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 Fund, Inc.

(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 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, 2022

 

Date of reporting period: April 1, 2021 through September 30, 2021

 

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.

Pioneer Municipal High Income Advantage, Fund Inc.

Semiannual Report | September 30, 2021

Ticker Symbol: MAV

On April 21, 2021, the Pioneer Municipal High Income Advantage Trust redomiciled from a Delaware statutory trust to a Maryland corporation and was renamed Pioneer Municipal High Income Advantage Fund, Inc.

Paper copies of the Fund's shareholder reports are no longer sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports are available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.

 

 
 

 

 

visit us: www.amundi.com/us

 
 

 

 

   
Table of Contents  
President’s Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 12
Performance Update 13
Schedule of Investments 14
Financial Statements 24
Notes to Financial Statements 30
Additional Information 43
Approval of Renewal of Investment Management Agreement 44
Directors, Officers and Service Providers 49

 

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President’s Letter

Dear Shareholders,

The past year and a half has created unprecedented challenges for investors, as the COVID-19 pandemic has not only dominated the headlines since March 2020, but has also led to significant changes in government and central-bank policies, both in the US and abroad, and affected the everyday lives of each of us. As we move into the final months of 2021, the situation, while improved, has continued to evolve.

Widespread distribution of the COVID-19 vaccines approved for emergency use in late 2020 led to a general decline in virus-related hospitalizations in the US and had a positive effect on overall market sentiment during the first half of this calendar year. The passage of two additional fiscal stimulus packages by US lawmakers last December and January also helped drive a strong market rally. However, the emergence of highly infectious variants of the virus has caused a recent spike in cases and hospitalizations, especially outside of the US. That development has contributed to a slowdown in the global economic recovery, as some foreign governments have reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines.

In the US, while performance of most asset classes, especially equities, has been positive for the year to date, volatility has been high, and the third quarter of 2021 saw negative returns for several stock market indices. Investors’ concerns over global supply chain issues, rising inflation, “hawkish” signals concerning less-accommodative future monetary policies from the Federal Reserve System (Fed), and partisan debates in Washington, DC over future spending and tax policies, are among the many factors that have led to greater uncertainty and an increase in market volatility.

Despite those concerns and some of the recent difficulties that have affected the economy and the markets, we believe the distribution of the COVID-19 vaccines has provided a potential light at the end of the pandemic tunnel. With that said, the long-term impact on the global economy from COVID-19, while currently unknown, is likely to be considerable, as it is clear that several industries have already felt greater effects than others, and could continue to struggle for quite some time.

After leaving our offices in March of 2020 due to COVID-19, we have re-opened our US locations and our employees have returned to the office as of mid-October. I am proud of the careful planning that has taken place.

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Throughout the pandemic, our business has continued to operate without any disruption, and we all look forward to regaining a bit of normalcy after so many months of remote working.

Since 1928, Amundi US’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility.

At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.

Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress.

As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.

We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.

Sincerely,

 

 

Lisa M. Jones

Head of the Americas, President and CEO of US

Amundi Asset Management US, Inc.

November 2021

Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.

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Portfolio Management Discussion | 9/30/21

Note to Shareholders: On April 21, 2021, Pioneer Municipal High Income Advantage Trust redomiciled from a Delaware statutory trust to a Maryland corporation and was renamed Pioneer Municipal High Income Advantage Fund, Inc. The redomiciling did not result in any change to the investment adviser, investment objective and strategies, portfolio management team, policies and procedures or the members of the Board overseeing the Fund. Please see Note 7. Redomciling, for more information about the redomiciling.

In the following interview, Jonathan Chirunga and David Eurkus discuss the factors that influenced the performance of Pioneer Municipal High Income Advantage Fund, Inc. during the six-month period ended September 30, 2021. Mr. Chirunga, Managing Director, Director of High-Yield Municipals, and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), is responsible for the day-to-day management of the Fund, along with Mr. Eurkus, Managing Director, Director of Municipals, and a portfolio manager at Amundi US.

QHow did the Fund perform during the six-month period ended September 30, 2021?
APioneer Municipal High Income Advantage Fund, Inc. returned 2.01% at net asset value (NAV) and 0.44% at market price during the six-month period ended September 30, 2021. During the same six-month period, the Fund’s benchmarks, the Bloomberg US Municipal High Yield Bond Index and the Bloomberg Municipal Bond Index, returned 4.33% and 1.15% at NAV, respectively. The Bloomberg US Municipal High Yield Bond Index is an unmanaged measure of the performance of lower-rated municipal bonds, while the Bloomberg Municipal Bond Index is an unmanaged measure of the performance of investment-grade municipal bonds. Unlike the Fund, 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 25 closed end funds in Morningstar’s Closed End High Yield Municipal category (which may or may not be leveraged) was 3.71%, and the average return at market price of the closed-end funds within the same Morningstar category was 4.91%.

The shares of the Fund were selling at a 4.3% discount to NAV on September 30, 2021. Comparatively, the shares of the Fund were selling at a 2.8% discount to NAV on March 31, 2021.

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On September 30, 2021 the standardized 30-day SEC yield of the Fund’s shares was 1.18%*.

QHow would you describe the investment environment in the municipal bond market during the six-month period ended September 30, 2021?
AThe backdrop for municipal bonds was largely favorable over the six-month period, with healthy supply-and-demand trends helping to drive positive returns. On the demand side, inflows into the municipal asset class continued to hit record levels, as demand came not only from traditional municipal investors, but also from non-traditional buyers and foreign purchasers seeking the relative safety of municipal bonds (compared with other investment options), lower default rates, and attractive tax-equivalent yields versus taxable investments. High-yield municipals attracted particularly strong interest and outperformed investment-grade municipals for the period, as investors demonstrated a hearty appetite for both higher risk and higher yields. With respect to supply, the effects of the 2017 US tax-overhaul legislation have continued to limit new issuance within the tax-exempt market, thus driving down the overall supply of municipal bonds. Together, those factors helped municipals deliver solid performance over the past six months, even though US Treasury yields rose. (Bond prices and yields typically move in opposite directions).

An ongoing improvement in credit-market conditions provided further support for tax-exempt debt during the period. Like most areas of the financial markets, municipal bonds came under significant stress in early 2020 with the onset of the COVID-19 pandemic and the lockdowns designed to mitigate the spread of the virus. To combat the economic impact of COVID-19, the US Federal Reserve System (Fed) reduced the target range of the benchmark federal funds rate to near zero and enacted a quantitative easing (QE), or bond-purchase program. Although investors began to anticipate the “tapering” of QE as the summer of 2021 progressed, the Fed’s aggressive policies remained in place throughout the full six-month period. In addition, US lawmakers approved an additional $1.9 trillion in fiscal stimulus in early 2021, just prior to the beginning of the six-month period. Those measures helped stabilize the economy and – most important for investors in municipal bonds – provided relief to state and local governments.

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

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As noted earlier, high-yield municipals outperformed the broader tax-exempt market over the six-month period, as low short-term interest rates and generally positive sentiment encouraged investors to move out on the risk spectrum in search of potentially higher returns.

QHow would you characterize the Fund’s positioning during the six-month period ended September 30, 2021?
AWe positioned the portfolio with a somewhat conservative stance relative to the market as a whole. As the market rebounded from the COVID-19-induced lows and cash flooded back into municipals in mid- to late-2020, the lowest-quality municipal securities had generally attracted the highest demand. We avoided investing the portfolio in many of those lower-quality bonds, reflecting our view that the price action had largely been the result of supply-and-demand trends rather than underlying credit fundamentals. In fact, many of the market’s top-performing issues were those that could not generate enough income to support their yields.

We believe those types of securities could lag the overall market if investment conditions become less favorable and demand ebbs, and so we chose to remain selective and maintain a focus on the Fund’s longer-term results.

QWhat factors affected the Fund’s performance relative to the Bloomberg municipal bond indices during the six-month period ended September 30, 2021?

A The Fund’s relative performance benefited from the portfolio’s overweight allocation to the tobacco sector over the six-month period. Tobacco Master Settlement Agreement bonds (tobacco bonds) have been the top-performing area of the municipal market over the last five years, and once again led the market over the past six months. Tobacco bonds also represented the Fund’s largest sector weight as of period-end. We have found tobacco bonds to be attractive investments, not only for their potential to enhance the Fund's performance, but also for the benefits received by the settling states that issue tobacco bonds since the establishment of the Master Settlement Agreement between the settling states and the tobacco-related companies. In addition, the portfolio’s allocation to debt issued by charter schools, which also outpaced the broader municipal bond market over the six-month period, was a positive contributor to the Fund’s benchmark-relative returns. Exposure to the health care sector provided another boost to the Fund’s relative results. In that area, we focused the portfolio’s investments on issuers in the affordable care segment rather than in continuing care retirement

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communities, as the former has typically covered a much broader segment of the population and thus has offered a larger market opportunity, in our opinion.

A portfolio underweight to the Commonwealth of Puerto Rico’s debt was a key detractor from the Fund’s relative results. Puerto Rico issues represented roughly 13% of the Bloomberg US Municipal High Yield Bond Index as of period-end, while the Fund’s portfolio had an approximate exposure of less than 6%. The decision to carry an underweight to Puerto Rico was a function of our continued selectivity with regard to investing in bonds that have been restructured in federal courts, or that we believe could face restructuring in the future.

With respect to individual positions, revenue bonds issued by the Texas Midwest Public Facilities Corporation and the Illinois (Clare-Oaks) Finance Authority (a continuing care retirement community) were among the top performers for the Fund over the six-month period. The portfolio’s allocation to Puerto Rico’s sales tax-backed bonds also fared well and aided the Fund’s relative returns during the six-month period. Conversely, positions in bonds issued by the City of Charlotte (NC) Water & Sewer System, New Jersey State Turnpike Authority, and Hillsborough County (Florida) were notable detractors from the Fund’s relative performance.

