Pioneer Municipal High Income Advantage Fund, Inc. — Cyborg Score 2/10
Challenged
Asset Management
Strategic Profile
The fund invested substantially all of its assets in municipal debt securities, including both investment-grade and below-grade municipal securities with a broad range of maturities. The fund ceased trading on the NYSE prior to August 25, 2025.
Cyborg Score Rationale
The fund delivered negative average annual returns of -11.37% over one year and -4.69% over five years as of March 31, 2026, significantly underperforming municipal bond benchmarks. The fund is liquidating and has ceased all trading operations as of August 2025.
Top Insights
Fund ceased NYSE trading prior to August 25, 2025 following liquidation approval
Primary liquidating distribution paid in August 2025 at $7.57 per share, with secondary distribution in April 2026 at $0.15 per share
10-year average annual return of -0.10% versus municipal bond benchmark of 2.16%
As of March 31, 2026, fund had $10.24M in net assets and $0.43 NAV per share with 23.9 million shares outstanding
Named Competitors
Municipal Bond CEFs — Alternative municipal bond closed-end funds
Municipal Bond CEFs — Alternative municipal bond closed-end funds
Recent Developments
(July 2025) Shareholders approved Plan of Liquidation and Dissolution
(August 2025) Fund ceased trading on NYSE and paid primary liquidating distribution
(April 2026) Secondary liquidating distribution paid to shareholders
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