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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21409
Pioneer Municipal High Income Advantage Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: March 31
Date of reporting period: April 1, 2015 through September 30, 2015
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Municipal High
Income Advantage Trust
--------------------------------------------------------------------------------
Semiannual Report | September 30, 2015
--------------------------------------------------------------------------------
Ticker Symbol: MAV
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Schedule of Investments 13
Financial Statements 23
Notes to Financial Statements 28
Approval of Investment Advisory Agreement 36
Trustees, Officers and Service Providers 40
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 1
President's Letter
Dear Shareowner,
Through the first three quarters of 2015, global markets experienced pockets of
higher-than-average volatility due to significant cross-currents from different
geographic regions. All year, investors focused on the Federal Reserve System's
(the Fed's) deliberations over when to begin normalizing interest rates.
However, while there were signs of gradual economic improvement in the U.S.,
economies abroad increasingly diverged. In June, for example, investors grew
concerned about the debt crisis in Greece. That news, in turn, was followed by
evidence of an economic slowdown in China, which only served to exacerbate
existing worries about growth trends in the emerging markets, a segment of the
global economy already being negatively impacted by slumping commodity prices,
including the price of crude oil, which has been in near-steady decline for
almost a year. Through September 30, 2015, the pockets of heightened market
volatility alluded to above had resulted in the Standard & Poor's 500 Index
turning in a negative (-5.27%) return over the first nine months of the year.
However, the S&P 500 recovered nicely in October, returning 8.43% for the month,
which boosted the index's year-to-date return into positive territory, at 2.71%.
Despite the headwinds still vexing the global economy, our longer-term view of
the U.S. economy has remained positive. Economic conditions in the U.S. have
generally been constructive, based largely on improvements in employment
statistics and an uptick in the housing sector, which has aided the consumer
side of the economy, where household spending has been rising modestly. U.S.
consumers also stand to benefit, potentially, from lower energy prices as the
winter weather approaches. We continue to believe the U.S. economy remains on
a slow, steady growth trend, and that it is unlikely to be disrupted by a slow
pace of interest-rate normalization by the Fed.
Pioneer Investments believes that investors in today's environment can
potentially benefit from the consistent and disciplined investment approach we
have used since our founding in 1928. We focus on identifying value across
global markets using proprietary research, careful risk management, and a
long-term perspective. Our ongoing goal is to produce compelling returns
consistent with the stated objectives of our investment products, and with our
shareowners' expectations. We believe our shareowners can benefit from the
experience and tenure of our investment teams as well as the insights generated
from our extensive research process.
2 Pioneer Municipal High Income Advantage Trust | Semiannual Report |9/30/15
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short-and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate your trust in us in the past and look forward to
continuing to serve you in the future.
Sincerely,
/s/Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
November 2, 2015
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Trust's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 3
Portfolio Management Discussion | 9/30/15
Municipal bond investments delivered modest results during the six-month period
ended September 30, 2015. In the following interview, David Eurkus and Jonathan
Chirunga discuss the factors that influenced the performance of Pioneer
Municipal High Income Advantage Trust during the six-month period ended
September 30, 2015. Mr. Eurkus, Director of Municipals, a senior vice president
and a portfolio manager at Pioneer, and Mr. Chirunga, a vice president and
portfolio manager at Pioneer, are responsible for the day-to-day management of
the Trust.
Q How did Pioneer Municipal High Income Advantage Trust perform during the
six-month period ended September 30, 2015?
A Pioneer Municipal High Income Advantage Trust returned 0.91% at net asset
value and -13.72% at market price during the six-month period ended
September 30, 2015. During the same six-month period, the Trust's
benchmarks, the Barclays High Yield Municipal Bond Index and the Barclays
Municipal Bond Index, returned -1.07% and 0.75%, respectively. The Barclays
High Yield Municipal Bond Index is an unmanaged measure of the performance
of lower-rated municipal bonds, while the Barclays Municipal Bond Index is
an unmanaged measure of the performance of investment-grade municipal
bonds. Unlike the Trust, the two Barclays indices do not use leverage.
While use of leverage increases investment opportunity, it also increases
investment risk.
During the same six-month period, the average return (at market price) of
the 11 closed end funds in Lipper's High Yield Municipal Debt Closed End
Funds category (which may or may not be leveraged) was -3.33%.
The shares of the Trust were selling at a 4.4% premium to net asset value
at the end of the period, on September 30, 2015.
On September 30, 2015, the standardized 30-day SEC yield of the Trust's
shares was 4.89%*.
Q How would you describe the investment environment in the municipal bond
market during the six-month period ended September 30, 2015?
A The imbalance between strong investor demand for municipal bonds and
limited supply of municipal securities helped support the overall market
over the six months, although a spike in longer-term interest rates in the
period's final weeks held back market performance, as illustrated by the
* The 30-day SEC yield is a standardized formula that is based on the
hypothetical annualized earning power (investment income only) of the
Trust's portfolio securities during the period indicated.
4 Pioneer Municipal High Income Advantage Trust | Semiannual Report |9/30/15
negative return generated by one of the Trust's benchmarks (the Barclays
High Yield Municipal Bond Index), and the modestly positive return of the
other (the Barclays Municipal Bond Index).
The market had rallied strongly from early in 2015 -- before the six-month
period began -- to about the middle of the calendar year, when longer-
maturity bond yields declined and bond prices rose as demand from both
traditional and non-traditional municipal investors outstripped supply.
However, the direction of interest-rate changes reversed course at the end
of July, as rates started rising and continued to move higher through the
end of the six-month period. Over the full six months, the yields of
30-year AAA-rated municipals rose modestly, moving from 2.80% to 3.04%.
The investment-grade portion of the municipal market outperformed the
lower-rated, higher-yielding group during the period. The principal reason
for investment-grade's outperformance was the influence on the high-yield
market of bonds issued by the Commonwealth of Puerto Rico. Puerto Rican
bonds, which account for 25% of the value of securities in the Barclays
High Yield Municipal Bond Index, plummeted in price after the governor of
the Commonwealth announced in early June that all Puerto Rican bonds would
have to be re-structured by July 1, 2015. Late in the period, Puerto Rican
bonds did recover some of their lost values, but they still held back the
performance of the overall high-yield sector for the full six months.
Fortunately, while the sharp declines in the bond prices had a significant
impact on the overall high-yield municipal market, they had only minimal
impact on the Trust, as just 1% of the Trust's total investment portfolio
was invested in Puerto Rican bonds over the period.
Q How did you manage the Trust's portfolio during the six-month period ended
September 30, 2015, and which of your investment decisions had the biggest
effects on the Trust's performance?
A Our sizable underweighting of Puerto Rico-issued bonds helped the Trust's
benchmark-relative performance during the period, as did overall security
selection results. In general, we avoided purchasing bonds issued by the
more troubled institutions and municipalities, and also had very little
exposure in the Trust's portfolio to bonds issued by the cities of Detroit
and Chicago. Detroit's well-publicized debt problems go back a few years
now, and Chicago just had its credit rating downgraded to below-investment-
grade status by major ratings agencies in recent months.
The Trust's relatively large position in bonds backed by the tobacco Master
Settlement Agreement (MSA) contributed to benchmark-relative results during
the period. Those securities outperformed in a market environment that saw
investors -- including institutions, such as insurance companies, that
normally do not participate in the municipal market -- seek out higher-
yielding and attractively priced opportunities. The MSA resulted from
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 5
liability lawsuits brought against major tobacco firms by several states.
The municipal bonds issued by those states are backed by settlement
payments made by the tobacco industry that are required under the terms of
the MSA.
Positions in the Trust's traditional areas of emphasis, such as the
hospital/ health care, transportation and education sectors, also proved
advantageous for benchmark-relative performance during the six-month
period.
The Trust's long-duration stance slightly detracted from benchmark-relative
performance during the period, as long-term rates rose and slowly eroded
longer-maturity bond prices, especially in the investment-grade portion of
the municipal market. We maintained a relatively long duration in the
Trust's portfolio in an attempt to capture the higher yields that generally
are available at the long end of the yield curve. (Duration is a measure of
the sensitivity of the price, or the value of principal, of a fixed-income
investment to a change in interest rates, expressed as a number of years.)
At the end of the period, on September 30, 2015, the Trust's largest sector
allocation was in health revenue bonds, with a benchmark-relative
overweight position of more than 18% of the total investment portfolio. The
Trust was also overweight in education and transportation bonds as of
period end, while being underweight tobacco bonds, despite a healthy 9%
allocation to the tobacco sector in the Trust's total investment portfolio
as of September 30th.
Consistent with our long-term investment approach, we have continued to
focus the Trust's investments on bonds that are supported by revenues of
specific projects. We believe the financial support for such projects is
more consistent and predictable than it is for general obligation bonds,
which essentially rely on municipal tax revenue.
Q What were the principal factors affecting the Trust's yield, or dividend*
income, during the six-month period ended September 30, 2015?
