UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21409
Pioneer Municipal High Income Advantage Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: March 31
Date of reporting period: April 1, 2017 through September 30, 2017
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Municipal High
Income Advantage Trust
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Semiannual Report | September 30, 2017
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Ticker Symbol: MAV
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Schedule of Investments 13
Financial Statements 24
Notes to Financial Statements 29
Additional Information 37
Trustees, Officers and Service Providers 40
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 1
President's Letter
Robust, synchronized global economic growth and rising corporate profits have
continued to drive strong performance in both the credit and equity markets for
most of 2017. U.S. stocks, as measured by the Standard & Poor's 500 Index, have
returned 14.23% year-to-date through September 30, 2017. Fixed-income markets,
while not generating the same dazzling returns as equities, have held their own,
led by high-yield securities, which produced a year-to-date return of 7.05% in
the U.S., as measured by the Bank of America Merrill Lynch U.S. High Yield
Index. Meanwhile, the Bloomberg Barclays U.S. Aggregate Bond Index has returned
3.14% since the start of the calendar year.
Continued strong employment numbers and higher consumer confidence, together
with solid global economic growth and a depreciating U.S. dollar contributed to
better-than-expected U.S. gross domestic product (GDP) growth of 3.1% in the
second quarter. Outside the U.S., economic growth in the second quarter also
surprised to the upside across the Euro zone, China, and Japan. Meanwhile,
despite higher oil and commodities prices, inflation continued to be moderate,
both in the U.S. and globally, enabling major non-U.S. central banks to maintain
their easy monetary policies. As expected, however, the U.S. Federal Reserve
System (the Fed) recently announced that it would commence tapering its balance
sheet this October. The Fed also appears primed to raise interest rates one more
time before the end of this year, which would be the fourth rate increase since
December of 2016.
As we move into the final months of 2017, we believe the U.S. economy will
experience modest growth in the short term, depending on the mix of economic
policies enacted as the country moves away from monetary stimulus (driven by the
Fed) and toward fiscal stimulus (potentially including tax reform) as well as
lighter regulatory burdens. Meanwhile, corporate earnings remain solid and we
think they will improve even further, despite some pressure from wage increases.
In addition, as the economy continues to grow and we begin to see a modest
upturn in inflation, we believe the Fed will continue to raise interest rates.
While economic and market conditions appear solid, there are always risks to
consider that could dampen the outlook. Geopolitical concerns, such as increased
tensions with North Korea, and continued political gridlock in Washington are
just some of the risks that could lead to increased market volatility.
2 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
It is for those reasons that we at Amundi Pioneer continue to believe that
investors can benefit from the experience and tenure of our investment teams
who make active and informed decisions across our funds.
As always, and particularly during times of market uncertainty, we encourage
you to work with your financial advisor to develop an overall investment plan
that addresses both your short- and long-term goals, and to implement such a
plan in a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
September 30, 2017
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 3
Portfolio Management Discussion | 9/30/17
The municipal bond market generated positive results over the six-month period
ended September 30, 2017, with high-yield municipals slightly outperforming
investment-grade municipals. In the following interview, David Eurkus and
Jonathan Chirunga discuss the factors that influenced the performance of Pioneer
Municipal High Income Advantage Trust during the six-month period. Mr. Eurkus,
Director of Municipals, U.S., a senior vice president, and a portfolio manager
at Amundi Pioneer Asset Management ("Amundi Pioneer"), and Mr. Chirunga, a vice
president and a portfolio manager at Amundi Pioneer, are responsible for the
day-to-day management of the Trust.
Q How did Pioneer Municipal High Income Advantage Trust perform during the
six-month period ended September 30, 2017?
A Pioneer Municipal High Income Advantage Trust returned 3.20% at net asset
value (NAV) and 7.82% at market price during the six-month period ended
September 30, 2017. During the same six-month period, the Trust's
benchmarks, the Bloomberg Barclays U.S. Municipal High Yield Bond Index and
the Bloomberg Barclays Municipal Bond Index, returned 3.52% and 3.04% at
NAV, respectively. The Bloomberg Barclays U.S. Municipal High Yield Bond
Index is an unmanaged measure of the performance of lower-rated municipal
bonds, while the Bloomberg Barclays Municipal Bond Index is an unmanaged
measure of the performance of investment-grade municipal bonds. Unlike the
Trust, the two indices do not use leverage. While use of leverage increases
investment opportunity, it also increases investment risk.
During the same six-month period, the average return (at market price) of
the 11 closed-end funds in Lipper's High Yield Municipal Debt Closed-End
Funds category (which may or may not be leveraged) was 6.78%, and the
average return at NAV of the 11 closed-end funds in the same Lipper
category was 4.48%.
The shares of the Trust were selling at a 3.19% discount to NAV on
September 30, 2017. Comparatively the shares of the Trust were selling at a
7.34% discount to NAV on March 31, 2017.
On September 30, 2017, the standardized 30-day SEC yield of the Trust's
shares was 4.02%*.
* The 30-day SEC yield is a standardized formula that is based on the
hypothetical annualized earning power (investment income only) of the
Trust's portfolio securities during the period indicated.
4 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
Q How would you describe the investment environment in the municipal bond
market during the six-month period ended September 30, 2017?
A A favorable backdrop supported the tax-advantaged, municipal bond market
over the six-month period, as both economic fundamentals and technical
market factors helped municipal debt turn in positive performance.
Favorable fundamentals included a persistently growing economy with
improving corporate profits, low inflation, declines in market interest
rates, and a U.S. Federal Reserve System (the Fed) that acted with
restraint in gradually tightening monetary policy. Over the period, the Fed
raised the Federal Funds rate just once, in June 2017, after enacting two
rate hikes in the prior six months.
Yields of longer-term debt, including U.S. Treasuries, moved lower during
the period. From a technical perspective, the supply of new municipal bond
issues in the market remained relatively low over the six months.
Meanwhile, demand remained solid, including demand from non-traditional
buyers of municipals, such as pension funds and foreign investors attracted
by the relative value of municipals compared to bonds in the taxable
market.
In that environment, both investment-grade and high-yield municipals fared
well, even in the face of some mild market volatility related to
uncertainties regarding the direction of the U.S. government's fiscal
policy. Some key initiatives, such as tax reform, remain under discussion,
but have not yet become law.
High-yield municipal bonds slightly outperformed investment-grade
municipals during the period, even though the market for higher-yielding
municipals retreated somewhat after the Commonwealth of Puerto Rico's June
1, 2017, default on payments on a group of sales-tax-backed municipal
bonds. That event, combined with the extensive damage the island suffered
after Hurricane Maria made landfall in September, raised concerns about the
Commonwealth's ability to meet its debt obligations. Before those events,
Puerto Rico-issued bonds had a relatively high weighting in the Bloomberg
Barclays High Yield Municipal Bond Index, accounting for about 13% of the
index's asset value. The benchmark's Puerto Rico allocation had dropped
significantly, from 13% to 4%, by the end of the six-month period as more
defaulted bonds were removed from the Index.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 5
Q What factors affected the Trust's performance relative to the Bloomberg
Barclays municipal bond indices during the six-month period ended September
30, 2017?
A We maintained a well-diversified** portfolio during the period, with
exposures to both investment-grade and high-yield municipal bonds. The
diversification helped the Trust outperform the Bloomberg Barclays
Municipal Bond Index, which tracks investment-grade municipals, even as it
slightly trailed the return of the Bloomberg Barclays U.S. Municipal High
Yield Bond Index. The Trust's exposure to longer-maturity investment-grade
municipals, which performed particularly well as market interest rates
declined, was a key positive contributor to benchmark-relative results.
The portfolio's holdings of certain tobacco bonds funded by Master
Settlement Agreements between the tobacco industry and individual states,
and bonds issued by charter schools, also contributed to the Trust's
benchmark-relative performance during the period.
On the negative side, there were some holdings in the Trust's portfolio
that underperformed during the period, such as bonds issued by Sanger
(Texas) Industrial Development Corporation, which experienced ongoing
credit problems that contributed to a moderate decrease in value, and by
the Commonwealth of Puerto Rico, a general obligation bond with an 8.00%
coupon, the Trust's only exposure to Puerto Rico's debt.
Q Did the Trust's distributions to shareholders change during the six-month
period ended September 30, 2017?
A Yes, the Trust's distributions increased slightly over the six-month
period.
Q Did the level of leverage in the Trust change during the six-month period
ended September 30, 2017?
A At the end of the six-month period on September 30, 2017, 34.5% of the
Trust's total managed assets were financed by leverage obtained through the
issuance of preferred shares, compared with 34.6% of the Trust's total
managed assets financed by leverage at the start of the period on April 1,
2017. While the amount of funds borrowed by the Trust decreased slightly,
the decrease in leverage as a percentage of total managed assets was
primarily due to the appreciation in values of securities in which the
Trust had invested.
** Diversification does not assure a profit nor protect against loss.
6 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
Q Did the Trust invest in any derivative securities during the six-month
period ended September 30, 2017?
A No, the Trust's portfolio held no derivative securities during the period.
Q What is your investment outlook?
A We maintain an optimistic view of the municipal bond market, as its
underlying fundamentals remain strong and investor demand remains high.
Meanwhile, new supply is limited.
