Pioneer Municipal High Income Advantage Fund, INC

Market Movers (8-K)

John (Jake) Crosby van Roden III appointed to manage Pioneer Municipal High Income Fund, Inc., Pioneer Municipal High Income Advantage Fund, Inc., and Pioneer Municipal High Income Opportunities Fund, Inc., effective immediately.
The Board of Directors of six Pioneer funds amended their bylaws to remove a provision related to the Maryland Control Share Acquisition Act, potentially impacting voting rights for significant shareholders.
The Boards of Directors of six Pioneer closed-end funds have approved a plan of liquidation, which will be submitted to stockholders for approval at a Special Meeting.
Delay expected
Worse than expected
Pioneer Funds are undergoing a transition in investment advisory services from Amundi US to Victory Capital following a merger, with shareholder approval pending for a new advisory agreement.
Pioneer Municipal High Income Fund, Inc., Pioneer Municipal High Income Advantage Fund, Inc., and Pioneer Municipal High Income Opportunities Fund, Inc. have postponed their Special Meeting of Stockholders originally scheduled for March 26, 2025, to allow shareholders more time to vote.
Delay expected
Amundi US has announced a definitive agreement to combine its investment adviser with Victory Capital, potentially leading to new advisory agreements for several Pioneer closed-end funds.

Insider Trading (Form 4)

Saba Capital Management, L.P. and Boaz Weinstein reported the disposition of 4,015,961 shares of Pioneer Municipal High Income Advantage Fund, Inc. common stock following the fund's liquidation.
Bank of America Corporation and its subsidiary reported the disposition of 500 Variable Rate MuniFund Term Preferred Shares from Pioneer Municipal High Income Advantage Fund.
Saba Capital Management, a 10% owner and director, reports acquiring additional shares of Pioneer Municipal High Income Advantage Fund (MAV).
Saba Capital Management, a 10% owner and director, increased its holdings in Pioneer Municipal High Income Advantage Fund by purchasing 100 shares of common stock at $8.13 per share on May 1, 2025.
Saba Capital Management, along with Boaz Weinstein, reports increased beneficial ownership in Pioneer Municipal High Income Advantage Fund (MAV) through recent common stock purchases.
Saba Capital Management, L.P. reports acquiring additional shares of Pioneer Municipal High Income Advantage Fund, increasing its beneficial ownership.

Proxy Statements (Def-14A)

Pioneer Closed-End Funds are urging stockholders to vote on a proposal for the liquidation and dissolution of each fund, with the Boards of Directors unanimously recommending a 'FOR' vote.
Worse than expected
Six Pioneer closed-end funds are seeking stockholder approval to liquidate and dissolve after failing to secure a new investment advisory agreement with Victory Capital, exacerbated by significant activist investor opposition.
Delay expected
Worse than expected
Pioneer Municipal High Income Fund, Inc. (MHI), Pioneer Municipal High Income Advantage Fund, Inc. (MAV), and Pioneer Municipal High Income Opportunities Fund, Inc. (MIO) have postponed their Special Meeting of Stockholders originally scheduled for March 26, 2025, to allow shareholders more time to vote.
Delay expected
Pioneer Municipal High Income Funds are seeking stockholder approval for a new investment advisory agreement with Victory Capital Management Inc. following Amundi's merger with Victory Holdings, while facing opposition from Saba Capital.
Saba Capital is soliciting proxies to vote against the proposed new investment advisory agreement with Victory Capital, advocating for shareholders to have the option to exit the fund at net asset value (NAV).
Pioneer Funds is contacting stockholders to confirm receipt of proxy materials and encourage voting in favor of the Board of Directors' recommendation at the Special Meeting of Stockholders scheduled for October 3, 2024.

Schedule 13D - Activist Investments

Saba Capital Management and its affiliates have fully divested their stake in Pioneer Municipal High Income Advantage Fund, Inc., now holding 0% of common shares.
Worse than expected
Bank of America Corporation and its affiliate have fully divested their holdings in Pioneer Municipal High Income Advantage Fund's Variable Rate MuniFund Term Preferred Shares following a redemption by the issuer.
Saba Capital Management, a significant shareholder in Pioneer Municipal High Income Advantage Fund, Inc., has filed an amended proxy statement to actively oppose the proposed new investment advisory agreement with Victory Capital Management Inc., advocating for shareholders to have an option to exit the fund at net asset value.
Worse than expected
Activist investor Saba Capital Management, L.P. has filed an amended Schedule 13D/A and preliminary proxy statement, increasing its stake to 16.37% in Pioneer Municipal High Income Advantage Fund, Inc. and formally opposing the proposed reorganization into a new fund advised by Victory Capital Management Inc., citing the lack of a net asset value (NAV) exit opportunity for shareholders.
Worse than expected
Delay expected

Schedule 13G - Passive Investments

RiverNorth Capital Management, LLC has disclosed a 2.13% beneficial ownership stake in Pioneer Municipal High Income Advantage Fund, Inc. as of June 30, 2025.