QDid the Fund’s dividend distributions** to shareholders change significantly during the six-month period ended September 30, 2021?
AYes, the Fund’s dividend distribution decreased twice during the period. A decrease in the dividend distribution from $0.0525 cents per share to $0.0500 cents per share was announced on May 5, 2021, and paid on May 31, 2021. A second decrease, from $0.0500 cents per share to $0.0400 cents per share, was announced on August 5, 2021, and paid on August 31, 2021.
QDid the level of leverage in the Fund change during the six-month period ended September 30, 2021?
AOn September 30, 2021, 38.3% of the Fund’s total managed assets were financed by leverage obtained through the issuance of Variable Rate Muni Fund Term Preferred Shares, compared with 38.2% of the Fund’s total managed assets financed by leverage at the start of the period on April 1, 2021. The change in the percentage of the Fund’s total managed assets financed by leverage during the six-month period was the result of a decrease in the value of the Fund’s total managed assets.

** Dividends/distributions are not guaranteed.

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QDid the Fund have any exposure to derivative securities during the six-month period ended September 30, 2021?
ANo, the Fund’s portfolio had no exposure to derivative securities.
QWhat is your investment outlook?
AThe Fed has made frequent pronouncements that it intends to keep short-term interest rates at near-zero levels through late 2022. Therefore, we are optimistic about the interest-rate environment, at least for the near term. A low default rate and favorable supply-and-demand conditions have continued to provide additional tailwinds for the municipal market. In addition, we believe the potential for major federal infrastructure spending may lead to an increased number of attractive tax-exempt investment opportunities, driven by the variety of new construction projects that could be created by the legislation. Lastly, given the enormous and ongoing need for federal assistance to cope with the lingering economic effects of COVID-19, the US government may finally have to address its rising debt levels, in part by raising taxes on high-income individuals. In fact, the Biden administration has already floated the idea of increases to both capital gains and individual income tax rates. If higher tax rates eventually become reality, that development may further increase demand for municipal bonds.

Consistent with our investment discipline, we anticipate maintaining a focus on intensive, fundamental research into individual bond issues that we choose for inclusion in the portfolio, while maintaining a close watch on any economic factors that could influence the market.

Please refer to the Schedule of Investments on pages 14–23 for a full listing of Fund securities.

All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities 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, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.

Investments in high-yield or lower-rated securities are subject to greater-than-average risk.

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The Fund 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 held by the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities held by the Fund 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 Fund 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 Fund currently uses leverage through the issuance of preferred shares. Leverage creates significant risks, including the risk that the Fund'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.

The Fund 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 Fund 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 Fund's common shares over time, which is likely to result in a decrease in the market value of the Fund'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 Fund's historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.

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Portfolio Summary | 9/30/21

Portfolio Diversification

 

(As a percentage of total investments)*

 

 

Portfolio Maturity

 

(As a percentage of total investments)

 

 

 

 

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State Diversification

 

(As a percentage of total investments)*

 

 

     
10 Largest Holdings  
(As a percentage of total investments)*  
1. New Jersey Transportation Trust Fund Authority, 12/15/27  
  (BHAC-CR MBIA Insured) 3.13%
2. Massachusetts Development Finance Agency, WGBH Foundation,  
  Series A, 5.75%, 1/1/42 (AMBAC Insured) 2.71
3. Private Colleges & Universities Authority, Emory University,  
  Series A, 5.0%, 10/1/43 2.03
4. California County Tobacco Securitization Agency, Capital Appreciation,  
  Stanislaus County, Subordinated, Series A, 6/1/46 2.01
5. New York State Dormitory Authority, Series A, 4.0%, 7/1/37 1.89
6. New York State Dormitory Authority, Series C, 5.0%, 3/15/39 1.78
7. State of Florida, Capital Outlay, Series A, 4.0%, 6/1/38 1.76
8. State of Connecticut, Series E, 4.0%, 9/1/30 1.69
9. New Jersey Economic Development Authority, Continental Airlines,  
  5.75%, 9/15/27 1.66
10. University of Texas System, Financing System, Series A, 5.0%, 8/15/49 1.62

 

*Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.

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Prices and Distributions | 9/30/21

Share Prices and Distributions

Market Value per Common Share^

     
  9/30/21 3/31/21
Market Value $11.60 $11.82
Discount (4.3)% (2.8)%

 

Net Asset Value per Common Share^

  9/30/21 3/31/21
Net Asset Value $12.12 $12.16

 

Distributions per Common Share*: 4/1/21- 9/30/21

Net    
Investment Short-Term Long-Term
Income Capital Gains Capital Gains
$0.2825 $ — $ —

 

Yields    
 
  9/30/21 3/31/21
30-Day SEC Yield 1.18% 2.23%

 

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 Fund’s website at www.amundi.com/us.
*The amount of distributions made to shareowners during the period was in excess of the net investment income earned by the Fund during the period.

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Performance Update | 9/30/21

Investment Returns

 

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 Fund, Inc. during the periods shown, compared to that of the Bloomberg Municipal Bond Index and the Bloomberg U.S. Municipal High Yield Bond Index.

Average Annual Total Returns  
(As of September 30, 2021)  
        Bloomberg
  Net   Bloomberg U.S.
  Asset   Municipal Municipal
  Value Market Bond High Yield
Period (NAV) Price Index Bond Index
10 years 6.21% 4.89% 3.87% 6.68%
5 years 4.19 2.70 3.26 6.00
1 year 4.92 11.63 2.63 11.33

 

 

 

Call 1-800-225-6292 or visit www.amundi.com/us 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 Fund.

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 Fund’s dividend reinvestment plan.

The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the sale of Fund shares. Had these fees and taxes been reflected, performance would have been lower.

The Bloomberg Municipal Bond Index is an unmanaged, broad measure of the municipal bond market. The Bloomberg 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 Fund returns, do not reflect any fees, expenses or sales charges. The indices do not employ leverage. You cannot invest directly in the indices.

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Schedule of Investments | 9/30/21

 

Principal    
Amount    
USD ($)   Value
  UNAFFILIATED ISSUERS — 160.5%  
  MUNICIPAL BONDS — 160.5% of Net
  Assets(a)  
  Alabama — 0.9%  
2,500,000 Alabama Industrial Development Authority, Pine  
  City Fiber Co., 6.45%, 12/1/23 $ 2,507,525
  Total Alabama $ 2,507,525
  Arizona — 2.4%  
4,000,000(b) City of Phoenix, 5.0%, 7/1/27 $ 4,813,400
1,970,000 City of Phoenix, Industrial Development Authority, 3rd &  
  Indian School Assisted Living Project, 5.4%,
  10/1/36 2,038,615
27,000 County of Pima, Industrial Development Authority,  
  Arizona Charter Schools Project, Series C, 6.75%, 7/1/31 27,418
  Total Arizona $ 6,879,433
  Arkansas — 0.9%  
2,500,000 Arkansas Development Finance Authority, Big River  
  Steel Project, 4.5%, 9/1/49 (144A) $ 2,731,325
  Total Arkansas $ 2,731,325
  California — 8.7%  
38,610,000(c) California County Tobacco Securitization Agency,  
  Capital Appreciation, Stanislaus County, Subordinated,  
  Series A, 6/1/46 $ 9,374,894
1,845,000 California Educational Facilities Authority, Stanford  
  University, 5.25%, 4/1/40 2,731,670
2,000,000 California Educational Facilities Authority, Stanford  
  University, Series U-7, 5.0%, 6/1/46 3,011,900
2,865,000(d) California School Finance Authority, Classical  
  Academies Project, Series A, 7.375%, 10/1/43 3,068,845
1,875,000 California Statewide Communities Development  
  Authority, Lancer Plaza Project, 5.875%, 11/1/43 2,026,669
1,500,000 City of Oroville, Oroville Hospital, 5.25%, 4/1/54 1,657,110
2,695,000(b) Coast Community College District, Election, Series D,  
  5.0%, 8/1/31 3,338,431
  Total California $ 25,209,519
  Colorado — 2.0%  
1,500,000(d) Colorado Educational & Cultural Facilities Authority,  
  Rocky Mountain Classical Academy Project,
  8.0%, 9/1/43 $ 1,715,865
500,000 Colorado Health Facilities Authority, 4.0%, 8/1/37 574,040
1,000,000 Colorado Health Facilities Authority, 4.0%, 8/1/39 1,143,400
1,000,000 Colorado Health Facilities Authority, 4.0%, 8/1/44 1,130,260
1,000,000 Colorado Health Facilities Authority, 4.0%, 8/1/49 1,122,600
  Total Colorado $ 5,686,165

 

The accompanying notes are an integral part of these financial statements.