The expectation is that the Fed will move carefully as it considers whether
to tighten monetary policy further by raising the Federal Funds rate again,
though a December 2017 rate increase remains a solid possibility. The Fed
also recently announced that it would begin to reduce its balance sheet by
limiting reinvestments in some of the holdings it purchased during its
multiple quantitative-easing programs between 2008 and 2014.
We anticipate that the U.S. economy will continue to expand at a moderate
pace, and that corporate profits should continue to improve, which may
benefit some of the portfolio's underlying credits. The most recent reports
on growth in U.S. gross domestic product (GDP) showed that the economy grew
at a 3.1% annual rate in the second quarter of 2017, while corporate
earnings in the first quarter were 14.9% higher than a year earlier.
Inflationary pressures have remained low, despite recent gains in
employment. Thus far, policy gridlock in Congress has not caused much, if
any market distress, and investors remain hopeful that lawmakers and
President Trump can reach agreement on a tax reform/tax cut program that
could stimulate economic growth.
At this point, the full extent of hurricane damage in Puerto Rico remains
unknown, but the Trust has very little exposure to Puerto Rico-issued debt.
In managing the Trust going forward, we will continue to monitor events
carefully and remain focused on intensive, fundamental research while
maintaining a well-diversified portfolio, with exposures to both
investment-grade and high-yield municipal securities.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 7
Please refer to the Schedule of Investments on pages 13-23 for a full listing of
Trust securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investments in high-yield or lower-rated securities are subject to
greater-than-average risk.
The Trust may invest in securities of issuers that are in default or that are in
bankruptcy.
A portion of income may be subject to state, federal, and/or alternative minimum
tax. Capital gains, if any, are subject to a capital gains tax.
When interest rates rise, the prices of fixed-income securities in the Trust
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Trust will generally rise.
By concentrating in municipal securities, the portfolio is more susceptible to
adverse economic, political or regulatory developments than is a portfolio that
invests more broadly.
Investments in the Trust are subject to possible loss due to the financial
failure of the issuers of the underlying securities and the issuers' inability
to meet their debt obligations.
The Trust currently uses leverage through the issuance of preferred shares.
Leverage creates significant risks, including the risk that the Trust's
incremental income or capital appreciation for investments purchased with the
proceeds of leverage will not be sufficient to cover the cost of leverage, which
may adversely affect the return for the holders of common shares. Since February
of 2008, regularly scheduled auctions for the Trust's preferred shares have
failed and preferred shareowners have not been able to sell their shares at
auction. The Board of Trustees of the Trust has considered, and continues to
consider, this issue.
The Trust is required to meet certain regulatory and rating agency asset
coverage requirements in connection with its outstanding preferred shares. In
order to maintain required asset coverage levels, the Trust may be required to
alter the composition of its investment portfolio or take other actions, such as
redeeming preferred shares with the proceeds from portfolio transactions, at
what might be inopportune times in the market. Such actions could reduce the net
earnings or returns to holders of the Trust's common shares over time, which is
likely to result in a decrease in the market value of the Trust's shares.
8 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
Risks of investing in the Trust are discussed in greater detail in the Trust's
original offering documents relating to its common shares and shareowner reports
issued from time to time.
These risks may increase share price volatility.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Trust's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 9
Portfolio Summary | 9/30/17
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Insured: 12.8%
Revenue Bonds:
Other Revenue 24.1%
Health Revenue 16.0%
Education Revenue 13.3%
Tobacco Revenue 8.9%
Transportation Revenue 6.4%
Development Revenue 5.9%
Facilities Revenue 5.3%
Water Revenue 4.2%
Pollution Control Revenue 1.7%
Airport Revenue 1.4%
Portfolio Maturity
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(As a percentage of total investments)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
20+ years 58.0%
10-20 years 34.6%
7-10 years 6.6%
5-7 years 0.8%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. New Jersey Transportation Trust Fund Authority, 12/15/27 (BHAC Insured) 2.67%
--------------------------------------------------------------------------------------------------------------
2. Massachusetts Development Finance Agency, WGBH Foundation, Series A,
5.75%, 1/1/42 (AMBAC Insured) 2.53
--------------------------------------------------------------------------------------------------------------
3. Private Colleges & Universities Authority, Emory University, Series A, 5.0%, 10/1/43 2.34
--------------------------------------------------------------------------------------------------------------
4. Buckeye Tobacco Settlement Financing Authority, Asset-Backed, Series A-2, 6.5%, 6/1/47 2.31
--------------------------------------------------------------------------------------------------------------
5. North Texas Tollway Authority, Series F, 5.75%, 1/1/33 2.30
--------------------------------------------------------------------------------------------------------------
6. New York State Dormitory Authority, Series C, 5.0%, 3/15/39 2.02
--------------------------------------------------------------------------------------------------------------
7. New Jersey Economic Development Authority, Continental Airlines, 5.75%, 9/15/27 1.93
--------------------------------------------------------------------------------------------------------------
8. State of Connecticut, Series E, 4.0%, 9/1/30 1.76
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9. Jefferson Parish Hospital Service District No. 2, East Jefferson General Hospital, 6.375%, 7/1/41 1.72
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10. District of Columbia Tobacco Settlement Financing Corp., Asset-Backed, 6.75%, 5/15/40 1.68
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* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
10 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
Prices and Distributions | 9/30/17
Share Prices and Distributions
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Market Value per Common Share^
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9/30/17 3/31/17
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Market Value $11.55 $10.99
--------------------------------------------------------------------------------
Premium/(Discount) (3.2)% (7.3)%
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Net Asset Value per Common Share^
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
9/30/17 3/31/17
--------------------------------------------------------------------------------
Net Asset Value $11.93 $11.86
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Distributions per Common Share: 4/1/17 - 9/30/17
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--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
$0.2975 $-- $--
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Yields
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--------------------------------------------------------------------------------
9/30/17 3/31/17
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30-Day SEC Yield 4.02% 4.56%
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The data shown above represents past performance, which is no guarantee of
future results.
^ Net asset value and market value are published in Barron's on Saturday, The
Wall Street Journal on Monday and The New York Times on Monday and
Saturday. Net asset value and market value are published daily on the
Trust's website at www.amundipioneer.com.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 11
Performance Update | 9/30/17
Investment Returns
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The mountain chart on the right shows the change in market value, including
reinvestment of dividends and distributions, of a $10,000 investment made in
common shares of Pioneer Municipal High Income Advantage Trust during the
periods shown, compared to that of the Bloomberg Barclays Municipal Bond Index
and the Bloomberg Barclays U.S. Municipal High Yield Bond Index.
Average Annual Total Returns
(As of September 30, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Bloomberg U.S.
Net Barclays Municipal
Asset Municipal High Yield
Value Market Bond Bond
Period (NAV) Price Index Index
--------------------------------------------------------------------------------
10 years 5.52% 5.07% 4.52% 4.74%
5 years 4.74 0.73 3.01 4.73
1 year -1.07 -6.85 0.87 1.43
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Municipal Bloomberg Barclays Bloomberg Barclays
High Income Municipal Bond U.S. Municipal High
Advantage Trust Index Yield Bond Index
9/07 $10,000 $10,000 $10,000
9/08 $ 7,164 $ 9,813 $ 8,996
9/09 $ 9,291 $11,270 $ 9,405
9/10 $11,618 $11,925 $10,547
9/11 $12,485 $12,388 $10,987
9/12 $15,815 $13,418 $12,612
9/13 $14,392 $13,121 $12,418
9/14 $17,644 $14,161 $13,904
9/15 $16,176 $14,609 $14,076
9/16 $17,610 $15,424 $15,670
9/17 $16,403 $15,559 $15,894
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
Performance data shown represents past performance. Past performance is no
guarantee of future results. Investment return and market price will fluctuate,
and your shares may trade below NAV due to such factors as interest rate changes
and the perceived credit quality of borrowers.
Total investment return does not reflect broker sales charges or commissions.
All performance is for common shares of the Trust.
Shares of closed-end funds, unlike open-end funds, are not continuously offered.
There is a one-time public offering and, once issued, shares of closed-end funds
are bought and sold in the open market through a stock exchange, and frequently
trade at prices lower than their NAV. NAV per common share is total assets less
total liabilities, which include preferred shares, divided by the number of
common shares outstanding.
When NAV is lower than market price, dividends are assumed to be reinvested at
the greater of NAV or 95% of the market price. When NAV is higher, dividends are
assumed to be reinvested at prices obtained through open-market purchases under
the Trust's dividend reinvestment plan.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Trust distributions or the sale of Trust shares.
Had these fees and taxes been reflected, performance would have been lower.
The Bloomberg Barclays Municipal Bond Index is an unmanaged, broad measure of
the municipal bond market. The Bloomberg Barclays U.S. Municipal High Yield Bond
Index is unmanaged, totals over $26 billion in market value and maintains over
1,300 securities. Municipal bonds in this index have the following requirements:
maturities of one year or greater, sub investment grade (below Baa or
non-rated), fixed coupon rate, issue date later than 12/31/90, deal size over
$20 million, maturity size of at least $3 million. Index returns are calculated
monthly, assume reinvestment of dividends and, unlike Trust returns, do not
reflect any fees, expenses or sales charges. The indices do not employ leverage.
You cannot invest directly in the indices.
