Conference Call Replay

Municipal Bond Market Update

Conference call recorded on: April 7, 2020


David Erukus, Managing Director, Director of Municipals, Portfolio Manager
Jonathan M. Chirunga, Managing Director, Deputy Director of Municipals, Portfolio Manager

David and Jonathan discuss how municipal bonds are performing in today's market environment, the opportunities and challenges within the municipal bond category, and potential implications for investment strategy, including Pioneer High Income Municipal Fund and Pioneer AMT-Free Municipal Fund.

Click below to listen to or download the audio file.

For complete Pioneer High Income Municipal Fund performance information and top holdings,  click here
For complete Pioneer AMT-Free Municipal performance information and top holdings,  click here
All securities discussed are current portfolio holdings as of the date of the call.


Advisors, for more information, contact your Amundi Pioneer Sales Specialist at 800-622-9876.

A Word About Risk

The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. 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 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. 

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your financial professional or Amundi Pioneer 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 from our  literature section.

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

Not FDIC insured | May lose value | No bank guarantee