Victory High Income Municipal Fund - Class Y
HIMYX
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- Pioneer High Income Municipal Fund Class Y (HIMYX) is an open-end mutual fund that seeks to maximize total return through a combination of income exempt from regular federal income tax and capital appreciation by investing at least 80% of its net assets in high yield municipal securities issued by or on behalf of states, counties, municipalities, territories, possessions of the United States, the District of Columbia, and their authorities, agencies, and instrumentalities. These securities include debt obligations and other instruments of any maturity whose interest is generally exempt from federal income tax, with up to 20% of assets potentially allocated to taxable investments such as securities of other investment companies or commercial paper; the fund emphasizes a diversified portfolio across sectors like tobacco settlement revenue bonds, charter schools, and assisted living facilities, as exemplified by top holdings such as Hammond Ind Economic Dev Rev 7.5%, Golden St Tob Securitization Corp Calif Tob Settlement Rev, and Buckeye Ohio Tob Settlement Fing Auth 5%. It operates without leverage to minimize additional risks beyond credit exposure and targets high-net-worth and institutional investors with a $5 million minimum initial investment for Class Y shares. Launched on October 16, 2006, and headquartered in Boston, Massachusetts under Amundi Asset Management US, Inc. (now aligned with Victory Capital Management, Inc.), the fund focuses on the U.S. high yield municipal bond market, providing tax-efficient income to investors in the highest federal tax brackets through its style-pure exposure and rigorous on-site due diligence process for issuers. In recent developments, the fund underwent portfolio management changes effective February 28, 2024, with Jake van Roden III, Director of Municipals and Managing Director at Amundi US, and Prakash Vadlamani, Senior Vice President and Senior Credit Analyst, assuming roles as lead and associate portfolio managers, respectively; these changes reflect Amundi US's ongoing enhancements to its municipal bond strategies. Concurrently, as part of a broader reorganization announced in early 2025, Pioneer Funds—including HIMYX—were restructured into the Victory Funds complex, completed around April 1, 2025, without altering the investment team or processes but transitioning oversight to Victory Capital Management amid Amundi's strategic realignment. The fund maintains a net expense ratio of 0.55% (contractual through January 1, 2025) and reported total net assets of approximately $857 million to $922 million as of late 2025, with a Morningstar rating of 4 stars overall in the High Yield Municipal Bond category.