Pioneer High Income Municipal Fund

C000035147 Fund Overview

Pioneer High Income Municipal Fund is a US mutual fund managed by Pioneer Series Trust V, 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 V
• Category: Long Municipal - National Bond
• Assets under management: $1.09B
• 1-year return: 7.3%
• SEC CIK: 0001341256
• SEC series ID: S000013005
• Share class ID: C000035147

C000035147 Investment Objective and Strategy

Pioneer High Income Municipal Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Pioneer Series Trust V.

Investment objective

Maximize total return through a combination of income that is exempt from regular federal income tax and capital appreciation.

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 debt securities and other obligations 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 and instrumentalities, the interest on which is exempt from regular federal income tax (""municipal securities""). Derivative instruments that provide exposure to municipal securities or have similar economic characteristics may be used to satisfy the fund's 80% policy. 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 may invest in municipal securities with a broad range of maturities. Municipal securities with longer maturities are generally more volatile than other fixed income securities with shorter maturities. The fund may invest 25% or more of its assets in issuers in any one or more states or in the same economic sector or similar project type.

The fund primarily invests in ""high yield"" municipal obligations, commonly referred to as ""junk bonds."" For this purpose, ""high yield"" municipal obligations are municipal obligations rated at the time of purchase Ba or lower by Moody's Investors Service, Inc. or BB or lower by Standard and Poor's Ratings Group or unrated securities determined by the adviser to be of comparable credit quality. The fund may invest in securities in any rating category, including those in default. Interest income from certain types of municipal obligations in which the fund may invest generally will be subject to the federal alternative minimum tax (the ""AMT"") for individuals. All distributions to corporate investors may also be subject to the AMT. The fund may not be suitable for investors subject to the AMT.

The rate of interest paid on municipal securities normally is lower than the rate of interest paid on taxable securities. The fund's investments may have fixed or variable principal payments and all types of interest rate payment and reset terms, including fixed and floating rates, inverse 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, such as synthetic municipal securities, inverse floating rate obligations and credit default swaps. The fund may use derivatives 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 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 asset-backed securities, including collateralized debt obligations, and may hold cash or other short-term investments. The fund may invest up to 20% of its net assets in inverse floating rate obligations. 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 adviser considers both broad economic factors and issuer specific factors in selecting investments. 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 to buy and sell based upon such factors as a security's yield, liquidity and rating, an assessment of credit quality, and issuer diversification. The fund is classified as ""non-diversified,"" which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund."

C000035147 Holdings

Top 10 holdings of Pioneer High Income Municipal Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000035147 holdings

C000035147 Portfolio Allocation

Asset-class allocation of Pioneer High Income Municipal Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000035147 Performance

Total returns for C000035147 (as of 2026-10-01), from SEC filings.

C000035147 Risk Information

Risk metrics for C000035147, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 4.7%

C000035147 Costs and Fees

C000035147 costs about $82 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.82%
• Gross expense ratio: 0.87%
• Portfolio turnover: 30%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000035147 Cashflows

Over the 12 months to 2025-02, Pioneer High Income Municipal Fund had net outflows of $78.22M, from monthly SEC N-PORT filings.

C000035147 Debt Constituents

Largest debt holdings of Pioneer High Income Municipal Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000035147 Prospectus and SEC Filings

Official Pioneer High Income Municipal Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2024-12-20
• Prospectus (485BPOS) — filed 2023-12-28
• Prospectus (485BPOS) — filed 2022-12-22
• Portfolio holdings (N-PORT) — filed 2025-04-29
• Portfolio holdings (N-PORT) — filed 2025-01-23
• Portfolio holdings (N-PORT) — filed 2024-10-23
• Annual census (N-CEN) — filed 2024-11-14
• Annual census (N-CEN) — filed 2023-11-13

Related Funds

Other Long Municipal - National Bond funds tracked on ABC INVEST:

• Vanguard Intermediate-Term Tax-Exempt Fund (VWITX)
• iShares National Muni Bond ETF (MUB)
• Vanguard Limited-Term Tax-Exempt Fund (VMLTX)
• Tax Exempt Bond Fund Of America (AFTEX)
• Bridge Builder Municipal Bond Fund (BBMUX)

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.