Fund Evaluator:
Victory High Income Mun C (HICMX)
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Best Performing in High Yield Muni Over the Last Year
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Fund Details
Victory High Income Mun C Overview
Victory High Income Mun C (HICMX) is an actively managed Municipal Bond High Yield Muni fund. Victory Capital Management Inc. launched the fund in 2006.
The investment seeks to maximize total return through a combination of income that is exempt from regular federal income tax and capital appreciation. The fund invests at least 80% of its net assets 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"). It may invest in municipal securities of any maturity.
About Victory High Income Mun C (HICMX)
There are 2 members of the management team with an average tenure of 0.66 years: Andrew Hattman (2025), Lauren Spalten (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg HY Muni TR USD index with a weighting of 100%. Victory High Income Mun C has 183 securities in its portfolio. The top 10 holdings constitute 21.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Victory High Income Mun C is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Victory High Income Mun C has 8.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.8% (91.3% domestic bond, 8.5% foreign bond and 0.0% convertible bond). Victory High Income Mun C has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $36 million in total assets, which is below the $803 million average for the High Yield Muni category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HICMX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Victory High Income Mun C expense ratio is high compared to funds in the High Yield Muni category. Victory High Income Mun C has an expense ratio of 1.59%, which is 63% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Victory High Income Mun C has a portfolio turnover rate of 54%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the High Yield Muni category.
Recently, in the month of July 2026, Victory High Income Mun C returned -2.7%, which earned it a grade of F, as the High Yield Muni category had an average return of -1.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Victory High Income Mun C has a trailing yield of 7.83%, which is above the 4.46% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Victory High Income Mun C Grades
Year to date, the fund has returned -0.6%, 2.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 1.1% over the past year (grade of F), 0.7% over the past three years (grade of F) and -2.2% per year over the past five years (grade of F) and 0.8% per year over the past 10 years (grade of F).
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HICMX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HICMX Return (NAV) | -2.7% | -1.5% | 1.1% | 0.7% | -2.2% | 0.8% |
| HICMX Grade | F | F | F | F | F | F |
| +/- Category | -0.9% | -1.6% | -5.8% | -3.5% | -2.4% | -1.6% |
| High Yield Muni Avg | -1.8% | 0.1% | 6.9% | 4.1% | 0.3% | 2.5% |
| HICMX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
HICMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HICMX Return (NAV) | -0.6% | -2.7% | 4.5% | 2.5% | -13.5% | 5.7% | 0.8% | 8.1% | 3.0% | 7.3% | 0.9% |
| HICMX Grade | F | F | D | F | C | C | F | D | B | D | C |
| +/- Category | -2.2% | -5.1% | -0.7% | -4.3% | -0.4% | 0.3% | -3.0% | -1.1% | 1.0% | -0.7% | -0.7% |
| High Yield Muni Avg | 1.5% | 2.5% | 5.2% | 6.8% | -13.1% | 5.5% | 3.8% | 9.2% | 2.0% | 8.0% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 7.0% |
| Total Risk Index: | 0.57 - Below Average |
| Category Risk Index: | 1.07 - Above Average |
| Category Risk Grade: | D (66% Rank) |
| Beta: | 1.13 |
| R-Squared: | 86% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 7.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $577 Mil |
| Fund Total Assets: | $ 36 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 54% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.7 years | |||
| Average Tenure: 0.7 years | |||
| Managers (Year): Hattman Andrew (2025), Spalten Lauren (2025) | |||
Portfolio Composition (as of 1/31/26)
| # of Holdings: | 183 |
| % in Top 10 Holdings: | 21.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 8.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 91.3% |
| Foreign Bond: | 8.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.2% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-539-3863 |
| Website: | www.pioneerfunds.com |
| Status: | Open |
| Inception Date: | October 16, 2006 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.59% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Victory High Income Mun A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
