MNBCX: Pioneer AMT-Free Municipal C

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MNBCX Pioneer AMT-Free Municipal C


Profile

MNBCX - Profile

Vitals

  • YTD Return 2.5%
  • 3 Yr Annualized Return 2.0%
  • 5 Yr Annualized Return 1.6%
  • Net Assets $1.51 B
  • Holdings in Top 10 19.9%

52 WEEK LOW AND HIGH

$15.41
$13.30
$15.75

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.56%

SALES FEES

  • Front Load N/A
  • Deferred Load 1.00%

BROKERAGE FEES

  • Turnover 10.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $1,000
  • IRA $250

Fund Classification


Distributions

  • YTD Total Return 2.5%
  • 3 Yr Annualized Total Return 2.1%
  • 5 Yr Annualized Total Return 1.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.95%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Pioneer AMT Free Municipal Fund
  • Fund Family Name
    Pioneer Investments
  • Inception Date
    Oct 01, 2003
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    David Eurkus

Fund Description

Normally, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in investment grade municipal bonds with a maturity of more than one year, the interest on which is exempt from regular federal income tax. The fund normally will not invest in securities the interest on which is a tax preference item for purposes of the federal alternative minimum tax (AMT).


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Categories

Performance

MNBCX - Performance

Return Ranking - Trailing

Period MNBCX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.5% -31.9% 954.9% 43.60%
1 Yr 2.4% -27.2% 945.1% 40.04%
3 Yr 2.0%* -18.4% 120.9% 25.24%
5 Yr 1.6%* -9.1% 60.6% 18.19%
10 Yr 1.3%* -5.2% 14.4% 5.82%

* Annualized

Return Ranking - Calendar

Period MNBCX Return Category Return Low Category Return High Rank in Category (%)
2019 6.6% -5.8% 20.3% 12.03%
2018 -2.8% -29.6% 4.6% 58.09%
2017 3.6% -4.4% 15.8% 3.08%
2016 -3.3% -6.1% 15.0% 91.91%
2015 0.8% -11.6% 2.6% 1.79%

Total Return Ranking - Trailing

Period MNBCX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.5% -31.9% 954.9% 43.60%
1 Yr 2.4% -27.2% 945.1% 39.99%
3 Yr 2.1%* -18.4% 120.9% 29.74%
5 Yr 1.6%* -9.1% 60.6% 26.81%
10 Yr 1.3%* -5.2% 16.1% 22.00%

* Annualized

Total Return Ranking - Calendar

Period MNBCX Return Category Return Low Category Return High Rank in Category (%)
2019 6.6% -5.8% 20.3% 12.58%
2018 -2.7% -29.6% 4.6% 61.86%
2017 3.6% -4.4% 15.8% 8.94%
2016 -3.3% -6.1% 15.0% 93.77%
2015 0.8% -9.9% 3.0% 3.84%

NAV & Total Return History


Holdings

MNBCX - Holdings

Concentration Analysis

MNBCX Category Low Category High MNBCX % Rank
Net Assets 1.51 B 619 K 88.4 B 31.62%
Number of Holdings 288 1 10083 54.97%
Net Assets in Top 10 293 M -170 M 26.9 B 26.86%
Weighting of Top 10 19.85% 2.6% 100.0% 53.94%

Top 10 Holdings

  1. UNIVERSITY TEX UNIV REVS 5% 2.98%
  2. United States Treasury Bills 0% 2.71%
  3. MASSACHUSETTS ST DEV FIN AGY REV 5% 2.57%
  4. CENTRAL PUGET SOUND WASH REGL TRAN AUTH SALES TAX & MOTOR VEHICLE EXCISE TA 2.48%
  5. MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV 5.5% 1.75%
  6. United States Treasury Bills 0% 1.69%
  7. United States Treasury Bills 0% 1.69%
  8. MIAMI-DADE CNTY FLA WTR & SWR REV 4% 1.50%
  9. TOBACCO SETTLEMENT FING CORP VA 5% 1.27%
  10. FLORIDA ST TPK AUTH TPK REV 3% 1.21%

