Pioneer AMT-Free Municipal Fund
Data updated: 2025-04-30
C000027935 — Pioneer AMT-Free Municipal Fund. Long Municipal - National Bond · $713.55M AUM. Holdings, fees, performance and SEC filings.
C000027935 Fund Overview
Pioneer AMT-Free Municipal Fund is a US mutual fund managed by Pioneer Series Trust II, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Pioneer Series Trust II
- Category: Long Municipal - National Bond
- Assets under management: $713.55M
- 1-year return: 1.5%
- SEC CIK: 0001265389
- SEC series ID: S000010085
- Share class ID: C000027935
C000027935 Investment Objective and Strategy
Pioneer AMT-Free Municipal Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Pioneer Series Trust II.
Investment objective
As high a level of current interest income exempt from federal income tax as is consistent with the relative stability of capital.
Principal investment strategy
"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 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's investments may include instruments that allow for balloon payments or negative amortization payments.
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 and collateralized debt obligations, and may hold cash or other short-term investments.
The fund may invest up to 20% of its net assets in taxable investments, including securities of other investment companies, 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."
C000027935 Holdings
Top 10 holdings of Pioneer AMT-Free Municipal Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Tobacco Settlement Fing Corp. V | 2.54% |
| Ohio St Hosp Revenue | 2.25% |
| Loudoun Cnty Va Econ Dev Auth | 2.20% |
| Massachusetts St Dev Fin Agy R | 2.17% |
| Florida St Turnpike Auth Turnp | 1.85% |
| Cedar Hill Tx Indep Sch Dist | 1.84% |
| Buckeye Oh Tobacco Settlement | 1.79% |
| Univ Of Nebraska Ne Facs Corp. | 1.67% |
| New York St Liberty Dev Corp. L | 1.64% |
| Chicago Il | 1.59% |
C000027935 Portfolio Allocation
Asset-class allocation of Pioneer AMT-Free Municipal Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 98.2% |
| Securitized | 0.3% |
C000027935 Performance
Total returns for C000027935 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 1.5% |
| 3 years (annualised) | -3.1% |
| 5 years (annualised) | -0.3% |
C000027935 Risk Information
Risk metrics for C000027935, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 6.8%
C000027935 Costs and Fees
C000027935 costs about $79 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.79%
- Gross expense ratio: 0.86%
- Portfolio turnover: 76%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000027935 Cashflows
Over the 12 months to 2024-12, Pioneer AMT-Free Municipal Fund had net outflows of $186.01M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-12 | −$11.32M |
| 2024-11 | −$3.62M |
| 2024-10 | −$101.43M |
| 2024-09 | −$590.52K |
| 2024-08 | −$697.50K |
| 2024-07 | −$3.60M |
C000027935 Debt Constituents
Largest debt holdings of Pioneer AMT-Free Municipal Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Tobacco Settlement Fing Corp. V | 2.54% |
| Ohio St Hosp Revenue | 2.25% |
| Loudoun Cnty Va Econ Dev Auth | 2.20% |
| Massachusetts St Dev Fin Agy R | 2.17% |
| Florida St Turnpike Auth Turnp | 1.85% |
| Cedar Hill Tx Indep Sch Dist | 1.84% |
| Buckeye Oh Tobacco Settlement | 1.79% |
| Univ Of Nebraska Ne Facs Corp. | 1.67% |
| New York St Liberty Dev Corp. L | 1.64% |
| Chicago Il | 1.59% |
C000027935 Prospectus and SEC Filings
Official Pioneer AMT-Free Municipal Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-04-30
- Prospectus (485BPOS) — filed 2024-03-28
- Prospectus (485BPOS) — filed 2023-03-28
- Portfolio holdings (N-PORT) — filed 2025-02-25
- Portfolio holdings (N-PORT) — filed 2024-11-25
- Portfolio holdings (N-PORT) — filed 2024-08-23
- Annual census (N-CEN) — filed 2025-03-14
- Annual census (N-CEN) — filed 2024-03-14
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.