A In May of this year, the Trust's monthly distribution was decreased from
9.5 cents per share to 8 cents per share, and remained at that level for
the rest of the period. The reduction was the result of the prolonged
low-interest-rate environment that had reduced the yields of securities
within the municipal bond market. As interest rates have come down and
older Trust investments have been called back by issuers, sold, or reached
their maturity dates, those bonds have had to be replaced by lower-yielding
securities due to the low rates available in the market. The reduction in
yield to 8 cents per share was necessary in order to align the Trust's
distribution rate to shareholders to the current projected level of
earnings and reserves.
* Dividends are not guaranteed.
6 Pioneer Municipal High Income Advantage Trust | Semiannual Report |9/30/15
Investors should be aware, however, that over the longer term, additional
adjustments to distributions may become necessary. In addition, the Trust
has drawn on accumulated net interest income in paying the Trust's
distributions in recent periods, but these reserves will likely be depleted
over time.
Q How did the level of leverage in the Trust change during the six-month
period ended September 30, 2015?
A At the end of the six-month period on September 30, 2015, 33.9% of the
Trusts total managed assets were financed by leverage (or borrowed funds),
compared with 33.3% of the Trust's total managed assets financed by
leverage at the start of the period on April 1, 2015. The percentage
increase was due to a decrease in the value of securities in which the
Trust had invested.
Q Did you use any derivatives in managing the Trust's portfolio during the
six-month period ended September 30, 2015? If so, did the use of deriva-
tives affect the Trust's performance?
A No, the Trust had no exposure to derivatives during the six-month period.
Q What is your investment outlook?
A We are maintaining our positive view of investment opportunities in the
municipal bond market, in both the investment-grade and high-yield sectors.
The imbalance between heavy demand for and limited supply of municipals has
continued to hold, as more municipal securities were taken out of the
market during the past six months than were issued. At the same time, the
relatively high yields of municipal bonds have attracted many
non-traditional investors who are in search of better yields than those
available in other fixed-income asset classes. Also, municipals remain
favorably priced in comparison with taxable bonds.
At present, we are maintaining a relatively longer duration in the Trust's
portfolio, given the still very accommodative monetary policies of the U.S.
Federal Reserve System (the Fed). However, we will re-evaluate the Trust's
duration stance should the Fed opt to raise interest rates before the end
of the year, in light of continued positive momentum in the U.S. labor
market and stronger consumer sentiment.
With that said, we anticipate that the domestic economy should continue to
expand at a modest pace, which would favor credit-sensitive debt, including
high-yield municipal bonds, and we think the relatively good performance of
municipal bonds, in both the investment-grade and high-yield sectors,
should persist.
Please refer to the Schedule of Investments on pages 13-22 for a full listing of
Trust securities.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 7
Investments in high-yield or lower-rated securities are subject to
greater-than-average risk.
The Trust may invest in securities of issuers that are in default or that are in
bankruptcy.
A portion of income may be subject to state, federal, and/or alternative minimum
tax. Capital gains, if any, are subject to a capital gains tax.
When interest rates rise, the prices of fixed-income securities in the Trust
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Trust will generally rise.
By concentrating in municipal securities, the portfolio is more susceptible to
adverse economic, political or regulatory developments than is a portfolio that
invests more broadly.
Investments in the Trust are subject to possible loss due to the financial
failure of the issuers of the underlying securities and the issuers' inability
to meet their debt obligations.
The Trust currently uses leverage through the issuance of preferred shares.
Leverage creates significant risks, including the risk that the Trust's
incremental income or capital appreciation for investments purchased with the
proceeds of leverage will not be sufficient to cover the cost of leverage, which
may adversely affect the return for the holders of common shares. Since February
of 2008, regularly scheduled auctions for the Trust's preferred shares have
failed and preferred shareowners have not been able to sell their shares at
auction. The Board of Trustees of the Trust has considered, and continues to
consider, this issue.
The Trust is required to meet certain regulatory and rating agency asset
coverage requirements in connection with its outstanding preferred shares. In
order to maintain required asset coverage levels, the Trust may be required to
alter the composition of its investment portfolio or take other actions, such as
redeeming preferred shares with the proceeds from portfolio transactions, at
what might be inopportune times in the market. Such actions could reduce the net
earnings or returns to holders of the Trust's common shares over time, which is
likely to result in a decrease in the market value of the Trust's shares.
8 Pioneer Municipal High Income Advantage Trust | Semiannual Report |9/30/15
Risks of investing in the Trust are discussed in greater detail in the Trust's
original offering documents relating to its common shares and shareowner reports
issued from time to time.
These risks may increase share price volatility.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Trust's historical or future performance are state-
ments of opinion as of the date of this report. Past performance is no guarantee
of future results.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 9
Portfolio Summary | 9/30/15
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Revenue Bonds: Health Revenue 18.4%
Other Revenue 17.0%
Insured: 15.4%
Education Revenue 10.6%
Tobacco Settlement Revenue 9.2%
Development Revenue 8.6%
Facilities Revenue 7.9%
Transportation Revenue 7.4%
Water Revenue 2.1%
Pollution Control Revenue 1.8%
Airport Revenue 1.6%
Portfolio Maturity
--------------------------------------------------------------------------------
(As a percentage of total investments)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
20+ years 60.4%
10-20 years 34.9%
7-10 years 2.5%
0-2 year 1.4%
2-5 years 0.7%
5-7 years 0.1%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. North Texas Tollway Authority, Series F, 5.75%, 1/1/33 2.58%
--------------------------------------------------------------------------------------------------------------
2. Lehman Municipal Trust Receipts, RIB, 13.124%, 7/28/31 2.40
--------------------------------------------------------------------------------------------------------------
3. New Jersey Transportation Trust Fund Authority, 12/15/27 2.35
--------------------------------------------------------------------------------------------------------------
4. Private Colleges & Universities Authority, Emory University, Series A, 5.0%, 10/1/43 2.33
--------------------------------------------------------------------------------------------------------------
5. Massachusetts Development Finance Agency, WGBH Foundation, Series A, 5.75%, 1/1/42 2.29
--------------------------------------------------------------------------------------------------------------
6. New York State Dormitory Authority, Series C, 5.0%, 3/15/39 2.01
--------------------------------------------------------------------------------------------------------------
7. New Jersey Economic Development Authority, Continental Airlines, 5.75%, 9/15/27 1.93
--------------------------------------------------------------------------------------------------------------
8. Buckeye Tobacco Settlement Financing Authority, Asset-Backed, Series A-2, 6.5%, 6/1/47 1.91
--------------------------------------------------------------------------------------------------------------
9. Jefferson Parish Hospital Service District No. 2, East Jefferson General Hospital, 6.375%, 7/1/41 1.88
--------------------------------------------------------------------------------------------------------------
10. State of Connecticut, Series E, 4.0%, 9/1/30 1.82
--------------------------------------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
10 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
Prices and Distributions | 9/30/15
Share Prices and Distributions
--------------------------------------------------------------------------------
Market Value per Common Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
9/30/15 3/31/15
--------------------------------------------------------------------------------
Market Value $12.85 $15.48
--------------------------------------------------------------------------------
Premium 4.4% 22.1%
--------------------------------------------------------------------------------
Net Asset Value per Common Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
9/30/15 3/31/15
--------------------------------------------------------------------------------
Net Asset Value $12.31 $12.68
--------------------------------------------------------------------------------
Distributions per Common Share*
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
4/1/15 - 9/30/15 $0.50 $-- $--
--------------------------------------------------------------------------------
The data shown above represents past performance, which is no guarantee of
future results.
* The amount of distributions made to shareholders during the period was in
excess of the net investment income earned by the Trust during the period.
The Trust has accumulated undistributed net investment income which is part
of the Trust'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 Trust's shares.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 11
Performance Update | 9/30/15
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 Trust during the
periods shown, compared to that of the Barclays Municipal Bond Index and the
Barclays High Yield Municipal Bond Index.
Average Annual Total Returns
(As of September 30, 2015)
--------------------------------------------------------------------------------
Barclays
Net Barclays High Yield
Asset Municipal Municipal
Value Market Bond Bond
Period (NAV) Price Index Index
--------------------------------------------------------------------------------
10 Years 6.26% 6.69% 4.63% 4.84%
5 Years 7.60 6.84 4.14 5.94
1 Year 5.85 -8.32 3.16 1.24
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Municipal
High Income Barclays Municipal Barclays High Yield
Advantage Trust Bond Index Municipal Bond Index
9/05 $ 10,000 $ 9,939 $ 9,990
9/06 $ 10,860 $ 10,445 $ 11,074
9/07 $ 11,815 $ 10,768 $ 11,391
9/08 $ 8,464 $ 10,567 $ 10,248
9/09 $ 10,977 $ 12,136 $ 10,714
9/10 $ 13,726 $ 12,841 $ 12,014
9/11 $ 14,750 $ 13,340 $ 12,516
9/12 $ 18,685 $ 14,449 $ 14,367
9/13 $ 17,003 $ 14,129 $ 14,146
9/14 $ 20,845 $ 15,249 $ 15,838
9/15 $ 19,111 $ 15,731 $ 16,035
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
Performance data shown represents past performance. Past performance is no
guarantee of future results. Investment return and market price will fluctuate,
and your shares may trade below NAV due to such factors as interest rate changes
and the perceived credit quality of borrowers.
Total investment return does not reflect broker sales charges or commissions.