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Principal    
Amount    
USD ($)   Value
  Connecticut — 3.5%  
2,035,000 Mohegan Tribal Finance Authority, 7.0%, 2/1/45 (144A) $ 2,148,248
7,200,000(b) State of Connecticut, Series E, 4.0%, 9/1/30 7,883,712
  Total Connecticut $ 10,031,960
  District of Columbia — 2.7%  
825,000 District of Columbia Tobacco Settlement Financing  
  Corp., Asset-Backed, 6.5%, 5/15/33 $ 912,252
6,825,000 District of Columbia Tobacco Settlement Financing  
  Corp., Asset-Backed, 6.75%, 5/15/40 6,979,654
  Total District of Columbia $ 7,891,906
  Florida — 11.3%  
2,500,000 Collier County Water-Sewer District, 4.0%, 7/1/43 $ 3,007,025
2,500,000 County of Hillsborough FL, 3.0%, 8/1/46 2,686,525
5,000,000 County of Miami-Dade, Water & Sewer System Revenue,  
  Series A, 4.0%, 10/1/44 5,649,450
1,200,000 Florida Development Finance Corp., 5.0%, 6/1/51 1,386,000
5,000,000 Florida’s Turnpike Enterprise, Department of  
  Transportation, Series A, 4.0%, 7/1/32 5,452,121
3,290,000 Hillsborough County Industrial Development Authority,  
  3.5%, 8/1/55 3,597,878
2,500,000 JEA Water & Sewer System Revenue, 3.0%, 10/1/40 2,732,500
7,035,000(b) State of Florida, Capital Outlay, Series A, 4.0%, 6/1/38 8,189,022
  Total Florida $ 32,700,521
  Georgia — 7.8%  
6,000,000 Brookhaven Development Authority, 4.0%, 7/1/49 $ 6,907,620
5,000,000 City of Atlanta, Water & Wastewater Revenue, Series A,  
  5.0%, 11/1/34 6,192,600
8,750,000 Private Colleges & Universities Authority, Emory  
  University, Series A, 5.0%, 10/1/43 9,460,150
  Total Georgia $ 22,560,370
  Idaho — 0.7%  
2,000,000 Power County Industrial Development Corp., FMC Corp.  
  Project, 6.45%, 8/1/32 $ 2,008,480
  Total Idaho $ 2,008,480
  Illinois — 2.7%  
1,000,000(b) Chicago Board of Education, Series A, 7.0%,  
  12/1/46 (144A) $ 1,294,500
140,903(c) Illinois Finance Authority, 11/15/52 12,208
223,202(e) Illinois Finance Authority, 4.0%, 11/15/52 233,574
1,000,000 Illinois Housing Development Authority, 2.15%, 10/1/41  
  (GNMA FNMA FHLMC COLL Insured) 967,720
3,000,000 Metropolitan Pier & Exposition Authority, 4.0%, 6/15/52 3,385,140
1,000,000 Metropolitan Pier & Exposition Authority, McCormick  
  Place, Series B, 5.0%, 6/15/52 (ST APPROP Insured) 1,032,560

 

The accompanying notes are an integral part of these financial statements.

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Schedule of Investments | 9/30/21 (continued)

     
Principal    
Amount    
USD ($)   Value
  Illinois — (continued)  
1,015,000 Southwestern Illinois Development Authority, Village of  
  Sauget Project, 5.625%, 11/1/26 $ 964,270
  Total Illinois $ 7,889,972
  Indiana — 0.4%  
1,000,000 Indiana Finance Authority, Educational Facilities,  
  5.125%, 7/1/37 $ 1,140,010
  Total Indiana $ 1,140,010
  Louisiana — 0.1%  
325,000 Opelousas Louisiana General Hospital Authority,  
  Opelousas General Health System Project,
  5.75%, 10/1/23 $ 326,128
  Total Louisiana $ 326,128
  Maine — 1.2%  
3,500,000 Maine Turnpike Authority, Series A, 5.0%, 7/1/42 $ 3,597,545
  Total Maine $ 3,597,545
  Maryland — 4.5%  
2,000,000 Maryland Health & Higher Educational Facilities  
  Authority, City Neighbors, Series A, 6.75%, 7/1/44 $ 2,155,640
4,500,000(d) Maryland Health & Higher Educational Facilities  
  Authority, Maryland University Medical System, Series A,  
  5.0%, 7/1/43 4,662,405
5,160,000 University System of Maryland, 4.0%, 4/1/42 6,181,216
  Total Maryland $ 12,999,261
  Massachusetts — 14.0%  
1,490,000(b) City of Boston, Series A, 5.0%, 3/1/39 $ 1,872,170
1,000,000(b) Commonwealth of Massachusetts, 3.0%, 3/1/49 1,058,730
7,000,000(c) Massachusetts Bay Transportation Authority,  
  Series A, 7/1/28 6,274,100
2,200,000(d) Massachusetts Development Finance Agency, Partner’s  
  Healthcare System, Series M-4, 5.0%, 7/1/39 2,383,898
4,000,000 Massachusetts Development Finance Agency, Partner’s  
  Healthcare System, Series S-1, 4.0%, 7/1/41 4,616,600
8,000,000 Massachusetts Development Finance Agency, WGBH  
  Foundation, Series A, 5.75%, 1/1/42 (AMBAC Insured) 12,620,960
4,325,000 Massachusetts Health & Educational Facilities Authority,  
  Massachusetts Institute of Technology, Series K,  
  5.5%, 7/1/32 6,145,825
2,790,000(b) Town of Arlington MA, 2.0%, 9/15/40 2,816,282
950,000(b) Town of Plymouth MA, 2.0%, 5/1/34 958,141
2,160,000(b) Town of Rockland MA, 2.2%, 8/1/50 2,002,104
  Total Massachusetts $ 40,748,810
  Michigan — 2.7%  
2,000,000 David Ellis Academy-West, 5.25%, 6/1/45 $ 2,106,760

 

The accompanying notes are an integral part of these financial statements.

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Principal    
Amount    
USD ($)   Value
  Michigan — (continued)  
305,000 Michigan Public Educational Facilities Authority,  
  Crescent Academy, 7.0%, 10/1/36 $ 307,797
5,000,000 Michigan State University, Series A, 5.0%, 8/15/41 5,354,850
  Total Michigan $ 7,769,407
  Minnesota — 1.0%  
1,000,000 City of Ham Lake, DaVinci Academy, Series A,  
  5.0%, 7/1/47 $ 1,056,480
1,740,000 City of Rochester, Health Care Facilities, Mayo Clinic,  
  4.0%, 11/15/48 1,986,993
  Total Minnesota $ 3,043,473
  Montana — 0.2%  
2,445,000(f) City of Hardin, Tax Allocation, Rocky Mountain Power,  
  Inc., Project, 6.25%, 9/1/31 $ 537,900
1,000,000(f) Two Rivers Authority, Inc., 7.375%, 11/1/27 76,600
  Total Montana $ 614,500
  New Hampshire — 1.0%  
1,000,000 New Hampshire Health & Education Facilities Authority  
  Act, 5.0%, 8/1/59 $ 1,550,770
1,375,000 New Hampshire Health & Education Facilities Authority  
  Act, Catholic Medical Centre, 3.75%, 7/1/40 1,515,168
  Total New Hampshire $ 3,065,938
  New Jersey — 10.2%  
7,500,000 New Jersey Economic Development Authority,  
  Continental Airlines, 5.75%, 9/15/27 $ 7,742,658
1,000,000 New Jersey Economic Development Authority, Marion P.  
  Thomas Charter School, Inc., Project, 5.375%,
  10/1/50 (144A) 1,149,810
3,500,000(e) New Jersey State Turnpike Authority, RIB, 0.0%, 1/1/28  
  (144A) (AGM Insured) 6,085,905
15,375,000(c) New Jersey Transportation Trust Fund Authority,  
  12/15/27 (BHAC-CR MBIA Insured) 14,555,666
  Total New Jersey $ 29,534,039
  New York — 17.3%  
3,000,000 Metropolitan Transportation Authority, 4.0%, 11/15/45 $ 3,354,300
5,000,000 Metropolitan Transportation Authority, 4.0%, 11/15/48 5,577,550
1,500,000 Metropolitan Transportation Authority, 4.75%, 11/15/45 1,774,080
2,250,000 Metropolitan Transportation Authority, 5.0%, 11/15/32 2,837,565
2,000,000 Metropolitan Transportation Authority, 5.25%, 11/15/55 2,451,600
1,325,000 New York City Transitional Finance Authority Future Tax  
  Secured Revenue, 4.0%, 11/1/34 1,592,610
2,500,000 New York State Dormitory Authority, 3.0%, 3/15/41 2,684,750
2,885,000 New York State Dormitory Authority, Group 3, Series A,  
  5.0%, 3/15/41 3,601,115

 

The accompanying notes are an integral part of these financial statements.

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Schedule of Investments | 9/30/21 (continued)

     
Principal    
Amount    
USD ($)   Value
  New York — (continued)  
7,500,000 New York State Dormitory Authority, Series A,  
  4.0%, 7/1/37 $ 8,771,250
7,500,000 New York State Dormitory Authority, Series C,  
  5.0%, 3/15/39 8,271,450
1,500,000 New York State Dormitory Authority, Trustees of  
  Columbia University, 5.0%, 10/1/45 2,247,150
3,000,000 New York State Thruway Authority, 4.0%, 3/15/41 3,519,780
2,000,000 New York State Urban Development Corp.,  
  3.0%, 3/15/49 2,138,820
1,256,828 Westchester County Healthcare Corp., Series A,  
  5.0%, 11/1/44 1,331,408
  Total New York $ 50,153,428
  North Carolina — 2.1%  
500,000 City of Charlotte NC Water & Sewer System Revenue,  
  2.0%, 7/1/41 $ 479,380
1,000,000 City of Charlotte NC Water & Sewer System Revenue,  
  2.0%, 7/1/42 952,160
500,000 City of Charlotte, Airport Revenue, Series A, 5.0%, 7/1/42 603,255
1,250,000 City of Charlotte, Airport Revenue, Series A, 5.0%, 7/1/47 1,499,700
2,500,000(b) County of Mecklenburg NC, 2.0%, 3/1/41 2,440,725
  Total North Carolina $ 5,975,220
  Ohio — 4.1%  
3,000,000(d) Akron Bath Copley Joint Township Hospital District,  
  Akron General Health System, 5.0%, 1/1/31 $ 3,033,240
2,000,000 Buckeye Tobacco Settlement Financing Authority,  
  4.0%, 6/1/48 2,245,220
3,500,000 Buckeye Tobacco Settlement Financing Authority,  
  5.0%, 6/1/55 3,963,750
2,500,000(b)(d) State of Ohio, Common Schools, Series B, 5.0%, 6/15/29 2,584,275
  Total Ohio $ 11,826,485
  Oregon — 0.4%  
1,000,000 Oregon Health & Science University, Series A,  
  5.0%, 7/1/42 $ 1,192,320
  Total Oregon $ 1,192,320
  Pennsylvania — 5.6%  
1,000,000 Chester County Industrial Development Authority,  
  Collegium Charter School, Series A, 5.25%, 10/15/47 $ 1,153,440
2,000,000 Pennsylvania Housing Finance Agency, 2.05%, 4/1/41 1,992,800
3,500,000 Pennsylvania Turnpike Commission, 5.25%, 12/1/44 4,431,070
500,000 Philadelphia Authority for Industrial Development, 5.5%,  
  6/1/49 (144A) 549,470
1,000,000 Philadelphia Authority for Industrial Development,  
  Global Leadership Academy Charter School Project,  
  5.0%, 11/15/50 1,087,400

 

The accompanying notes are an integral part of these financial statements.