12 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
Schedule of Investments | 9/30/17 (unaudited)
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Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 150.7% of Net Assets
TAX EXEMPT OBLIGATIONS -- 150.6% of
Net Assets (a)
Alabama -- 1.7%
2,500,000 Alabama Industrial Development Authority, Pine City
Fiber Co., 6.45%, 12/1/23 $ 2,500,350
2,500,000 Huntsville-Redstone Village Special Care Facilities
Financing Authority, Redstone Village Project, 5.5%, 1/1/43 2,341,000
--------------
$ 4,841,350
-------------------------------------------------------------------------------------------------------
Arizona -- 0.7%
2,000,000 City of Phoenix, AZ, Industrial Development Authority, 3rd &
Indian School Assisted Living Project, 5.4%, 10/1/36 $ 1,914,360
32,000 County of Pima, AZ, Industrial Development Authority,
Arizona Charter Schools Project, Series C, 6.75%, 7/1/31 32,115
--------------
$ 1,946,475
-------------------------------------------------------------------------------------------------------
California -- 14.8%
6,990,000 California County Tobacco Securitization Agency,
Asset-Backed, Gold County Funding Corp., 5.25%, 6/1/46 $ 6,879,488
38,610,000(b) California County Tobacco Securitization Agency, Capital
Appreciation, Stanislaus County, Subordinated,
Series A, 6/1/46 5,429,724
1,845,000 California Educational Facilities Authority, Stanford
University, 5.25%, 4/1/40 2,469,846
1,550,000 California Enterprise Development Authority, Sunpower
Corp., 8.5%, 4/1/31 1,693,282
5,000,000 California Pollution Control Financing Authority, 5.0%,
7/1/37 (144A) 5,009,500
3,000,000 California School Finance Authority, Classical Academies
Project, Series A, 7.375%, 10/1/43 3,525,030
1,875,000 California Statewide Communities Development Authority,
Lancer Plaza Project, 5.875%, 11/1/43 2,061,656
757,342(c) California Statewide Communities Development Authority,
Microgy Holdings Project, 9.0%, 12/1/38 8
1,500,000(d) City of Madera, CA, Irrigation Financing Authority,
6.25%, 1/1/31 1,675,530
1,500,000(d) City of Madera, CA, Irrigation Financing Authority,
6.5%, 1/1/40 1,683,870
2,695,000(e) Coast Community College District, Election, Series D,
5.0%, 8/1/31 3,298,896
1,000,000 Golden State Tobacco Securitization Corp., Asset-Backed,
Series A-1, 5.125%, 6/1/47 992,540
3,140,000(f) Lehman Municipal Trust Receipts, RIB, 11.715%,
11/1/39 (144A) (AGM Insured) 3,361,841
1,000,000 River Islands Public Financing Authority, Community
Facilities, 5.5%, 9/1/45 1,064,310
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 13
Schedule of Investments | 9/30/17 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------
California -- (continued)
2,425,000(e) State of California, Various Purposes, 5.75%, 4/1/31 $ 2,598,872
465,000 Tobacco Securitization Authority of Southern California,
Series A-1, 5.125%, 6/1/46 464,340
--------------
$ 42,208,733
-------------------------------------------------------------------------------------------------------
Colorado -- 0.7%
1,500,000(d) Colorado Educational & Cultural Facilities Authority, Rocky
Mountain Classical Academy Project, 8.0%, 9/1/43 $ 2,023,515
-------------------------------------------------------------------------------------------------------
Connecticut -- 3.8%
2,035,000 Mohegan Tribal Finance Authority, 7.0%, 2/1/45 (144A) $ 2,147,820
7,200,000(e) State of Connecticut, Series E, 4.0%, 9/1/30 7,579,296
1,000,000 Town of Hamden, CT, Whitney Center Project, Series A,
7.75%, 1/1/43 1,051,750
--------------
$ 10,778,866
-------------------------------------------------------------------------------------------------------
District of Columbia -- 3.5%
2,355,000 District of Columbia Tobacco Settlement Financing Corp.,
Asset-Backed, 6.5%, 5/15/33 $ 2,634,939
6,825,000 District of Columbia Tobacco Settlement Financing Corp.,
Asset-Backed, 6.75%, 5/15/40 7,233,817
--------------
$ 9,868,756
-------------------------------------------------------------------------------------------------------
Florida -- 4.4%
1,500,000 Alachua County Health Facilities Authority, Terraces Bonita
Springs Project, Series A, 8.125%, 11/15/41 $ 1,716,300
1,500,000 Alachua County Health Facilities Authority, Terraces Bonita
Springs Project, Series A, 8.125%, 11/15/46 1,712,040
2,500,000(d) County of Miami-Dade, FL, Aviation Revenue, Series B,
5.5%, 10/1/41 2,722,550
5,000,000 Florida's Turnpike Enterprise, Department of Transportation,
Series A, 4.0%, 7/1/32 5,335,050
1,000,000(d) Hillsborough County Industrial Development Authority,
Various Health Facilities, 8.0%, 8/15/32 1,138,630
--------------
$ 12,624,570
-------------------------------------------------------------------------------------------------------
Georgia -- 6.3%
5,000,000 City of Atlanta, GA, Water & Wastewater Revenue,
Series A, 5.0%, 11/1/34 $ 5,990,050
900,000 DeKalb County Georgia Hospital Authority, DeKalb Medical
Center, Inc. Project, 6.0%, 9/1/30 983,601
750,000 DeKalb County Georgia Hospital Authority, DeKalb Medical
Center, Inc. Project, 6.125%, 9/1/40 811,365
8,750,000 Private Colleges & Universities Authority, Emory University,
Series A, 5.0%, 10/1/43 10,052,262
--------------
$ 17,837,278
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
14 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
-------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------
Guam -- 0.4%
1,000,000 Guam Department of Education, Certificates of Participation,
John F. Kennedy High School, Series A, 6.625%, 12/1/30 $ 1,044,950
-------------------------------------------------------------------------------------------------------
Idaho -- 0.7%
2,000,000 Power County Industrial Development Corp., FMC Corp.
Project, 6.45%, 8/1/32 $ 2,003,860
-------------------------------------------------------------------------------------------------------
Illinois -- 3.9%
1,000,000(e) Chicago Board of Education, Series A, 7.0%,
12/1/46 (144A) $ 1,202,180
417,400(f) Illinois Finance Authority, Clare Oaks Project, Series B,
4.0%, 11/15/52 309,920
261,000(b) Illinois Finance Authority, Clare Oaks Project,
Series C-1, 11/15/52 8,952
52,200(b) Illinois Finance Authority, Clare Oaks Project,
Series C-2, 11/15/52 13,692
52,200(b) Illinois Finance Authority, Clare Oaks Project,
Series C-3, 11/15/52 8,472
3,000,000(c) Illinois Finance Authority, Greenfields of Geneva Project,
Series A, 8.125%, 2/15/40 1,739,700
2,500,000(c) Illinois Finance Authority, Greenfields of Geneva Project,
Series A, 8.25%, 2/15/46 1,449,750
1,450,000 Illinois Finance Authority, Memorial Health System,
5.5%, 4/1/39 1,532,012
2,000,000 Illinois Finance Authority, Northwestern Memorial Hospital,
Series A, 6.0%, 8/15/39 2,168,320
280,000(d) Illinois Finance Authority, Swedish Covenant, Series A,
6.0%, 8/15/38 311,934
1,000,000 Metropolitan Pier & Exposition Authority, McCormick Place,
Series B, 5.0%, 6/15/52 (ST APPROP Insured) 1,009,530
1,530,000 Southwestern Illinois Development Authority, Village of
Sauget Project, 5.625%, 11/1/26 1,464,348
--------------
$ 11,218,810
-------------------------------------------------------------------------------------------------------
Indiana -- 0.9%
250,000 City of Carmel, IN, Barrington Carmel Project, Series A,
7.0%, 11/15/32 $ 271,950
750,000 City of Carmel, IN, Barrington Carmel Project, Series A,
7.125%, 11/15/42 816,510
500,000 City of Carmel, IN, Barrington Carmel Project, Series A,
7.125%, 11/15/47 543,170
1,000,000 Indiana Finance Authority, Educational Facilities,
5.125%, 7/1/37 984,060
--------------
$ 2,615,690
-------------------------------------------------------------------------------------------------------
Kansas -- 0.4%
1,000,000(d) Kansas Development Finance Authority, Hayes Medical
Center, Inc., Series Q, 5.0%, 5/15/35 $ 1,063,920
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 15
Schedule of Investments | 9/30/17 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------
Louisiana -- 3.7%
7,000,000 Jefferson Parish Hospital Service District No. 2, East
Jefferson General Hospital, 6.375%, 7/1/41 $ 7,407,400
2,500,000 Louisiana Local Government Environmental Facilities &
Community Development Authority, Westlake Chemical
Corp. Project, 6.75%, 11/1/32 2,512,975
750,000 Opelousas Louisiana General Hospital Authority, Opelousas
General Health System Project, 5.75%, 10/1/23 752,873
--------------
$ 10,673,248
-------------------------------------------------------------------------------------------------------
Maine -- 2.0%
1,500,000 Maine Health & Higher Educational Facilities Authority,
Maine General Medical Center, 7.5%, 7/1/32 $ 1,696,905
3,500,000 Maine Turnpike Authority, Series A, 5.0%, 7/1/42 3,925,005
--------------
$ 5,621,910
-------------------------------------------------------------------------------------------------------
Maryland -- 3.9%
2,000,000(d) Maryland Health & Higher Educational Facilities Authority,
Charlestown Community, 6.25%, 1/1/45 $ 2,320,080
2,160,000 Maryland Health & Higher Educational Facilities Authority,
City Neighbors, Series A, 6.75%, 7/1/44 2,376,821
1,250,000(d) Maryland Health & Higher Educational Facilities Authority,
Doctor's Community Hospital, 5.75%, 7/1/38 1,405,862
4,500,000 Maryland Health & Higher Educational Facilities Authority,
Maryland University Medical System, Series A,
5.0%, 7/1/43 4,912,605
--------------
$ 11,015,368
-------------------------------------------------------------------------------------------------------
Massachusetts -- 9.9%
7,000,000(b) Massachusetts Bay Transportation Authority,
Series A, 7/1/28 $ 5,170,830
2,575,000 Massachusetts Development Finance Agency, Broad
Institute, Inc., Series A, 5.25%, 4/1/37 2,881,579
975,142 Massachusetts Development Finance Agency, Linden
Ponds, Inc., Series A-1, 5.5%, 11/15/46 970,998
2,200,000 Massachusetts Development Finance Agency, Partner's
Healthcare System, Series M-4, 5.0%, 7/1/39 2,471,722
8,000,000 Massachusetts Development Finance Agency, WGBH
Foundation, Series A, 5.75%, 1/1/42 (AMBAC Insured) 10,886,240
4,325,000 Massachusetts Health & Educational Facilities Authority,
Massachusetts Institute of Technology, Series K,
5.5%, 7/1/32 5,866,473
--------------
$ 28,247,842
-------------------------------------------------------------------------------------------------------
Michigan -- 3.0%
2,000,000 Flint Michigan Hospital Building Authority, Hurley Medical
Center, 7.375%, 7/1/35 $ 2,174,280
The accompanying notes are an integral part of these financial statements.