All performance is for common shares of the Trust.
Shares of closed-end funds, unlike open-end funds, are not continuously offered.
There is a one-time public offering and, once issued, shares of closed-end funds
are bought and sold in the open market through a stock exchange, and frequently
trade at prices lower than their NAV. NAV per common share is total assets less
total liabilities, which include preferred shares, divided by the number of
common shares outstanding.
When NAV is lower than market price, dividends are assumed to be reinvested at
the greater of NAV or 95% of the market price. When NAV is higher, dividends are
assumed to be reinvested at prices obtained through open-market purchases under
the Trust's dividend reinvestment plan.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Trust distributions or the sale of Trust shares.
Had these fees and taxes been reflected, performance would have been lower.
The Barclays Municipal Bond Index is an unmanaged, broad measure of the
municipal bond market. The Barclays High Yield Municipal Bond Index is
unmanaged, totals over $26 billion in market value and maintains over 1,300
securities. Municipal bonds in this index have the following requirements:
maturities of one year or greater, sub investment grade (below Baa or
non-rated), fixed coupon rate, issue date later than 12/31/90, deal size over
$20 million, maturity size of at least $3 million. Index returns are calculated
monthly, assume reinvestment of dividends and, unlike Trust returns, do not
reflect any fees, expenses or sales charges. The indices do not employ leverage.
You cannot invest directly in the indices.
12 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
Schedule of Investments | 9/30/15 (unaudited)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
TAX EXEMPT OBLIGATIONS - 143.5%
of Net Assets (a)
Alabama -- 1.7%
2,500,000 Alabama Industrial Development Authority,
Pine City Fiber Co., 6.45%, 12/1/23 $ 2,510,200
2,500,000 Huntsville-Redstone Village Special Care
Facilities Financing Authority, Redstone Village
Project, 5.5%, 1/1/43 2,506,050
--------------
$ 5,016,250
----------------------------------------------------------------------------------------------------
Arizona -- 0.9%
32,000 County of Pima, AZ, Industrial Development Authority,
Arizona Charter Schools Project, Series C, 6.75%, 7/1/31 $ 32,088
2,640,000(b) County of Pima, AZ, Industrial Development Authority,
Constellation Schools Project, 7.0%, 1/1/38 2,738,314
--------------
$ 2,770,402
----------------------------------------------------------------------------------------------------
California -- 17.3%
6,990,000 California County Tobacco Securitization Agency, Asset-
Backed, Gold County Funding Corp., 5.25%, 6/1/46 $ 5,218,454
10,000,000(c) California County Tobacco Securitization Agency, Capital
Appreciation, Stanislaus County, Subordinated,
Series A, 6/1/46 1,039,300
1,845,000 California Educational Facilities Authority, Stanford
University, 5.25%, 4/1/40 2,465,068
1,550,000 California Enterprise Development Authority, Sunpower
Corp., 8.5%, 4/1/31 1,771,293
5,000,00 California Pollution Control Financing Authority, 5.0%,
7/1/37 (144A) 5,147,650
3,000,000 California School Finance Authority, Classical Academies
Project, Series A, 7.375%, 10/1/43 3,494,580
1,875,000 California Statewide Communities Development Authority,
Lancer Plaza Project, 5.875%, 11/1/43 1,901,363
757,342(d) California Statewide Communities Development Authority,
Microgy Holdings Project, 9.0%, 12/1/38 8
1,500,000(b) City of Madera, CA, Irrigation Financing Authority,
6.25%, 1/1/31 1,821,465
1,500,000(b) City of Madera, CA, Irrigation Financing Authority,
6.5%, 1/1/40 1,837,005
2,500,000 City of San Jose, CA, Series B, 5.0%, 3/1/37 2,605,325
25,000,000(c) Inland Empire Tobacco Securitization Authority,
Asset-Backed, Series C-1, 6/1/36 5,141,250
3,140,000(e) Lehman Municipal Trust Receipts, RIB, 13.217%,
9/20/28 (144A) 3,967,233
8,575,000(e)(f) Lehman Municipal Trust Receipts, RIB, 13.124%, 7/28/31 10,096,548
1,000,000 River Islands Public Financing Authority, Community
Facilities, 5.5%, 9/1/45 1,031,590
2,425,000(f) State of California, Various Purposes, 5.75%, 4/1/31 2,806,889
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 13
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
California -- (continued)
465,000 Tobacco Securitization Authority of Southern California,
Series A-1, 5.125%, 6/1/46 $ 396,445
--------------
$ 50,741,466
----------------------------------------------------------------------------------------------------
Colorado -- 0.8%
1,500,000 Colorado Educational & Cultural Facilities Authority, Rocky
Mountain Classical Academy Project, 8.0%, 9/1/43 $ 1,587,075
1,000,000 Kremmling Memorial Hospital District, Certificate of
Participation, 7.125%, 12/1/45 824,540
--------------
$ 2,411,615
----------------------------------------------------------------------------------------------------
Connecticut -- 3.0%
7,200,000(f) State of Connecticut, Series E, 4.0%, 9/1/30 $ 7,643,736
1,000,000 Town of Hamden, CT, Whitney Center Project, Series A,
7.75%, 1/1/43 1,043,770
--------------
$ 8,687,506
----------------------------------------------------------------------------------------------------
District of Columbia -- 3.5%
2,700,000 District of Columbia Tobacco Settlement Financing Corp.,
Asset-Backed, 6.5%, 5/15/33 $ 3,297,699
6,825,000 District of Columbia Tobacco Settlement Financing Corp.,
Asset-Backed, 6.75%, 5/15/40 6,824,795
--------------
$ 10,122,494
----------------------------------------------------------------------------------------------------
Florida -- 4.6%
1,500,000 Alachua County Health Facilities Authority, Terraces Bonita
Springs Project, Series A, 8.125%, 11/15/41 $ 1,777,140
1,500,000 Alachua County Health Facilities Authority, Terraces Bonita
Springs Project, Series A, 8.125%, 11/15/46 1,773,435
500,000 Capital Trust Agency, Inc., Million Air One LLC,
7.75%, 1/1/41 474,800
2,500,000 County of Miami-Dade, FL, Aviation Revenue, Series B,
5.5%, 10/1/41 2,814,700
5,000,000 Florida's Turnpike Enterprise, Department of Transportation,
Series A, 4.0%, 7/1/32 5,260,100
1,000,000(b) Hillsborough County Industrial Development Authority,
Various Health Facilities, 8.0%, 8/15/32 1,268,000
--------------
$ 13,368,175
----------------------------------------------------------------------------------------------------
Georgia -- 4.0%
900,000 DeKalb County Georgia Hospital Authority, DeKalb
Medical Center, Inc. Project, 6.0%, 9/1/30 $ 986,355
750,000 DeKalb County Georgia Hospital Authority, DeKalb
Medical Center, Inc. Project, 6.125%, 9/1/40 814,342
8,750,000 Private Colleges & Universities Authority, Emory University,
Series A, 5.0%, 10/1/43 9,801,750
--------------
$ 11,602,447
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
14 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Guam -- 0.4%
1,000,000 Guam Department of Education, Certificates of
Participation, John F. Kennedy High School, Series A,
6.625%, 12/1/30 $ 1,088,310
----------------------------------------------------------------------------------------------------
Idaho -- 0.7%
2,000,000 Power County Industrial Development Corp., FMC Corp.
Project, 6.45%, 8/1/32 $ 2,003,820
----------------------------------------------------------------------------------------------------
Illinois -- 4.4%
1,000,000(f) City of Country Club Hills, IL, Sales Tax, 5.0%, 12/1/31 $ 1,007,670
45,000 Illinois Finance Authority, Clare Oaks Project, Series A-3,
7.0%, 11/15/17 45,017
417,400(e) Illinois Finance Authority, Clare Oaks Project, Series B,
4.0%, 11/15/52 266,794
261,000(c) Illinois Finance Authority, Clare Oaks Project, Series C-1,
11/15/52 9,396
52,200(c) Illinois Finance Authority, Clare Oaks Project, Series C-2,
11/15/52 14,280
52,200(c) Illinois Finance Authority, Clare Oaks Project, Series C-3,
11/15/52 8,972
3,000,000 Illinois Finance Authority, Greenfields of Geneva Project,
Series A, 8.125%, 2/15/40 3,175,710
2,500,000 Illinois Finance Authority, Greenfields of Geneva Project,
Series A, 8.25%, 2/15/46 2,652,300
1,450,000 Illinois Finance Authority, Memorial Health System, 5.5%,
4/1/39 1,589,403
2,000,000 Illinois Finance Authority, Northwestern Memorial Hospital,
Series A, 6.0%, 8/15/39 2,312,180
280,000 Illinois Finance Authority, Swedish Covenant, Series A,
6.0%, 8/15/38 310,189
1,705,000 Southwestern Illinois Development Authority, Village of
Sauget Project, 5.625%, 11/1/26 1,573,238
--------------
$ 12,965,149
----------------------------------------------------------------------------------------------------
Indiana -- 1.0%
250,000 City of Carmel, IN, Barrington Carmel Project, Series A,
7.0%, 11/15/32 $ 279,802
750,000 City of Carmel, IN, Barrington Carmel Project, Series A,
7.125%, 11/15/42 840,195
500,000 City of Carmel, IN, Barrington Carmel Project, Series A,
7.125%, 11/15/47 558,550
1,465,000 City of Vincennes, IN, Southwest Indiana Regional, 6.25%,
1/1/24 1,305,945
--------------
$ 2,984,492
----------------------------------------------------------------------------------------------------
Kansas -- 0.4%
1,000,000 Kansas Development Finance Authority, Hayes Medical
Center, Inc., Series Q, 5.0%, 5/15/35 $ 1,077,450
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 15
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Louisiana -- 6.1%
7,000,000 Jefferson Parish Hospital Service District No. 2, East
Jefferson General Hospital, 6.375%, 7/1/41 $ 7,929,250
2,500,000 Louisiana Local Government Environmental Facilities &
Community Development Authority, Westlake Chemical Corp.
