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, Amundi Pioneer Asset 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, 2018
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, 2018
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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 23
Notes to Financial Statements 28
Additional Information 38
Approval of Investment Management Agreement 41
Trustees, Officers and Service Providers 46
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 1
President's Letter
Through the third quarter of 2018, the U.S. stock market, as measured by the
Standard & Poor's 500 Index (the S&P 500), has returned more than 10%, while
bond markets, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index,
have been negative, returning -1.6%.
The momentum in the equity market has been driven by several factors, including
overall positive corporate earnings reports and a strong U.S. economy. U.S.
gross domestic product (GDP) growth exceeded 4% in the second quarter of 2018
and was expected to top 3% once again in the third quarter. The low
unemployment rate has continued, with initial jobless claims hitting a
multi-decade low and consumer and small-business confidence achieving levels
not seen in many years.
Despite the good economic news, and even though wages have been rising,
inflation expectations have not risen significantly. For its part, the U.S.
Federal Reserve System (the Fed) continued with its tightening of monetary
policy by raising interest rates in September, the third such increase during
this calendar year, and has been moving forward with the tapering of its
balance sheet, a process which began in October 2017.
Across the fixed-income space, rising interest rates have helped drive down the
returns of some asset classes, such as U.S. Treasuries. However, strong
corporate earnings and higher oil prices have propelled high-yield bonds well
into positive territory through the first nine months of the year. In addition,
higher rates have contributed to positive year-to-date returns for
floating-rate instruments such as bank loans, while structured sectors,
including asset-backed securities (ABS) and mortgage-backed securities (MBS),
have generally outperformed Treasuries. Agency MBS, in particular, have
performed well as the housing market has continued to show strength, even with
both interest rates and home prices moving upward.
Despite the generally positive returns, market volatility has increased this
year compared with 2017. The aforementioned rising interest rates have been one
reason, while the uncertainty surrounding U.S. trade policy has, at times, also
led to unsettled markets. Of course, in today's global economy, risk factors
extend well beyond U.S. borders, and investors have grappled with various
issues on the international front in recent months, including a lack of
progress in the United Kingdom's Brexit negotiations, concerns about the
budgetary policies of the populist Italian government, and the potential impact
of Turkey's economic challenges on European banks. Moreover, while trade
tensions between the U.S. and Europe have moderated, proposed higher tariffs on
Chinese imports could have a negative impact on that country's economy and, by
extension, on its Asian trade partners.
2 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
As we enter the final quarter of 2018, however, we remain cautious on the
equity markets. While we are constructive on our view of U.S. stocks and the
overall economy, the previously mentioned risk factors and increased volatility
are concerns that may overtake that constructive view.
In fixed income, we have taken a more cautious approach in our core portfolios
with regard to credit-sensitive debt, as those investments appear more
susceptible to what we believe could be a less-benign credit environment going
forward, due in part to increased leverage within the investment-grade and
bank-loan market segments. We believe that structured credit sectors, including
agency MBS, non-agency MBS, and ABS, may offer investors more attractive
relative value, given solid U.S. housing market and consumer fundamentals.
Agency MBS and high-quality, non-agency MBS may also offer lower downside
volatility and stronger credit protections relative to their quality ratings.
In addition, as interest rates have risen, we find that short- and
intermediate-term Treasuries have become more attractive.
We believe this year's market fluctuations as well as increased risk factors
within the global economy have served to remind investors of the importance of
active management. Since 1928, active management has been the foundation of
Amundi Pioneer's investment approach. We believe active management is
especially important during periods of volatility, and that our shareowners can
benefit from the experience and tenure of our investment teams, who work
collaboratively to 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, 2018
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 | 9/30/18 3
Portfolio Management Discussion | 9/30/18
The municipal bond market generated positive results over the six-month period
ended September 30, 2018, with high-yield municipals once again 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, Managing Director, Director of Municipals, U.S., and a portfolio
manager at Amundi Pioneer Asset Management, Inc. ("Amundi Pioneer"), and Mr.
Chirunga, a senior 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, 2018?
A Pioneer Municipal High Income Advantage Trust returned 1.13% at net asset
value (NAV) and 2.33% at market price during the six-month period ended
September 30, 2018. 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 3.84% and 0.72%
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 NAV of the 14
closed-end funds in Morningstar's High Yield Municipal Debt Closed End
Funds category (which may or may not be leveraged) was 1.44%, and the
average return (at market price) of the 14 closed-end funds in the same
Morningstar category was 2.05%.
The shares of the Trust were selling at a 6.4% discount to NAV on
September 30, 2018. Comparatively, the shares of the Trust were selling at
a 7.5% discount to NAV on March 31, 2018.
On September 30, 2018, the standardized 30-day SEC yield of the Trust's
shares was 4.36%*.
* The 30-day SEC yield is a standardized formula that is based on the
hypothetical annualized earning.
4 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
Q How would you describe the investment environment in the municipal bond
market during the six-month period ended September 30, 2018?
A During the past six months, the municipal bond market performed well in
the wake of tax reform legislation passed in the U.S. last December, which
continues to loom large. The law's revisions to the federal tax code
included the fact that, within the municipal market, advance refunding
bonds would no longer be tax exempt as of January 1, 2018. (An advance
refunding bond is issued to pay off, or refund, another outstanding bond
more than 90 days in advance of its call date.)
Advance refunding bonds have traditionally been issued by municipalities
to refinance debt at lower rates and to delay repayment of principal. In
December 2017, a host of municipal entities rushed to issue advance
refunding bonds before the new tax bill took effect. The spike in supply
was well received by the market, but in January 2018, the municipal market
experienced significantly reduced demand, as many large investors who
would have typically purchased bonds in January had already done so in
December in advance of the new law's effective date. Due to the sudden
decrease in demand, the tax-free bond market underwent a correction, and
yields rose sharply. However, the municipal market then stabilized.
Later in the period, the high-yield municipal market was temporarily
disrupted when some large exchange-traded funds (ETFs) began to liquidate
a significant volume of tobacco settlement bonds in order to cover
redemptions. However, the heavily discounted bonds began to find buyers by
period-end, and tobacco settlement bonds specifically -- and high-yield
municipals more generally -- gradually recovered in price. Municipal bonds
ended the six-month period at valuations that were very attractive
compared with Treasury bonds of similar maturity. Meanwhile, investor
demand for tax-exempt bonds continued to outpace supply, leading to
favorable market conditions.
Elsewhere, the U.S. economy continued to perform well despite increasing
trade tensions between the United States and a number of other countries,
and the U.S. Federal Reserve System (the Fed) continued to remove monetary
accommodation from the U.S. economy by raising short-term rates in June
and September, and continuing to taper its balance sheet, a process that
began in October 2017. In addition, the Treasury yield curve continued to
flatten over the period, as long-term Treasury rates rose slightly while
short-term rates increased more significantly.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 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, 2018?
A During the period, we maintained a well-diversified** portfolio, 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
trailed the return of the Bloomberg Barclays U.S. Municipal High Yield
Bond Index.
The portfolio's holdings of certain tobacco bonds funded by Master
Settlement Agreements between the tobacco industry and individual states,
as well as higher education bonds issued by the City of Philippi, West
Virginia, contributed positively to the Trust's performance during the
period. The bonds funded several projects at a small college in rural West
Virginia that have not been additive to the school's bottom line. However,
the Trust is currently receiving payments from the issuer under the terms
of a forbearance agreement we negotiated. The forbearance agreement,
originally due to expire in October, has been extended and will now expire
in December 2018. By the time the forbearance agreement expires, the Trust
is expected to receive $2.9 million in total payments. Prior to the
forbearance agreement, the Trust was realizing no income from the City of
Philippi bond.
Detractors from the Trust's benchmark-relative returns during the period
included portfolio holdings of underperforming Maryland Health & Higher
Education bonds, and Maine Turnpike Authority revenue bonds.
Q Did the Trust's distributions*** to shareholders change during the
six-month period ended September 30, 2018?
A No, the Trust's distribution level remained consistent over the six-month
period.
Q Did the level of leverage in the Trust change during the six-month period
ended September 30, 2018?