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Principal    
Amount    
USD ($)   Value
  Pennsylvania — (continued)  
470,000 Philadelphia Authority for Industrial Development,  
  Greater Philadelphia Health Action, Inc., Project,  
  Series A, 6.625%, 6/1/50 $ 506,759
6,000,000(d) Philadelphia Authority for Industrial Development,  
  Nueva Esperanze, Inc., 8.2%, 12/1/43 6,583,020
  Total Pennsylvania $ 16,303,959
  Puerto Rico — 5.4%  
6,500,000(b) Commonwealth of Puerto Rico, 8.0%, 7/1/35 $ 5,606,250
1,000,000 Puerto Rico Electric Power Authority, 5.25%, 7/1/21 982,600
3,810,000 Puerto Rico Sales Tax Financing Corp. Sales Tax  
  Revenue, 5.0%, 7/1/58 4,373,613
4,255,000 PUERTO RICO S.A.LES TAX FING COR REGD B/E,  
  4.784%, 7/1/58 4,795,343
  Total Puerto Rico $ 15,757,806
  Rhode Island — 1.3%  
1,355,000(f) 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 3,461,040
  Total Rhode Island $ 3,704,940
  South Carolina — 2.1%  
4,400,000(g) Tobacco Settlement Revenue Management Authority,  
  Series B, 6.375%, 5/15/30 $ 6,083,000
  Total South Carolina $ 6,083,000
  South Dakota — 1.5%  
4,000,000 South Dakota Health & Educational Facilities Authority,  
  Sanford Health, Series B, 4.0%, 11/1/44 $ 4,257,000
  Total South Dakota $ 4,257,000
  Texas — 17.6%  
500,000 Arlington Higher Education Finance Corp., 5.45%,  
  3/1/49 (144A) $ 584,635
1,000,000 Arlington Higher Education Finance Corp., Universal  
  Academy, Series A, 7.0%, 3/1/34 1,110,470
1,500,000 Arlington Higher Education Finance Corp., Universal  
  Academy, Series A, 7.125%, 3/1/44 1,673,820
1,250,000 City of Houston TX Combined Utility System Revenue,  
  4.0%, 11/15/35 1,509,337
2,500,000(b) County of Harris, Series A, 5.0%, 10/1/26 2,944,050
5,020,000(d) Grand Parkway Transportation Corp., Series A,  
  5.5%, 4/1/53 5,547,502
5,000,000(e) Greater Texas Cultural Education Facilities Finance  
  Corp., 9.0%, 2/1/50 (144A) 5,302,750
3,000,000(d) Houston Higher Education Finance Corp., St. John’s  
  School Project, Series A, 5.0%, 9/1/38 3,131,730
3,355,000 North Texas Tollway Authority, Series A, 5.0%, 1/1/30 3,837,516

 

The accompanying notes are an integral part of these financial statements.

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Schedule of Investments | 9/30/21 (continued)

     
Principal    
Amount    
USD ($)   Value
  Texas — (continued)  
1,500,000(d) Red River Health Facilities Development Corp., MRC  
  Crestview, Series A, 8.0%, 11/15/41 $ 1,513,050
2,000,000(b)(d) Richardson Independent School District, School Building,  
  5.0%, 2/15/38 (PSF-GTD Insured) 2,126,340
6,960,000(f) Sanger Industrial Development Corp., Texas Pellets  
  Project, Series B, 8.0%, 7/1/38 1,713,900
983,871 Texas Department of Housing & Community Affairs, 2.3%,  
  7/1/37 (FNMA HUD SECT 8 Insured) 1,001,075
1,000,000(e) Texas Midwest Public Facility Corp., 0.0%, 12/1/30 551,800
350,000 Texas Municipal Gas Acquisition & Supply Corp. III,  
  5.0%, 12/15/32 466,494
3,365,000 Texas Private Activity Bond Surface Transportation  
  Corp., NTE Mobility Partners LLC, 7.0%, 12/31/38 3,677,070
1,165,000 Texas Water Development Board, 4.0%, 10/15/44 1,378,766
5,000,000(b)(d) Tyler Independent School District, School Building, 5.0%,  
  2/15/38 (PSF-GTD Insured) 5,314,600
5,000,000 University of Texas System, Financing System, Series A,  
  5.0%, 8/15/49 7,547,150
  Total Texas $ 50,932,055
  Utah — 2.2%  
5,000,000 County of Utah, IHC Health Services, Inc., Series B,  
  4.0%, 5/15/47 $ 5,304,600
1,000,000 Salt Lake City Corp., Airport Revenue, Series B,  
  5.0%, 7/1/36 1,209,590
  Total Utah $ 6,514,190
  Vermont — 0.8%  
2,000,000 Vermont Educational & Health Buildings Financing  
  Agency, Green Bond, 4.0%, 12/1/42 $ 2,221,740
  Total Vermont $ 2,221,740
  Virginia — 12.6%  
3,235,000(b) City of Alexandria VA, 3.0%, 7/15/46 (ST AID  
  WITHHLDG Insured) $ 3,529,676
2,275,000(b) County of Arlington, 4.0%, 8/15/35 2,623,462
4,000,000(b) County of Fairfax VA, 2.0%, 10/1/34 (ST AID  
  WITHHLDG Insured) 4,172,720
4,550,000 Tobacco Settlement Financing Corp., Series B-1,  
  5.0%, 6/1/47 4,555,687
5,000,000 University of Virginia, Multi Year Capital Project,  
  Series A, 4.0%, 8/1/48 5,741,500
5,000,000 University of Virginia, Series A, 5.0%, 4/1/42 6,027,500
4,955,000 Virginia College Building Authority, 3.0%, 2/1/36 5,397,878
1,000,000 Virginia Public Building Authority, 4.0%, 8/1/40 1,191,510
3,000,000 Virginia Public School Authority Revenue, 4.0%, 8/1/25  
  (ST AID WITHHLDG Insured) 3,320,970
  Total Virginia $ 36,560,903

 

The accompanying notes are an integral part of these financial statements.

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Principal    
Amount    
USD ($)   Value
  Washington — 7.4%  
1,335,000 Central Puget Sound Regional Transit Authority, Green  
  Bond, Series S-1, 5.0%, 11/1/46 $ 2,001,832
3,000,000 City of Seattle, Water System Revenue, 4.0%, 8/1/32 3,437,010
2,500,000(b) King County, Issaquah School District No. 411, 4.0%,  
  12/1/31 (SCH BD GTY Insured) 2,833,175
3,000,000(b) State of Washington, 4.0%, 7/1/39 3,642,030
3,435,000(b) State of Washington, 5.0%, 6/1/41 4,353,485
2,500,000 University of Washington, Series B, 5.0%, 6/1/29 2,905,325
1,000,000 Washington Health Care Facilities Authority,  
  4.0%, 8/1/44 1,130,260
1,100,000(d) Washington State Housing Finance Commission,  
  Mirabella Project, Series A, 6.75%, 10/1/47 (144A) 1,172,204
  Total Washington $ 21,475,321
  Wisconsin — 1.2%  
750,000 Public Finance Authority, Roseman University Health  
  Sciences Project, 5.875%, 4/1/45 $ 800,918
1,000,000 Public Finance Authority, SearStone CCRC Project,  
  Series A, 5.3%, 6/1/47 1,060,240
1,455,000(d) Public Finance Authority, SearStone CCRC Project,  
  Series A, 8.625%, 6/1/47 1,534,792
  Total Wisconsin $ 3,395,950
  TOTAL MUNICIPAL BONDS  
  (Cost $435,673,120) $ 465,290,604
  TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 160.5%  
  (Cost $435,673,120) $ 465,290,604
  OTHER ASSETS AND LIABILITIES — (60.5)% $ (175,402,061)
  NET ASSETS APPLICABLE TO COMMON  
  SHAREOWNERS — 100.0% $ 289,888,543

 

AGMAssured Guaranty Municipal Corp.
AMBACAmbac Assurance Corp.
BHAC-CR MBIABerkshire Hathaway Assurance Corp.
FNMA COLLFederal National Mortgage Association Collateral
FNMA HUD SECT 8Federal National Mortgage Association U.S. Department of Housing and Urban Development Section 8
PSF-GTDPermanent School Fund Guaranteed
RIBResidual 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, 2021.
SCH BD GTYSchool Board Guaranty
ST AID WITHHLDGState Aid Withholding
ST APPROPState Appropriations

The accompanying notes are an integral part of these financial statements.

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Schedule of Investments | 9/30/21 (continued)

(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, 2021, the value of these securities amounted to $21,018,847, or 7.3% of net assets applicable to common shareowners.
(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)Pre-refunded 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)The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at September 30, 2021.
(f)Security is in default.
(g)Escrow to maturity.

Purchases and sales of securities (excluding temporary cash investments) for the six months ended September 30, 2021, aggregated $36,115,162 and $35,526,190, respectively.

The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Asset Management US, Inc. (the "Adviser") serves as the Fund's investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Directors. Under these procedures, cross trades are effected at current market prices. During the six months ended September 30, 2021, the Fund did not engage in any cross trade activity.

At September 30, 2021, the net unrealized appreciation on investments based on cost for federal tax purposes of $435,056,870 was as follows:

Aggregate gross unrealized appreciation for all investments in which  
there is an excess of value over tax cost $ 40,705,434
Aggregate gross unrealized depreciation for all investments in which  
there is an excess of tax cost over value (10,471,700)
Net unrealized appreciation $ 30,233,734

 

The accompanying notes are an integral part of these financial statements.

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Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below.