Project, 6.75%, 11/1/32 2,713,300
1,650,000(b) Louisiana Public Facilities Authority, Ochsner Clinic
Foundation Project, Series A, 5.5%, 5/15/47 1,777,710
4,350,000 Louisiana Public Facilities Authority, Ochsner Clinic
Foundation Project, Series A, 5.5%, 5/15/47 4,569,458
750,000 Opelousas Louisiana General Hospital Authority, Opelousas
General Health System Project, 5.75%, 10/1/23 752,610
--------------
$ 17,742,328
----------------------------------------------------------------------------------------------------
Maine -- 2.0%
1,500,000 Maine Health & Higher Educational Facilities Authority,
Maine General Medical Center, 7.5%, 7/1/32 $ 1,797,960
3,500,000 Maine Turnpike Authority, Series A, 5.0%, 7/1/42 3,928,960
--------------
$ 5,726,920
----------------------------------------------------------------------------------------------------
Maryland -- 3.7%
2,000,000 Maryland Health & Higher Educational Facilities Authority,
Charlestown Community, 6.25%, 1/1/45 $ 2,217,140
2,235,000 Maryland Health & Higher Educational Facilities Authority,
City Neighbors, Series A, 6.75%, 7/1/44 2,420,147
1,250,000 Maryland Health & Higher Educational Facilities Authority,
Doctor's Community Hospital, 5.75%, 7/1/38 1,320,750
4,500,000 Maryland Health & Higher Educational Facilities Authority,
Maryland University Medical System, Series A, 5.0%, 7/1/43 4,902,570
--------------
$ 10,860,607
----------------------------------------------------------------------------------------------------
Massachusetts -- 5.5%
987,904 Massachusetts Development Finance Agency, Linden Ponds,
Inc., Series A-1, 5.5%, 11/15/46 $ 843,838
2,200,000 Massachusetts Development Finance Agency, Partner's
Healthcare System, Series M-4, 5.0%, 7/1/39 2,431,704
8,000,000 Massachusetts Development Finance Agency, WGBH
Foundation, Series A, 5.75%, 1/1/42 9,642,320
2,400,000 Massachusetts Health & Educational Facilities Authority,
Massachusetts Institute of Technology, Series K, 5.5%,
7/1/32 3,244,344
3,420,000(d) Massachusetts Health & Educational Facilities Authority,
Quincy Medical Center, Series A, 6.5%, 1/15/38 8,379
--------------
$ 16,170,585
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Michigan -- 3.7%
2,000,000 Flint Michigan Hospital Building Authority, Hurley Medical
Center, 7.375%, 7/1/35 $ 2,265,320
2,235,000 Kent Hospital Finance Authority, Metropolitan Hospital
Project, Series A, 6.25%, 7/1/40 2,236,453
560,000 Michigan Public Educational Facilities Authority, Crescent
Academy, 7.0%, 10/1/36 577,808
5,000,000 Michigan State University, Series A, 5.0%, 8/15/41 5,621,950
--------------
$ 10,701,531
----------------------------------------------------------------------------------------------------
Minnesota -- 0.8%
2,000,000 Bloomington Port Authority, Radisson Blu Mall of America,
9.0%, 12/1/35 $ 2,293,500
----------------------------------------------------------------------------------------------------
Montana -- 0.3%
2,365,000 City of Hardin, MT, Tax Allocation, Rocky Mountain Power,
Inc. Project, 6.25%, 9/1/31 $ 827,561
1,000,000(d) Two Rivers Authority, Inc., 7.375%, 11/1/27 144,290
--------------
$ 971,851
----------------------------------------------------------------------------------------------------
Nevada -- 2.4%
4,500,000(b) City of Reno, NV, Renown Regional Medical Center Project,
Series A, 5.25%, 6/1/41 $ 4,843,485
2,000,000 County of Washoe, NV, Fuel Tax, 5.0%, 2/1/43 2,192,760
--------------
$ 7,036,245
----------------------------------------------------------------------------------------------------
New Jersey -- 9.3%
7,500,000 New Jersey Economic Development Authority, Continental
Airlines, 5.75%, 9/15/27 $ 8,105,775
3,300,000 New Jersey Health Care Facilities Financing Authority,
Raritan Bay Medical Center, 7.25%, 7/1/27 3,304,422
3,500,000(e) New Jersey State Turnpike Authority, RIB, 13.848%,
7/1/23 (144A) 5,925,710
15,375,000(c) New Jersey Transportation Trust Fund Authority, 12/15/27 9,876,593
--------------
$ 27,212,500
----------------------------------------------------------------------------------------------------
New York -- 10.6%
7,000,000 New York City Industrial Development Agency, British Airways
Plc Project, 5.25%, 12/1/32 $ 7,020,300
3,950,000 New York City Industrial Development Agency, British Airways
Plc Project, 7.625%, 12/1/32 4,004,905
5,000,000 New York State Dormitory Authority, Columbia University,
5.0%, 10/1/41 5,733,000
2,000,000 New York State Dormitory Authority, Orange Medical Center,
6.125%, 12/1/29 2,199,620
7,500,000 New York State Dormitory Authority, Series C, 5.0%, 3/15/39 8,446,050
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 17
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
New York -- (continued)
1,500,000 New York State Dormitory Authority, Trustees of Columbia
University, 5.0%, 10/1/45 $ 1,993,695
1,400,463 Westchester County Healthcare Corp., Series A, 5.0%,
11/1/44 1,537,008
--------------
$ 30,934,578
----------------------------------------------------------------------------------------------------
Ohio -- 6.6%
3,000,000 Akron Bath Copley Joint Township Hospital District, Akron
General Health System, 5.0%, 1/1/31 $ 3,217,500
2,500,000 Buckeye Tobacco Settlement Financing Authority,
Asset-Backed, Series A-2, 5.875%, 6/1/47 2,067,600
8,945,000 Buckeye Tobacco Settlement Financing Authority,
Asset-Backed, Series A-2, 6.5%, 6/1/47 8,014,541
3,000,000 Ohio State Water Development Authority, First Energy
Generation Project, Series A, 3.0%, 5/15/19 3,049,110
2,500,000(f) State of Ohio, Common Schools, Series B, 5.0%, 6/15/29 2,935,850
--------------
$ 19,284,601
----------------------------------------------------------------------------------------------------
Oregon -- 0.7%
2,000,000 Oregon State Facilities Authority, Samaritan Health Services,
Series A, 5.25%, 10/1/40 $ 2,145,120
----------------------------------------------------------------------------------------------------
Pennsylvania -- 9.6%
1,965,000 Pennsylvania Economic Development Financing Authority,
US Airways Group, Series B, 8.0%, 5/1/29 $ 2,320,134
5,000,000 Pennsylvania Economic Development Financing Authority,
USG Corp. Project, 6.0%, 6/1/31 4,999,850
5,000,000 Pennsylvania Turnpike Commission, Series D, 5.3%, 12/1/41 5,571,500
500,000 Philadelphia Authority for Industrial Development, Greater
Philadelphia Health Action, Inc. Project, Series A,
6.625%, 6/1/50 497,585
6,000,000 Philadelphia Authority for Industrial Development, Nueva
Esperanze, Inc., 8.2%, 12/1/43 6,625,980
1,000,000 Philadelphia Authority for Industrial Development,
Performing Arts Charter School Project, 6.5%, 6/15/33
(144A) 1,048,050
2,000,000 Philadelphia Authority for Industrial Development,
Performing Arts Charter School Project, 6.75%, 6/15/43
(144A) 2,105,640
5,000,000 Philadelphia Hospitals & Higher Education Facilities
Authority, Temple University Health System, Series A,
5.0%, 7/1/34 4,993,000
--------------
$ 28,161,739
----------------------------------------------------------------------------------------------------
Puerto Rico -- 1.2%
4,500,000(f) Commonwealth of Puerto Rico, Series A, 8.0%, 7/1/35 $ 3,374,865
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Rhode Island -- 0.7%
1,355,000(d) Central Falls Detention Facility Corp., 7.25%, 7/15/35 $ 336,894
1,500,000 Rhode Island Health & Educational Building Corp.,
Tockwatten Home Issue, 8.375%, 1/1/46 1,778,310
--------------
$ 2,115,204
----------------------------------------------------------------------------------------------------
South Carolina -- 2.0%
4,400,000(g) Tobacco Settlement Revenue Management Authority,
Series B, 6.375%, 5/15/30 $ 5,972,824
----------------------------------------------------------------------------------------------------
South Dakota -- 1.4%
4,000,000 South Dakota Health & Educational Facilities Authority,
Sanford Health, Series B, 4.0%, 11/1/44 $ 3,986,240
----------------------------------------------------------------------------------------------------
Tennessee -- 3.0%
5,000,000 Johnson City Health & Educational Facilities Board,
Mountain States Health Alliance, 6.5%, 7/1/38 $ 5,743,200
3,000,000 Sullivan County Health, Educational & Housing Facilities
Board, Wellmont Health System Project, Series C,
5.25%, 9/1/36 3,097,260
--------------
$ 8,840,460
----------------------------------------------------------------------------------------------------
Texas -- 18.2%
1,000,000 Arlington Higher Education Finance Corp., Universal
Academy, Series A, 7.0%, 3/1/34 $ 1,058,510
1,500,000 Arlington Higher Education Finance Corp., Universal