A At the end of the six-month period on September 30, 2018, 37.0% of the
Trust's total managed assets were financed by leverage obtained through
the issuance of preferred shares, compared with 36.6% of the Trust's total
managed assets financed by leverage at the start of the period on April 1,
2018.
** Diversification does not assure a profit nor protect against loss.
*** Distributions are not guaranteed.
6 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
The Trust historically employed leverage through the issuance of Auction
Preferred Shares ("APS"). The Trust redeemed all of its outstanding APS on
February 20, 2018. The Trust refinanced the APS, and increased the amount
of leverage employed by the Trust, through the issuance of Variable Rate
Muni Fund Term Preferred Shares ("VMTP Shares"). VMTP Shares are issued
via private placement and are not publicly available. The further increase
in leverage as a percentage of the Trust's total managed assets during the
six-month period was the result of depreciation in the values of the
Trust's holdings.
Q Did the Trust invest in any derivative securities during the six-month
period ended September 30, 2018?
A No, the Trust's portfolio held no derivative securities during the period.
Q What is your investment outlook?
A Our outlook for the municipal market remains positive. We believe that
healthy demand from both traditional and non-traditional investors drawn
to the market by the attractive value and generous yields of municipal
bonds -- as compared with taxable debt -- can continue to outstrip limited
new-issue supply and help to support the prices of municipals. At the same
time, we think that the U.S. economy can continue to grow at a stable and
modest pace without an accompanying acceleration in inflation. Given such
an economic scenario, we believe solidly-performing municipal bonds should
continue to experience steady credit improvement. We also believe that the
Fed will continue to act deliberately and cautiously as it gradually
raises short-term rates. However, escalating trade disputes and other
geopolitical events could spur additional volatility within financial
markets in the coming months.
Consistent with our investment discipline in managing the Trust, we intend
to focus on intensive, fundamental research when selecting individual bond
issues, while maintaining a close watch on any economic factors that could
influence the municipal market. We do not anticipate any significant
changes to either the portfolio's positioning or structure in the near
future.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 7
Please refer to the Schedule of Investments on pages 13-22 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.
8 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
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.
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 | 9/30/18 9
Portfolio Summary | 9/30/18
Portfolio Diversification
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(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Insured: 11.9%
Revenue Bonds: Other Revenue 37.7%
Education Revenue 12.5%
Health Revenue 12.2%
Tobacco Revenue 8.7%
Development Revenue 5.4%
Facilities Revenue 5.1%
Water Revenue 2.7%
Pollution Control Revenue 1.7%
Transportation Revenue 1.5%
Airport Revenue 0.6%
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 51.8%
10-20 years 34.3%
7-10 years 11.3%
5 -7 years 1.6%
0-5 years 1.0%
10 Largest Holdings
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(As a percentage of total investments)*
1. New Jersey Transportation Trust Fund Authority, 12/15/27 (BHAC-CR MBIA Insured) 2.66%
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2. Massachusetts Development Finance Agency, WGBH Foundation, Series A, 5.75%, 1/1/42
(AMBAC Insured) 2.42
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3. Buckeye Tobacco Settlement Financing Authority, Asset-Backed, Series A-2, 6.5%, 6/1/47 2.37
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4. Private Colleges & Universities Authority, Emory University, Series A, 5.0%, 10/1/43 2.24
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5. New York State Dormitory Authority, Series C, 5.0%, 3/15/39 1.92
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6. New Jersey Economic Development Authority, Continental Airlines, 5.75%, 9/15/27 1.92
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7. New York State Dormitory Authority, Series A, 4.0%, 7/1/37 1.81
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8. State of Connecticut, Series E, 4.0%, 9/1/30 1.73
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9. State of Florida, Capital Outlay, Series A, 4.0%, 6/1/38 1.70
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10. District of Columbia Tobacco Settlement Financing Corp., Asset-Backed, 6.75%, 5/15/40 1.65
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* Excludes temporary cash investments and all derivative contracts except
for options purchased. The Trust is actively managed, and current holdings
may be different. The holdings listed should not be considered
recommendations to buy or sell any securities listed.
10 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
Prices and Distributions | 9/30/18
Share Prices and Distributions
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Market Value per Common Share^
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9/30/18 3/31/18
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Market Value $10.66 $10.72
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Discount (6.4)% (7.5)%
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Net Asset Value per Common Share^
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9/30/18 3/31/18
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Net Asset Value $11.39 $11.59
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Distributions per Common Share: 4/1/18 - 9/30/18
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Net
Investment Short-Term Long-Term
Income Capital Gains Capital Gains
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$0.3150 $-- $--
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Yields
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9/30/18 3/31/18
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30-Day SEC Yield 4.36% 4.10%
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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 | 9/30/18 11
Performance Update | 9/30/18
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, 2018)
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Bloomberg
Bloomberg Barclays
Net Barclays U.S.
Asset Municipal Municipal
Value Market Bond High Yield
Period (NAV) Price Index Bond Index
--------------------------------------------------------------------------------
10 years 7.95% 8.38% 4.75% 6.51%
5 years 5.98 2.17 3.54 6.36
1 year 1.04 -2.32 0.35 6.36
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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
9/08 $10,000 $10,000 $10,000
9/09 $12,969 $11,485 $10,455
9/10 $16,216 $12,152 $11,724
9/11 $17,426 $12,624 $12,214
9/12 $22,075 $13,674 $14,020
9/13 $20,088 $13,371 $13,804
9/14 $24,627 $14,431 $15,455
9/15 $22,578 $14,887 $15,647
9/16 $24,580 $15,718 $17,418
9/17 $22,896 $15,855 $17,668
9/18 $22,365 $15,911 $18,792
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 $3 million. Index returns are
calculated monthly, assume reinvestment of dividends and, unlike Trust returns,
do not reflect any fees, expenses or sales charges. The indices do not employ
leverage. You cannot invest directly in the indices.