Level 1 –unadjusted 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 Fund'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, 2021, in valuing the Fund's investments:

  Level 1 Level 2 Level 3 Total
Municipal Bonds $ — $ 465,290,604 $ — $ 465,290,604
Total Investments in Securities $ — $ 465,290,604 $ — $ 465,290,604
Other Financial Instruments:        
Variable Rate MuniFund        
Term Preferred Shares(a) $ — $ (180,000,000) $ — $ (180,000,000)
Total Other Financial Instruments $ — $(180,000,000) $ — $(180,000,000)

 

(a)The Fund may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes.

 

During the six months ended September 30, 2021, there were no transfers in or out of Level 3.

The accompanying notes are an integral part of these financial statements.

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Statement of Assets and Liabilities | 9/30/21

(unaudited)

ASSETS:  
Investments in unaffiliated issuers, at value (cost $435,673,120) $465,290,604
Cash 2,595,468
Receivables —  
Investment securities sold 285,000
Interest 5,155,389
Other assets 89,885
Total assets $473,416,346
LIABILITIES:  
Variable Rate MuniFund Term Preferred Shares* $180,000,000
Payables —  
Investment securities purchased 3,434,400
Directors’ fees 2,491
Due to affiliates 16,880
Accrued expenses 74,032
Total liabilities $183,527,803
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:  
Paid-in capital $285,888,967
Distributable earnings 3,999,576
Net assets applicable to common shareowners $289,888,543
NET ASSET VALUE PER COMMON SHARE:  
No par value  
Based on $289,888,543/23,914,439 common shares $ 12.12
* $100,000 liquidation value per share applicable to 1,800 shares  

 

The accompanying notes are an integral part of these financial statements.

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Statement of Operations (unaudited)

FOR THE SIX MONTHS ENDED 9/30/21

INVESTMENT INCOME:    
Interest from unaffiliated issuers $8,617,610  
Total investment income   $8,617,610
EXPENSES:    
Management fees $1,444,938  
Administrative expense 111,844  
Transfer agent fees 8,313  
Shareowner communications expense 7,689  
Custodian fees 4,359  
Professional fees 410,260  
Printing expense 19,717  
Pricing fees 4,478  
Directors’ fees 9,129  
Interest expense 785,000  
Miscellaneous 30,311  
Total expenses   $2,836,038
Net investment income   $5,781,572
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:  
Net realized gain (loss) on:    
Investments in unaffiliated issuers   $ 574,789
Change in net unrealized appreciation (depreciation) on:    
Investments in unaffiliated issuers   $ (520,850)
Net realized and unrealized gain (loss) on investments   $ 53,939
Net increase in net assets resulting from operations   $5,835,511

 

The accompanying notes are an integral part of these financial statements.

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Statements of Changes in Net Assets

  Six Months  
  Ended Year
  9/30/21 Ended
  (unaudited) 3/31/21
FROM OPERATIONS:    
Net investment income (loss) $ 5,781,572 $ 12,550,896
Net realized gain (loss) on investments 574,789 816,080
Change in net unrealized appreciation (depreciation)    
on investments (520,850) 9,318,368
Net increase in net assets resulting from operations $ 5,835,511 $ 22,685,344
DISTRIBUTIONS TO COMMON SHAREOWNERS:    
($0.28 and $0.56 per share, respectively) $ (6,753,090) $ (13,443,199)
Total distributions to common shareowners $ (6,753,090) $ (13,443,199)
FROM FUND SHARE TRANSACTIONS:    
Reinvestment of distributions $ 191,971 $ —
Net increase in net assets applicable to common    
shareowners resulting from Fund share transactions $ 191,971 $ —
Net increase (decrease) in net assets    
applicable to common shareowners $ (725,608) $ 9,242,145
NET ASSETS APPLICABLE TO    
COMMON SHAREOWNERS:    
Beginning of period $290,614,151 $281,372,006
End of period $289,888,543 $290,614,151

 

  Six Months Six Months    
  Ended Ended Year Ended Year Ended
  9/30/21 9/30/21 9/30/20 9/30/20
  (unaudited) (unaudited) Shares Amount
FUND SHARE        
TRANSACTION        
Shares sold $ — $—
Reinvestment of        
distributions 15,419 191,971
Less shares repurchased
Net increase 15,419 $191,971 $—

 

The accompanying notes are an integral part of these financial statements.

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Statement of Cash Flows

FOR THE YEAR ENDED 3/31/21

Cash Flows From Operating Activities:  
Net increase in net assets resulting from operations $ 5,835,511
Adjustments to reconcile net decrease in net assets resulting from  
operations to net cash, restricted cash and foreign currencies  
from operating activities:  
Purchases of investment securities $(32,616,634)
Proceeds from disposition and maturity of investment securities 36,177,061
Change in unrealized depreciation on investments in unaffiliated issuers 520,850
Net (accretion) and amortization of discount/premium on investment securities 671,018
Net realized gain on investments (574,789)
Decrease in interest receivable 81,758
Increase in other assets (4,672)
Decrease in due to affiliates (1,974)
Decrease in directors’ fees payable (131)
Decrease in interest payable (78)
Decrease in accrued expenses payable (64,136)
Net cash, restricted cash and foreign currencies from operating activities $ 10,023,784
Cash Flows Provided by Financing Activities:  
Decrease in Bank overdraft $ (867,197)
Distributions to shareowners (6,753,090)
Reinvestment of distributions 191,971
Net cash, restricted cash and foreign currencies provided by financing activities $ (7,428,316)
Cash, Restricted Cash and Foreign Currencies:  
Beginning of year $ —
End of year $ 2,595,468
Cash Flow Information:  
Cash paid for interest $ 785,078

 

The accompanying notes are an integral part of these financial statements.

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Financial Highlights

  Six Months          
  Ended Year Year Year Year Year
  9/30/21 Ended Ended Ended Ended Ended
  (unaudited) 3/31/21 3/31/20 3/31/19 3/31/18 3/31/17*
Per Share Operating Performance            
Net asset value, beginning of period $12.16 $11.77 $11.68 $11.59 $11.86 $12.55
Increase (decrease) from investment operations: (a)            
Net investment income (b) $0.24 $0.53 $0.49 $0.72 $0.73 $0.80
Net realized and unrealized gain (loss) on investments 0.42 0.06 0.16 (0.28) (0.68)
Distributions to preferred shareowners from:            
Net investment income (b) $ — $ — $ — ($0.18) ($0.11) ($0.07)
Net increase (decrease) from investment operations $0.24 $0.95 $0.55 $0.70 $0.34 $0.05
Distributions to shareowners from:            
Net investment income and previously undistributed            
net investment income $ (0.28)** $ (0.56)** ($0.46) ($0.61) ($0.61) ($0.74)
Net increase (decrease) in net asset value ($0.04) $0.39 $0.09 $0.09 ($0.27) ($0.69)
Net asset value, end of period $12.12 $12.16 $11.77 $11.68 $11.59 $11.86
Market value, end of period $11.60 $11.82 $10.18 $10.76 $10.72 $10.99
Total return at net asset value (c) 2.01%(d) 8.60% 5.12% 6.63% 3.11% 0.28%
Total return at market value (c) 0.44%(d) 22.05% (1.30)% 6.20% 2.92% (15.92)%
Ratios to average net assets of shareowners:            
Total expenses plus interest expense (e) (f) 1.91%(g) 1.82% 2.61% 1.14% 1.16% 1.12%
Net investment income before preferred share distributions (b) —%(g) —% —% 6.28% 6.15% 6.47%
Net investment income (f) 3.90%(g) 4.33% 4.14% 4.69% 5.18% 5.94%
Preferred share distributions (b) —%(g) —% —% 1.58% 0.97% 0.53%
Portfolio turnover rate 8%(d) 12% 11% 9% 20% 9%
Net assets, end of period (in thousands) $289,889 $290,614 $281,372 $279,241 $277,012 $283,528

 

The accompanying notes are an integral part of these financial statements.

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  Six Months          
  Ended Year Year Year Year Year
  9/30/21 Ended Ended Ended Ended Ended
  (unaudited) 3/31/21 3/31/20 3/31/19 3/31/18 3/31/17*
Preferred shares outstanding (in thousands) (h) (i) (j) $180,000 $180,000 $160,000 $160,000 $160,000 $150,000
Asset coverage per preferred share, end of period $261,049 $261,452 $276,030 $274,529 $273,132 $ 72,252
Average market value per preferred share (k) $100,000 $100,000 $100,000 $100,000 $100,000 $ 25,000
Liquidation value, including dividends payable, per preferred share $100,000 $100,000 $100,172 $100,004 $100,000 $ 24,998

 

*The Fund 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 Fund during the period. The Fund has accumulated undistributed net investment income which is part of the Fund’s NAV. A portion of this accumulated net investment income was distributed to shareowners during the period. A decrease in distributions may have a negative effect on the market value of the Fund’s shares.
(a)The per common share data presented above is based upon the average common shares outstanding for the periods presented.
(b)Beginning March 31, 2020, distribution payments to preferred shareowners are included as a component of net investment income.
(c)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 Fund’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions. Past performance is not a guarantee of future results.
(d)Not annualized.
(e)Prior to March 31, 2020, the expense ratios do not reflect the effect of distribution payments to preferred shareowners.
(f)Includes interest expense of 0.53%,0.64%,1.50%, —%, —% and —%, respectively.
(g)Annualized.
(h)Prior to February 16, 2018, there were 6,000 Auction Preferred Shares (“APS”) outstanding, with a liquidation preference of $25,000 per share. The Fund redeemed all of its outstanding APS on February 20, 2018.
(i)The Fund issued 1,600 Variable Rate MuniFund Term Preferred Shares, with a liquidation preference of $100,000 per share, on February 16, 2018. (j) The Fund issued 200 Variable Rate MuniFund Term Preferred Shares, with a liquidation preference of $100,000 per share, on February 16, 2021. (k) Market value is redemption value without an active market.

The accompanying notes are an integral part of these financial statements.

