If You Invested in Pioneer Muni High Inc Adv (MAV)

Pioneer Municipal High Income Advantage Fund, Inc. (MAV) is a closed-end investment company whose shares have traded on the New York Stock Exchange (NYSE) under the symbol MAV. The fund is associated with the municipal bond category and is part of a group of Pioneer municipal closed-end funds that also includes Pioneer Municipal High Income Fund, Inc. (MHI) and Pioneer Municipal High Income Opportunities Fund, Inc. (MIO). The fund is linked to the asset management and financial services sector through its structure as a managed investment vehicle.

MAV is described in public communications as a closed-end municipal bond fund. As a closed-end fund, its common shares have been bought and sold in the secondary market on the NYSE rather than being continuously offered. The fund’s net asset value (NAV) is defined as total assets less total liabilities divided by the number of common shares outstanding, and its shares have at times traded at prices that may be lower than NAV. Public disclosures emphasize that investments in the fund involve risk, including possible loss of principal, and that distribution rates are not guaranteed and may be affected by factors such as actual or projected investment income and the level of undistributed net investment income.

Fund structure and investment context

The fund is characterized as a municipal bond fund within the closed-end fund structure. According to public statements, it is one of several Pioneer-branded municipal closed-end funds whose shares trade on the NYSE. The fund’s investment objective and limitations are referenced in connection with its later liquidation process, indicating that under normal circumstances it would pursue a stated investment objective and operate subject to investment limitations and normal business activities as a closed-end investment company.

In communications to shareholders, the fund’s sponsor and related distributors highlight that closed-end funds such as MAV are not continuously offered and that once issued, common shares are bought and sold in the open market through a stock exchange. They also note that investors should understand the risks involved with owning a particular security or asset class and are encouraged to seek advice from qualified tax and financial experts.

Liquidation and dissolution of MAV

A special meeting of stockholders of Pioneer Municipal High Income Advantage Fund, Inc. was held on July 17, 2025. At that meeting, stockholders approved the liquidation and dissolution of the fund pursuant to a Plan of Liquidation and Dissolution adopted by the fund’s Board of Directors. According to the fund’s public announcement, this plan provides for the fund to liquidate its portfolio in preparation for one or more distributions of cash to stockholders.

Once MAV commenced liquidating its portfolio under the plan, it was no longer permitted to pursue its stated investment objective, comply with its investment limitations, or engage in normal business activities, except for purposes related to winding up its business and affairs, paying its liabilities, and distributing its remaining assets to stockholders. The fund indicated that it planned to direct its transfer agent to close the books on its shares at the close of business on August 22, 2025, referred to as the Determination Date. The proportionate interests of stockholders in the assets of the fund were to be fixed based on holdings as of the close of business on that date.

The fund further stated that it expected the last day of secondary market trading of its shares to be on or about the Determination Date and that it was expected to cease trading on the NYSE prior to the opening of business on August 25, 2025. The distribution of liquidation proceeds to shareholders was expected to occur as soon as practicable following the Determination Date, with a primary distribution anticipated on or about August 27, 2025. The proceeds of the liquidation were described as equal to the fund’s net asset value after payment or provision for charges, taxes, expenses, liabilities, and costs associated with liquidating the fund. The fund noted that it might make one or more additional liquidating distributions after the primary distribution and that upon payment of the final liquidating distribution, all outstanding shares would be redeemed without redemption or other transaction fees.

Delisting and trading status

A Form 25 (Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934) was filed in relation to Pioneer Municipal High Income Advantage Fund, Inc. The form identifies the issuer as PIONEER MUNICIPAL HIGH INCOME ADVANTAGE FUND, INC. and the exchange as the NEW YORK STOCK EXCHANGE LLC. The class of securities is described as Common Stock. The filing reflects the removal of the fund’s common stock from listing and/or registration on the NYSE under the applicable rule provisions.

In connection with the liquidation plan, the fund had previously communicated that stockholders would generally be able to sell their shares in the secondary market until the market close on or about the Determination Date and that, effective as of market close on or about that date, the fund’s shares would no longer be actively traded in the secondary market. The fund also noted that there could be no assurance that there would be a market for the purchase or sale of its shares after that time. The subsequent Form 25 filing formalizes the removal of the fund’s common stock from NYSE listing and/or registration.

Tax and investor considerations as disclosed

Public communications about the liquidation of MAV explain that each liquidation will generally be a taxable event for stockholders subject to U.S. federal income tax. A stockholder receiving a distribution in the liquidation would generally realize capital gain or loss equal to the difference between the total amount of liquidation distributions received and the stockholder’s adjusted basis in the fund shares. The fund also notes that the sale of fund shares in the secondary market is generally a taxable event for stockholders subject to U.S. federal income tax and that customary brokerage charges may apply to such transactions. The fund advises stockholders to consult personal tax advisors regarding the specific tax consequences of the liquidation.

Disclosures emphasize that investments involve risk, including possible loss of principal, and that distribution rates are not guaranteed. They state that a fund’s distribution rate may be affected by factors such as changes in actual or projected investment income and the level of undistributed net investment income, among other factors. Shareholders are cautioned not to draw conclusions about a fund’s investment performance based solely on current distributions.

Relationship to broader asset management groups

MAV is mentioned in the context of Pioneer-branded municipal closed-end funds whose portfolio management has been associated with Amundi US. In a public announcement, Amundi US identified Pioneer Municipal High Income Advantage Fund, Inc. as one of several Pioneer municipal closed-end funds for which it announced portfolio management changes. The announcement described Amundi US as the U.S. business of Amundi and referred to Amundi as an asset manager within the global asset management landscape. While these statements describe the broader asset management organization, MAV itself is identified specifically as a closed-end municipal bond fund trading on the NYSE under the symbol MAV prior to its liquidation and delisting process.

Company status and historical context

Based on the stockholder approval of a Plan of Liquidation and Dissolution and the subsequent Form 25 filing removing its common stock from NYSE listing and/or registration, Pioneer Municipal High Income Advantage Fund, Inc. (MAV) is in the process of, or has completed, winding up its affairs as a closed-end fund. Its historical role was as a NYSE-traded closed-end municipal bond fund within the asset management and financial services sector. The liquidation and dissolution process, along with the delisting of its common stock, means that MAV’s ticker symbol represents a fund that has moved into liquidation rather than an ongoing operating investment company.