16 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
-------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------
Michigan -- (continued)
560,000 Michigan Public Educational Facilities Authority, Crescent
Academy, 7.0%, 10/1/36 $ 573,115
5,000,000 Michigan State University, Series A, 5.0%, 8/15/41 5,744,050
--------------
$ 8,491,445
-------------------------------------------------------------------------------------------------------
Minnesota -- 2.6%
2,000,000 Bloomington Port Authority, Radisson Blu Mall of
America, 9.0%, 12/1/35 $ 2,106,660
1,000,000 City of Ham Lake, MN, DaVinci Academy, Series A,
5.0%, 7/1/47 1,002,740
3,755,000(e) State of Minnesota, Series B, 4.0%, 8/1/27 4,349,905
--------------
$ 7,459,305
-------------------------------------------------------------------------------------------------------
Montana -- 0.2%
2,445,000(c) City of Hardin, MT, Tax Allocation, Rocky Mountain
Power, Inc. Project, 6.25%, 9/1/31 $ 488,218
1,000,000(c) Two Rivers Authority, Inc., 7.375%, 11/1/27 29,080
--------------
$ 517,298
-------------------------------------------------------------------------------------------------------
Nevada -- 0.7%
2,000,000 County of Washoe, NV, Fuel Tax, 5.0%, 2/1/43 $ 2,090,740
-------------------------------------------------------------------------------------------------------
New Hampshire -- 0.7%
2,000,000 New Hampshire Health & Education Facilities Authority
Act, Catholic Medical Center, 3.75%, 7/1/40 $ 1,943,160
-------------------------------------------------------------------------------------------------------
New Jersey -- 9.1%
7,500,000 New Jersey Economic Development Authority, Continental
Airlines, 5.75%, 9/15/27 $ 8,309,100
3,500,000(f) New Jersey State Turnpike Authority, RIB, 12.215%,
1/1/28 (144A) (AGM Insured) 6,056,190
15,375,000(b) New Jersey Transportation Trust Fund Authority, 12/15/27
(BHAC Insured) 11,486,816
--------------
$ 25,852,106
-------------------------------------------------------------------------------------------------------
New York -- 6.9%
5,000,000 New York State Dormitory Authority, Columbia University,
5.0%, 10/1/41 $ 5,603,700
2,000,000(d) New York State Dormitory Authority, Orange Medical Center,
6.125%, 12/1/29 2,118,300
7,500,000 New York State Dormitory Authority, Series C,
5.0%, 3/15/39 8,660,550
1,500,000 New York State Dormitory Authority, Trustees of Columbia
University, 5.0%, 10/1/45 1,986,900
1,357,463 Westchester County Healthcare Corp., Series A,
5.0%, 11/1/44 1,445,006
--------------
$ 19,814,456
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 17
Schedule of Investments | 9/30/17 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------
North Carolina -- 0.7%
500,000 City of Charlotte, NC, Airport Revenue, Series A,
5.0%, 7/1/42 $ 584,475
1,250,000 City of Charlotte, NC, Airport Revenue, Series A,
5.0%, 7/1/47 1,455,263
--------------
$ 2,039,738
-------------------------------------------------------------------------------------------------------
Ohio -- 6.5%
3,000,000(d) Akron Bath Copley Joint Township Hospital District,
Akron General Health System, 5.0%, 1/1/31 $ 3,440,580
2,500,000 Buckeye Tobacco Settlement Financing Authority,
Asset-Backed, Series A-2, 5.875%, 6/1/47 2,391,750
9,945,000 Buckeye Tobacco Settlement Financing Authority,
Asset-Backed, Series A-2, 6.5%, 6/1/47 9,906,214
2,500,000(e) State of Ohio, Common Schools, Series B, 5.0%, 6/15/29 2,875,300
--------------
$ 18,613,844
-------------------------------------------------------------------------------------------------------
Oregon -- 1.2%
1,000,000 Oregon Health & Science University, Series A, 5.0%, 7/1/42 $ 1,163,430
2,000,000 Oregon State Facilities Authority, Samaritan Health Services,
Series A, 5.25%, 10/1/40 2,146,880
--------------
$ 3,310,310
-------------------------------------------------------------------------------------------------------
Pennsylvania -- 10.3%
1,000,000 Chester County Industrial Development Authority, Collegium
Charter School, Series A, 5.25%, 10/15/47 $ 1,015,650
1,965,000 Pennsylvania Economic Development Financing Authority,
US Airways Group, Series B, 8.0%, 5/1/29 2,203,728
5,000,000 Pennsylvania Economic Development Financing Authority,
USG Corp. Project, 6.0%, 6/1/31 5,010,000
1,555,000(d) Pennsylvania Turnpike Commission, Series D,
5.3%, 12/1/41 1,698,231
3,445,000(d) Pennsylvania Turnpike Commission, Series D,
5.3%, 12/1/41 3,756,083
500,000 Philadelphia Authority for Industrial Development, Greater
Philadelphia Health Action, Inc. Project, Series A,
6.625%, 6/1/50 518,935
6,000,000 Philadelphia Authority for Industrial Development, Nueva
Esperanze, Inc., 8.2%, 12/1/43 6,847,320
1,000,000 Philadelphia Authority for Industrial Development, Performing
Arts Charter School Project, 6.5%, 6/15/33 (144A) 1,065,940
2,000,000 Philadelphia Authority for Industrial Development, Performing
Arts Charter School Project, 6.75%, 6/15/43 (144A) 2,138,760
5,000,000 Philadelphia Hospitals & Higher Education Facilities
Authority, Temple University Health System, Series A,
5.0%, 7/1/34 5,007,950
--------------
$ 29,262,597
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
-------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------
Puerto Rico -- 1.1%
6,500,000(c)(e) Commonwealth of Puerto Rico, Series A, 8.0%, 7/1/35 $ 3,152,500
-------------------------------------------------------------------------------------------------------
Rhode Island -- 1.9%
1,355,000(c) Central Falls Detention Facility Corp., 7.25%, 7/15/35 $ 333,398
3,000,000 Rhode Island Health & Educational Building Corp., Brown
University, Series A, 4.0%, 9/1/37 3,245,040
1,500,000(d) Rhode Island Health & Educational Building Corp.,
Tockwatten Home Issue, 8.375%, 1/1/46 1,846,905
--------------
$ 5,425,343
-------------------------------------------------------------------------------------------------------
South Carolina -- 2.1%
4,400,000(g) Tobacco Settlement Revenue Management Authority,
Series B, 6.375%, 5/15/30 $ 6,040,144
-------------------------------------------------------------------------------------------------------
South Dakota -- 1.4%
4,000,000 South Dakota Health & Educational Facilities Authority,
Sanford Health, Series B, 4.0%, 11/1/44 $ 4,071,600
-------------------------------------------------------------------------------------------------------
Tennessee -- 1.9%
5,000,000 Johnson City Health & Educational Facilities Board,
Mountain States Health Alliance, 6.5%, 7/1/38 $ 5,492,650
-------------------------------------------------------------------------------------------------------
Texas -- 21.1%
1,000,000 Arlington Higher Education Finance Corp., Universal
Academy, Series A, 7.0%, 3/1/34 $ 1,041,250
1,500,000 Arlington Higher Education Finance Corp., Universal
Academy, Series A, 7.125%, 3/1/44 1,558,830
2,500,000(d) Central Texas Regional Mobility Authority, Sub Lien,
6.75%, 1/1/41 2,936,375
2,500,000(e) County of Harris TX, Series A, 5.0%, 10/1/26 3,046,075
5,000,000(e) Goose Creek Consolidated Independent School District,
Series C, 4.0%, 2/15/26 (PSF-GTD Insured) 5,667,200
5,020,000 Grand Parkway Transportation Corp., Series A, 5.5%, 4/1/53 5,693,232
2,663,453(c) Gulf Coast Industrial Development Authority, Microgy Holdings
Project, 7.0%, 12/1/36 27
1,705,000(f) Harris County Health Facilities Development Corp., The
Methodist Hospital System, Series A-2, 0.98%, 12/1/41 1,705,000
3,000,000 Houston Higher Education Finance Corp., St. John's School
Project, Series A, 5.0%, 9/1/38 3,252,570
3,355,000 North Texas Tollway Authority, Series A, 5.0%, 1/1/30 3,954,572
9,750,000(d) North Texas Tollway Authority, Series F, 5.75%, 1/1/33 9,868,170
1,500,000(d) Red River Health Facilities Development Corp., MRC
Crestview, Series A, 8.0%, 11/15/41 1,894,305
2,000,000(e) Richardson Independent School District, School Building,
5.0%, 2/15/38 (PSF-GTD Insured) 2,265,140
6,960,000(c)(h) Sanger Industrial Development Corp., Texas Pellets Project,
Series B, 8.0%, 7/1/38 3,306,000
1,000,000 Tarrant County Cultural Education Facilities Finance Corp.,
Mirador Project, Series A, 4.875%, 11/15/48 837,670
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 19
Schedule of Investments | 9/30/17 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------
Texas -- (continued)