Academy, Series A, 7.125%, 3/1/44 1,587,825
2,500,000 Central Texas Regional Mobility Authority, Sub Lien,
6.75%, 1/1/41 2,992,625
5,000,000(f) Goose Creek Consolidated Independent School District,
Series C, 4.0%, 2/15/26 5,608,150
2,663,453(d) Gulf Coast Industrial Development Authority, Microgy
Holdings Project, 7.0%, 12/1/36 27
3,000,000 Houston Higher Education Finance Corp., St. John's School
Project, Series A, 5.0%, 9/1/38 3,217,140
2,000,000 Lubbock Health Facilities Development Corp., Carillon
Project, Series A, 6.625%, 7/1/36 2,043,720
3,355,000 North Texas Tollway Authority, Series A, 5.0%, 1/1/30 3,803,563
9,750,000(b) North Texas Tollway Authority, Series F, 5.75%, 1/1/33 10,834,492
1,500,000 Red River Health Facilities Development Corp., MRC
Crestview, Series A, 8.0%, 11/15/41 1,750,260
2,000,000(f) Richardson Independent School District, School Building,
5.0%, 2/15/38 2,251,540
3,960,000 Sanger Industrial Development Corp., Texas Pellets Project,
Series B, 8.0%, 7/1/38 4,258,426
1,000,000 Tarrant County Cultural Education Facilities Finance Corp.,
Mirador Project, Series A, 8.125%, 11/15/39 947,010
750,000 Tarrant County Cultural Education Facilities Finance Corp.,
Mirador Project, Series A, 8.25%, 11/15/44 714,330
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 19
Schedule of Investments | 9/30/15 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Texas -- (continued)
1,000,000(d) Texas Midwest Public Facility Corp., Secure Treatment Facility
Project, 9.0%, 10/1/30 $ 128,900
3,000,000 Texas Private Activity Bond Surface Transportation Corp.,
NTE Mobility Partners LLC, 7.0%, 12/31/38 3,724,650
2,500,000 Travis County Health Facilities Development Corp., Longhorn
Village Project, 7.125%, 1/1/46 2,791,975
5,000,000(f) Tyler Independent School District, School Building,
5.0%, 2/15/38 5,628,850
--------------
$ 53,341,993
----------------------------------------------------------------------------------------------------
Virginia -- 3.5%
2,000,000 County of Washington, VA, Industrial Development Authority,
Mountain States Health Alliance, Series C, 7.75%, 7/1/38 $ 2,288,840
3,000,000 Tobacco Settlement Financing Corp., Series B-1, 5.0%,
6/1/47 2,187,840
5,000,000 Virginia Public School Authority Revenue, 4.0%, 8/1/25 5,723,000
--------------
$ 10,199,680
----------------------------------------------------------------------------------------------------
Washington -- 5.2%
2,500,000 University of Washington, Series B, 5.0%, 6/1/29 $ 3,007,625
1,500,000(b) Washington State Health Care Facilities Authority, Kadlec
Regional Medical Center, 5.5%, 12/1/39 1,806,585
2,000,000 Washington State Health Care Facilities Authority, VA Mason
Medical, Series A, 6.125%, 8/15/37 2,154,480
2,000,000 Washington State Health Care Facilities Authority, VA Mason
Medical, Series A, 6.25%, 8/15/42 2,155,220
1,100,000 Washington State Housing Finance Commission, Mirabella
Project, Series A, 6.75%, 10/1/47 1,193,016
5,000,000 Washington State Housing Finance Commission, Skyline at
First Hill Project, Series A, 5.625%, 1/1/27 5,022,000
--------------
$ 15,338,926
----------------------------------------------------------------------------------------------------
West Virginia -- 0.7%
2,000,000(d) City of Philippi, WV, Alderson-Broaddus College, Inc.,
Series A, 7.75%, 10/1/44 $ 1,200,040
735,000 West Virginia Hospital Finance Authority, Highland Hospital
Group, 9.125%, 10/1/41 816,262
--------------
$ 2,016,302
----------------------------------------------------------------------------------------------------
Wisconsin -- 3.6%
5,000,000 Public Finance Authority, Glenridge Palmer Ranch, Series A,
8.25%, 6/1/46 $ 6,059,350
750,000 Public Finance Authority, Roseman University Health
Sciences Project, 5.875%, 4/1/45 765,592
1,500,000 Public Finance Authority, SearStone CCRC Project, Series A,
8.625%, 6/1/47 1,787,175
215,000 Public Finance Authority, SearStone CCRC Project, Series B,
8.375%, 6/1/20 215,714
The accompanying notes are an integral part of these financial statements.
20 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
----------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
----------------------------------------------------------------------------------------------------
Wisconsin -- (continued)
1,500,000(b) Wisconsin Health & Educational Facilities Authority,
Pro Healthcare, Inc. Group, 6.625%, 2/15/39 $ 1,780,830
--------------
$ 10,608,661
----------------------------------------------------------------------------------------------------
TOTAL TAX EXEMPT OBLIGATIONS
(Cost $388,105,775) $ 419,876,836
----------------------------------------------------------------------------------------------------
MUNICIPAL COLLATERALIZED
DEBT OBLIGATION -- 0.3% of Net Assets
13,000,000(e) Non-Profit Preferred Funding Trust I, Series E, 0.0%,
9/15/37 (144A) $ 829,790
----------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL COLLATERALIZED
DEBT OBLIGATION
(Cost $13,000,000) $ 829,790
----------------------------------------------------------------------------------------------------
TAX EXEMPT MONEY MARKET
MUTUAL FUND -- 2.1% of Net Assets
6,000,000 BlackRock Liquidity Funds MuniFund Portfolio $ 6,000,000
----------------------------------------------------------------------------------------------------
TOTAL TAX EXEMPT MONEY MARKET
MUTUAL FUND
(Cost $6,000,000) $ 6,000,000
----------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 145.9%
(Cost -- $407,105,775) (h) $ 426,706,626
----------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 5.4% $ 15,809,029
----------------------------------------------------------------------------------------------------
PREFERRED SHARES AT
REDEMPTION VALUE, INCLUDING
DIVIDENDS PAYABLE -- (51.3)% $ (150,001,493)
----------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHAREOWNERS -100.0% $ 292,514,162
====================================================================================================
(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, 2015, the value of these securities
amounted to $19,024,073, or 6.5% of total net assets applicable to
common shareowners.
RIB Residual Interest Bond. 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, 2015.
(a) Consists of Revenue Bonds unless otherwise indicated.
(b) Prerefunded bonds have been collateralized by U.S. Treasury or U.S.
Government Agency securities which are held in escrow to pay
interest and principal on the tax exempt issue and to retire the
bonds in full at the earliest refunding date. (c) Security issued
with a zero coupon. Income is recognized through accretion of
discount.
(d) Security is in default and is non income producing.
(e) The interest rate is subject to change periodically. The interest
rate shown is the rate at September 30, 2015.
(f) Represents a General Obligation Bond.
(g) Escrow to maturity.
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 21
Schedule of Investments | 9/30/15 (unaudited) (continued)
(h) At September 30, 2015, the net unrealized appreciation on
investments based on cost for federal tax purposes of $401,437,474
was as follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 42,130,087
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (16,860,935)
------------
Net unrealized appreciation $ 25,269,152
============
For financial reporting purposes net unrealized appreciation on investments was
$19,600,851 and cost of investments aggregated $407,105,775.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended September 30, 2015 aggregated $14,557,492 and $17,617,563,
respectively.
Various inputs are used in determining the value of the Trust's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risks,
etc.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Trust's own
assumptions in determining fair value of investments). See Notes to
Financial Statements -- Note 1A.
The following is a summary of the inputs used as of September 30, 2015, in
valuing the Trust's investments.
----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------
Tax Exempt Obligations $ -- $419,876,836 $ -- $419,876,836
Municipal Collateralized
Debt Obligation -- 829,790 -- 829,790
Tax Exempt Money Market
Mutual Fund 6,000,000 -- -- 6,000,000
----------------------------------------------------------------------------------------
Total Investments in Securities $ 6,000,000 $420,706,626 $ -- $426,706,626
========================================================================================
The accompanying notes are an integral part of these financial statements.