12 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
Schedule of Investments | 9/30/18 (unaudited)
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Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 157.4%
DEBTOR IN POSSESSION FINANCING --
1.6% of Net Assets
4,432,000 Texas Pellets, Inc. / German Pellets Texas LLC, 8.0%,
9/30/18 (144A) $ 4,432,000
-------------
$ 4,432,000
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TOTAL DEBTOR IN POSSESSION FINANCING
(Cost $4,432,000) $ 4,432,000
-------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT OBLIGATIONS --
155.8% of Net Assets (a)
Alabama -- 1.6%
2,500,000 Alabama Industrial Development Authority, Pine City Fiber Co.,
6.45%, 12/1/23 $ 2,499,675
2,500,000 Huntsville-Redstone Village Special Care Facilities Financing
Authority, Redstone Village Project, 5.5%, 1/1/43 1,813,600
-------------
$ 4,313,275
-------------------------------------------------------------------------------------------------------------------------------
Arizona -- 2.5%
4,000,000(b) City of Phoenix, 5.0%, 7/1/27 $ 4,678,720
2,000,000 City of Phoenix, Industrial Development Authority, 3rd &
Indian School Assisted Living Project, 5.4%, 10/1/36 2,040,320
27,000 County of Pima, Industrial Development Authority, Arizona
Charter Schools Project, Series C, 6.75%, 7/1/31 27,070
-------------
$ 6,746,110
-------------------------------------------------------------------------------------------------------------------------------
California -- 13.9%
6,990,000 California County Tobacco Securitization Agency, Asset-Backed,
Gold County Funding Corp., 5.25%, 6/1/46 $ 6,852,577
38,610,000(c) California County Tobacco Securitization Agency, Capital
Appreciation, Stanislaus County, Subordinated,
Series A, 6/1/46 7,035,514
1,845,000 California Educational Facilities Authority, Stanford University,
5.25%, 4/1/40 2,359,275
1,550,000 California Enterprise Development Authority, Sunpower Corp.,
8.5%, 4/1/31 1,640,474
5,000,000 California Pollution Control Financing Authority, 5.0%,
7/1/37 (144A) 5,032,150
2,975,000(d) California School Finance Authority, Classical Academies
Project, Series A, 7.375%, 10/1/43 3,448,947
1,875,000 California Statewide Communities Development Authority,
Lancer Plaza Project, 5.875%, 11/1/43 2,081,494
757,342(e) California Statewide Communities Development Authority,
Microgy Holdings Project, 9.0%, 12/1/38 8
1,500,000(d) City of Madera, Irrigation Financing Authority, 6.25%, 1/1/31 1,581,720
1,500,000(d) City of Madera, Irrigation Financing Authority, 6.5%, 1/1/40 1,586,325
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 13
Schedule of Investments | 9/30/18 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------------
California -- (continued)
2,695,000(b) Coast Community College District, Election, Series D,
5.0%, 8/1/31 $ 3,176,704
2,425,000(b) State of California, Various Purposes, 5.75%, 4/1/31 2,470,493
465,000 Tobacco Securitization Authority of Southern California,
Series A-1, 5.125%, 6/1/46 467,120
-------------
$ 37,732,801
-------------------------------------------------------------------------------------------------------------------------------
Colorado -- 0.7%
1,500,000(d) Colorado Educational & Cultural Facilities Authority, Rocky
Mountain Classical Academy Project, 8.0%, 9/1/43 $ 1,893,480
-------------------------------------------------------------------------------------------------------------------------------
Connecticut -- 3.9%
2,035,000 Mohegan Tribal Finance Authority, 7.0%, 2/1/45 (144A) $ 2,074,927
7,200,000(b) State of Connecticut, Series E, 4.0%, 9/1/30 7,394,544
1,000,000 Town of Hamden, Whitney Center Project, Series A,
7.75%, 1/1/43 1,034,080
-------------
$ 10,503,551
-------------------------------------------------------------------------------------------------------------------------------
District of Columbia -- 4.9%
3,975,000 District of Columbia, Housing Product Trust Fund, Series A,
4.25%, 6/1/37 (NATL Insured) $ 3,980,446
1,995,000 District of Columbia Tobacco Settlement Financing Corp.,
Asset-Backed, 6.5%, 5/15/33 2,221,193
6,825,000 District of Columbia Tobacco Settlement Financing Corp.,
Asset-Backed, 6.75%, 5/15/40 7,077,798
-------------
$ 13,279,437
-------------------------------------------------------------------------------------------------------------------------------
Florida -- 9.0%
1,500,000 Alachua County Health Facilities Authority, Terraces Bonita
Springs Project, Series A, 8.125%, 11/15/41 $ 1,656,030
1,500,000 Alachua County Health Facilities Authority, Terraces Bonita
Springs Project, Series A, 8.125%, 11/15/46 1,651,455
2,500,000(d) County of Miami-Dade, Aviation Revenue, Series B,
5.5%, 10/1/41 2,585,200
5,000,000 County of Miami-Dade, Water & Sewer System Revenue,
Series A, 4.0%, 10/1/44 5,052,800
5,000,000 Florida's Turnpike Enterprise, Department of Transportation,
Series A, 4.0%, 7/1/32 5,227,000
1,000,000(d) Hillsborough County Industrial Development Authority, Various
Health Facilities, 8.0%, 8/15/32 1,061,520
7,035,000(b) State of Florida, Capital Outlay, Series A, 4.0%, 6/1/38 7,297,617
-------------
$ 24,531,622
-------------------------------------------------------------------------------------------------------------------------------
Georgia -- 6.3%
5,000,000 City of Atlanta, Water & Wastewater Revenue, Series A,
5.0%, 11/1/34 $ 5,776,700
900,000(d) DeKalb County Georgia Hospital Authority, DeKalb Medical
Center, Inc., Project, 6.0%, 9/1/30 965,493
The accompanying notes are an integral part of these financial statements.
14 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
-------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------------
Georgia -- (continued)
750,000(d) DeKalb County Georgia Hospital Authority, DeKalb Medical
Center, Inc., Project, 6.125%, 9/1/40 $ 806,325
8,750,000 Private Colleges & Universities Authority, Emory University,
Series A, 5.0%, 10/1/43 9,594,812
-------------
$ 17,143,330
-------------------------------------------------------------------------------------------------------------------------------
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 $ 1,026,250
-------------------------------------------------------------------------------------------------------------------------------
Idaho -- 0.7%
2,000,000 Power County Industrial Development Corp., FMC Corp. Project,
6.45%, 8/1/32 $ 2,007,300
-------------------------------------------------------------------------------------------------------------------------------
Illinois -- 2.8%
1,000,000(b) Chicago Board of Education, Series A, 7.0%, 12/1/46 (144A) $ 1,190,110
417,400(f) Illinois Finance Authority, Clare Oaks Project, Series B,
4.0%, 11/15/52 346,893
261,000(c) Illinois Finance Authority, Clare Oaks Project, Series C-1,
11/15/52 8,104
52,200(c) Illinois Finance Authority, Clare Oaks Project, Series C-2,
11/15/52 15,472
52,200(c) Illinois Finance Authority, Clare Oaks Project, Series C-3,
11/15/52 9,053
1,450,000 Illinois Finance Authority, Memorial Health System, 5.5%,
4/1/39 1,472,736
2,000,000(d) Illinois Finance Authority, Northwestern Memorial Hospital,
Series A, 6.0%, 8/15/39 2,068,380
280,000(d) Illinois Finance Authority, Swedish Covenant, Series A, 6.0%,
8/15/38 294,269
1,000,000 Metropolitan Pier & Exposition Authority, McCormick Place,
Series B, 5.0%, 6/15/52 (ST APPROP Insured) 1,025,380
1,350,000 Southwestern Illinois Development Authority, Village of
Sauget Project, 5.625%, 11/1/26 1,275,763
-------------
$ 7,706,160
-------------------------------------------------------------------------------------------------------------------------------
Indiana -- 0.9%
250,000 City of Carmel, Barrington Carmel Project, Series A, 7.0%,
11/15/32 $ 251,122
750,000 City of Carmel, Barrington Carmel Project, Series A, 7.125%,
11/15/42 750,840
500,000 City of Carmel, Barrington Carmel Project, Series A, 7.125%,
11/15/47 499,030
1,000,000 Indiana Finance Authority, Educational Facilities, 5.125%,
7/1/37 965,460
-------------
$ 2,466,452
-------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 15
Schedule of Investments | 9/30/18 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------------
Kansas -- 0.4%
1,000,000(d) Kansas Development Finance Authority, Hayes Medical
Center, Inc., Series Q, 5.0%, 5/15/35 $ 1,018,540
-------------------------------------------------------------------------------------------------------------------------------
Louisiana -- 2.9%
7,000,000 Jefferson Parish Hospital Service District No. 2, East Jefferson
General Hospital, 6.375%, 7/1/41 $ 7,033,180
750,000 Opelousas Louisiana General Hospital Authority, Opelousas
General Health System Project, 5.75%, 10/1/23 750,900
-------------
$ 7,784,080
-------------------------------------------------------------------------------------------------------------------------------
Maine -- 2.0%
1,500,000 Maine Health & Higher Educational Facilities Authority, Maine
