Pioneer Municipal High Income Fund, Inc.

Frequently Asked Questions About MHI

What does MHI invest in?

The Pioneer Municipal High Income Fund, Inc. operates as a closed-end mutual fund, with its management entrusted to Pioneer Investment Management, Inc. This investment vehicle primarily deploys capital into the debt markets of the United States, with a significant focus on municipal bonds. Its investment strategy aims for a diverse array of securities, encompassing a wide range of credit quality and maturity durations. To evaluate its effectiveness, the fund's returns are measured against two key benchmarks: the Barclays Municipal Bond Index and the Barclays High Yield Municipal Bond Index. This U.S.-based fund was formally inaugurated on March 13, 2003.

What is the expense ratio of MHI?

Pioneer Municipal High Income Fund, Inc. (MHI) charges an expense ratio of 1.84%. This is the annual fee deducted from fund assets to cover management and operations.

What is the duration of MHI?

Effective duration measures MHI's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. MHI's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of MHI?

MHI's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of MHI?

Yield to maturity (YTM) is the total return you'd earn from MHI if every bond in the portfolio is held to maturity at the current price. MHI's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.

How big is MHI?

Pioneer Municipal High Income Fund, Inc. (MHI) has a market value of $203.7M: its share price times its shares outstanding. A closed-end fund trades above or below its net asset value, so its net assets differ from this figure. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation.