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Pioneer High Income Municipal Fund

Highlights

  • Seeks to provide high current income exempt from regular federal income taxes

  • Emphasis on below investment grade and unrated municipal bonds, which generally offer higher current yields than higher rated securities, but are also subject to greater risk

  • Benefits from the strengths of Pioneer's credit research process and global research platform

  • Past performance cannot guarantee future results

Pioneer High Income Municipal Fund manager's commentary


Strategy

FUND STRATEGY

The Fund seeks to maximize total return through a combination of income, which is exempt from federal income tax, and capital appreciation. The Fund invests primarily in "high yield" municipal securities.


PORTFOLIO MANAGEMENT PERSPECTIVE

"We are credit driven, which we believe is critical to achieve superior returns. We keep our eye on several areas, such as coupon, average life, sectors, sector weightings, and the benchmark, but our strategy is to seek good credits presenting good relative value in the market that will lead to a stable and well-diversified portfolio year after year."

Diversification does not ensure a profit or protect against loss in a declining market.

A WORD ABOUT RISK

Investments in high yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default. 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. 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. 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. At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.


Fund Facts

As of September 30, 2014

ClassA SharesC SharesY Shares*
CUSIP72387N84672387N83872387N820
Nasdaq SymbolPIMAXHICMXHIMYX
Inception Date/
Performance Inception Date
10/17/200610/17/200610/17/2006
Total Net Assets (millions)$238.2$148.3$104.4
Initial Minimum Investment$1,000$1,000$5,000,000
Management Fee0.49%0.49%0.49%
Gross Expense Ratio0.88%1.63%0.72%

Initial minimum investment amounts for retirement plans are lower.
*Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.


Portfolio Characteristics

As of September 30, 2014

30-day SEC Yield
Class A
Class C
Class Y

4.78%
4.25%
5.22%
Weighted Average Life of Securities11.80 Years
Weighted Average Maturity24.73 Years
Duration7.75 Years
Total Holdings150
Turnover19%

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

The Average Maturity of certain funds might not be a useful measure if they contain securities with principal paydowns, such as mortgage passthroughs. Instead, market participants calculate Average Life, which reflects the average time to receipt of principal payments (scheduled principal payments and projected prepayments).


Portfolio Management


David Eurkus, Portfolio Manager
Mr. Eurkus, Director of Municipals and a senior vice president, joined Pioneer in 2001 and has over 40 years of industry experience.
Jonathan Chirunga, Portfolio Manager
Mr. Chirunga, a vice president, joined Pioneer in 2011 from T. Rowe Price Associates where he was a Vice President and Municipal Credit Analyst from 2001 to 2011.



Not FDIC insured May lose value No bank guarantee

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus and for information on any Pioneer fund, please download from our web site.

Neither Pioneer, nor its representatives, are legal or tax advisors. In addition, Pioneer does not provide advice or recommendations. The investments you choose should correspond to your needs, goals, and risk tolerance. For assistance in determining your financial situation, please consult an investment professional.

 
 

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments 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 here.

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