[Form 4] Pioneer Municipal High Income Advantage Fund, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Bank of America Corporation and its wholly owned subsidiary Banc of America Preferred Funding Corporation (BAPFC) jointly reported the disposition of 500 Variable Rate MuniFund Term Preferred Shares, Series 2021, of Pioneer Municipal High Income Advantage Fund, Inc. (MAV) on 08/18/2025. The 500 shares were redeemed by the issuer under the Notice of Intention to Redeem Securities (N-23C-2) filed July 17, 2025, and were redeemed for the liquidation preference plus accumulated but unpaid dividends. Following the redemption BAPFC no longer beneficially owns any of the reported VMTP Shares and Bank of America’s interest was indirect via its ownership of BAPFC. The Form 4 was signed by Andres Ortiz on 08/20/2025.

Positive

• Redeemed at liquidation preference plus accrued dividends, ensuring the reporting person received principal-equivalent value and unpaid dividends
• Clear disclosure of indirect ownership by Bank of America via its wholly owned subsidiary BAPFC, and joint filing compliance

Negative

• Reported position reduced to zero for the 500 VMTP Shares, eliminating that preferred-series exposure
• No market-sale price disclosed because the disposition was an issuer redemption rather than an open-market transaction

Insights

Financial Analyst

TL;DR: A routine redemption reduced Bank of America-related holdings in MAV by 500 shares; proceeds equal liquidation preference plus accrued dividends.

The transaction is a non-market disposition resulting from an issuer-initiated redemption rather than a sell order. The 500 VMTP Series 2021 shares reported as disposed were held by BAPFC and redeemed on 08/18/2025 per the issuer’s previously filed notice. This reduces the reporting group’s exposure to the issuer’s preferred series to zero and converts the position into cash or equivalent at the redemption amount consisting of liquidation preference and unpaid dividends. There is no indication of trading-based price impact or strategic reallocation in the filing itself.

Corporate Governance Expert

TL;DR: Joint filing correctly discloses an issuer redemption and clarifies indirect ownership; procedural compliance appears met.

The Form 4 discloses the redemption event and identifies both Bank of America Corporation and its wholly owned subsidiary as reporting persons, with explanatory footnotes clarifying indirect ownership and the nature of the filing. The statement disclaims group formation or coordinated action regarding Section 13(d) implications. The signatures and dates are provided, indicating adherence to filing formalities. The disclosure is narrowly focused on the specific redeemed preferred shares and does not include other holdings or actions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BANK OF AMERICA CORP /DE/

(Last) (First) (Middle)

BANK OF AMERICA CORPORATE CENTER

100 N TRYON ST

(Street)

CHARLOTTE NC 28255

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PIONEER MUNICIPAL HIGH INCOME ADVANTAGE FUND, INC. [ MAV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Variable Rate MuniFund Term Preferred Shares(1)(2)(3)	08/18/2025		J(1)		500	D	(1)	0	I	See Footnotes(1)(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

BANK OF AMERICA CORP /DE/

(Last) (First) (Middle)

BANK OF AMERICA CORPORATE CENTER

100 N TRYON ST

(Street)

CHARLOTTE NC 28255

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Banc of America Preferred Funding Corp

(Last) (First) (Middle)

214 NORTH TRYON STREET

(Street)

CHARLOTTE NC 28255

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The 500 Variable Rate MuniFund Term Preferred Shares, Series 2021, (VMTP Shares) reported as disposed of in Table I represent shares that were beneficially owned by Banc of America Preferred Funding Corporation (BAPFC). The 500 VMTP Shares held by BAPFC were redeemed by the Issuer on August 18, 2025, as described in the Notice of Intention to Redeem Securities, N-23C-2, filed by Pioneer Municipal High Income Advantage Fund with the SEC on July 17, 2025, for a redemption price of the liquidation preference and accumulated but unpaid dividends. BAPFC is a wholly owned subsidiary of Bank of America Corporation.

2. This statement is jointly filed by Bank of America Corporation and PFC. Bank of America Corporation held an indirect interest in the securities listed in Table I by virtue of its indirect ownership of PFC.

3. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

	BANK OF AMERICA CORP /DE/ By: Its: Authorized Signatory Andres Ortiz	08/20/2025
	BANC OF AMERICA PREFERRED FUNDING CORPORATION. By: Its: Authorized Signatory Andres Ortiz	08/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did Bank of America report on Form 4 for MAV?

The filing reports the redemption on 08/18/2025 of 500 Variable Rate MuniFund Term Preferred Shares, Series 2021, held by Banc of America Preferred Funding Corporation.

Why were the 500 MAV preferred shares disposed of?

They were redeemed by the issuer pursuant to a Notice of Intention to Redeem Securities (N-23C-2) previously filed on July 17, 2025.

What did the reporting persons receive for the redeemed shares?

The shares were redeemed for the liquidation preference and accumulated but unpaid dividends, as stated in the Form 4.

Did Bank of America directly own the redeemed MAV shares?

No. The shares were beneficially owned by Banc of America Preferred Funding Corporation, a wholly owned subsidiary of Bank of America, giving Bank of America an indirect interest.

When was the Form 4 signed and by whom?

The Form 4 was signed by Andres Ortiz on 08/20/2025 on behalf of both reporting entities.