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Name

As of 11/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Pioneer AMT-Free Municipal Fund

PBYMX | Fund

$13.07

$724 M

3.43%

$0.45

0.66%

Vitals

YTD Return

1.9%

1 yr return

9.8%

3 Yr Avg Return

-2.6%

5 Yr Avg Return

-0.2%

Net Assets

$724 M

Holdings in Top 10

19.0%

52 WEEK LOW AND HIGH

$13.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.66%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 3.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$5,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Pioneer AMT-Free Municipal Fund

PBYMX | Fund

$13.07

$724 M

3.43%

$0.45

0.66%

PBYMX - Profile

Distributions

  • YTD Total Return 1.9%
  • 3 Yr Annualized Total Return -2.6%
  • 5 Yr Annualized Total Return -0.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.05%
DIVIDENDS
  • Dividend Yield 3.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Pioneer AMT-Free Municipal Fund
  • Fund Family Name
    The Pioneer Funds
  • Inception Date
    Sep 30, 1996
  • Shares Outstanding
    N/A
  • Share Class
    Y
  • Currency
    USD
  • Domiciled Country
    US
  • 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).Municipal securities are generally issued to finance public works such as airports, bridges, highways, housing, hospitals, mass transportation projects, schools and water and sewer works. Municipal securities may be issued to repay outstanding obligations, to raise funds for general operating expenses, or to make loans to other institutions and facilities. They also may be issued by or on behalf of public authorities to finance various privately operated facilities which are expected to benefit the municipality and its residents, such as business, manufacturing, housing, sports and pollution control, as well as public facilities such as airports, mass transit systems, ports and parking.The fund’s investments include bonds, notes and other debt instruments issued by or on behalf of states, counties, municipalities, territories and possessions of the United States and the District of Columbia and their authorities, political subdivisions, agencies or instrumentalities.The fund may invest up to 10% of its net assets in debt securities rated below investment grade (known as “junk bonds”) or, if unrated, of equivalent quality as determined by the adviser. The fund’s investments in debt securities rated below investment grade may include debt securities rated “D” or better, or comparable unrated securities.The fund may invest in municipal securities of any maturity, although under normal circumstances it is anticipated that the fund will generally invest in longer-term investments. Municipal securities with longer maturities are generally more volatile than other fixed income securities with shorter maturities. The maturity of a fixed income security is a measure of the time remaining until final payment on the security is due.The fund normally will limit its investment in municipal securities whose issuers are located in the same state to less than 25% of the fund’s total assets.The fund may invest 25% or more of its assets in securities the payments on which are derived from gas, electric, telephone, sewer, water, healthcare, education, tobacco and transportation segments of the municipal bond market.The fund's investments may have fixed or variable principal payments and all types of interest rate payment and reset terms, including fixed rate, inverse floating rate, floating rate, zero coupon, contingent, deferred and payment in kind and auction rate features.The fund may, but is not required to, use derivatives. The fund may use derivatives, such as synthetic municipal securities and inverse floating rate obligations, for a variety of purposes, including: in an attempt to hedge against adverse changes in the market price of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities; to attempt to increase the fund’s return as a non-hedging strategy that may be considered speculative; to manage portfolio characteristics; and as a cash flow management technique. The fund may invest up to 10% of its net assets in inverse floating rate obligations. The fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited by applicable law and regulations.The fund also may invest in subordinated securities, asset-backed securities of any rating, including collateralized debt obligations, and may hold cash or other short-term investments. The fund’s investments may include mortgage-backed instruments, the underlying assets of which allow for balloon payments (where a substantial portion of a mortgage loan balance is paid at maturity, which can shorten the average life of the mortgage-backed instrument) or negative amortization payments (where as a result of a payment cap, payments on a mortgage loan are less than the amount of principal and interest owed, with excess amounts added to the outstanding principal balance, which can extend the average life of the mortgage-backed instrument).The fund may invest up to 20% of its net assets in taxable investments, including securities of other investment companies (including mutual funds, exchange-traded funds and closed-end funds), commercial paper, U.S. government securities, U.S. or foreign bank instruments and repurchase agreements.The fund’s investment adviser considers both broad economic factors and issuer specific factors in selecting investments to buy and sell. In assessing the appropriate maturity and rating weighting of the fund's portfolio, the adviser considers a variety of factors that are expected to influence economic activity and interest rates. The adviser selects individual securities based upon such factors as a security’s yield, liquidity and rating, an assessment of credit quality and issuer diversification.
Read More