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Notes to Financial Statements | 9/30/21

(unaudited)

1. Organization and Significant Accounting Policies

Pioneer Municipal High Income Advantage Fund, Inc. (the “Fund”) is organized as a Maryland corporation. Prior to April 21, 2021, the Fund was organized as a Delaware statutory trust. On April 21, 2021, the Fund redomiciled to a Maryland corporation through a statutory merger of the predecessor Delaware statutory trust with and into a newly-established Maryland corporation formed for the purpose of effecting the redomiciling. The Fund was originally organized on August 6, 2003. Prior to commencing operations on October 20, 2003, the Fund 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 Fund is to seek a high level of current income exempt from regular federal income tax, and the Fund may, as a secondary objective, also seek capital appreciation to the extent that it is consistent with its primary investment objective.

Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Prior to January 1, 2021, the Adviser was named Amundi Pioneer Asset Management, Inc.

In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2018-13 “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) which modifies disclosure requirements for fair value measurements, principally for Level 3 securities and transfers between levels of the fair value hierarchy. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Fund has adopted ASU 2018-13 for the six months ended September 30, 2021. The impact to the Fund’s adoption was limited to changes in the Fund’s disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value investments, when applicable.

In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other

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LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.

The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). U.S. GAAP requires the management of the Fund 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 following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:

A. Security Valuation

The net asset value of the Fund 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

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procedures adopted by the Fund’s Board of Directors. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Directors. 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 Directors.

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 Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund’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 Fund’s securities may differ significantly from exchange prices, and such differences could be material.

At September 30, 2021, 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.

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C. Federal Income Taxes

It is the Fund’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, 2021, the Fund 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.

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, 2021 was as follows:

   
  2021
Distributions paid from:  
Tax exempt income $14,927,832
Ordinary income 361,367
Total $15,289,199

 

The following shows the components of distributable earnings (losses) on a federal income tax basis at March 31, 2021:

   
  2021
Distributable earnings:  
Undistributed ordinary income $ 418,211
Capital loss carryforward (27,013,870)
Other book/tax temporary differences (78)
Undistributed tax-exempt income 758,308
Unrealized appreciation 30,754,584
Total $ 4,917,155

 

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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 Fund in lieu of cash. Shareowners may elect not to participate in the Plan. Shareowners not participating in the Plan receive all dividends and capital gain distributions in cash. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notifying American Stock Transfer & Trust Company, the agent for shareowners in administering the Plan (the “Plan Agent”), in writing prior to any dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

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 Fund on terms that differ from the terms of the Plan.

Whenever the Fund 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 Fund 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

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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 Fund 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.

At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.

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

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extent the Fund invests significantly in a single state, including Texas, New York and Massachusetts, 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 Fund will be more susceptible to associated risks and developments.

The Fund invests in below investment grade (high yield) municipal securities. Debt securities rated below investment grade are commonly referred to as “junk bonds” and are considered speculative. These securities involve greater risk of loss, are subject to greater price volatility, and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities.

With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’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 Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as the Fund’s custodian and accounting agent, and the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises 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 the Adviser or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases or sales or receive distributions, loss of or unauthorized access to private shareowner 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.

COVID-19

The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial

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markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. Rates of inflation have recently risen. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.

F. Restricted Securities

Restricted Securities are subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund at September 30, 2021 are listed in the Schedule of Investments.

G. Statement of Cash Flows

Information on financial transactions which have been settled through the receipt or disbursement of cash or restricted cash is presented in the Statement of Cash Flows. Cash as presented in the Fund’s Statement of Assets and Liabilities includes cash on hand at the Fund’s custodian bank and does not include any short-term investments. As of and for the six months ended September 30, 2021, the Fund had no restricted cash presented on the Statement of Assets and Liabilities.

2. Management Agreement

The Adviser manages the Fund’s portfolio. Management fees payable under the Fund’s Investment Management with the Adviser are calculated daily and paid monthly at the annual rate of 0.60% of the Fund’s average daily managed assets. “Managed assets” means (a) the total assets of the Fund,

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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, 2021, the net management fee was 0.61% (annualized) of the Fund’s average daily managed assets, which was equivalent to 0.97% (annualized) of the Fund’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 Fund as administrative reimbursements. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $16,880 in management fees, administrative costs and certain other reimbursements payable to the Adviser at September 30, 2021.

3. Compensation of Directors and Officers

The Fund pays an annual fee to its Directors. The Adviser reimburses the Fund for fees paid to the Interested Directors. The Fund does not pay any salary or other compensation to its officers. For the six months ended September 30, 2021, the Fund paid $9,129 in Directors’ compensation, which is reflected on the Statement of Operations as Directors’ fees. At September  30, 2021, the Fund had a payable for Directors’ fees on its Statement of Assets and Liabilities of $2,491.

4. Transfer Agent

American Stock Transfer & Trust Company serves as the transfer agent with respect to the Fund's shares. The Fund pays AST an annual fee as is agreed to from time to time by the Fund and AST for providing such services.

In addition, the Fund 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 phone calls.

5. Fund Shares

There are 1,000,000,000 shares of common stock of the Fund (“common shares”), $0.001 par value per share authorized.

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Transactions in common shares for the six months ended September 30, 2021 and year ended March 31, 2021 were as follows:

  9/30/21 3/31/21
Shares outstanding at beginning of period 23,899,020 23,899,020
Shares outstanding at end of period 23,914,439 23,899,020

 

The Fund may classify or reclassify any unissued shares into one or more series of preferred shares.

As of September 30, 2021, the Fund has outstanding 1,800 Variable Rate MuniFund Term Preferred Shares Series 2021 (“series 2021 VMTP Shares” or “VMTP Shares”). The Fund issued 1,600 VMTP Shares on February 16, 2018 and 200 VMTP Shares on February 16, 2021. See Note 6 for additional information.

Prior to February 16, 2018, the Fund had outstanding 3,000 Series A APS and 3,000 Series B APS. The Fund mailed a notice of redemption and deposited funds sufficient to redeem the APS with the auction agent on February 16, 2018. The Fund redeemed all outstanding Series A APS and Series B APS on February 20, 2018.

6. Variable Rate MuniFund Term Preferred Shares

The Fund has 1,800 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 Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of the Fund, 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 Fund may be obligated to redeem a certain amount of the VMTP Shares if it fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date for the Fund’s Series 2021 VMT Shares was extended from August 2, 2021 to August 2, 2024 in February 2021. Six months prior to Term Redemption Date, the Fund is required to segregate liquid assets with the Fund’s custodian in an amount equal to at least 100% of the term redemption amount.

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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” on the Statement of Assets and Liabilities since the shares have a stated mandatory redemption date.

Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes and are recorded as interest expense on the Statement of Operations) are declared daily, paid monthly and recorded as incurred. For the six months ended September 30, 2021, interest expense on VMTP Shares amounted to $785,000. The dividend rate for the VMTP Shares is determined weekly. Unpaid dividends on VMTP Shares are recognized as “Interest Expense Payable” on the Statement of Assets and Liabilities. For the six months ended September 30, 2021, interest expense payable on VMTP Shares amounted to $78. From April 1, 2020 through September 30, 2021, the Series 2021 VMTP Shares paid an average dividend rate of 0.88% and the average liquidation value outstanding of VMTP Shares for the Fund during the six months ended September 30, 2021, was $180,000,000.

The Fund did not incur any offering costs as a result of the offerings on February 16, 2018 and February 16, 2021.

Transactions in the Series 2021 VMTP Shares during the Fund’s current and prior reporting periods were as follows:

         
  Period Ended 9/30/2021 Year Ended 3/31/2021
  Shares Amount Shares Shares
VMTP Shares issued $ — 200 $20,000,000
VMTP Shares exchanged
Net increase (decrease) $ — 200 $20,000,000

 

7. Redomiciling

On April 21, 2021, the Fund, previously organized as a Delaware statutory trust, redomiciled to a Maryland corporation (the “redomiciling”). The redomiciling was effected through a statutory merger of the predecessor Delaware statutory trust (the “Predecessor Entity”) with and into a newly-established Maryland corporation formed for the purpose of effecting the

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redomiciling (the “Successor Entity”) pursuant to the terms of an

Agreement and Plan of Merger entered into by and between the Predecessor Entity and the Successor Entity (the “Merger”). Upon effectiveness of the Merger, (i) the Successor Entity became the successor in interest to the Fund, (ii) each outstanding share of common stock of the Predecessor Entity was automatically converted into one share of common stock of the Successor Entity, (iii) each outstanding VMTP Share of the Predecessor Entity was automatically converted into one VMTP Share of the Successor Entity, and (iv) the shareholders of the Predecessor Entity became stockholders of the Successor Entity. Neither the Fund nor its stockholders realized gain (loss) as a direct result of the Merger. Accordingly, the Merger had no effect on the Fund’s operations.

In connection with the redomiciling, the Fund’s name changed from Pioneer Municipal High Income Trust to Pioneer Municipal High Income Fund, Inc. The Fund’s ticker symbol on the New York Stock Exchange did not change.

The redomiciling did not result in any change to the investment adviser, investment objective and strategies, portfolio management team, policies and procedures or the members of the Board overseeing the Fund.

Following the Fund’s redomiciling, the rights of shareholders are governed by Maryland General Corporation Law and the Articles of Incorporation and Bylaws of the Successor Entity. In addition, the Fund is subject to the Maryland Control Share Acquisition Act (the “Control Share Act”) following the redomiciling.

The Control Share Act generally provides that any holder of “control shares” acquired in a “control share acquisition” may not exercise voting rights with respect to the “control shares,” except to the extent approved by a vote of two-thirds of all the votes entitled to be cast on the matter. Generally, “control shares” are shares that, when aggregated with shares already owned by an acquiring person, would entitle the acquiring person to exercise 10% or more, 33 1/3% or more, or a majority of the total voting power of shares entitled to vote in the election of directors. The Control Share Act provides that a “control share acquisition” does not include the acquisition of shares in a merger, consolidation or share exchange. Therefore, a shareholder of the Fund that acquired shares of the Successor Entity as a result of the Merger will be able to exercise voting rights as to those shares even if the number of such shares acquired by the shareholder in the Merger exceeds one or more of the thresholds of the Control Share Act.