General Medical Center, 7.5%, 7/1/32 $ 1,649,130
3,500,000 Maine Turnpike Authority, Series A, 5.0%, 7/1/42 3,761,625
-------------
$ 5,410,755
-------------------------------------------------------------------------------------------------------------------------------
Maryland -- 3.9%
2,000,000(d) Maryland Health & Higher Educational Facilities Authority,
Charlestown Community, 6.25%, 1/1/45 $ 2,176,100
2,090,000 Maryland Health & Higher Educational Facilities Authority,
City Neighbors, Series A, 6.75%, 7/1/44 2,246,311
1,250,000(d) Maryland Health & Higher Educational Facilities Authority,
Doctor's Community Hospital, 5.75%, 7/1/38 1,328,050
4,500,000 Maryland Health & Higher Educational Facilities Authority,
Maryland University Medical System, Series A, 5.0%, 7/1/43 4,800,060
-------------
$ 10,550,521
-------------------------------------------------------------------------------------------------------------------------------
Massachusetts -- 10.0%
7,000,000(c) Massachusetts Bay Transportation Authority, Series A, 7/1/28 $ 5,063,660
2,575,000(d) Massachusetts Development Finance Agency, Broad
Institute, Inc., Series A, 5.25%, 4/1/37 2,773,945
961,679 Massachusetts Development Finance Agency, Linden
Ponds, Inc., Series A-1, 5.5%, 11/15/46 969,622
2,200,000 Massachusetts Development Finance Agency, Partner's
Healthcare System, Series M-4, 5.0%, 7/1/39 2,372,018
8,000,000 Massachusetts Development Finance Agency, WGBH
Foundation, Series A, 5.75%, 1/1/42 (AMBAC Insured) 10,384,640
4,325,000 Massachusetts Health & Educational Facilities Authority,
Massachusetts Institute of Technology, Series K, 5.5%, 7/1/32 5,569,432
-------------
$ 27,133,317
-------------------------------------------------------------------------------------------------------------------------------
Michigan -- 3.0%
2,000,000 Flint Michigan Hospital Building Authority, Hurley Medical
Center, 7.375%, 7/1/35 $ 2,125,880
560,000 Michigan Public Educational Facilities Authority, Crescent
Academy, 7.0%, 10/1/36 560,258
5,000,000 Michigan State University, Series A, 5.0%, 8/15/41 5,487,750
-------------
$ 8,173,888
-------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
-------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------------
Minnesota -- 2.7%
2,000,000 Bloomington Port Authority, Radisson Blu Mall of America,
9.0%, 12/1/35 $ 2,199,880
1,000,000 City of Ham Lake, DaVinci Academy, Series A, 5.0%, 7/1/47 992,380
3,755,000(b) State of Minnesota, Series B, 4.0%, 8/1/27 4,130,763
-------------
$ 7,323,023
-------------------------------------------------------------------------------------------------------------------------------
Montana -- 0.1%
2,445,000(e) City of Hardin, Tax Allocation, Rocky Mountain Power, Inc.,
Project, 6.25%, 9/1/31 $ 317,850
1,000,000(e) Two Rivers Authority, Inc., 7.375%, 11/1/27 42,000
-------------
$ 359,850
-------------------------------------------------------------------------------------------------------------------------------
Nevada -- 0.7%
2,000,000 County of Washoe, Fuel Tax, 5.0%, 2/1/43 $ 2,016,720
-------------------------------------------------------------------------------------------------------------------------------
New Hampshire -- 0.7%
2,000,000 New Hampshire Health & Education Facilities Authority Act,
Catholic Medical Centre, 3.75%, 7/1/40 $ 1,891,520
-------------------------------------------------------------------------------------------------------------------------------
New Jersey -- 9.6%
7,500,000 New Jersey Economic Development Authority, Continental
Airlines, 5.75%, 9/15/27 $ 8,213,475
1,000,000 New Jersey Economic Development Authority, Marion P. Thomas
Charter School, Inc., Project, 5.375%, 10/1/50 (144A) 978,330
3,500,000(f) New Jersey State Turnpike Authority, RIB, 11.1%, 1/1/28
(144A) (AGM Insured) 5,473,405
15,375,000(c) New Jersey Transportation Trust Fund Authority, 12/15/27
(BHAC-CR MBIA Insured) 11,396,873
-------------
$ 26,062,083
-------------------------------------------------------------------------------------------------------------------------------
New York -- 9.8%
5,000,000 New York State Dormitory Authority, Columbia University,
5.0%, 10/1/41 $ 5,308,300
2,000,000(d) New York State Dormitory Authority, Orange Medical Center,
6.125%, 12/1/29 2,013,920
7,500,000 New York State Dormitory Authority, Series A, 4.0%, 7/1/37 7,769,475
7,500,000 New York State Dormitory Authority, Series C, 5.0%, 3/15/39 8,241,300
1,500,000 New York State Dormitory Authority, Trustees of Columbia
University, 5.0%, 10/1/45 1,887,870
1,333,463 Westchester County Healthcare Corp., Series A, 5.0%, 11/1/44 1,402,696
-------------
$ 26,623,561
-------------------------------------------------------------------------------------------------------------------------------
North Carolina -- 0.7%
500,000 City of Charlotte, Airport Revenue, Series A, 5.0%, 7/1/42 $ 564,505
1,250,000 City of Charlotte, Airport Revenue, Series A, 5.0%, 7/1/47 1,406,212
-------------
$ 1,970,717
-------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 17
Schedule of Investments | 9/30/18 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------------
Ohio -- 6.8%
3,000,000(d) Akron Bath Copley Joint Township Hospital District, Akron
General Health System, 5.0%, 1/1/31 $ 3,245,100
2,500,000 Buckeye Tobacco Settlement Financing Authority, Asset-Backed,
Series A-2, 5.875%, 6/1/47 2,499,975
9,945,000 Buckeye Tobacco Settlement Financing Authority, Asset-Backed,
Series A-2, 6.5%, 6/1/47 10,143,900
2,500,000(b)(d) State of Ohio, Common Schools, Series B, 5.0%, 6/15/29 2,752,225
-------------
$ 18,641,200
-------------------------------------------------------------------------------------------------------------------------------
Oregon -- 1.2%
1,000,000 Oregon Health & Science University, Series A, 5.0%, 7/1/42 $ 1,116,130
2,000,000 Oregon State Facilities Authority, Samaritan Health Services,
Series A, 5.25%, 10/1/40 2,083,440
-------------
$ 3,199,570
-------------------------------------------------------------------------------------------------------------------------------
Pennsylvania -- 8.6%
1,000,000 Chester County Industrial Development Authority, Collegium
Charter School, Series A, 5.25%, 10/15/47 $ 1,020,660
1,965,000 Pennsylvania Economic Development Financing Authority,
US Airways Group, Series B, 8.0%, 5/1/29 2,111,687
5,000,000 Pennsylvania Economic Development Financing Authority,
USG Corp. Project, 6.0%, 6/1/31 4,977,600
1,555,000(d) Pennsylvania Turnpike Commission, Series D, 5.3%, 12/1/41 1,611,322
3,445,000(d) Pennsylvania Turnpike Commission, Series D, 5.3%, 12/1/41 3,575,841
500,000 Philadelphia Authority for Industrial Development, Greater
Philadelphia Health Action, Inc., Project, Series A,
6.625%, 6/1/50 516,905
6,000,000 Philadelphia Authority for Industrial Development, Nueva
Esperanze, Inc., 8.2%, 12/1/43 6,579,240
1,000,000 Philadelphia Authority for Industrial Development, Performing
Arts Charter School Project, 6.5%, 6/15/33 (144A) 1,040,180
2,000,000 Philadelphia Authority for Industrial Development, Performing
Arts Charter School Project, 6.75%, 6/15/43 (144A) 2,079,120
-------------
$ 23,512,555
-------------------------------------------------------------------------------------------------------------------------------
Puerto Rico -- 1.4%
6,500,000(b)(e) Commonwealth of Puerto Rico, Series A, 8.0%, 7/1/35 $ 3,761,875
-------------------------------------------------------------------------------------------------------------------------------
Rhode Island -- 1.8%
1,355,000(e) Central Falls Detention Facility Corp., 7.25%, 7/15/35 $ 243,900
3,000,000 Rhode Island Health & Educational Building Corp., Brown
University, Series A, 4.0%, 9/1/37 3,097,680
1,500,000(d) Rhode Island Health & Educational Building Corp., Tockwatten
Home Issue, 8.375%, 1/1/46 1,704,045
-------------
$ 5,045,625
-------------------------------------------------------------------------------------------------------------------------------
South Carolina -- 2.1%
4,400,000(g) Tobacco Settlement Revenue Management Authority, Series B,
6.375%, 5/15/30 $ 5,738,392
-------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
-------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------------
South Dakota -- 1.4%
4,000,000 South Dakota Health & Educational Facilities Authority, Sanford
Health, Series B, 4.0%, 11/1/44 $ 3,929,880
-------------------------------------------------------------------------------------------------------------------------------
Tennessee -- 2.0%
5,000,000(d) Johnson City Health & Educational Facilities Board, Mountain
States Health Alliance, 6.5%, 7/1/38 $ 5,376,150
-------------------------------------------------------------------------------------------------------------------------------
Texas -- 17.0%
1,000,000 Arlington Higher Education Finance Corp., Universal Academy,