750,000 Tarrant County Cultural Education Facilities Finance Corp.,
Mirador Project, Series A, 5.0%, 11/15/55 $ 626,573
1,000,000(c) Texas Midwest Public Facility Corp., Secure Treatment
Facility Project, 9.0%, 10/1/30 300,000
3,365,000 Texas Private Activity Bond Surface Transportation Corp.,
NTE Mobility Partners LLC, 7.0%, 12/31/38 3,886,541
2,500,000 Travis County Health Facilities Development Corp., Longhorn
Village Project, 7.125%, 1/1/46 2,682,750
5,000,000(e) Tyler Independent School District, School Building, 5.0%,
2/15/38 (PSF-GTD Insured) 5,662,850
--------------
$ 60,185,130
-------------------------------------------------------------------------------------------------------
Utah -- 2.2%
5,000,000 County of Utah, UT, IHC Health Services, Inc., Series B,
4.0%, 5/15/47 $ 5,143,600
1,000,000 Salt Lake City Corp., Airport Revenue, Series B,
5.0%, 7/1/36 1,172,640
--------------
$ 6,316,240
-------------------------------------------------------------------------------------------------------
Virginia -- 7.2%
2,275,000(e) County of Arlington, VA, 4.0%, 8/15/35 $ 2,496,744
2,000,000 County of Washington, VA, Industrial Development Authority,
Mountain States Health Alliance, Series C, 7.75%, 7/1/38 2,128,100
4,550,000 Tobacco Settlement Financing Corp., Series B-1,
5.0%, 6/1/47 4,406,812
5,000,000 University of Virginia, Series A, 5.0%, 4/1/42 5,926,200
5,000,000 Virginia Public School Authority Revenue, 4.0%, 8/1/25
(State Aid Withholding) 5,682,100
--------------
$ 20,639,956
-------------------------------------------------------------------------------------------------------
Washington -- 4.2%
3,000,000 City of Seattle, WA, Water System Revenue, 4.0%, 8/1/32 $ 3,291,360
2,500,000(e) King County, Issaquah School District No. 411, 4.0%,
12/1/31 (SCH BD GTY Insured) 2,745,650
2,500,000 University of Washington, Series B, 5.0%, 6/1/29 2,982,075
1,500,000(d) Washington State Health Care Facilities Authority, Kadlec
Regional Medical Center, 5.5%, 12/1/39 1,701,240
1,100,000 Washington State Housing Finance Commission, Mirabella
Project, Series A, 6.75%, 10/1/47 (144A) 1,199,803
--------------
$ 11,920,128
-------------------------------------------------------------------------------------------------------
West Virginia -- 0.4%
2,000,000(c) City of Philippi, WV, Alderson-Broaddus College, Inc.,
Series A, 7.75%, 10/1/44 $ 1,200,000
-------------------------------------------------------------------------------------------------------
Wisconsin -- 3.5%
5,000,000 Public Finance Authority, Glenridge Palmer Ranch,
Series A, 8.25%, 6/1/46 $ 5,877,950
The accompanying notes are an integral part of these financial statements.
20 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
-------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------
Wisconsin -- (continued)
750,000 Public Finance Authority, Roseman University Health
Sciences Project, 5.875%, 4/1/45 $ 821,018
1,500,000 Public Finance Authority, SearStone CCRC Project, Series A,
8.625%, 6/1/47 (144A) 1,722,555
1,500,000(d) Wisconsin Health & Educational Facilities Authority, Pro
Healthcare, Inc. Group, 6.625%, 2/15/39 1,614,825
--------------
$ 10,036,348
-------------------------------------------------------------------------------------------------------
TOTAL TAX EXEMPT OBLIGATIONS
(Cost $408,200,751) $ 429,510,179
-------------------------------------------------------------------------------------------------------
MUNICIPAL COLLATERALIZED
DEBT OBLIGATION -- 0.1% of Net Assets
13,000,000(f) Non-Profit Preferred Funding Trust I, Series E, 0.0%,
9/15/37 (144A) $ 227,500
-------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $13,000,000) $ 227,500
-------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 150.7%
(Cost -- $421,200,751) $ 429,737,679
-------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 1.9% $ 5,447,701
-------------------------------------------------------------------------------------------------------
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE -- (52.6)% $ (149,979,750)
-------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHAREOWNERS -- 100.0% $ 285,205,630
=======================================================================================================
(144A) Security is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At
September 30, 2017, the value of these securities amounted to
$24,132,089, or 8.5% of total net assets applicable to common
shareowners.
RIB Residual Interest Bond is purchased in a secondary market. The interest
rate is subject to change periodically and inversely based upon
prevailing market rates. The interest rate shown is the rate at
September 30, 2017.
(a) Consists of Revenue Bonds unless otherwise indicated.
(b) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(c) Security is in default.
(d) Prerefunded bonds have been collateralized by U.S. Treasury or U.S.
Government Agency securities which are held in escrow to pay interest
and principal on the tax exempt issue and to retire the bonds in full at
the earliest refunding date.
(e) Represents a General Obligation Bond.
(f) The interest rate is subject to change periodically. The interest rate,
reference index and spread shown at September 30, 2017.
(g) Escrow to maturity.
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 21
Schedule of Investments | 9/30/17 (unaudited) (continued)
(h) Security is valued using fair value methods (other than prices supplied
by independent pricing services). See notes to Financial
Statements -- Note 1A.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended September 30, 2017 aggregated $51,431,568 and $50,854,156
respectively.
The Trust is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc., formerly Pioneer Investment Management, Inc. (the Adviser)
serves as the investment adviser, as set forth in Rule 17a-7 under the
Investment Company Act of 1940, pursuant to procedures adopted by the Board of
Trustees. Under these procedures, cross trades are effected at current market
prices. During the six months ended September 30, 2017, the Trust engaged in
purchases and sales pursuant to these procedures amounting to $3,236,071 and $-,
respectively resulting in a gain of $-.
At September 30, 2017, the net unrealized appreciation on investments based on
cost for federal tax purposes of $414,417,796 was as follows:
Aggregate gross unrealized appreciation for all investments in which there
is an excess of value over tax cost $ 38,802,100
Aggregate gross unrealized depreciation for all investments in which there
is an excess of tax cost over value (23,482,217)
------------
Net unrealized appreciation $ 15,319,883
============
Various inputs are used in determining the value of the Trust's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.). See notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Trust's own
assumptions in determining fair value of investments). See notes
to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of September 30, 2017, in
valuing the Trust's investments.
-------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------
Tax Exempt Obligations
Texas $ -- $ 56,879,130 $3,306,000 $ 60,185,130
All Other Tax Exempt Obligations -- 369,325,049 -- 369,325,049
Municipal Collateralized Debt
Obligation -- 227,500 -- 227,500
-------------------------------------------------------------------------------------------
Total $ -- $426,431,679 $3,306,000 $429,737,679
===========================================================================================
The accompanying notes are an integral part of these financial statements.
22 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
--------------------------------------------------------------------------------
Tax Exempt
Obligations
--------------------------------------------------------------------------------
Balance as of 3/31/17 $4,176,000
Realized gain (loss)(1) --
Change in unrealized appreciation (depreciation)(2) (868,528)
Purchases --
Sales --
Accrued discounts/premiums (1,472)
Changes between Level 3* --
--------------------------------------------------------------------------------
Balance as of 9/30/17 $3,306,000
================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period value. During six
months ended September 30, 2017, there were no transfers between Levels 1,
2 and 3.
