities
or investment-related product or service, including any product or service described in these materials. Amundi Pioneer does not provide investment advice or investment recommendations.