Series A, 7.0%, 3/1/34 $ 1,026,560
1,500,000 Arlington Higher Education Finance Corp., Universal Academy,
Series A, 7.125%, 3/1/44 1,533,195
2,500,000(d) Central Texas Regional Mobility Authority, Sub Lien,
6.75%, 1/1/41 2,747,375
2,500,000(b) County of Harris, Series A, 5.0%, 10/1/26 2,876,425
5,000,000(b) Goose Creek Consolidated Independent School District,
Series C, 4.0%, 2/15/26 (PSF-GTD Insured) 5,356,350
5,020,000 Grand Parkway Transportation Corp., Series A, 5.5%, 4/1/53 5,549,309
2,663,453(e) Gulf Coast Industrial Development Authority, Microgy Holdings
Project, 7.0%, 12/1/36 27
3,000,000 Houston Higher Education Finance Corp., St. John's School
Project, Series A, 5.0%, 9/1/38 3,221,100
3,355,000 North Texas Tollway Authority, Series A, 5.0%, 1/1/30 3,744,650
1,500,000(d) Red River Health Facilities Development Corp., MRC Crestview,
Series A, 8.0%, 11/15/41 1,758,360
2,000,000(b) Richardson Independent School District, School Building,
5.0%, 2/15/38 (PSF-GTD Insured) 2,178,860
6,960,000+(e) Sanger Industrial Development Corp., Texas Pellets Project,
Series B, 8.0%, 7/1/38 2,672,640
1,000,000(e) Tarrant County Cultural Education Facilities Finance Corp.,
Mirador Project, Series A, 4.875%, 11/15/48 687,900
750,000 Tarrant County Cultural Education Facilities Finance Corp.,
Mirador Project, Series A, 5.0%, 11/15/55 515,212
1,000,000(e) Texas Midwest Public Facility Corp., Secure Treatment Facility
Project, 9.0%, 10/1/30 230,000
3,365,000 Texas Private Activity Bond Surface Transportation Corp.,
NTE Mobility Partners LLC, 7.0%, 12/31/38 3,930,387
2,500,000(d) Travis County Health Facilities Development Corp., Longhorn
Village Project, 7.125%, 1/1/46 2,770,725
5,000,000(b) Tyler Independent School District, School Building, 5.0%,
2/15/38 (PSF-GTD Insured) 5,447,150
-------------
$ 46,246,225
-------------------------------------------------------------------------------------------------------------------------------
Utah -- 2.3%
5,000,000 County of Utah, IHC Health Services, Inc., Series B,
4.0%, 5/15/47 $ 5,044,950
1,000,000 Salt Lake City Corp., Airport Revenue, Series B, 5.0%, 7/1/36 1,128,200
-------------
$ 6,173,150
-------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 19
Schedule of Investments | 9/30/18 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------------
Virginia -- 8.5%
2,275,000(b) County of Arlington, 4.0%, 8/15/35 $ 2,398,305
2,000,000(d) County of Washington, Industrial Development Authority,
Mountain States Health Alliance, Series C, 7.75%, 7/1/38 2,028,500
4,550,000 Tobacco Settlement Financing Corp., Series B-1, 5.0%, 6/1/47 4,549,863
5,000,000 University of Virginia, Multi Year Capital Project, Series A,
4.0%, 8/1/48 5,147,450
5,000,000 University of Virginia, Series A, 5.0%, 4/1/42 5,680,900
3,000,000 Virginia Public School Authority Revenue, 4.0%, 8/1/25
(State Aid Withholding) 3,247,740
-------------
$ 23,052,758
-------------------------------------------------------------------------------------------------------------------------------
Washington -- 4.2%
3,000,000 City of Seattle, Water System Revenue, 4.0%, 8/1/32 $ 3,174,180
2,500,000(b) King County, Issaquah School District No. 411, 4.0%,
12/1/31 (SCH BD GTY Insured) 2,657,625
2,500,000 University of Washington, Series B, 5.0%, 6/1/29 2,858,275
1,500,000(d) Washington State Health Care Facilities Authority, Kadlec
Regional Medical Center, 5.5%, 12/1/39 1,606,965
1,100,000 Washington State Housing Finance Commission, Mirabella
Project, Series A, 6.75%, 10/1/47 (144A) 1,183,380
-------------
$ 11,480,425
-------------------------------------------------------------------------------------------------------------------------------
West Virginia -- 0.5%
2,000,000(e) City of Philippi, Alderson-Broaddus College, Inc., Series A,
7.75%, 10/1/44 $ 1,392,000
-------------------------------------------------------------------------------------------------------------------------------
Wisconsin -- 3.9%
5,000,000 Public Finance Authority, Glenridge Palmer Ranch, Series A,
8.25%, 6/1/46 (144A) $ 5,670,600
750,000 Public Finance Authority, Roseman University Health Sciences
Project, 5.875%, 4/1/45 798,848
1,000,000 Public Finance Authority, SearStone CCRC Project, Series A,
5.3%, 6/1/47 962,870
1,490,000(d) Public Finance Authority, SearStone CCRC Project, Series A,
8.625%, 6/1/47 1,796,627
1,500,000(d) Wisconsin Health & Educational Facilities Authority, Pro
Healthcare, Inc., Group, 6.625%, 2/15/39 1,525,905
-------------
$ 10,754,850
-------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
-------------------------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------------------------------------
TOTAL TAX EXEMPT OBLIGATIONS
(Cost $412,309,284) $ 423,972,998
-------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 157.4%
(Cost $416,741,284) $ 428,404,998
-------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 1.4% $ 3,806,969
-------------------------------------------------------------------------------------------------------------------------------
VARIABLE RATE MUNIFUND TERM PREFERRED
SHARES AT REDEMPTION VALUE -- (58.8)% $(159,987,115)
-------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHAREOWNERS -- 100.0% $ 272,224,852
===============================================================================================================================
(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, 2018, the value of these securities amounted to
$29,154,202, or 10.7% of 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, 2018.
+ Securities that used significant unobservable inputs to determine
their value.
(a) Consists of Revenue Bonds unless otherwise indicated.
(b) Represents a General Obligation Bond.
(c) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(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) Security is in default.
(f) The interest rate is subject to change periodically. The interest rate
spread shown at September 30, 2018.
(g) Escrow to maturity.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended September 30, 2018, aggregated $21,498,130 and
$19,553,552, 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., (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, 2018, the Trust did not engage in cross trade activity.
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 21
Schedule of Investments | 9/30/18 (unaudited) (continued)
At September 30, 2018, the net unrealized appreciation on investments based on
cost for federal tax purposes of $416,493,757 was as follows:
Aggregate gross unrealized appreciation for all investments in which there
is an excess of value over tax cost $ 29,538,284
Aggregate gross unrealized depreciation for all investments in which there
is an excess of tax cost over value (17,627,043)
------------
Net unrealized appreciation $ 11,911,241
============
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, 2018, in
valuing the Trust's investments.
----------------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------------------
Debtor in Possession Financing $ -- $ 4,432,000 $ -- $ 4,432,000
Tax Exempt Obligations
Texas -- 43,573,585 2,672,640 46,246,225
All Other Tax Exempt Obligations -- 377,726,773 -- 377,726,773
----------------------------------------------------------------------------------------------------------------
Total Investments in Securities $ -- $425,732,358 $2,672,640 $428,404,998
================================================================================================================
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
----------------------------------------------------------------------------------------------------------------
Tax Exempt
Obligations
----------------------------------------------------------------------------------------------------------------
Balance as of 3/31/18 $2,610,000
Realized gain (loss)(1) --
Changed in unrealized appreciation (depreciation)(2) 64,214
Accrued discounts/premiums (1,574)
Purchases --
Sales --
Transfers in to Level 3* --
Transfers out of Level 3* --
----------------------------------------------------------------------------------------------------------------
Balance as of 9/30/18 $2,672,640
================================================================================================================
(1) Realized gain (loss) on these securities is included in the realized gain
(loss) from investments on the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) from investments on
the Statement of Operations.
* Transfers are calculated on the beginning of period value. For the six
months ended September 30, 2018, there were no transfers between Levels 1,
2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments still
held and considered Level 3 at September 30, 2018: $64,214
=======
The accompanying notes are an integral part of these financial statements.