Asset Allocation

Weighting Return Low Return High MNBCX % Rank
Bonds
92.22% 78.92% 188.18% 79.19%
Cash
7.78% -83.41% 19.68% 15.09%
Stocks
0.00% -4.99% 21.62% 91.83%
Preferred Stocks
0.00% -0.17% 10.40% 92.94%
Other
0.00% -9.30% 31.94% 87.65%
Convertible Bonds
0.00% 0.00% 9.45% 97.50%

Bond Sector Breakdown

Weighting Return Low Return High MNBCX % Rank
Municipal
92.22% 0.00% 100.06% 39.64%
Cash & Equivalents
7.78% -26.49% 93.17% 17.59%
Derivative
0.00% 0.00% 39.43% 93.42%
Securitized
0.00% 0.00% 97.53% 97.31%
Corporate
0.00% 0.00% 99.00% 97.89%
Government
0.00% -2.21% 99.96% 97.74%

Bond Geographic Breakdown

Weighting Return Low Return High MNBCX % Rank
US
91.94% 49.78% 163.25% 47.57%
Non US
0.28% -12.10% 39.65% 76.65%

Expenses

MNBCX - Expenses

Operational Fees

MNBCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.56% 0.01% 34.57% 13.71%
Management Fee 0.44% 0.00% 1.60% 69.25%
12b-1 Fee 1.00% 0.00% 1.00% 99.01%
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

MNBCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% N/A
Deferred Load 1.00% 0.25% 5.50% 91.74%

Trading Fees

MNBCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MNBCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 10.00% 0.00% 496.90% 6.74%

Distributions

MNBCX - Distributions

Dividend Yield Analysis

MNBCX Category Low Category High MNBCX % Rank
Dividend Yield 0.00% 0.00% 3.89% 91.54%

Dividend Distribution Analysis

MNBCX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

MNBCX Category Low Category High MNBCX % Rank
Net Income Ratio 1.95% -0.81% 5.05% 78.13%

Capital Gain Distribution Analysis

MNBCX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Dividend Payout History

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Fund Manager Analysis

MNBCX - Fund Manager Analysis

Managers

David Eurkus


Start Date

Tenure

Tenure Rank

Jun 09, 2006

14.24

14.2%

David J. Eurkus is Managing Director, Portfolio Manager and Director of Municipals at Amundi Pioneer. He is a Portfolio Manager on open-end and closed-end national high yield municipal bond and national investment grade municipal bond strategies. He also leads the Municipals team based in Boston. Prior to joining Amundi Pioneer, David was a Senior Vice President and Portfolio Manager at Brown Brothers Harriman, where he managed municipal bond portfolios. Previously, he served as a Senior Vice President and Senior Portfolio Manager at Putnam Investments, where he managed several tax-exempt mutual funds.

Jonathan Chirunga


Start Date

Tenure

Tenure Rank

May 17, 2013

7.3

7.3%

Jonathan M. Chirunga, Senior Vice President, Portfolio Manager, and member of the Municipals team, at Amundi Pioneer. He is a Portfolio Manager on open-end and closed-end national high yield municipal bond and national investment grade municipal bond strategies. Prior to joining Amundi Pioneer, Jonathan spent ten years at T. Rowe Price as a Municipal Credit Analyst covering municipal debt offerings for transportation, charter schools, tax allocation bonds, land-based real estate bonds, project finance bonds, including public-private partnerships, and tax-backed debt in the southeastern and central regions of the United States, providing buy, sell, and hold recommendations for a range of municipal bond funds. He also spent three years as a Municipal Credit Analyst at Standard & Poor’s, covering municipal debt offerings for Indian Gaming and other bond offerings backed by revenues related to Indian sovereignties, charter schools, tax allocation bonds, land-based real estate bonds, and tax-backed debt in the western region of the United States. Prior to Standard & Poor’s, Mr. Chirunga served as a Corporate Credit Analyst at Hewlett Packard Company, and was responsible for establishing credit for the company’s top 75 value-added resellers.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 33.3 6.93 0.17