Tax-Free Income from a Selective Portfolio of High-Yield Municipal Bonds


Pioneer High Income Municipal Fund

Y-Share: HIMYX | A-Share: PIMAX | C-Share: HICMX

The Fund seeks to maximize total return through a combination of income that is exempt from regular federal income tax and capital appreciation. The Fund puts an emphasis on managing downside risk. The Fund aims to invest primarily in the most attractive opportunities in the high yield municipal bond market focused on issues tied to financing the fundamentals of the US economy.

Overall Y Share Morningstar RatingTM

(out of 187 funds in the High Yield Muni Bond Category)

Morningstar Proprietary Risk-Adjusted Ratings Performance as of 1/31/2024
For more information about Morningstar Star RatingsTM including methodology, visit our  Strength Across the Board  page. 

A Focus on Sector Diversity and Risk Management

Pioneer High Income Municipal Fund seeks to provide high-net-worth investors with attractive tax-exempt income, emphasizing nationally diverse sectors and downside risk management. We believe rigorous risk management is essential for pursuing the strongest opportunities in an economic and market environment characterized by transition.


Highly Diversified Across Sectors & States

The Fund's portfolio provides exposure to high yield municipal bonds offering diversification* across sectors and states. Understanding fundamental variations in laws and regulations from state-to-state, helps differentiate the quality of municipal bonds within the same sector. Our top sectors are typically comprised of multiple separate and independent bonds across multiple states.

Focus on Risk Management

Strict due diligence is the bedrock of our Fund. We believe the combination of our investment team's on-site due diligence of each issuer and the Fund’s geographic diversification* across sectors, such as tobacco bonds, charter schools and assisted living facilities, can reduce loss by helping limit the risk of defaults. No leverage reduces investor exposure to additional risks beyond credit risk.

Specialized Management Expertise

The investment team’s approach to managing the Fund is designed to seek total return while preventing permanent loss of capital. Their specialized expertise enables them to explore a variety of non-traditional sectors that may provide long-term opportunities for enhanced total return. The team is actively involved in the research and trading process, providing a deeper and broader perspective of opportunities in the municipal bond market.

 * Diversification does not ensure a profit or a loss.

Highly Diversified Across Sectors and States


Strong Performance Over the Long Term

AATR - High Inc Muni

Average Annual Total Returns as of 12/31/2023






Pioneer High Income Municipal Fund
(Y Share)





BBG Municipal High Yield Index (Benchmark)





MSTAR High Yield Muni Cat. Avg.






Class Y: Net Expense Ratio: 0.55%; Gross Expense Ratio: 0.75%

Call 1-800-225-6292 or visit our performance page 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.

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. The Net Expense Ratio reflects contractual expense limitations currently in effect through 1/1/2024 for Class Y Shares. There can be no assurance that Amundi US will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information. 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.

The Bloomberg US Municipal High Yield Bond Index (benchmark) is a broad-based benchmark that measures the performance of the municipal high yield bond market. The Morningstar High Yield Municipal Bond Category Average measures the performance of high yield municipal 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. Periods less than one year are actual, not annualized.

Y Share Yields as of 12/31/2023


With Waiver

Without Waiver

30-day SEC Yield



The 30-day SEC Yield is based on the hypothetical annualized earnings power (investment income only) of the Fund's portfolio during the period indicated.


Fund Facts

Tickers, CUSIPs

Class A: PIMAX, 72387N846
Class C: HICMX, 72387N838
Class Y: HIMYX, 72387N820

Investment Objective

Max total return, from tax-exempt income & capital appreciation

Inception Date



Bloomberg Municipal High Yield Index

 Portfolio Management Team

The Fund benefits from a seasoned and collaborative investment team. Portfolios managers Jonathan Chirunga and David Eurkus have both managed municipal bonds through a variety of market cycles and changing economic conditions, allowing them to develop an in-depth understanding of the municipal bond universe and its market dynamics.

Jonathan Chirunga
Managing Director
Director of High Yield Municipal Bonds, US
Portfolio Manager

David Eurkus
Managing Director 
Director of Municipals, US
Portfolio Manager



A Word About Risk: Pioneer High Income Municipal Fund

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.Investments in high-yield or lower rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default.The market price of securities may fluctuate when interest rates change. 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.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.The Fund may use derivatives, which may have a potentially large impact on Fund performance.

Individuals are encouraged to seek advice from their financial, legal, tax and other appropriate professionals 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 US does not provide investment advice or investment recommendations.

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your financial professional or Amundi US 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 Distributor US, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer mutual funds, Member   SIPC.   

Not FDIC insured | May lose value | No bank guarantee Amundi Asset Management US, Inc.  Form CRS         Amundi Distributor US, Inc.  Form CRS