22 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
Statement of Assets and Liabilities | 9/30/15 (unaudited)
ASSETS:
Investments in securities, at value (cost $407,105,775) $426,706,626
Cash 9,180,488
Receivables --
Interest receivable 6,648,780
Investment securities sold 277,096
Reinvestment of distributions 159,075
--------------------------------------------------------------------------------
Total assets $442,972,065
--------------------------------------------------------------------------------
LIABILITIES:
Due to affiliates $ 207,188
Administration fee payable 114,235
Accrued expenses 134,987
--------------------------------------------------------------------------------
Total liabilities $ 456,410
--------------------------------------------------------------------------------
PREFERRED SHARES AT REDEMPTION VALUE:
$25,000 liquidation value per share applicable to 6,000
shares, including dividends payable of $1,493 $150,001,493
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
Paid-in capital $322,956,749
Undistributed net investment income 3,049,770
Accumulated net realized loss on investments (53,093,208)
Net unrealized appreciation on investments 19,600,851
--------------------------------------------------------------------------------
Net assets applicable to common shareowners $292,514,162
================================================================================
NET ASSET VALUE PER COMMON SHARE:
No par value (unlimited number of shares authorized)
Based on $292,514,162 / 23,760,548 common shares $ 12.31
================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 23
Statement of Operations (unaudited)
For the Six Months Ended 9/30/15
INVESTMENT INCOME:
Interest $ 11,920,111
-----------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,325,538
Administrative reimbursements 126,921
Transfer agent fees and expenses 7,227
Shareholder communications expense 8,646
Auction agent fees 188,446
Custodian fees 2,961
Professional fees 48,555
Printing expenses 5,058
Trustees' fees 7,407
Pricing fees 12,116
Miscellaneous 45,380
-----------------------------------------------------------------------------------------------
Total expenses 1,778,255
-----------------------------------------------------------------------------------------------
Net investment income $ 10,141,856
-----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments $ (278,214)
Change in net unrealized depreciation on investments (6,760,552)
-----------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments $ (7,038,766)
-----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREOWNERS FROM
NET INVESTMENT INCOME: $ (125,216)
-----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 2,977,874
===============================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------
Six Months
Ended
9/30/15 Year Ended
(unaudited) 3/31/15
-------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 10,141,856 $ 22,520,422
Net realized loss on investments (278,214) (4,419,050)
Change in net unrealized appreciation (depreciation)
on investments (6,760,552) 23,056,196
Distributions to preferred shareowners from net
investment income (125,216) (194,738)
-------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 2,977,874 $ 40,962,830
-------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREOWNERS:
Net investment income and previously undistributed
net investment income ($0.50 and $1.14 per
share, respectively) $ (11,739,628) $ (26,911,733)
-------------------------------------------------------------------------------------------
Total distributions to common shareowners $ (11,739,628) $ (26,911,733)
-------------------------------------------------------------------------------------------
FROM TRUST SHARE TRANSACTIONS:
Reinvestment of distributions $ 945,096 $ 2,071,611
-------------------------------------------------------------------------------------------
Net increase in net assets applicable to common
shareowners from Trust share transactions $ 945,096 $ 2,071,611
-------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
common shareowners $ (7,816,658) $ 16,122,708
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
Beginning of period 300,330,820 284,208,112
-------------------------------------------------------------------------------------------
End of period $ 292,514,162 $ 300,330,820
-------------------------------------------------------------------------------------------
Undistributed net investment income $ 3,049,770 $ 4,772,758
===========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 25
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/15 Ended Ended Ended Ended Ended
(unaudited) 3/31/15 3/31/14 3/31/13 3/31/12 3/31/11
------------------------------------------------------------------------------------------------------------------------------------
Per Share Operating Performance
Net asset value, beginning of period $ 12.68 $ 12.07 $ 13.54 $ 12.87 $ 11.54 $ 12.24
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations: (a)
Net investment income $ 0.43 $ 0.95 $ 1.08 $ 1.07 $ 1.08 $ 1.18
Net realized and unrealized gain (loss) on investments (0.29) 0.81 (1.40) 0.76 1.58 (0.79)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to preferred shareowners from:
Net investment income $ (0.01) $ (0.01) $ (0.01) $ (0.02) $ (0.02) $ (0.03)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.13 $ 1.75 $ (0.33) $ 1.81 $ 2.64 $ 0.36
------------------------------------------------------------------------------------------------------------------------------------
Distributions to common shareowners from:
Net investment income and previously undistributed
net investment income $ (0.50)* $ (1.14)* $ (1.14)* $ (1.14)* $ (1.31)* $ (1.06)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.37) $ 0.61 $ (1.47) $ 0.67 $ 1.33 $ (0.70)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period (b) $ 12.31 $ 12.68 $ 12.07 $ 13.54 $ 12.87 $ 11.54
------------------------------------------------------------------------------------------------------------------------------------
Market value, end of period (b) $ 12.85 $ 15.48 $ 14.60 $ 15.51 $ 14.72 $ 12.64
====================================================================================================================================
Total return at market value (c) 0.91%(e) 14.70% 2.59% 13.53% 28.48% 4.97%
Ratios to average net assets of common shareowners:
Total expenses (d) 1.22%(f) 1.22% 1.19% 1.23% 1.36% 1.35%
Net investment income before preferred share
distributions 6.93%(f) 7.61% 8.81% 8.08% 8.73% 9.54%
Preferred share distributions 0.09%(f) 0.07% 0.08% 0.14% 0.15% 0.25%
Net investment income available to common shareowners 6.85%(f) 7.54% 8.73% 7.94% 8.58% 9.29%
Portfolio turnover 3% 20% 24% 14% 15% 10%
Net assets of common shareowners, end of period (in
thousands) $292,514 $300,331 $284,208 $316,874 $299,637 $266,870
The accompanying notes are an integral part of these financial statements.
26 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/15 Ended Ended Ended Ended Ended
(unaudited) 3/31/15 3/31/14 3/31/13 3/31/12 3/31/11
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares outstanding (in thousands) $150,000 $150,000 $150,000 $150,000 $150,000 $150,000
Asset coverage per preferred share, end of period $ 73,753 $ 75,055 $ 72,367 $ 77,813 $ 74,941 $ 69,479
Average market value per preferred share (g) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
Liquidation value, including dividends payable, per
preferred share $ 25,000 $ 25,000 $ 25,001 $ 25,001 $ 25,001 $ 25,001
====================================================================================================================================
* The amount of distributions made to shareowners during the period were in
excess of the net investment income earned by the Trust during the period.
The Trust has accumulated undistributed net investment income which is
part of the Trust's NAV. A portion of the accumulated net investment income
was distributed to shareowners during the period. A decrease in
distributions may have a negative effect on the market value of the Trust's
shares.
(a) The per common share data presented above is based upon the average common
shares outstanding for the periods presented.
(b) 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.
(c) Total investment return is calculated assuming a purchase of common shares
at the current market value on the first day and a sale at the current
market value on the last day of the periods reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be
reinvested at prices obtained under the Trust's dividend reinvestment plan.
Total investment return does not reflect brokerage commissions. Past
performance is not a guarantee of future results.
(d) Expense ratios do not reflect the effect of distribution payments to
preferred shareowners.
(e) Not annualized.
(f) Annualized.
(g) Market value is redemption value without an active market.
The accompanying notes are an integral part of these financial statements.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 27
Notes to Financial Statements | 9/30/15 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Municipal High Income Advantage Trust (the Trust) was organized as a
Delaware statutory trust on August 6, 2003. Prior to commencing operations on
October 20, 2003, the Trust had no operations other than matters relating to its
organization and registration as a diversified, closed-end management investment
company under the Investment Company Act of 1940, as amended. The investment
objective of the Trust is to seek a high level of current income exempt from
regular federal income tax, and the Trust may, as a secondary objective, also
seek capital appreciation to the extent that it is consistent with its primary
investment objective.
The Trust's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Trust to, among other things, 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
Trust in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. Fixed income
securities are valued at 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.
Valuations may be supplemented by dealers and other sources, as required.
Equity securities that have traded on an exchange are valued at the last
sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices. Shares of money market mutual funds
are valued at such funds' net asset value.
Securities for which independent pricing services 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 Pioneer Investment
Management, Inc. (PIM), the Trust's investment adviser, pursuant to
procedures adopted by the Trust's Board of Trustees. PIM's fair valuation
team uses fair value methods approved by the
28 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
Valuation Committee of the Board of Trustees. PIM's valuation team is
responsible for monitoring developments that may impact fair valued
securities and for discussing and assessing fair value on an ongoing basis,
and at least quarterly, with the Valuation Committee of the Board of
Trustees.
At September 30, 2015, there were no securities valued using fair value
methods (other than securities valued using prices supplied by independent
pricing services or broker-dealers).
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Trust becomes aware of the ex-dividend
date in the exercise of reasonable diligence.
Interest income, including interest or income bearing cash accounts, is
recorded on an accrual basis.
Discounts and premiums on purchase prices of debt securities are accreted
or amortized, respectively, daily, into interest income on an effective
yield basis with a corresponding increase or decrease in the cost basis of
the security.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
C. Federal Income Taxes
It is the Trust's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. As of
March 31, 2015, the Trust did not accrue any interest or penalties with
respect to uncertain tax positions, which if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax returns filed
within the prior three years remain subject to examination by federal and
state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes. Capital
accounts within the financial statements are adjusted for permanent
book/tax differences to reflect tax character, but are not adjusted for
temporary differences.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 29
The tax character of current year distributions payable to shareholders
will be determined at the end of the current taxable year.
The tax character of distributions paid to shareowners during the year
ended March 31, 2015 was as follows:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributions paid from:
Tax exempt income $25,994,001
Ordinary income 1,112,470
---------------------------------------------------------------------------
Total $27,106,471
===========================================================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at March 31, 2015:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 500,912
Capital loss carryforward (50,928,780)
Late year loss deferrals (7,034,492)
Other book/tax temporary differences 5,667,914
Tax-exempt spillback 3,752,210
Unrealized appreciation 26,361,403
---------------------------------------------------------------------------
Total $(21,680,833)
===========================================================================
The difference between book-basis and tax-basis unrealized appreciation is
primarily attributable to the difference between book and tax amortization
methods for premiums and discounts on fixed income securities, book/tax
differences in accrual of income on securities in default, and other book
and tax temporary differences.
D. Automatic Dividend Reinvestment Plan
All common 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 common
shares of the Trust in lieu of cash. Shareowners may elect not to
participate in the Plan. Shareowners not participating in the Plan receive
all dividends and capital gain distributions in cash. Participation in the
Plan is completely voluntary and may be terminated or resumed at any time
without penalty by notifying American Stock Transfer & Trust Company, the
agent for shareowners in administering the Plan (the Plan Agent), in
writing prior to any dividend record date; otherwise such termination or
resumption will be effective with respect to any subsequently declared
dividend or other distribution.
30 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
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 common shares
of the Trust on terms that differ from the terms of the Plan.
Whenever the Trust declares a dividend on common shares payable in cash,
participants in the Plan will receive the equivalent in common shares
acquired by the Plan Agent either (i) through receipt of additional
unissued but authorized common shares from the Trust or (ii) by purchase of
outstanding common shares on the New York Stock Exchange or elsewhere. If,
on the payment date for any dividend, the net asset value per common 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 common shares. The number of newly issued
common shares to be credited to each account will be determined by dividing
the dollar amount of the dividend by the net asset value per common 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 common share is greater than the market value (market discount), the
Plan Agent will invest the dividend amount in common shares acquired in
open-market purchases. There are no brokerage charges with respect to newly
issued common 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 not be able to transfer the shares to another broker
and continue to participate in the Plan.
E. Risks
At times, the Trust's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Trust more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. Information regarding the
Trust's principal risks is contained in the Trust's original offering
prospectus, with additional information included in the Trust's shareowner
reports issued from time to time. Please refer to those documents when
considering the Trust's principal risks.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 31
The Trust may invest in both investment grade and below investment grade
(high-yield) municipal securities with a broad range of maturities and
credit ratings. Debt securities rated below investment grade are commonly
referred to as "junk bonds" and are considered speculative. Below
investment grade securities involve greater risk of loss, are subject to
greater price volatility, and are less liquid and more difficult to value,
especially during periods of economic uncertainty or change, than higher
rated debt securities.
2. Management Agreement
PIM, the Trust's investment adviser, a wholly owned indirect subsidiary of
UniCredit S.p.A. (UniCredit), manages the Trust's portfolio. Management fees
payable under the Trust's Advisory Agreement with PIM are calculated daily at
the annual rate of 0.60% of the Trust's average daily managed assets. "Managed
assets" means (a) the total assets of the Trust, including any form of
investment leverage, minus (b) all accrued liabilities incurred in the normal
course of operations, which shall not include any liabilities or obligations
attributable to investment leverage obtained through (i) indebtedness of any
type (including, without limitation, borrowing through a credit facility or the
issuance of debt securities), (ii) the issuance of preferred stock or other
similar preference securities, and/or (iii) any other means. For the six months
ended September 30, 2015, the net management fee was 0.60% (annualized) of the
Trust's average daily managed assets, which was equivalent to 0.91% (annualized)
of the Trust's average daily net assets attributable to the common shareowners.
In addition, under PIM's management and administration agreements, certain other
services and costs are paid by PIM and reimbursed by the Trust. At September 30,
2015, $321,423 was payable to PIM related to management costs, administrative
costs and certain other services is included in "Due to affiliates" and
"Administration fees payable" on the Statement of Assets and Liabilities.
3. Transfer Agents
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc. (PIMSS), a wholly owned indirect subsidiary of UniCredit, through a
sub-transfer agency agreement with American Stock Transfer & Trust Company
(AST), provided substantially all transfer agent and shareowner services related
to the Trust's common shares at negotiated rates. In addition, the Trust
reimbursed PIMSS for out-of-pocket expenses incurred by PIMSS related to
shareowner communications activities such as proxy and statement mailings and
outgoing phone calls. Effective November 2, 2015, AST serves as the transfer
agent with respect to the Trust's common shares. The Trust pays AST an annual
fee, as agreed to from time to time by the Trust and AST, for providing such
services.
32 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
Deutsche Bank Trust Company Americas (Deutsche Bank) is the transfer agent,
registrar, dividend paying agent and auction agent with respect to the Trust's
auction preferred shares (APS). The Trust pays Deutsche Bank an annual fee, as
is agreed to from time to time by the Trust and Deutsche Bank, for providing
such services.
4. Expense Offset Arrangement
The Trust has entered into an arrangement with its custodian whereby credits
realized as a result of uninvested cash balances are used to reduce a portion of
the Trust's custodian expenses. For the six months ended September 30, 2015, the
Trust expenses were not reduced under such arrangement.
5. Trust Shares
There are an unlimited number of common shares of beneficial interest
authorized.
Transactions in common shares of beneficial interest for the six months ended
September 30, 2015 and the year ended March 31, 2015 were as follows:
--------------------------------------------------------------------------------
9/30/15 3/31/15
--------------------------------------------------------------------------------
Shares outstanding at beginning of period 23,686,670 23,543,462
Reinvestment of distributions 73,878 143,208
--------------------------------------------------------------------------------
Shares outstanding at end of period 23,760,548 23,686,670
================================================================================
The Trust may classify or reclassify any unissued shares of beneficial interest
into one or more series of preferred shares of beneficial interest. As of
September 30, 2015, there were 6,000 APS as follows: Series A -- 3,000 and
Series B -- 3,000.
Dividends on Series A and Series B are cumulative at a rate which is to be reset
every seven days based on the results of an auction. An auction fails if there
are more APS offered for sale than there are buyers. When an auction fails, the
dividend rate for the period will be the maximum rate on the auction dates
described in the prospectus for the APS. Preferred shareowners are not able to
sell their APS at an auction if the auction fails. Since February 2008, the
Trust's auctions related to the APS have failed. The maximum rate for each
series is 125% of the 7 day commercial paper rate or adjusted Kenny rate.
Dividend rates on APS ranged from 0.100% to 0.275% during the six months ended
September 30, 2015.
The Trust may not declare dividends or make other distributions on its common
shares or purchase any such shares if, at the time of the declaration,
distribution or purchase, the Trust does not comply with the asset coverage
ratios described in the prospectus for the APS.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 33
The APS are redeemable at the option of the Trust, in whole or in part, on any
dividend payment date at $25,000 per share plus any accumulated or unpaid
dividends, whether or not declared. The APS are also subject to mandatory
redemption at $25,000 per share plus any accumulated or unpaid dividends,
whether or not declared, if certain requirements relating to the composition of
the assets and liabilities of the Trust as set forth in the Statement of
Preferences are not satisfied.
The holders of APS have voting rights equal to the holders of the Trust's common
shares (one vote per share) and will vote together with holders of the common
shares as a single class. Holders of APS are also entitled to elect two of the
Trust's Trustees. In addition, the Investment Company Act of 1940, as amended,
requires that along with approval by shareowners that might otherwise be
required, the approval of the holders of a majority of any outstanding preferred
shares, voting separately as a class, would be required to (a) adopt any plan of
reorganization that would adversely affect the preferred shares and (b) take any
action requiring a vote of security holders, including, among other things,
changes in the Trust's subclassification as a closed-end management investment
company or changes in its fundamental investment restrictions.
6. Subsequent Events
A monthly dividend was declared on October 2, 2015 from undistributed and
accumulated net investment income of $0.0800 per common share payable October
30, 2015, to common shareowners of record on October 16, 2015.
Subsequent to September 30, 2015, dividends declared and paid on preferred
shares totaled $27,613 in aggregate for the two outstanding preferred share
series through November 12, 2015.
ADDITIONAL INFORMATION
During the period, there have been no material changes in the Trust's investment
objective or fundamental policies that have not been approved by the
shareowners. There have been no changes in the Trust's charter or By-Laws that
would delay or prevent a change in control of the Trust which has not been
approved by the shareowners. During the period, there have been no changes in
the principal risk factors associated with investment in the Trust. There were
no changes in the persons who are primarily responsible for the day-to-day
management of the Trust's portfolio.