Net change in unrealized appreciation (depreciation) of investments still
held as of 9/30/17 $(868,528)
=========
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 23
Statement of Assets and Liabilities | 9/30/17 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $421,200,751) $429,737,679
Receivables --
Investment securities sold 2,005,444
Interest 6,084,805
--------------------------------------------------------------------------------------
Total assets $437,827,928
======================================================================================
LIABILITIES:
Due to custodian $ 2,405,976
Payables --
Administration fee 63,726
Trustees' fees 442
Due to affiliates 50,339
Accrued expenses 122,065
--------------------------------------------------------------------------------------
Total liabilities $ 2,642,548
======================================================================================
PREFERRED SHARES AT REDEMPTION VALUE:
$25,000 liquidation value per share applicable to 6,000
shares, including dividends payable of $20,250 $149,979,750
--------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
Paid-in capital $306,599,040
Undistributed net investment income 2,755,499
Accumulated net realized loss on investments (32,685,837)
Net unrealized appreciation on investments 8,536,928
--------------------------------------------------------------------------------------
Net assets applicable to common shareowners $285,205,630
======================================================================================
NET ASSET VALUE PER COMMON SHARE:
No par value (unlimited number of shares authorized)
Based on $285,205,630 / 23,899,020 common shares $ 11.93
======================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
Statement of Operations (unaudited)
For the Six Months Ended 9/30/17
INVESTMENT INCOME:
Interest from unaffiliated issuers $10,269,200
-------------------------------------------------------------------------------------------------
Total investment income $ 10,269,200
-------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,314,093
Administrative expense 108,016
Transfer agent fees 7,809
Shareowner communications expense 7,448
Auction agent fees 74,309
Custodian fees 3,768
Professional fees 28,410
Printing expense 7,162
Trustees' fees 8,039
Pricing fees 11,615
Miscellaneous 44,357
-------------------------------------------------------------------------------------------------
Total expenses $ 1,615,026
-------------------------------------------------------------------------------------------------
Net investment income $ 8,654,174
-------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments from unaffiliated issuers $ 2,734,243
Change in net unrealized depreciation on:
Investments from unaffiliated issuers (1,416,340)
-------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ 1,317,903
-------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREOWNERS FROM
NET INVESTMENT INCOME: $ (1,184,365)
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 8,787,712
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 25
Statements of Changes in Net Assets
----------------------------------------------------------------------------------------
Six Months
Ended
9/30/17 Year Ended
(unaudited) 3/31/17*
----------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 8,654,174 $ 19,075,550
Net realized gain (loss) on investments 2,734,243 (217,084)
Change in net unrealized appreciation (depreciation)
on investments (1,416,340) (16,216,394)
Distributions to preferred shareowners from net
investment income (1,184,365) (1,559,147)
----------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 8,787,712 $ 1,082,925
----------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREOWNERS:
Net investment income and previously undistributed
net investment income ($0.30 and $0.74 per
share, respectively) $ (7,109,958) $ (17,540,094)
----------------------------------------------------------------------------------------
Total distributions to common shareowners $ (7,109,958) $ (17,540,094)
----------------------------------------------------------------------------------------
FROM TRUST SHARE TRANSACTIONS:
Reinvestment of distributions $ -- $ 967,385
----------------------------------------------------------------------------------------
Net increase in net assets applicable to
common shareowners from Trust share
transactions $ -- $ 967,385
----------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
common shareowners $ 1,677,754 $ (15,489,784)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
Beginning of period 283,527,876 299,017,660
----------------------------------------------------------------------------------------
End of period $285,205,630 $ 283,527,876
----------------------------------------------------------------------------------------
Undistributed net investment income $ 2,755,499 $ 2,395,648
========================================================================================
* The Trust was audited by another independent registered public accounting
firm other than Ernst & Young LLP.
The accompanying notes are an integral part of these financial statements.
26 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/17 Ended Ended Ended Ended Ended
(unaudited) 3/31/17* 3/31/16* 3/31/15* 3/31/14* 3/31/13
------------------------------------------------------------------------------------------------------------------------------------
Per Share Operating Performance
Net asset value, beginning of period $ 11.86 $ 12.55 $ 12.68 $ 12.07 $ 13.54 $ 12.87
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations: (a)
Net investment income $ 0.36 $ 0.80 $ 0.83 $ 0.95 $ 1.08 $ 1.07
Net realized and unrealized gain (loss) on investments 0.06 (0.68) 0.02 0.81 (1.40) 0.76
------------------------------------------------------------------------------------------------------------------------------------
Distributions to preferred shareowners from:
Net investment income $ (0.05) $ (0.07) $ (0.02) $ (0.01) $ (0.01) $ (0.02)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.37 $ 0.05 $ 0.83 $ 1.75 $ (0.33) $ 1.81
------------------------------------------------------------------------------------------------------------------------------------
Distributions to common shareowners from:
Net investment income and previously undistributed
net investment income $ (0.30) $ (0.74) $ (0.96)** $ (1.14)** $ (1.14)** $ (1.14)**
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.07 $ (0.69) $ (0.13) $ 0.61 $ (1.47) $ 0.67
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.93 $ 11.86 $ 12.55 $ 12.68 $ 12.07 $ 13.54
------------------------------------------------------------------------------------------------------------------------------------
Market value, end of period $ 11.55 $ 10.99 $ 13.87 $ 15.48 $ 14.60 $ 15.51
====================================================================================================================================
Total return at net asset value (b) 3.20%(c) 0.28% 6.61% 13.65% (2.78)% 13.51%
Total return at market value (b) 7.82%(c) (15.92)% (3.48)% 14.70% 2.59% 13.53%
Ratios to average net assets of common shareowners:
Total expenses (d) 1.12%(e) 1.12% 1.21% 1.22% 1.19% 1.23%
Net investment income before preferred share
distributions 6.02%(e) 6.47% 6.72% 7.61% 8.81% 8.08%
Preferred share distributions 0.82%(e) 0.53% 0.13% 0.07% 0.08% 0.14%
Net investment income available to shareowners 5.20%(e) 5.94% 6.59% 7.54% 8.73% 7.94%
Portfolio turnover 12%(c) 9% 11% 20% 24% 14%
Net assets of common shareowners, end of period
(in thousands) $285,206 $283,528 $299,018 $300,331 $284,208 $316,874
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 27
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/17 Ended Ended Ended Ended Ended
(unaudited) 3/31/17* 3/31/16* 3/31/15* 3/31/14* 3/31/13
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares outstanding (in thousands) $150,000 $150,000 $150,000 $150,000 $150,000 $150,000
Asset coverage per preferred share, end of period $ 72,531 $ 72,252 $ 74,837 $ 75,055 $ 72,367 $ 77,813
Average market value per preferred share (f) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
Liquidation value, including dividends payable, per preferred share $ 24,997 $ 24,998 $ 25,001 $ 25,000 $ 25,001 $ 25,001
====================================================================================================================================
* The Trust was audited by another independent registered public accounting
firm other than Ernst & Young LLP.
** The amount of distributions made to shareowners during the period were in
excess of the net investment income earned by the Trust during the period.
The Trust has accumulated undistributed net investment income which is part
of the Trust's NAV. A portion of the accumulated net investment income was
distributed to shareowners during the period.
(a) The per common share data presented above is based upon the average common
shares outstanding for the periods presented.
(b) Total investment return is calculated assuming a purchase of common shares
at the current net asset value or market value on the first day and a sale
at the current net asset value or market value on the last day of the
periods reported. Dividends and distributions, if any, are assumed for
purposes of this calculation to be reinvested at prices obtained under the
Trust's dividend reinvestment plan. Total investment return does not
reflect brokerage commissions. Past performance is not a guarantee of
future results.
(c) Not annualized.
(d) Expense ratios do not reflect the effect of distribution payments to
preferred shareowners.
(e) Annualized.
(f) Market value is redemption value without an active market.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
Notes to Financial Statements | 9/30/17 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Municipal High Income Advantage Trust (the Trust) was organized as a
Delaware statutory trust on August 6, 2003. Prior to commencing operations on
October 20, 2003, the Trust had no operations other than matters relating to its
organization and registration as a diversified, closed-end management investment
company under the Investment Company Act of 1940, as amended. The investment
objective of the Trust is to seek a high level of current income exempt from
regular federal income tax, and the Trust may, as a secondary objective, also
seek capital appreciation to the extent that it is consistent with its primary
investment objective.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Trust's investment
adviser, became an indirect wholly owned subsidiary of Amundi and Amundi's
wholly owned subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer
Investments was owned by Pioneer Global Asset Management S.p.A., a wholly owned
subsidiary of UniCredit S.p.A.
In connection with the transaction, the names of the Trust's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management,
Inc. (the Adviser) and the name of Pioneer Funds Distributor, Inc. changed to
Amundi Pioneer Distributor, Inc. (the Distributor).
In October 2016, the Securities and Exchange Commission (SEC) released its
Final Rule on Investment Company Reporting Modernization. In addition to
introducing two new regulatory reporting forms (Form N-PORT and Form
N-CEN), the Final Rule amends Regulation S-X, which impacts financial
statement presentation, particularly related to the presentation of derivative
investments. The Fund's financial statements were prepared in compliance with
the amendments to Regulation S-X.