22 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
Statement of Assets and Liabilities | 9/30/18 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $416,741,284) $428,404,998
Receivables --
Investment securities sold 25,000
Interest 6,046,457
Other assets 240,369
-----------------------------------------------------------------------------------------------------------------
Total assets $434,716,824
=================================================================================================================
LIABILITIES:
Due to custodian $ 2,343,500
Payables --
Administration fee 32,082
Trustees' fees 1,337
Due to affiliates 27,711
Accrued expenses 100,227
-----------------------------------------------------------------------------------------------------------------
Total liabilities $ 2,504,857
=================================================================================================================
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs:
$100,000 liquidation value per share applicable to 1,600 shares,
including dividends payable of $12,885 $159,987,115
-----------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
Paid-in capital $288,356,407
Distributable earnings (loss) (16,131,555)
-----------------------------------------------------------------------------------------------------------------
Net assets applicable to common shareowners $272,224,852
=================================================================================================================
NET ASSET VALUE PER COMMON SHARE:
No par value
Based on $272,224,852/23,899,020 common shares $ 11.39
=================================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 23
Statement of Operations (unaudited)
For the Six Months Ended 9/30/18
INVESTMENT INCOME:
Interest from unaffiliated issuers $10,083,810
-----------------------------------------------------------------------------------------------------------------
Total investment income $10,083,810
-----------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,312,032
Administrative expense 103,766
Transfer agent fees 9,468
Shareowner communications expense 5,707
Custodian fees 3,247
Registration fees 9,370
Professional fees 60,630
Printing expense 6,511
Pricing fees 20,104
Trustees' fees 9,840
Miscellaneous 14,966
-----------------------------------------------------------------------------------------------------------------
Total expenses $ 1,555,641
-----------------------------------------------------------------------------------------------------------------
Net investment income $ 8,528,169
-----------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $ 237,878
-----------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $(3,998,380)
-----------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $(3,760,502)
-----------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREOWNERS FROM
NET INVESTMENT INCOME: $(2,026,131)
-----------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 2,741,536
=================================================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------------------
Six Months
Ended Year
9/30/18 Ended
(unaudited) 3/31/18
-------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 8,528,169 $ 17,460,402
Net realized gain (loss) on investments 237,878 (12,363,112)
Change in net unrealized appreciation (depreciation)
on investments (3,998,380) 5,708,826
Distributions to preferred shareowners from net
investment income (2,026,131) (2,744,083)
-------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 2,741,536 $ 8,062,033
-------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREOWNERS:
($0.32 and $0.61 per share, respectively) $ (7,528,191) $(14,578,402)
-------------------------------------------------------------------------------------------------------------
Total distributions to common shareowners $ (7,528,191) $(14,578,402)
-------------------------------------------------------------------------------------------------------------
FROM TRUST SHARE TRANSACTIONS:
Net decrease in net assets applicable to
common shareowners $ (4,786,655) $ (6,516,369)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:*
Beginning of period 277,011,507 283,527,876
-------------------------------------------------------------------------------------------------------------
End of period $272,224,852 $277,011,507
=============================================================================================================
* For the year ended March 31, 2018 undistributed net investment income was
presented as follows: $2,936,714
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 25
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/18 Ended Ended Ended Ended Ended
(unaudited) 3/31/18 3/31/17* 3/31/16* 3/31/15* 3/31/14
------------------------------------------------------------------------------------------------------------------------------------
Per Share Operating Performance
Net asset value, beginning of period $ 11.59 $ 11.86 $ 12.55 $ 12.68 $ 12.07 $ 13.54
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations: (a)
Net investment income (loss) $ 0.36 $ 0.73 $ 0.80 $ 0.83 $ 0.95 $ 1.08
Net realized and unrealized gain (loss) on investments (0.16) (0.28) (0.68) 0.02 0.81 (1.40)
------------------------------------------------------------------------------------------------------------------------------------
Distribution to preferred shareowners from:
Net investment income $ (0.08) $ (0.11) $ (0.07) $ (0.02) $ (0.01) $ (0.01)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.12 $ 0.34 $ 0.05 $ 0.83 $ 1.75 $ (0.33)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to common shareowners from:
Net investment income and previously undistributed
net investment income $ (0.32) $ (0.61) $ (0.74) $ (0.96)** $ (1.14)** $ (1.14)**
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.20) $ (0.27) $ (0.69) $ (0.13) $ 0.61 $ (1.47)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.39 $ 11.59 $ 11.86 $ 12.55 $ 12.68 $ 12.07
------------------------------------------------------------------------------------------------------------------------------------
Market value, end of period $ 10.66 $ 10.72 $ 10.99 $ 13.87 $ 15.48 $ 14.60
====================================================================================================================================
Total return at net asset value (b) 1.13%(c) 3.11% 0.28% 6.61% 13.65% (2.78)%
Total return at market value (b) 2.33%(c) 2.92% (15.92)% (3.48)% 14.70% 2.59%
Ratios to average net assets of common shareowners:
Total expenses (d) 1.12%(e) 1.16% 1.12% 1.21% 1.22% 1.19%
Net investment income before preferred share
distributions 6.16%(e) 6.15% 6.47% 6.72% 7.61% 8.81%
Preferred share distributions 1.46%(e) 0.97% 0.53% 0.13% 0.07% 0.08%
Net investment income available to common shareowners 4.70%(e) 5.18% 5.94% 6.59% 7.54% 8.73%
Portfolio turnover rate 5%(c) 20% 9% 11% 20% 24%
Net assets of common shareowners, end of period (in
thousands) $272,225 $277,012 $283,528 $299,018 $300,331 $284,208
The accompanying notes are an integral part of these financial statements.
26 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/18 Ended Ended Ended Ended Ended
(unaudited) 3/31/18 3/31/17* 3/31/16* 3/31/15* 3/31/14
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares outstanding (in thousands) (f)(g) $160,000 $160,000 $150,000 $150,000 $150,000 $150,000
Asset coverage per preferred share, end of period $270,132 $273,132 $ 72,252 $ 74,837 $ 75,055 $ 72,367
Average market value per preferred share (h) $100,000 $100,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
Liquidation value, including dividends payable, per preferred share $ 99,992 $100,000 $ 24,998 $ 25,001 $ 25,000 $ 25,001
====================================================================================================================================
* The Trust was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
** The amount of distributions made to shareowners during the period was in
excess of the net investment income earned by the Trust during the period.
The Trust has accumulated undistributed net investment income which is the
part of the Trust's NAV. A portion of this 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) Prior to February 20, 2018, there were 6,000 Auction Preferred Shares
("APS") outstanding, with a liquidation preference of $25,000 per share.
The Trust redeemed all of its outstanding APS on February 20, 2018.
(g) The Trust issued 1,600 Variable Rate MuniFund Term Preferred Shares, with
a liquidation preference of $100,000 per share, on February 20, 2018.
(h) Market value is redemption value without an active market.
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 27
Notes to Financial Statements | 9/30/18 (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 Trust's financial statements were prepared in compliance with
the amendments to Regulation S-X.
In August 2018, the SEC released a Disclosure Update and Simplification Final
Rule. The Final Rule amends Regulation S-X disclosures requirements to conform
them to U.S. General Accepted Accounting Principles ("U.S. GAAP") for
investment companies. The Trust's financial statements were prepared in
compliance with the new amendments to Regulation S-X.
28 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
The Trust's financial statements have been prepared in conformity with 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.
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.
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
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 29
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 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, 2018, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
B. Investment Income and Transactions
Interest income, including interest on income-bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
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 and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
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 provision for federal income
taxes is required. As of March 31, 2018, 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 on the Statement of
Operations. Tax returns filed within the prior three years remain subject
to examination by federal and state tax authorities.
30 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
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 over distributions for
financial statement purposes resulting from differences in the recognition
or classification of income or distributions 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.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended March 31, 2018 was as follows:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributions paid from:
Tax exempt income $16,843,525
Ordinary income 478,960
--------------------------------------------------------------------------
Total $17,322,485
==========================================================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at March 31, 2018:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 351,344
Capital loss carryforward (29,943,708)
Other book/tax temporary differences 247,527
Undistributed tax-exempt income 2,337,843
Unrealized appreciation 15,662,094
--------------------------------------------------------------------------
Total $(11,344,900)
==========================================================================
The difference between book-basis and tax-basis unrealized
appreciation/depreciation is primarily attributable to 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
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 31
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.