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The above description of the Control Share Act is only a high-level summary and does not purport to be complete. Investors should refer to the actual provisions of the Control Share Act and the Fund’s Bylaws for more information, including definitions of key terms, various exclusions and exemptions from the statute’s scope, and the procedures by which stockholders may approve the reinstatement of voting rights to holders of “control shares.”

8. Subsequent Events

A monthly dividend was declared on October 5, 2021 from undistributed and accumulated net investment income of $ 0.0400 per common share payable October 29, 2021, to common shareowners of record on October 19, 2021.

Subsequent to September 30, 2021, dividends declared and paid on VMTP Shares totaled $131,390 through October 31, 2021.

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Additional Information

Results of Shareholder Meeting

At an annual meeting held on September 15, 2021, shareholders of the Fund were asked to consider the proposal described below.

A report of the total votes cast by the Fund's shareholders follows:

Proposal 1 - To elect four Class III Directors

     
Nominee For Withhold
Craig C. MacKay 19,093,236.327 872,900.000
Thomas J. Perna 15,060,760.327 4,905,376.000
Marguerite A. Piret* 1,800.000 0.000
Fred J. Ricciardi 18,577,253.327 1,388,883.000
* Elected by Preferred Shares only.    

 

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may purchase, from time to time, its shares in the open market.

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Approval of Renewal of Investment Management Agreement

Amundi Asset Management US, Inc. (“Amundi US”) serves as the investment adviser to Pioneer Municipal High Income Advantage Fund, Inc. (the “Fund”) pursuant to an investment management agreement between Amundi US and the Fund. In order for Amundi US to remain the investment adviser of the Fund, the Directors of the Fund, including a majority of the Fund’s Independent Directors, must determine annually whether to renew the investment management agreement for the Fund.

The contract review process began in January 2021 as the Directors of the Fund agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Directors in March 2021, July 2021 and September 2021. In addition, the Directors reviewed and discussed the Fund’s performance at regularly scheduled meetings throughout the year, and took into account other information related to the Fund provided to the Directors at regularly scheduled meetings, in connection with the review of the Fund’s investment management agreement.

In March 2021, the Directors, among other things, discussed the memorandum provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Directors in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Fund, as well as the level of investment by the Fund’s portfolio managers in the Fund. In July 2021, the Directors, among other things, reviewed the Fund’s management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Directors also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US’s fund management business, and considered the differences between the fees and expenses of the Fund and the fees and expenses of Amundi US’s institutional accounts, as well as the different services provided by Amundi US to the Fund and to the institutional accounts. The Directors further considered contract review materials, including additional materials received in response to the Directors’ request, in September 2021.

At a meeting held on September 21, 2021, based on their evaluation of the information provided by Amundi US and third parties, the Directors of the Fund, including the Independent Directors voting separately, unanimously approved the renewal of the investment management agreement for another year. In approving the renewal of the investment management agreement,

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the Directors considered various factors that they determined were relevant, including the factors described below. The Directors 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 Directors considered the nature, extent and quality of the services that had been provided by Amundi US to the Fund, taking into account the investment objective and strategy of the Fund. The Directors also reviewed Amundi US’s investment approach for the Fund and its research process. The Directors considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Fund. They also reviewed the amount of non-Fund assets managed by the portfolio managers of the Fund. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US’s services to the Fund, including Amundi US’s compliance, risk management, and legal resources and personnel. The Directors noted the substantial attention and high priority given by Amundi US’s senior management to the Pioneer Fund complex. The Directors considered the effectiveness of Amundi US’s business continuity plan in response to the COVID-19 pandemic.

The Directors considered that Amundi US supervises and monitors the performance of the Fund’s service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund’s business management and operations. The Directors also considered that, as administrator, Amundi US is responsible for the administration of the Fund’s business and other affairs. The Directors considered Amundi US’s oversight of the process for transitioning custodian and sub-administration services to new service providers. The Directors considered that the Fund reimburses Amundi US its pro rata share of Amundi US’s costs of providing administration services to the Pioneer Funds.

Based on these considerations, the Directors concluded that the nature, extent and quality of services that had been provided by Amundi US to the Fund were satisfactory and consistent with the terms of the investment management agreement.

Performance of the Fund

In considering the Fund’s performance, the Directors regularly review and discuss throughout the year data prepared by Amundi US and information comparing the Fund’s performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Fund’s benchmark index. The Directors also regularly

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consider the Fund’s returns at market value relative to its peers, as well as the discount at which the Fund’s shares may trade on the New York Stock Exchange compared to its net asset value per share. They also discuss the Fund’s performance with Amundi US on a regular basis. The Directors’ regular reviews and discussions were factored into the Directors’ deliberations concerning the renewal of the investment management agreement.

Management Fee and Expenses

The Directors considered information showing the fees and expenses of the Fund 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 Directors 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 Fund’s shareowners.

The Directors considered that the Fund’s management fee (based on managed assets) for the most recent fiscal year was in the second quintile relative to the management fees paid by other funds in its Strategic Insight peer group for the comparable period. The Directors considered that the expense ratio (based on managed assets) of the Fund’s common shares for the most recent fiscal year (including investment-related expenses) was in the fifth quintile relative to its Strategic Insight peer group for the comparable period. The Directors noted Amundi US’s explanation of the reasons that the expense ratio of the Fund’s common shares was in the fifth quintile relative to its Strategic Insight peer group.

The Directors reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US’s affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Directors also considered Amundi US’s costs in providing services to the Fund and Amundi US’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 Amundi US’s client accounts, the Directors took into account the respective demands, resources and complexity associated with the Fund and other client accounts. The Directors noted that, in some instances, the fee rates for those clients were lower than the management fee for the Fund and considered that, under the investment management

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and administration agreements with the Fund, Amundi US performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Fund’s other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Directors also considered the entrepreneurial risks associated with Amundi US’s management of the Fund.

The Directors concluded that the management fee payable by the Fund to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.

Profitability

The Directors considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Fund, including the methodology used by Amundi US in allocating certain of its costs to the management of the Fund. The Directors also considered Amundi US’s profit margin in connection with the overall operation of the Fund. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Directors considered Amundi US’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 Directors concluded that Amundi US’s profitability with respect to the management of the Fund was not unreasonable.

Economies of Scale

The Directors considered the extent to which Amundi US may realize economies of scale or other efficiencies in managing and supporting the Fund. Since the Fund is a closed-end fund that has not raised additional capital, the Directors concluded that economies of scale were not a relevant consideration in the renewal of the investment advisory agreement.

Other Benefits

The Directors considered the other benefits that Amundi US enjoys from its relationship with the Fund. The Directors considered the character and amount of fees paid or to be paid by the Fund, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Directors further considered the revenues and profitability of Amundi US’s businesses other than the Fund business. To

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the extent applicable, the Directors also considered the benefits to the Fund and to Amundi US and its affiliates from the use of “soft” commission dollars generated by the Fund to pay for research and brokerage services.

The Directors considered that Amundi US 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 $2.12 trillion in assets (including the Pioneer Funds). The Directors considered that Amundi US’s relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US’s relationships with the Fund, including Amundi’s ability to market the services of Amundi US globally. The Directors noted that Amundi US 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 resources available to Amundi US. The Directors considered that Amundi US and the Fund receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Directors concluded that any such benefits received by Amundi US as a result of its relationship with the Fund were reasonable.

Conclusion

After consideration of the factors described above as well as other factors, the Directors, including the Independent Directors, concluded that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of the investment management agreement.

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Directors, Officers and Service Providers

   
Directors Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
John E. Baumgardner, Jr. Chief Executive Officer
Diane Durnin Anthony J. Koenig, Jr., Treasurer
Benjamin M. Friedman and Chief Financial and
Lisa M. Jones Accounting Officer
Lorraine H. Monchak Christopher J. Kelley, Secretary and
Craig C. MacKay Chief Legal Officer
Marguerite A. Piret  
Fred J. Ricciardi  
Kenneth J. Taubes  

 

Investment Adviser and Administrator

Amundi Asset Management US, Inc.

Custodian and Sub-Administrator
Brown Brothers Harriman & Co.

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 (1-800-710-0935). 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.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.

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How to Contact Amundi

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.amundi.com/us.

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareowners may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.

 
 

 

 

 

Amundi Asset Management US, Inc.

60 State Street

Boston, MA 02109

www.amundi.com/us

 

 

2021 Amundi Asset Management US, Inc. 19435-15-1121

 

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 Directors 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 Directors 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 Directors, 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)).

 

Mr. Fred J. Ricciardi, an independent Director, 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 Amundi Asset Management US, 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 CATEGORY  SERVICE CATEGORY DESCRIPTION  SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
     
I. AUDIT SERVICES  Services that are directly  o Accounting research assistance 
  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. AUDIT-RELATED  Services which are not  o AICPA attest and agreed-upon procedures 
SERVICES  prohibited under Rule  o Technology control assessments 
  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 DESCRIPTION  SPECIFIC PRE-APPROVED SERVICE 
    SUBCATEGORIES 
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 DESCRIPTION  SPECIFIC PRE-APPROVED SERVICE 
    SUBCATEGORIES 
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 DESCRIPTION  SPECIFIC PROHIBITED SERVICE 
    SUBCATEGORIES 
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 Directors 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 Directors 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.

 
 

 

 

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 Fund, Inc.

 

By (Signature and Title)* /s/ Lisa M. Jones

Lisa M. Jones, President and Chief Executive Officer

 

Date December 3, 2021

 

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 and Chief Executive Officer

 

Date December 3, 2021

 

By (Signature and Title)* /s/ Anthony J. Koenig, Jr.

Anthony J. Koenig, Jr., Treasurer and Chief Financial and Accounting Officer

 

Date December 3, 2021

 

* Print the name and title of each signing officer under his or her signature.