The Trust's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the management
of the Trust to make estimates and assumptions that affect the reported amounts
of assets and liabilities, the disclosure of contingent assets and liabilities
at the date of the financial statements, and the reported amounts of income,
expenses and gain or loss on investments during the reporting period. Actual
results could differ from those estimates.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 29
The Trust is an investment company and follows investment company
accounting and reporting guidance under U.S. GAAP. The following is a
summary of significant accounting policies followed by the Trust in the
preparation of its financial statements:
A. Security Valuation
The net asset value of the Trust is computed once daily, on each day the
New York Stock Exchange (NYSE) is open, as of the close of regular trading
on the NYSE.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to supply
prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such Trust's net asset value. Repurchase
agreements are valued at par. Cash may include overnight time deposits at
approved financial institutions.
Securities for which independent pricing services or broker-dealers are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued by a
fair valuation team comprised of certain personnel of the Adviser, pursuant
to procedures adopted by the Trust's Board of Trustees. The Adviser's fair
valuation team uses fair value methods approved by the Valuation Committee
of the Board of Trustees. The Adviser's fair valuation team is responsible
for monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Trust may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Trust's net asset value. Examples of a significant
event
30 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
might include political or economic news, corporate restructurings, natural
disasters, terrorist activity or trading halts. Thus, the valuation of the
Trust's securities may differ significantly from exchange prices and such
differences could be material.
At September 30, 2017, one security was valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services, broker-dealers or using third party insurance pricing model)
representing 1.2% of net assets. The value of this fair valued security is
$3,306,000.
B. Investment Income and Transactions
Interest income, including interest on income-bearing cash accounts, is
recorded on the accrual basis, net of unrecoverable foreign taxes withheld
at the applicable country rates and net of income accrued on defaulted
securities.
Discounts and premiums on purchase prices of debt securities are accreted
or amortized, respectively, daily, into interest income on an effective
yield to maturity basis with a corresponding increase or decrease in the
cost basis of the security. Premiums and discounts related to certain
mortgage-backed securities are amortized or accreted in proportion to the
monthly paydowns. Interest income payable by delivery of additional shares
is reclassified as PIK (payment-in-kind) income upon receipt and is
included in interest income.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Federal Income Taxes
It is the Trust's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no federal income tax provision is required. As
of March 31, 2017, the Trust did not accrue any interest or penalties with
respect to uncertain tax positions, which if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax returns filed
within the prior three years remain subject to examination by federal and
state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary overdistributions for financial
statement and tax purposes. Capital accounts within the financial
statements are adjusted for permanent book/tax differences to reflect tax
character, but are not adjusted for temporary differences.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 31
The tax character of current year distributions payable to shareowners will
be determined at the end of the current taxable year. The tax character of
distributions paid to shareowners during the year ended March 31, 2017 was
as follows:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributions paid from:
Tax exempt income $18,477,950
Ordinary income 621,291
---------------------------------------------------------------------------
Total $19,099,241
===========================================================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at March 31, 2017:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 224,502
Capital loss carryforward (41,662,439)
Late year loss deferrals (599,676)
Other book/tax temporary differences 6,782,955
Tax-exempt spillback 2,230,226
Unrealized appreciation 9,953,268
---------------------------------------------------------------------------
Total $(23,071,164)
===========================================================================
The difference between book-basis and tax-basis unrealized appreciation/
depreciation is primarily attributable to the realization for tax purposes
of unrealized gains on investments in passive foreign investment companies,
the book/tax differences in the accrual of income on securities in default,
the difference between book and tax amortization methods and discounts on
fixed income securities.
D. Automatic Dividend Reinvestment Plan
All shareowners whose shares are registered in their own names
automatically participate in the Automatic Dividend Reinvestment Plan (the
Plan), under which participants receive all dividends and capital gain
distributions (collectively, dividends) in full and fractional shares of
the Trust in lieu of cash. Shareowners may elect not to participate in the
Plan. Shareowners not participating in the Plan receive all dividends and
capital gain distributions in cash. Participation in the Plan is completely
voluntary and may be terminated or resumed at any time without penalty by
notifying American Stock Transfer & Trust Company, the agent for
shareowners in administering the Plan (the Plan Agent), in writing prior to
any dividend record date; otherwise such termination or resumption will be
effective with respect to any subsequently declared dividend or other
distribution.
32 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
If a shareowner's shares are held in the name of a brokerage firm, bank or
other nominee, the shareowner can ask the firm or nominee to participate in
the Plan on the shareowner's behalf. If the firm or nominee does not offer
the Plan, dividends will be paid in cash to the shareowner of record. A
firm or nominee may reinvest a shareowner's cash dividends in shares of the
Trust on terms that differ from the terms of the Plan.
Whenever the Trust declares a dividend on shares payable in cash,
participants in the Plan will receive the equivalent in shares acquired by
the Plan Agent either (i) through receipt of additional unissued but
authorized shares from the Trust or (ii) by purchase of outstanding shares
on the New York Stock Exchange or elsewhere. If, on the payment date for
any dividend, the net asset value per share is equal to or less than the
market price per share plus estimated brokerage trading fees (market
premium), the Plan Agent will invest the dividend amount in newly issued
shares. The number of newly issued shares to be credited to each account
will be determined by dividing the dollar amount of the dividend by the net
asset value per share on the date the shares are issued, provided that the
maximum discount from the then current market price per share on the date
of issuance does not exceed 5%. If, on the payment date for any dividend,
the net asset value per share is greater than the market value (market
discount), the Plan Agent will invest the dividend amount in shares
acquired in open-market purchases. There are no brokerage charges with
respect to newly issued shares. However, each participant will pay a pro
rata share of brokerage trading fees incurred with respect to the Plan
Agent's open-market purchases. Participating in the Plan does not relieve
shareowners from any federal, state or local taxes which may be due on
dividends paid in any taxable year. Shareowners holding Plan shares in a
brokerage account may be able to transfer the shares to another broker and
continue to participate in the Plan.
E. Risks
The value of securities held by the Trust may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or
spread.
Interest rates in the U.S. recently have been historically low, so the
Trust faces a heightened risk that interest rates may rise. A general rise
in interest rates may cause investors to move out of fixed income
securities on a large scale, which could adversely affect the price and
liquidity of fixed income securities.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 33
The municipal bond market can be susceptible to unusual volatility,
particularly for lower-rated and unrated securities. Liquidity can be
reduced unpredictably in response to overall economic conditions or credit
tightening. Municipal issuers may be adversely affected by rising health
care costs, increasing unfunded pension liabilities, and by the phasing out
of federal programs providing financial support. Unfavorable conditions and
developments relating to projects financed with municipal securities can
result in lower revenues to issuers of municipal securities, potentially
resulting in defaults. Issuers often depend on revenues from these projects
to make principal and interest payments. The value of municipal securities
can also be adversely affected by changes in the financial condition of one
or more individual municipal issuers or insurers of municipal issuers,
regulatory and political developments, tax law changes or other legislative
actions, and by uncertainties and public perceptions concerning these and
other factors. Municipal securities may be more susceptible to down-grades
or defaults during recessions or similar periods of economic stress. In
recent periods, an increasing number of municipal issuers in the United
States have defaulted on obligations and commenced insolvency proceedings.
Financial difficulties of municipal issuers may continue or get worse. To
the extent the Trust invests significantly in a single state, including
California, Pennsylvania and Texas, or in securities the payments on which
are dependent upon a single project or source of revenues, or that relate
to a sector or industry, including health care facilities, education,
transportation, special revenues and pollution control, the Trust will be
more susceptible to associated risks and developments.
2. Management Agreement
The Adviser, manages the Trust's portfolio. Management fees payable under the
Trust's Advisory Agreement with the Adviser are calculated daily at the annual
rate of 0.60% of the Trust's average daily managed assets. "Managed assets"
means (a) the total assets of the Trust, including any form of investment
leverage, minus (b) all accrued liabilities incurred in the normal course of
operations, which shall not include any liabilities or obligations attributable
to investment leverage obtained through (i) indebtedness of any type (including,
without limitation, borrowing through a credit facility or the issuance of debt
securities), (ii) the issuance of preferred stock or other similar preference
securities, and/or (iii) any other means. For the six months ended September 30,
2017, the net management fee was 0.60% (annualized) of the Trust's average daily
managed assets, which was equivalent to 0.91% (annualized) of the Trust's
average daily net assets.
34 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
In addition, under the Adviser management and administration agreements, certain
other services and costs are paid by the Adviser. At September 30, 2017,
$114,065, was payable to the Adviser related to management costs, administrative
costs and certain other services is included in "Due to affiliates" and
"Administration fee" on the Statement of Assets and Liabilities.
3. Transfer Agent
American Stock Transfer & Trust Company (AST) serves as the transfer agent with
respect to the Trust's common shares. The Trust pays AST an annual fee, as is
agreed to from time to time by the Trust and AST, for providing such services.
In addition, the Trust reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings and outgoing calls.
Deutsche Bank Trust Company Americas (Deutsche Bank) is the transfer agent,
registrar, dividend-paying agent and auction agent with respect to the Trust's
auction preferred shares (APS). The Trust pays Deutsche Bank an annual fee, as
is agreed to from time to time by the Trust and Deutsche Bank, for providing
such services.
4. Trust Shares
There are an unlimited number of common shares of beneficial interest
authorized.