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.
32 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
Interest rates in the U.S. have been historically low and have begun to
rise, so the Trust faces a heightened risk that interest rates may
continue to 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.
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,
Massachusetts 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.
With the increased use of technologies such as the Internet to conduct
business, the Trust is susceptible to operational, information security
and related risks. While the Trust's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or mitigate, such cyber-attacks, there are inherent limitations in
such plans and systems including the possibility that certain risks have
not been identified. Furthermore, the Trust cannot control the
cybersecurity plans and systems put in place by service providers to the
Trust such as Brown Brothers Harriman & Co., the Trust's custodian and
accounting agent, and American Stock Transfer & Trust Company ("AST"), the
Trust's transfer agent. In addition, many beneficial owners of Trust
shares hold them through accounts at broker-dealers, retirement platforms
and other financial market participants over which neither the Trust nor
Amundi Pioneer exercises
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 33
control. Each of these may in turn rely on service providers to them,
which are also subject to the risk of cyber-attacks. Cybersecurity
failures or breaches at Amundi Pioneer or the Trust's service providers or
intermediaries have the ability to cause disruptions and impact business
operations, potentially resulting in financial losses, interference with
the Trust's ability to calculate its net asset value, impediments to
trading, the inability of Trust shareowners to effect share purchases or
receive distributions, loss of or unauthorized access to private
shareowners information and violations of applicable privacy and other
laws, regulatory fines, penalties, reputational damage, or additional
compliance costs. Such costs and losses may not be covered under any
insurance. In addition, maintaining vigilance against cyber-attacks may
involve substantial costs over time, and system enhancements may
themselves be subject to cyber-attacks.
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, 2018, the net management fee was 0.60% (annualized) of the
Trust's average daily managed assets, which was equivalent to 0.96%
(annualized) of the Trust's average daily net assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Trust as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$27,711 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at September 30, 2018.
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.
34 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
Deutsche Bank Trust Company Americas ("Deutsche Bank") served as the transfer
agent, registrar, dividend-paying agent and auction agent with respect to the
Trust's auction preferred shares ("APS"). The Trust paid Deutsche Bank an
annual fee 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, 2018 and the year ended March 31, 2018 were as follows:
--------------------------------------------------------------------------------
9/30/18 3/31/18
--------------------------------------------------------------------------------
Shares outstanding at beginning of period 23,899,020 23,899,020
--------------------------------------------------------------------------------
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, 2018, the Trust has outstanding 1,600 Variable Rate
MuniFund Term Preferred Shares Series 2021 ("Series 2021 VMTP Shares or "VMTP
Shares"). The Trust issued the VMTP Shares on February 20, 2018. See Note 5 for
additional information.
Prior to February 20, 2018, the Trust had outstanding 3,000 Series A APS and
3,000 Series B APS. The Trust mailed a Notice of Redemption and deposited funds
sufficient to redeem the APS with the auction agent on February 20, 2018. The
Trust redeemed all outstanding Series A APS and Series B APS on February 20,
2018. See Note 6 for additional information.
5. Variable Rate MuniFund Term Preferred Shares
The Trust has 1,600 shares issued and outstanding of Series 2021 VMTP Shares,
with a liquidation preference of $100,000 per share. VMTP Shares are issued via
private placement and are not publicly available.
The Trust is obligated to redeem its VMTP Shares by the date as specified in
its offering document ("Term Redemption Date"), unless earlier redeemed by the
Trust. VMTP Shares are subject to optional and mandatory redemption in certain
circumstances. The VMTP Shares may be redeemed at the option of the Trust,
subject to payment of premium for approximately one year following the date of
issuance ("Optional Redemption Date"), and at the redemption price per share
thereafter. The redemption price per share is equal to the sum of the
liquidation preference per share plus any accumulated but unpaid dividends. The
Trust may be obligated to redeem a certain amount of the VMTP Shares if it
fails to maintain certain asset coverage and leverage ratio
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 35
requirements and such failures are not cured by the applicable cure date. The
Term Redemption Date and Optional Redemption Date for the Trust's Series 2021
VMTP Shares are August 2, 2021 and February 28, 2019, respectively.
VMTP Shares are subject to restrictions on transfer, generally do not trade,
and market quotations are generally not available. VMTP Shares are short-term
or short/intermediate-term instruments that pay a variable dividend rate tied
to a short-term index, plus an additional fixed "spread" amount established at
the time of issuance. For financial reporting purposes, the liquidation
preference of VMTP Shares is a liability and is recognized as a component of
"Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs"
on the Statement of Assets and Liabilities.
Dividends on the VMTP Shares (which are treated as interest payments for
financial reporting purposes) are declared daily. The dividend rate for the
VMTP Shares is determined weekly. Unpaid dividends on VMTP Shares are
recognized as a component of "Dividend payable" on the Statement of Assets and
Liabilities. From February 22, 2018 (issuance) through September 30, 2018, the
Series 2021 VMTP Shares paid an average dividend rate of 2.54%.
Costs incurred in connection with the Trust's offering of VMTP Shares were
recorded as a deferred charge, which is being amortized over the life of the
shares and is recognized as a component of "Variable Rate MuniFund Term
Preferred Shares, net of deferred offering costs" on the Statement of Assets
and Liabilities.
Transactions in the Series 2021 VMTP Shares during the Trust's current and
prior reporting periods were as follows:
-----------------------------------------------------------------------------------------
Six Months Ended 9/30/2018 Year Ended 3/31/2018
Shares Amount Shares Amount
-----------------------------------------------------------------------------------------
VMTP Shares issued -- -- 1,600 $160,000,000
VMTP Shares exchanged -- -- -- --
-----------------------------------------------------------------------------------------
Net increase (decrease) -- -- 1,600 $160,000,000
=========================================================================================
6. Redemption of APS
The Trust redeemed all of its outstanding APS at the liquidation preference per
share, together with accrued and unpaid dividends, if any, as of the redemption
date as follows:
------------------------------------------------------------------------------------
Accrued
and Unpaid
Shares Redemption Preference Dividends
Series Outstanding Date Per Share Per Share
------------------------------------------------------------------------------------
A 3,000 February 20, 2018 $25,000 $18,840
------------------------------------------------------------------------------------
B 3,000 February 20, 2018 $25,000 $19,260
------------------------------------------------------------------------------------
36 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
The Trust continues to employ leverage for investment purposes through the
issuance of VMTP shares. See Note 5 for additional information.
7. Dividends to APS Shareowners
Prior to the redemption of the Trust's APS (See Note 6), dividends on Series A
and Series B were cumulative at a rate which reset every seven days based on
the results of an auction. Since February 2008, the Trust's auctions related to
the APS failed. Accordingly, during the period, dividends were paid at the
maximum rate on the auction dates described in the prospectus for the APS. The
maximum rate for each series was 125% of the 7 day commercial paper rate or
adjusted Kenny rate. Dividend rates on APS ranged from 1.276% to 3.491% during
the year ended March 31, 2018.
8. Subsequent Events
A monthly dividend was declared on October 3, 2018 from undistributed and
accumulated net investment income of $0.0525 per common share payable October
31, 2018, to common shareowners of record on October 17, 2018.
Subsequent to September 30, 2018, dividends declared and paid on VMTP
Shares totaled $372,265 through October 31, 2018.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 37
ADDITIONAL INFORMATION (unaudited)
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, 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 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.
38 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
an 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 adviser 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 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.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 39
Results of Shareholder Meeting
At the annual meeting held on September 20, 2018, 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:
Proposal 1 - To elect three Class III Trustees
--------------------------------------------------------------------------------
Nominee For Withheld
--------------------------------------------------------------------------------
Thomas J. Perna 20,696,515 1,731,525
Marguerite A. Piret* 1,600 0
Fred J. Ricciardi 21,001,201 1,426,839
* Elected by preferred shares only
40 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
Approval of Investment Management Agreement
Amundi Pioneer Asset Management, Inc. ("APAM") serves as the investment adviser
to Pioneer Municipal High Income Advantage Trust (the "Trust") pursuant to an
investment management agreement between APAM and the Trust. In order for APAM
to remain the investment adviser of the Trust, the Trustees of the Trust must
determine annually whether to renew the investment management agreement for the
Trust.