 

 

 

 


Proof - ex99codeethics.htm

 

 

CODE OF ETHICS

FOR

SENIOR OFFICERS

 

Policy

This Code of Ethics for Senior Officers (this “Code”) sets forth the policies, practices and values expected to be exhibited by Senior Officers of the Pioneer Funds (collectively, the “Funds” and each, a “Fund”). This Code does not apply generally to officers and employees of service providers to the Funds, including Amundi Asset Management US, Inc., and Amundi Distributor US, Inc. (collectively, “Amundi US”), unless such officers and employees are also Senior Officers.

The term “Senior Officers” shall mean the principal executive officer, principal financial officer, principal accounting officer and controller of the Funds, although one person may occupy more than one such office. Each Senior Officer is identified by title in Exhibit A to this Code.

The Chief Compliance Officer (“CCO”) of the Pioneer Funds is primarily responsible for implementing and monitoring compliance with this Code, subject to the overall supervision of the Board of Trustees of the Funds (the “Board”). The CCO has the authority to interpret this Code and its applicability to particular situations. Any questions about this Code should be directed to the CCO or his or her designee.

Purpose

The purposes of this Code are to:

·Promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
·Promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Fund;

     
  1 Last revised January 2021

 

 

 
 
·Promote compliance with applicable laws and governmental rules and regulations;
·Promote the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
·Establish accountability for adherence to the Code.

Each Senior Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

Responsibilities of Senior Officers

Conflicts of Interest

A “conflict of interest” occurs when a Senior Officer’s private interests interfere in any way – or even appear to interfere – with the interests of or his/her service to a Fund. A conflict can arise when a Senior Officer takes actions or has interests that may make it difficult to perform his or her Fund work objectively and effectively. Conflicts of interest also arise when a Senior Officer or a member of his/her family receives improper personal benefits as a result of the Senior Officer’s position with the Fund.

Certain conflicts of interest arise out of the relationships between Senior Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “ICA”), and the Investment Advisers Act of 1940, as amended (the “IAA”). For example, Senior Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. The Fund's and Amundi US’ compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace such policies and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise as a result of the contractual relationship between the Fund and Amundi US because the Senior Officers are officers or employees of both. As a result, this Code recognizes that Senior Officers will, in the normal course of their duties (whether formally for a Fund or for Amundi US, or for both), be involved in establishing policies and implementing decisions that will have different effects on Amundi US and the Fund. The participation of Senior Officers in such activities is inherent in the contractual relationship between a Fund and Amundi US and is consistent with the performance by the Senior Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the ICA and the IAA, will be deemed to have been handled ethically. In addition, it is recognized by the Board that Senior Officers may also be officers of investment companies other than the Pioneer Funds.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions of the ICA or the IAA. In reading the following examples of conflicts of interest under this Code, Senior Officers should keep in mind that such a list cannot ever be exhaustive or cover every possible scenario. It follows that the overarching principle is that the personal interest of a Senior Officer should not be placed improperly before the interest of a Fund.

     
  2 Last revised January 2021

 

 
 

 

Each Senior Officer must:

·Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Senior Officer would benefit personally to the detriment of the Fund;
·Not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Senior Officer rather than the benefit of the Fund; and
·Report at least annually any affiliations or other relationships that give rise to conflicts of interest.

Any material conflict of interest situation should be approved by the CCO, his or her designee or the Board. Examples of these include:

·Service as a director on the board of any public or private company;
·The receipt of any gift with a value in excess of an amount established from time to time by Amundi US’ Business Gift and Entertainment Policy from any single non-relative person or entity. Customary business lunches, dinners and entertainment at which both the Senior Officer and the giver are present, and promotional items of insignificant value are exempt from this prohibition;
·The receipt of any entertainment from any company with which a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;
·Any ownership interest in, or any consulting or employment relationship with, any of a Fund’s service providers other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and
·A direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer’s employment, such as compensation or equity ownership.

Corporate Opportunities

Senior Officers may not (a) take for themselves personally opportunities that are discovered through the use of a Fund’s property, information or position; (b) use a Fund’s property, information, or position for personal gain; or (c) compete with a Fund. Senior Officers owe a duty to the Funds to advance their legitimate interests when the opportunity to do so arises.

     
  3 Last revised January 2021

 

 
 

Confidentiality

Senior Officers should maintain the confidentiality of information entrusted to them by the Funds, except when disclosure is authorized or legally mandated. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Funds, if disclosed.

Fair dealing with Fund shareholders, suppliers, and competitors

Senior Officers should endeavor to deal fairly with the Funds’ shareholders, suppliers, and competitors. Senior Officers should not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice. Senior Officers should not knowingly misrepresent or cause others to misrepresent facts about a Fund to others, whether within or outside the Fund, including to the Board, the Funds’ auditors or to governmental regulators and self-regulatory organizations.

Compliance with Law

Each Senior Officer must not knowingly violate any law, rule and regulation applicable to his or her activities as an officer of the Funds. In addition, Senior Officers are responsible for understanding and promoting compliance with the laws, rules and regulations applicable to his or her particular position and by persons under the Senior Officer’s supervision. Senior Officers should endeavor to comply not only with the letter of the law, but also with the spirit of the law.

Disclosure

Each Senior Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds. Each Senior Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers of the Funds and Amundi US with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents a Fund files with, or submits to, the SEC and in other public communications made by the Funds.

Initial and Annual Certifications

Upon becoming a Senior Officer the Senior Officer is required to certify that he or she has received, read, and understands this Code. On an annual basis, each Senior Officer must certify that he or she has complied with all of the applicable requirements of this Code.

Administration and Enforcement of the Code

Report of Violations

Amundi US relies on each Senior Officer to report promptly if he or she knows of any conduct by a Senior Officer in violation of this Code. All violations or suspected violations of this Code must be reported to the CCO or a member of Amundi US’ Legal and Compliance Department. Failure to do so is itself a violation of this Code.

     
  4 Last revised January 2021

 

 
 

Investigation of Violations

Upon notification of a violation or suspected violation, the CCO or other members of Amundi US’ Compliance Department will take all appropriate action to investigate the potential violation reported. If, after such investigation, the CCO believes that no violation has occurred, the CCO and Compliance Department is not required to take no further action. Any matter the CCO believes is a violation will be reported to the Independent Trustees. If the Independent Trustees concur that a violation has occurred, they will inform and make a recommendation to the full Board. The Board shall be responsible for determining appropriate action. The Funds, their officers and employees, will not retaliate against any Senior Officer for reports of potential violations that are made in good faith and without malicious intent.

The CCO or his or her designee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The CCO or his or her designee shall make inquiries regarding any potential conflict of interest.

Violations and Sanctions

Compliance with this Code is expected and violations of its provisions will be taken seriously and could result in disciplinary action. In response to violations of the Code, the Board may impose such sanctions as it deems appropriate within the scope of its authority over Senior Officers, including termination as an officer of the Funds.

Waivers from the Code

The Independent Trustees will consider any approval or waiver sought by any Senior Officer.

The Independent Trustees will be responsible for granting waivers, as appropriate. Any change to or waiver of this Code will, to the extent required, be disclosed as provided by SEC rules.

Other Policies and Procedures

This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. The Funds’ and Amundi US’ Codes of Ethics under Rule 17j-1 under the ICA and Rule 204A-1 of the IAA are separate requirements applying to the Senior Officers and others, and are not a part of this Code. To the extent any other policies and procedures of the Funds or Amundi US overlap or conflict with the provisions of the Code, they are superseded by this Code.

Scope of Responsibilities

A Senior Officer’s responsibilities under this Code are limited to Fund matters over which the Senior Officer has direct responsibility or control, matters in which the Senior Officer routinely participates, and matters with which the Senior Officer is otherwise involved. In addition, a Senior Officer is responsible for matters of which the Senior Officer has actual knowledge.

     
  5 Last revised January 2021

 

 
 

Amendments

This Code other than Exhibit A may not be amended except in a writing that is specifically approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and their counsel, or to Amundi US’ Legal and Compliance Department.

Internal Use

This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

 

 

 

 

 

 

 

 

 

 

 

 

 

     
  6 Last revised January 2021

 
 

Exhibit A – Senior Officers of the Pioneer Funds (Effective as of August 14, 2008)

 

President (Principal Executive Officer)

Treasurer (Principal Financial Officer)

 

Code of Ethics for Senior Officers

 

 

 


 

CERTIFICATION PURSUANT TO RULE 30a-2(a)

UNDER THE 1940 ACT AND SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

 

I, Lisa M. Jones, certify that:

 

1. I have reviewed this report on Form N-CSR of Pioneer Municipal High Income Advantage Fund, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

 

5. The registrants other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: December 3, 2021

/s/ Lisa M. Jones

Lisa M. Jones

President and Chief Executive Officer

 
 

 

 

CERTIFICATION PURSUANT TO RULE 30a-2(a)

UNDER THE 1940 ACT AND SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

 

I, Anthony J. Koenig, Jr., certify that:

 

1. I have reviewed this report on Form N-CSR of Pioneer Municipal High Income Advantage Fund, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

 

5. The registrants other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: December 3, 2021

/s/ Anthony J. Koenig, Jr

Anthony J. Koenig, Jr.

Treasurer and Chief Financial and Accounting Officer

 


 

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

 

 

I, Lisa M. Jones, certify that, to the best of my knowledge:

 

1. The Form N-CSR (the Report) of Pioneer Municipal High Income Advantage Fund, Inc. fully complies for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of 1934; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Fund.

 

Date: December 3, 2021

 

/s/ Lisa M. Jones

Lisa M. Jones

President and Chief Executive Officer

 

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities and Exchange Commission.

A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities Exchange Commission or its staff upon request.

 

 
 

 

 

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

 

I, Anthony J. Koenig, Jr., certify that, to the best of my knowledge:

 

1. The Form N-CSR (the Report) of Pioneer Municipal High Income Advantage Fund, Inc. fully complies for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of 1934; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Fund.

 

Date: December 3, 2021

 

/s/ Anthony J. Koenig, Jr.

Anthony J. Koenig, Jr.

Treasurer and Chief Financial and Accounting Officer

 

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities and Exchange Commission.

 

A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities Exchange Commission or its staff upon request.