PBYMX - Performance

Return Ranking - Trailing

Period PBYMX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -4.6% 33.0% 68.42%
1 Yr 9.8% -0.1% 38.0% 2.93%
3 Yr -2.6%* -10.8% 3.4% 94.51%
5 Yr -0.2%* -6.7% 1104.0% 91.21%
10 Yr 2.0%* -0.9% 248.8% 32.13%

* Annualized

Return Ranking - Calendar

Period PBYMX Return Category Return Low Category Return High Rank in Category (%)
2023 4.8% -1.4% 41.0% 3.67%
2022 -19.0% -39.7% 0.3% 95.33%
2021 -0.4% -5.6% 6.9% 48.57%
2020 3.4% -2.6% 310.0% 4.86%
2019 6.6% 0.0% 26.0% 3.50%

Total Return Ranking - Trailing

Period PBYMX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -4.6% 33.0% 68.42%
1 Yr 9.8% -0.1% 38.0% 2.93%
3 Yr -2.6%* -10.8% 3.4% 94.51%
5 Yr -0.2%* -6.7% 1104.0% 91.21%
10 Yr 2.0%* -0.9% 248.8% 32.13%

* Annualized

Total Return Ranking - Calendar

Period PBYMX Return Category Return Low Category Return High Rank in Category (%)
2023 8.6% -1.3% 41.0% 2.87%
2022 -16.7% -39.7% 1.1% 95.12%
2021 2.0% -4.8% 23761504.0% 40.79%
2020 5.8% -1.5% 17057.9% 8.27%
2019 9.9% 0.2% 3514.6% 3.14%

NAV & Total Return History

PBYMX - Holdings

Concentration Analysis

PBYMX Category Low Category High PBYMX % Rank
Net Assets 724 M 3.22 M 71.9 B 37.47%
Number of Holdings 195 4 13418 58.96%
Net Assets in Top 10 157 M -317 M 3.09 B 28.85%
Weighting of Top 10 18.96% 1.8% 100.3% 43.47%

Top 10 Holdings

  1. United States Treasury Bill 2.54%
  2. United States Treasury Bill 2.53%
  3. Tobacco Settlement Financing Corp/VA 2.09%
  4. Massachusetts Development Finance Agency 1.93%
  5. Loudoun County Economic Development Authority 1.93%
  6. State of Ohio 1.88%
  7. Buckeye Tobacco Settlement Financing Authority 1.60%
  8. County of Hillsborough FL Utility Revenue 1.54%
  9. State of Florida Department of Transportation Turnpike System Revenue 1.48%
  10. New York State Dormitory Authority 1.44%

Asset Allocation

Weighting Return Low Return High PBYMX % Rank
Bonds 		100.69% 0.00% 150.86% 14.71%
Stocks 		0.00% 0.00% 99.78% 91.34%
Preferred Stocks 		0.00% 0.00% 0.07% 90.61%
Other 		0.00% -3.69% 51.88% 85.88%
Convertible Bonds 		0.00% 0.00% 0.93% 90.30%
Cash 		0.00% -50.86% 44.62% 96.67%

Bond Sector Breakdown

Weighting Return Low Return High PBYMX % Rank
Municipal 		99.00% 44.39% 100.00% 40.54%
Derivative 		0.00% -3.69% 51.88% 80.81%
Cash & Equivalents 		0.00% 0.00% 44.41% 95.40%
Securitized 		0.00% 0.00% 5.93% 90.57%
Corporate 		0.00% 0.00% 9.41% 91.77%
Government 		0.00% 0.00% 52.02% 92.24%

Bond Geographic Breakdown

Weighting Return Low Return High PBYMX % Rank
US 		100.69% 0.00% 142.23% 14.26%
Non US 		0.00% 0.00% 23.89% 90.27%

PBYMX - Expenses

Operational Fees

PBYMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.66% 0.01% 8.02% 58.60%
Management Fee 0.45% 0.00% 1.20% 64.51%
12b-1 Fee 0.00% 0.00% 1.00% 16.35%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

PBYMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

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

PBYMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 3.00% 0.00% 283.00% 1.96%

PBYMX - Distributions

Dividend Yield Analysis

PBYMX Category Low Category High PBYMX % Rank
Dividend Yield 3.43% 0.00% 14.51% 21.90%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PBYMX Category Low Category High PBYMX % Rank
Net Income Ratio 2.05% -0.53% 5.33% 45.72%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PBYMX - Fund Manager Analysis

Managers

David Eurkus

Start Date

Tenure

Tenure Rank

Jun 09, 2006

15.99

16.0%

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

9.04

9.0%

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
0.08 35.05 7.35 1.58

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