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Trust may purchase, from time to time, its common
shares in the open market.
34 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
Pioneer Investment Management, Inc. (the "Adviser"), each fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On November 11, 2015, UniCredit announced that it signed a
binding master agreement with Banco Santander and affiliates of Warburg Pincus
and General Atlantic (the "Private Equity Firms") with respect to Pioneer
Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as described in the UniCredit announcement, will establish a
holding company, with the name Pioneer Investments, to be owned by UniCredit
(50%) and the Private Equity Firms (50% between them). The holding company will
control Pioneer's U.S. operations, including the Adviser. The holding company
also will own 66.7% of Pioneer's and SAM's combined operations outside the U.S.,
while Banco Santander will own directly the remaining 33.3% stake. The closing
of the Transaction is expected to happen in 2016, subject to certain regulatory
and other approvals, and other conditions.
Under the Investment Company Act of 1940, completion of the Transaction will
cause each fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, each fund's Board of Trustees will be asked to approve a
new investment advisory agreement. If approved by the Board, each fund's new
investment advisory agreement will be submitted to the shareholders of the fund
for their approval.
Results of Shareholder Meeting
At the annual meeting of shareowners held on September 22, 2015, shareowners of
Pioneer Municipal High Income Advantage Trust were asked to consider the
proposal described below. A report of the total votes cast by the Trust's
shareholders follows:
Proposal 1 -- To elect two Class I Trustees and three Class III Trustees.
--------------------------------------------------------------------------------
Nominee For Withheld
--------------------------------------------------------------------------------
Class I
Lisa M. Jones 19,905,536 1,220,763
Lorraine H. Monchak 19,918,981 1,207,318
Class III
Thomas J. Perna 19,935,123 1,191,176
Marguerite A. Piret* 3,459 97
Fred J. Ricciardi 19,952,573 1,173,726
* Elected by preferred shares only.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 35
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Municipal High Income Advantage Trust (the Trust) pursuant to an
investment advisory agreement between PIM and the Trust. In order for PIM to
remain the investment adviser of the Trust, the Trustees of the Trust must
determine annually whether to renew the investment advisory agreement for the
Trust.
The contract review process began in January 2015 as the Trustees of the Trust
agreed on, among other things, an overall approach and timeline for the process.
Contract review materials were provided to the Trustees in March 2015 and July
2015. Supplemental contract review materials were provided to the Trustees in
September 2015. In addition, the Trustees reviewed and discussed the Trust's
performance at regularly scheduled meetings throughout the year, and took into
account other information related to the Trust provided to the Trustees at
regularly scheduled meetings, in connection with the review of the Trust's
investment advisory agreement.
In March 2015, the Trustees, among other things, discussed the memorandum
provided by Trust counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment advisory agreement, and reviewed and
discussed the qualifications of the investment management teams, as well as the
level of investment by the Trust's portfolio managers in the Trust. In July
2015, the Trustees, among other things, reviewed the Trust's management fee and
total expense ratios, the financial statements of PIM and its parent companies,
the profitability analyses provided by PIM, and possible economies of scale. The
Trustees also reviewed the profitability of the institutional business of PIM
and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with
PIM, "Pioneer"), as compared to that of PIM's fund management business, and
considered the differences between the fees and expenses of the Trust and the
fees and expenses of Pioneer's institutional accounts, as well as the different
services provided by PIM to the Trust and by Pioneer to the institutional
accounts. The Trustees further considered contract review materials in September
2015.
At a meeting held on September 15, 2015, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Trust,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In approving the
renewal of the investment advisory agreement, the Trustees
36 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
considered various factors that they determined were relevant, including the
factors described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Trust, taking into account the investment objective
and strategy of the Trust. The Trustees also reviewed PIM's investment approach
for the Trust and its research process. The Trustees considered the resources of
PIM and the personnel of PIM who provide investment management services to the
Trust. They also reviewed the amount of non-Trust assets managed by the
portfolio manager of the Trust. The Trustees considered the non-investment
resources and personnel of PIM involved in PIM's services to the Trust,
including PIM's compliance and legal resources and personnel. The Trustees noted
the substantial attention and high priority given by PIM's senior management to
the Pioneer fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Trust's service providers and provides the Trust with personnel (including Trust
officers) and other resources that are necessary for the Trust's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Trust's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Trust were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Trust
In considering the Trust's performance, the Trustees regularly review and
discuss throughout the year data prepared by PIM and information comparing the
Trust's performance with the performance of its peer group of funds as
classified by each of Morningstar, Inc. (Morningstar) and Lipper, and with the
performance of the Trust's benchmark index. They also discuss the Trust's
performance with PIM on a regular basis. The Trustees' regular reviews and
discussions were factored into the Trustees' deliberations concerning the
renewal of the advisory agreement. The Trustees indicated that the Trust's
performance, when considered in connection with the various other factors, was
consistent with the renewal of the investment advisory agreement.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 37
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Trust
in comparison to the management fees and the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Fund Research
and Consulting, LLC (Strategic Insight), an independent third party. In all
quintile rankings referred to below, first quintile is most favorable to the
Trust's shareowners.
The Trustees considered that the Trust's management fee (based on managed
assets) for the most recent fiscal year was in the third quintile relative to
the management fees paid by other funds in its Strategic Insight peer group for
the comparable period. The Trustees considered that the expense ratio (based on
managed assets) of the Trust's common shares for the most recent fiscal year was
in the second quintile relative its Strategic Insight peer group for the
comparable period.
The Trustees reviewed management fees charged by Pioneer to institutional and
other clients, including publicly offered European funds sponsored by affiliates
of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Trust and Pioneer's
costs in providing services to the other clients and considered the differences
in management fees and profit margins for Trust and non-Trust services. In
evaluating the fees associated with Pioneer's client accounts, the Trustees took
into account the respective demands, resources and complexity associated with
the Trust and client accounts. The Trustees noted that, in some instances, the
fee rates for those clients were lower than the management fee for the Trust and
considered that, under the investment advisory agreement with the Trust, PIM
performs additional services for the Trust that it does not provide to those
other clients or services that are broader in scope, including oversight of the
Trust's other service providers and activities related to compliance and the
extensive regulatory and tax regimes to which the Trust is subject. The Trustees
also considered the different entrepreneurial risks associated with PIM's
management of the Trust and Pioneer's management of the other client accounts.
The Trustees concluded that the management fee payable by the Trust to PIM was
reasonable in relation to the nature and quality of the services provided by PIM
to the Trust.
38 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Trust,
including the methodology used by PIM in allocating certain of its costs to the
management of the Trust. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Trust. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Trust in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Trust
was not unreasonable.
Economies of Scale
The Trustees considered the extent to which PIM may realize economies of scale
or other efficiencies in managing and supporting the Trust. Since the Trust is a
closed-end fund that has not raised additional capital, the Trustees concluded
that economies of scale were not a relevant consideration in the renewal of the
investment advisory agreement.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Trust. The Trustees considered the character and amount of fees paid by the
Trust, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. Pioneer is the
principal U.S. asset management business of Pioneer Global Asset Management, the
worldwide asset management business of UniCredit Group, which manages over $150
billion in assets (including the Funds). Pioneer and the Funds receive
reciprocal intangible benefits from the relationship, including mutual brand
recognition and, for the Funds, direct and indirect access to the resources of a
large global asset manager. The Trustees concluded that any such benefits
received by Pioneer as a result of its relationship with the Funds were
reasonable and their consideration of the advisory agreement between the Trust
and PIM and the fees thereunder were unaffected by Pioneer's possible receipt of
any such intangible benefits.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Trust, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Trust.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 39
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and Chief
David R. Bock Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
American Stock Transfer & Trust Company
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
40 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
This page for your notes.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 41
This page for your notes.
42 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
This page for your notes.
Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15 43
This page for your notes.
44 Pioneer Municipal High Income Advantage Trust | Semiannual Report | 9/30/15
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
You can call American Stock Transfer & Trust Company (AST) for:
--------------------------------------------------------------------------------
Account Information 1-800-225-6292
Or write to AST:
--------------------------------------------------------------------------------
For Write to
General inquiries, lost dividend checks, American Stock
change of address, lost stock certificates, Transfer & Trust
stock transfer Operations Center
6201 15th Ave.
Brooklyn, NY 11219
Dividend reinvestment plan (DRIP) American Stock
Transfer & Trust
Wall Street Station
P.O. Box 922
New York, NY 10269-0560
Website www.amstock.com
For additional information, please contact your investment advisor or visit our
web site us.pioneerinvestments.com.
The Trust files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareowners may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2015 Pioneer Investments 19435-09-1115
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
N/A
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
N/A
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
During the period covered by this report, there were no purchases
made by or on behalf of the registrant or any affiliated purchaser
as defined in Rule 10b-18(a)(3) under the Securities Exchange Act
of 1934 (the Exchange Act), of shares of the registrants equity
securities that are registered by the registrant pursuant to
Section 12 of the Exchange Act.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Municipal High Income Advantage Trust
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date November 30, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date November 30, 2015
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date November 30, 2015
* Print the name and title of each signing officer under his or her signature.