Transactions in common shares of beneficial interest for the six months ended
September 30, 2017 and the year ended March 31, 2017 were as follows:
--------------------------------------------------------------------------------
9/30/17 3/31/17
--------------------------------------------------------------------------------
Shares outstanding at beginning of period 23,899,020 23,822,909
Reinvestment of distributions -- 76,111
--------------------------------------------------------------------------------
Shares outstanding at end of period 23,899,020 23,899,020
================================================================================
The Trust may classify or reclassify any unissued shares of beneficial interest
into one or more series of preferred shares of beneficial interest. As of
September 30, 2017, there were 6,000 APS as follows: Series A -- 3,000 and
Series B -- 3,000.
Dividends on Series A and Series B are cumulative at a rate which is to be reset
every seven days based on the results of an auction. An auction fails if there
are more APS offered for sale than there are buyers. When an auction fails, the
dividend rate for the period will be the maximum rate on the auction dates
described in the prospectus for the APS. Preferred shareowners are not able to
sell their APS at an auction if the auction fails. Since February 2008, the
Trust's auctions related to the APS have failed. The maximum rate
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 35
for each series is 125% of the 7 day commercial paper rate or adjusted Kenny
rate. Dividend rates on APS ranged from 0.0128% to 0.0189 % during the six
months ended September 30, 2017.
The Trust may not declare dividends or make other distributions on its common
shares or purchase any such shares if, at the time of the declaration,
distribution or purchase, the Trust does not comply with the asset coverage
ratios described in the prospectus for the APS.
The APS are redeemable at the option of the Trust, in whole or in part, on any
dividend payment date at $25,000 per share plus any accumulated or unpaid
dividends, whether or not declared. The APS are also subject to mandatory
redemption at $25,000 per share plus any accumulated or unpaid dividends,
whether or not declared, if certain requirements relating to the composition of
the assets and liabilities of the Trust as set forth in the Statement of
Preferences are not satisfied.
The holders of APS have voting rights equal to the holders of the Trust's common
shares (one vote per share) and will vote together with holders of the common
shares as a single class. Holders of APS are also entitled to elect two of the
Trust's Trustees. In addition, the Investment Company Act of 1940, as amended,
requires that along with approval by shareowners that might otherwise be
required, the approval of the holders of a majority of any outstanding preferred
shares, voting separately as a class, would be required to (a) adopt any plan of
reorganization that would adversely affect the preferred shares and (b) take any
action requiring a vote of security holders, including, among other things,
changes in the Trust's subclassification as a closed-end management investment
company or changes in its fundamental investment restrictions.
5. Subsequent Events
A monthly dividend was declared on October 4, 2017 from undistributed and
accumulated net investment income of $0.500 per common share payable October 31,
2017, to common shareowners of record on October 18, 2017.
Subsequent to September 30, 2017, dividends declared and paid on preferred
shares totaled $278,970 in aggregate for the two outstanding preferred share
series through November 8, 2017.
The Board of Trustees has approved the redemption of the Trust's outstanding APS
at the liquidation preference per share of each series of APS, together with
accrued and unpaid dividends, if any, as of the redemption date.
The redemption of the Trust's APS is subject to the successful negotiation of a
refinancing plan, the satisfaction of certain notice and regulatory
requirements, and the closing conditions of the new financing. Specific
information related to the redemption process and timeframes will be released by
the Trust separately.
36 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
ADDITIONAL INFORMATION
During the period, there have been no material changes in the Trust's investment
objective or fundamental policies that have not been approved by the
shareowners. There have been no changes in the Trust's charter or By-Laws that
would delay or prevent a change in control of the Trust which has not been
approved by the shareowners. During the period, there have been no changes in
the principal risk factors associated with investment in the Trust. There were
no changes in the persons who are primarily responsible for the day-to-day
management of the Trust's portfolio.
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Trust may purchase, from time to time, its common
shares in the open market.
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the "Adviser"), the
Trust's investment adviser, was an indirect, wholly owned subsidiary of
UniCredit S.p.A. ("UniCredit"). On that date, UniCredit completed the sale of
its Pioneer Investments business, which includes the Adviser, to Amundi (the
"Transaction"). As a result of the Transaction, the Adviser became an indirect,
wholly-owned subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A.
Amundi is headquartered in Paris, France, and, as of September 30, 2016, had
more than $1.1 trillion in assets under management worldwide.
Deloitte & Touche LLP ("D&T"), the Trust's previous independent registered
public accounting firm, informed the Audit Committee and the Board that it would
no longer be independent with respect to the Trust upon the completion of the
Transaction as a result of certain services being provided to Amundi and Credit
Agricole, and, accordingly, that it intended to resign as the Trust's
independent registered public accounting firm upon the completion of the
Transaction. D&T's resignation was effective on July 3, 2017, when the
Transaction was completed.
During the periods as to which D&T has served as the Trust's independent
registered public accounting firm, including the Trust's two most recent fiscal
years preceding the fiscal year ended July 31, 2017, D&T's reports on the
Trust's financial statements have not contained an adverse opinion or disclaimer
of opinion and have not been qualified or modified as to uncertainty, audit
scope or accounting principles. Further, there have been no disagreements with
D&T on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which, if not resolved to the
satisfaction of D&T, would have caused D&T to make reference to the subject
matter of the disagreement in connection with its report on the
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 37
financial statements. In addition, there have been no reportable events of the
kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities
Exchange Act of 1934.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
a new independent registered public accounting firm, Ernst & Young LLP ("EY").
Prior to its engagement, EY had advised the Trust's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries during
the period commencing July 1, 2016, that it determined to be inconsistent with
the auditor independence rules set forth by the Securities and Exchange
Commission ("SEC"): (a) project management support services to UniCredit in the
Czech Republic, Germany, Italy, Serbia and Slovenia in relation to twenty-two
projects, that were determined to be inconsistent with Rule 2-01(c)(4)(vi) of
Regulation S-X (management functions); (b) two engagements for UniCredit in
Italy where fees were contingent/success based and that were determined to be
inconsistent with Rule 2-01(c)(5) of Regulation S-X (contingent fees); (c) four
engagements where legal and expert services were provided to UniCredit in the
Czech Republic and Germany, and twenty engagements where the legal advisory
services were provided to UniCredit in Austria, Czech Republic, Italy and
Poland, that were determined to be inconsistent with Rule 2-01(c)(4)(ix) and (x)
of Regulation S-X (legal and expert services); and (d) two engagements for
UniCredit in Italy involving assistance in the sale of certain assets, that were
determined to be inconsistent with Rule 2-01(c)(4)(viii) of Regulation S-X
(broker-dealer, investment advisor or investment banking services). None of the
foregoing services involved the Trust, any of the other funds in the Pioneer
Family of Funds or any other Pioneer entity sold by UniCredit in the
Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Trust under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and
38 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
impartial judgment in connection with the audits of the financial statements of
the Trust, and Management further believes that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion.
Results of Shareholder Meeting
At a special meeting held on June 13, 2017, shareholders of the Trust were asked
to consider the proposal described below. A report of the total votes cast by
the Trust's shareholders follows:
------------------------------------------------------------------------------------------------
For Against Abstain Broker Non-Votes
------------------------------------------------------------------------------------------------
Proposal 1 - To approve 13,115,887.183 874,618.256 578,132.000 0.000
a New Management
Agreement with
the Adviser
At the annual meeting of shareowners held on September 21, 2017, shareowners of
the Trust were asked to consider the proposals described below. A report of the
total votes cast by the Trust's shareholders follows:
---------------------------------------------------------------------------------
For Withheld
---------------------------------------------------------------------------------
Proposal 2 - To elect three Class II Trustees
---------------------------------------------------------------------------------
Benjamin M. Friedman 19,952,911.445 1,253,964.418
---------------------------------------------------------------------------------
Margaret B.W. Graham 19,888,416.834 1,318,459.029
---------------------------------------------------------------------------------
Kenneth J. Taubes 20,103,871.338 1,103,004.525
---------------------------------------------------------------------------------
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 39
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and Chief
David R. Bock Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
American Stock Transfer & Trust Company
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at www.amundipioneer.com. This information is also available on the Securities
and Exchange Commission's web site at www.sec.gov.
40 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
This page is for your notes.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 41
This page is for your notes.
42 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
This page is for your notes.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17 43
This page is for your notes.
44 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/17
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
You can call American Stock Transfer & Trust Company (AST) for:
--------------------------------------------------------------------------------
Account Information 1-800-225-6292
Or write to AST:
--------------------------------------------------------------------------------
For Write to
General inquiries, lost dividend checks, American Stock
change of address, lost stock certificates, Transfer & Trust
stock transfer Operations Center
6201 15th Ave.
Brooklyn, NY 11219
Dividend reinvestment plan (DRIP) American Stock
Transfer & Trust
Wall Street Station
P.O. Box 922
New York, NY 10269-0560
Website www.amstock.com
For additional information, please contact your investment advisor or visit our
web site www.amundipioneer.com.
The Trust files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareowners may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Amundi Pioneer Asset Management 19435-11-1117
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
N/A
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
N/A
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
During the period covered by this report, there were no purchases
made by or on behalf of the registrant or any affiliated purchaser
as defined in Rule 10b-18(a)(3) under the Securities Exchange Act
of 1934 (the Exchange Act), of shares of the registrants equity
securities that are registered by the registrant pursuant to
Section 12 of the Exchange Act.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Municipal High Income Advantage Trust
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date November 29, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date November 29, 2017
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date November 29, 2017
* Print the name and title of each signing officer under his or her signature.