The contract review process began in January 2018 as the Trustees of the Trust
agreed on, among other things, an overall approach and timeline for the
process. Contract review materials were provided to the Trustees in March 2018,
July 2018 and September 2018. In addition, the Trustees reviewed and discussed
the Trust's performance at regularly scheduled meetings throughout the year,
and took into account other information related to the Trust provided to the
Trustees at regularly scheduled meetings, in connection with the review of the
Trust's investment management agreement.
In March 2018, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment management agreement, and reviewed and
discussed the qualifications of the investment management teams for the Trust,
as well as the level of investment by the Trust's portfolio managers in the
Trust. In July 2018, the Trustees, among other things, reviewed the Trust's
management fees and total expense ratios, the financial statements of APAM and
its parent companies, profitability analyses provided by APAM, and analyses
from APAM as to possible economies of scale. The Trustees also reviewed the
profitability of the institutional business of APAM and APAM's affiliate,
Amundi Pioneer Institutional Asset Management, Inc. ("APIAM" and, together with
APAM, "Amundi Pioneer"), as compared to that of APAM's fund management
business, and considered the differences between the fees and expenses of the
Trust and the fees and expenses of APAM's and APIAM's institutional accounts,
as well as the different services provided by APAM to the Trust and by APAM and
APIAM to the institutional accounts. The Trustees further considered contract
review materials, including additional materials received in response to the
Trustees' request, in September 2018.
At a meeting held on September 18, 2018, based on their evaluation of the
information provided by APAM and third parties, the Trustees of the Trust,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment management agreement for another year. In approving
the renewal of the investment management agreement, the Trustees
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 41
considered various factors that they determined were relevant, including the
factors described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by APAM to the Trust, taking into account the investment
objective and strategy of the Trust. The Trustees also reviewed APAM's
investment approach for the Trust and its research process. The Trustees
considered the resources of APAM and the personnel of APAM who provide
investment management services to the Trust. They also reviewed the amount of
non-Trust assets managed by the portfolio managers of the Trust. They
considered the non-investment resources and personnel of APAM that are involved
in APAM's services to the Trust, including APAM's compliance, risk management,
and legal resources and personnel. The Trustees noted the substantial attention
and high priority given by APAM's senior management to the Pioneer Fund
complex.
The Trustees considered that APAM supervises and monitors the performance of
the Trust's service providers and provides the Trust with personnel (including
Trust officers) and other resources that are necessary for the Trust's business
management and operations. The Trustees also considered that, as administrator,
APAM is responsible for the administration of the Trust's business and other
affairs. The Trustees considered the fees paid to APAM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by APAM to the Trust were
satisfactory and consistent with the terms of the investment management
agreement.
Performance of the Trust
In considering the Trust's performance, the Trustees regularly review and
discuss throughout the year data prepared by APAM and information comparing the
Trust's performance with the performance of its peer group of funds, as
classified by Morningstar, Inc. (Morningstar), and the performance of the
Trust's benchmark index. They also discuss the Trust's performance with APAM on
a regular basis. The Trustees' regular reviews and discussions were factored
into the Trustees' deliberations concerning the renewal of the investment
management agreement.
42 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Trust
in comparison to the management fees and expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Fund Research
and Consulting, LLC (Strategic Insight), an independent third party. The peer
group comparisons referred to below are organized in quintiles. Each quintile
represents one-fifth of the peer group. In all peer group comparisons referred
to below, first quintile is most favorable to the Trust's shareowners.
The Trustees considered that the Trust's management fee (based on managed
assets) for the most recent fiscal year was in the third quintile relative to
the management fees paid by other funds in its Strategic Insight peer group for
the comparable period. The Trustees considered that the expense ratio (based on
managed assets) of the Trust's common shares for the most recent fiscal year
was in the first quintile relative to its Strategic Insight peer group for the
comparable period.
The Trustees reviewed management fees charged by APAM and APIAM to
institutional and other clients, including publicly offered European funds
sponsored by APAM's affiliates, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered APAM's costs in providing
services to the Trust and APAM's and APIAM's costs in providing services to the
other clients and considered the differences in management fees and profit
margins for fund and non-fund services. In evaluating the fees associated with
APAM's and APIAM's client accounts, the Trustees took into account the
respective demands, resources and complexity associated with the Trust and
other client accounts. The Trustees noted that, in some instances, the fee
rates for those clients were lower than the management fee for the Trust and
considered that, under the investment management agreement with the Trust, APAM
performs additional services for the Trust that it does not provide to those
other clients or services that are broader in scope, including oversight of the
Trust's other service providers and activities related to compliance and the
extensive regulatory and tax regimes to which the Trust is subject. The
Trustees also considered the entrepreneurial risks associated with APAM's
management of the Trust.
The Trustees concluded that the management fee payable by the Trust to APAM was
reasonable in relation to the nature and quality of the services provided by
APAM.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 43
Profitability
The Trustees considered information provided by APAM regarding the
profitability of APAM with respect to the advisory services provided by APAM to
the Trust, including the methodology used by APAM in allocating certain of its
costs to the management of the Trust. The Trustees also considered APAM's
profit margin in connection with the overall operation of the Trust. They
further reviewed the financial results, including the profit margins, realized
by APAM and APIAM from non-fund businesses. The Trustees considered APAM's
profit margins in comparison to the limited industry data available and noted
that the profitability of any adviser was affected by numerous factors,
including its organizational structure and method for allocating expenses. The
Trustees concluded that APAM's profitability with respect to the management of
the Trust was not unreasonable.
Economies of Scale
The Trustees considered the extent to which APAM may realize economies of scale
or other efficiencies in managing and supporting the Trust. Since the Trust is
a closed-end fund that has not raised additional capital, the Trustees
concluded that economies of scale were not a relevant consideration in the
renewal of the investment advisory agreement.
Other Benefits
The Trustees considered the other benefits that APAM enjoys from its
relationship with the Trust. The Trustees considered the character and amount
of fees paid or to be paid by the Trust, other than under the investment
management agreement, for services provided by APAM and its affiliates. The
Trustees further considered the revenues and profitability of APAM's businesses
other than the Fund business. To the extent applicable, the Trustees also
considered the benefits to the Trust and to APAM and its affiliates from the
use of "soft" commission dollars generated by the Trust to pay for research and
brokerage services.
The Trustees considered that Amundi Pioneer is the principal U.S. asset
management business of Amundi, which is one of the largest asset managers
globally. Amundi's worldwide asset management business manages over $1.7
trillion in assets (including the Pioneer Funds). The Trustees considered that
APAM's relationship with Amundi creates potential opportunities for APAM, APIAM
and Amundi that derive from APAM's relationships with the Trust, including
Amundi's ability to market the services of APAM globally. The Trustees noted
that APAM has access to additional research and portfolio management
capabilities as a result of its relationship with Amundi and Amundi's enhanced
global presence that may contribute to an increase in the
44 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
resources available to APAM. The Trustees considered that APAM and the Trust
receive reciprocal intangible benefits from the relationship, including mutual
brand recognition and, for the Trust, direct and indirect access to the
resources of a large global asset manager. The Trustees concluded that any such
benefits received by APAM as a result of its relationship with the Trust were
reasonable.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including the Independent Trustees, concluded that the investment
management agreement for the Trust, including the fees payable thereunder, was
fair and reasonable and voted to approve the proposed renewal of the investment
management agreement.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 45
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief 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.
46 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
This page is for your notes.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 47
This page is for your notes.
48 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
This page is for your notes.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 49
This page is for your notes.
50 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
This page is for your notes.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18 51
This page is for your notes.
52 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/18
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 1-800-710-0935
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.
[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] 2018 Amundi Pioneer Asset Management 19435-12-1118
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 Amudi Pioneer Asset Management, Inc, 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).
N/A
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. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. 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, 2018
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, 2018
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date November 29, 2018
* Print the name and title of each signing officer under his or her signature.